Vikings: Lords of the Ice Sea

Chapter 289 Bank
With the devaluation of the deniel, market transactions were bound to be affected. After much deliberation, Viger decided to establish the Bank of Britain, responsible for accepting foreign currencies and exchanging them for silver pennies of equal silver content, to facilitate domestic commercial activities.

In fact, currency exchange was the most common "banking business" in the early Middle Ages. Exchangers would set up a long table in the market or dock area, assess the value of coins, exchange them for different currencies, and take a commission in the process.

In addition, exchange brokers also engage in the safekeeping of valuables, as it is only natural for them to provide safekeeping services since they have sturdy warehouses.

Since they were holding large sums of money for their clients, some money changers took the opportunity to venture into the more profitable lending business.

Although the church explicitly forbids lending, shrewd merchants circumvent the ban through complex contractual arrangements: disguising interest as gifts or gratitude fees.

During the High Middle Ages, the financial industry developed rapidly, especially the Knights Templar. Their strongholds were spread throughout Europe, which facilitated the development of deposit-taking business. Their treasuries accumulated huge amounts of funds, and the Knights Templar began to provide loans and international remittance services to kings and nobles.

Because of the great success of this business, the Knights amassed a fortune that rivaled that of a nation, eventually attracting the covetous eyes of King Philip IV of France.

In 1307, the King of France, using crimes such as usury as a pretext, ordered the arrest of all members of the Knights of the Order within his territory and publicly burned the last Grand Master, thus ending the Knights of the Order.

As King of Britain, Vigé could have disregarded the Church's nagging and freely engaged in lending, but he did not. Lending had a terrible reputation, and if his lower-ranking vassals couldn't repay their debts, Vigé's forceful collection could easily weaken the loyalty of the nobility.

"For now, let the banks handle currency acceptance, financial custody, and long-distance drafts. Let the private sector develop its lending business. If trouble arises, at least it won't affect me."

"Bill of exchange" is essentially similar to the silver notes of the Ming and Qing dynasties. Merchants would deposit a large sum of silver into a money exchange in one place and receive a paper certificate, and then withdraw the silver from a money exchange in another place.

Vig plans to open banks in Dover, Rendynewme, York, Tynetown, Duffield, and other locations to build a nationwide financial network that will facilitate business activities within the country.

He spent two days drafting a plan and then had the cabinet appoint people to take charge of the matter.

With the bank's preparations on track, Vig finally had the energy to summon Baron Cavatu from the Canary Islands.

Upon their first meeting, the man appeared to be in his forties, with a dark complexion, resembling the inhabitants of the Iberian Peninsula. Vig did not make things difficult for this quick-witted and open-minded native. Hearing that he was about to explore another island, Vig generously provided him with many medicines and even sent a shaman to offer medical services.

"Thank you for your generosity, Your Majesty."

Following the instructions of his courtiers, Cavatu knelt on one knee and recited a hymn in broken Viking, vowing never to be an enemy of the royal family—a vow that applied to all the nobles of the kingdom. Although Cavatu was a direct vassal of Hergi, he was equally obliged to uphold the royal power of the Tynburg family.

After the ceremony, Cavatu left the palace along the same route and headed to the Heraldry House on the next street.

Upon entering the hall, he found a young man dozing off at the counter and asked him to design a family crest.

After receiving the decree of investiture, the young man carefully examined the man, who had a southern European appearance, before presenting him with a thick stack of picture books:

"My lord, coat of arms is a symbol of noble lineage and status."

In the following minutes, the heraldic officer recited a long passage of instructions in fluent speech, which was then translated by Adrian for Cavatu. The massive amount of information flooded the Baron's mind, leaving him overwhelmed in a short time.

After speaking, the herald opened a catalog and showed the baron the existing noble coats of arms. Cavatu was dazzled by the sight and had no idea how they were designed.

After a long period of stunned silence, he pulled out a small bag of silver coins and begged the herald for help, which terrified the officer, who turned pale. "This is a free service, I won't charge you, please don't harm me!"

The heraldry officer just wanted to get rid of this unruly island barbarian as soon as possible, find out his preferences, and quickly design a heraldry that met the standards.

The shield features a black mountain against a blue background, surrounded by emblems, inscriptions, cloaks, and other elements.

Having drawn the final stroke of the sketch, the heraldic officer breathed a sigh of relief and gestured for the baron to inspect it.

"Do you have any further comments? If there are no problems, I will submit it to the higher-ups immediately, and this set of coats of arms will henceforth become an eternal symbol for you and your family."

Chaivatu hesitated for a moment. Overall, this set of coats of arms was clearly inferior to the first dozen or so pages of the book, and could only be described as mediocre.

He nodded with difficulty. "That's settled then. By the way, I'm going to appoint this person as a hereditary knight. Please design a set of emblems for him."

"Are you sure?"

The herald looked bewildered and stared at the master and servant for a long time. The servant was plain-looking and thin, yet he was able to be knighted.
Alas, fate is so unfair.

Recalling his mediocre grades in school and being assigned to this hopeless department after graduation, the Herald Officer was depressed and picked up his pen and paper again to design the knight's family crest.

As the lowest rank in the noble system, knights have simpler heraldic designs, which can be completed in less than five minutes.

Afterwards, the herald instructed the two men to sign their names at the end of the sketch.

At the moment the pen was put down, Cavatu and Adrian officially became nobles of the Kingdom of Britain. Adrian, in particular, went from being an exiled merchant to a member of the ruling class, a progress that was unimaginable!

Before their departure, the herald handed them two booklets containing numerous important notes, such as:

Once a child is born, the nobleman must report it to the Heraldry immediately. Incomplete information about the child could affect subsequent noble titles and inheritance.

Stepping out of the Heraldry Academy gates, bathed in the warm sunlight, Adrian felt as if he were in a dream. In a daze, he walked towards Baker Street in the south of the city to purchase the necessary crop seeds and iron farm tools.

To save money, the master and servant haggled for a long time at the grain exchange, completely disregarding the dignity of newly promoted nobles. Until three o'clock in the afternoon, they suddenly heard a loud commotion outside the door.

problem occurs?
Adrian followed the crowd of onlookers away from the grain exchange. Looking at the crossroads a few dozen meters away, he saw a crowd gathered at the entrance of a three-story building, their emotions running high and seemingly shouting insults.

"Stock exchange?"

Adrian had never encountered anything like this before, and instinctively squeezed into the crowd to observe it up close.

(End of this chapter)