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Peruzzi

The Peruzzi were a Florentine merchant-banking family that rose to prominence in the late 13th century, establishing one of Europe's largest financial enterprises with branches spanning from London to the Levant.^[1] Originating as early as the 11th century, they specialized in transit trade connecting Mediterranean and northern European markets, dealing in commodities like grain from Sicily and luxury goods while extending unsecured loans to monarchs and nobles.^[2]^[3] The family's name derives from the Italian word pera for pear, symbolized in their coat of arms featuring azure pears on a golden field.^[1] Their downfall came in 1343 when the Peruzzi company declared bankruptcy, precipitated by King Edward III of England's default on massive war loans for the Hundred Years' War, compounded by a devastating flood in Florence and domestic political instability.^[4]^[2] This collapse, alongside that of rivals like the Bardi, triggered widespread financial contagion, contributed to economic depression in Italy, and cleared the path for subsequent banking dynasties such as the Medici.^[4]

Origins and Rise

Early Family History

The Peruzzi family emerged as one of Florence's ancient Guelf lineages, with historical records attesting to their presence in the city by the 11th century. Originally settled near the Porta alla Pera at the perimeter of the second circuit of city walls, the family maintained ties to the surrounding rural areas of the Valdarno while participating in urban commerce and governance. Their allegiance to the Guelf faction positioned them against Ghibelline rivals in the chronic factional struggles that defined medieval Florentine politics.^[5]^[1] In the early phases of their documented history, the Peruzzi aligned with the popolo—the democratic or popular elements of Florentine society—rather than the entrenched noble magnates. Family members held minor roles in the communal administration, reflecting a gradual accumulation of local influence through trade in wool, grain, and other staples before specializing in finance. The progenitor of the prominent late-13th-century branch was Amideo Peruzzi, whose activities laid the groundwork for his sons Filippo and Arnaldo to elevate the family's status amid Florence's expanding economy.^[3]^[5] Detailed genealogical records remain sparse prior to the mid-13th century, owing to the Peruzzi's initially modest standing compared to older consular families; however, notarial and fiscal documents from the period confirm their residence in the Oltrarno district and involvement in parochial affairs around San Pietro Maggiore. This early consolidation of assets and networks in a competitive urban environment foreshadowed their transition to international operations, though the family avoided the internecine violence that decimated many contemporaries.^[1]

Emergence as Bankers

The Peruzzi family, tracing its roots to 11th-century Florence, transitioned from mercantile trade to banking prominence around 1275, establishing themselves as key financiers second only to the Bardi company. Initially focused on commodities such as grain from southern Italy and English wool exported to Flanders and Italy, they leveraged these activities to secure lending opportunities, including management of papal finances during the Avignon Papacy. This shift capitalized on Florence's growing role as a commercial hub, where the family's Guelf affiliations facilitated access to influential networks across Europe.^[1]^[2] Under Filippo de' Peruzzi's leadership from 1292 to 1303, the company experienced rapid expansion, building a network of branches and integrating trade with credit extensions to secure commodity flows. Filippo, alongside his brother Arnaldo—sons of Amideo Peruzzi—pioneered connections between Mediterranean and European trade routes, emphasizing transit commerce in luxury goods and staples. By the early 14th century, this foundation enabled sophisticated operations, including bills of exchange and double-entry bookkeeping, which amplified their scale from local merchants to international bankers with agents authenticated via tesserae medallions.^[2]^[5] The firm's early success was evident in its 1310 capital of 130,000 florins, which generated 40% profits over two years through wool and silk trading, cloth manufacturing near Santa Cecilia, and initial sovereign loans, such as to King Robert of Naples. These ventures, supported by Florence's treaty with Genoa for seaport access, positioned the Peruzzi as one of the city's wealthiest families by 1310, with over 10 gonfalonieri and 54 priors from their lineage in governance roles.^[5]^[1]^[2]

