The Nicolao Doria’s factoria in 1594: an example of the importance for Philip II of sending silver in cash to Italy

La factoría de Nicolao Doria en 1594: las ventajas de enviar plata a Italia en el reinado de Felipe II

Carlos Álvarez Nogal ()
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Carlos Álvarez Nogal: UC3M - Universidad Carlos III de Madrid = University of Carlos III of Madrid

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Abstract: This article examines a contract signed in August 1594 by the Genoese banker Nico- lao Doria for the provision of funds both within and beyond Spain. The study of this contract makes it possible to quantify the cost of remitting cash to Italy and to compare it with that of bills of exchange issued from Spain. Consistent with previous estimates for the seventeenth century, this case shows that the use of silver was approximately 7 per cent cheaper than bills of exchange. This finding helps to explain the strong interest of Genoese bankers in controlling the transfer of precious metals from the Spanish Monarchy through Madrid. Such operations could prove as profitable as lending money itself. For this reason, the Crown also sought, whenever possible, to arrange its own cash remittances.

Keywords: Genoese bankers; Spanish Monarchy; Philip II; asientos; bills of exchange; silver; asientos de dinero; Felipe II; Monarquía Hispánica; banqueros genoveses; letras de cambio; plata (search for similar items in EconPapers)
Date: 2026-04
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Published in Mediterranea. Ricerche Storiche, 2026, 66, pp.25-56. ⟨10.19229/1828-230X/66022026⟩

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Persistent link: https://EconPapers.repec.org/RePEc:hal:journl:hal-05643490

DOI: 10.19229/1828-230X/66022026

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