The London East India Company is founded

Imports from India subsequently cause a drain of precious metals from England to India.

Tulip mania in Holland

The high prices commanded by tulips with unusual patterns and colors encourages the general public to take part in speculative deals. A nationwide mania develops and sends the prices of bulbs soaring but when the bubble bursts they drop to one-twentieth or less.

Dutch East India Company founded

Bank of Amsterdam is founded

This public bank is established to provide superior and more controlled service than that available from private bankers. Later its example inspires the establishment of the Bank of England.

Tobacco begins to be used as currency in Virginia

Barely a dozen years after its introduction to Virginia tobacco starts being used as currency and this use continues for nearly 200 years.

The Act Against Usury

The maximum legal rate of interest in England is reduced to 8% per annum.

Dutch West India Company founded

The Rise of the goldsmith-bankers

Some British goldsmith, by dealing in foreign and domestic coins and be letting their safes be used for deposits of valuables, gradually evolve into bankers.

Bank of England is founded

The main purpose of the Act founding the Bank is to raise money for the War of the League of Augsburg by taxation and by the novel device of a permanent loan on which interest would be paid but the principal would not be repaid.

First British Guineas produced

This is a new milled coin, initially worth £1, using gold from west Africa, hence the name "guinea".

Paris mint is fully mechanised and starts production of milled coins

With the replacement of the ancient technique of hammering coins, minting has become fully mechanised. Improved productivity is not the only advantage. The milled edges prevent clipping and cutting and make counterfeiting more difficult.

Wampum becomes legal tender in Massachusetts

This is only for sums up to one shilling. Wampum is a type of shell used by the native Americans as currency and adopted by the settlers.