Institution and Practices of Social Assistant: Monte di Pietà of Rome

The origins of the Monte di Pietà in Rome are well known: it was established on the initiative of Giovanni Calvi, a commissioner of the Franciscan Order in Rome, and approved by Pope Paul III. The Monte opened in 1539. This paper, based on original archival sources, will document the expansion of the Monte’s operations from the sixteenth century onward. Particular attention will be given to the evolution of the Monte over time and its role as a bank of the Church State. However, the focus will also extend to the key countercyclical function played by pawnbroking activities at the lower end of the market. This analysis will not only consider economic viewpoints but also delve into the political perspective. In fact, the Monte played an important, albeit indirect, political role at crucial junctures in the seventeenth- and nineteenth-century history of papal Rome. The easy access to cheap Monte credit was instrumental in maintaining internal peace and preventing the escalation of social tensions.