Company Structure and Operations

Organizational Framework

The Peruzzi Company operated as a family-dominated partnership, reorganized in 1300 to formalize its structure as a super-company with centralized control from Florence.^[6] Ownership was concentrated among Peruzzi family members, who held the majority of capital shares; by 1331, the company included up to twenty-one partners, each contributing specified amounts of capital, with family members comprising the core active leadership.^[7] Tommaso Peruzzi served as primary manager from approximately 1303 to 1331, overseeing strategic decisions during the firm's peak expansion.^[8] The organizational hierarchy featured a central Florentine partnership directing a network of semi-autonomous branches across Europe and the Mediterranean, including locations in London, Bruges, Avignon, Rome, Naples, Venice, Genoa, Majorca, Cyprus, and Constantinople by the 1330s.^[4] Each branch was led by appointed factors—often relatives or trusted associates—who functioned as local managers with profit-sharing incentives to align interests, supported by clerks handling daily operations like accounting and trade execution.^[9] Central oversight relied on regular financial reports, audits, and correspondence to maintain coordination, though this decentralized model introduced risks from inconsistent branch performance and communication delays.^[10] This framework emphasized loyalty and skill in management recruitment, drawing on family ties to mitigate agency problems in an era without modern corporate governance. External investors participated as minority partners, providing capital in exchange for profit shares, but decision-making remained firmly in family hands to preserve control.^[7] The structure's scale—spanning diverse geographies and commodities—demanded robust internal controls, yet vulnerabilities in partner coordination contributed to the company's eventual collapse in 1343 amid sovereign defaults.^[11]

Core Business Activities

The Peruzzi Company operated as an integrated merchant-bank, with its core activities centered on international commodity trading and ancillary financial services that supported commerce. By the early 14th century, wholesale trading in grain dominated operations, as Florence lacked sufficient arable land and relied on imports to avert famines; the firm sourced grain from Sicily, the Black Sea region (Romania), Cyprus, and Sardinia, coordinating shipments via a network of agents to manage seasonal gluts and shortages amid geopolitical disruptions like wars and blockades.^[12] ^[6] This trade generated the bulk of profits, often exceeding banking revenues, through low-margin, high-volume transactions that prioritized turnover over speculation.^[13] Complementing grain dealings, the Peruzzi engaged in transit trade connecting Mediterranean and northern European markets, handling wool imports from England for Florentine cloth production—a key export—and other staples like salt, wine, alum, and spices, though these were secondary to foodstuffs.^[2] ^[3] Operations emphasized efficiency, with minimal fixed investments in warehouses or vessels, relying instead on partnerships and commissions from brokers to minimize capital tied in illiquid assets.^[14] Financial activities intertwined with trade, including deposit-taking from clients and outsiders to fund operations, currency exchange (permutatio) across diverse coinages, and issuance of bills of exchange—negotiable instruments enabling deferred payments and risk transfer without physical money transport.^[4] ^[15] These services facilitated merchant financing and arbitrage on exchange rates, but remained subordinate to commercial ventures, as the company's structure separated trading societa from banking branches while sharing family capital.^[16]

International Expansion

The Peruzzi Company, reorganized in 1300, pursued aggressive international expansion to capitalize on cross-regional trade in commodities like grain and wool, as well as opportunities in royal and papal finance.^[6] This involved establishing semi-autonomous branches managed by family members or trusted partners, which handled local transactions, currency exchange, and bill-of-exchange operations while remitting profits to Florence.^[17] By the early 14th century, these outposts enabled the company to dominate European banking alongside the Bardi, with operations extending from northern Europe to the Mediterranean.^[18] Key branches were set up in England by the 1290s, centered in London to finance wool exports and loans to Edward III, who owed the Peruzzi up to 600,000 florins by 1343.^[19] ^[17] In France, a Paris branch supported dealings with the crown and Champagne fairs, while the Avignon outpost, tied to the papal court after its 1309 relocation, facilitated Church-related lending and remittances.^[17] The Bruges branch, operational amid Flemish trade hubs, focused on cloth imports and mitigated risks from regional conflicts, such as peasant revolts that temporarily endangered operations.^[9] Mediterranean expansion targeted grain procurement and spice routes, with branches in Cyprus, Rhodes, and Tunisia linking to eastern markets; these sites, alongside outposts in Mallorca and Venice, diversified revenue beyond northern wool circuits.^[3] At its peak in the 1330s, the network comprised around fifteen branches employing over 100 personnel, underscoring the company's scale before vulnerabilities in sovereign debt precipitated collapse.^[2] This structure, reliant on family oversight and ledger coordination, exemplified medieval super-companies' integration of banking and commerce but exposed them to geopolitical disruptions.^[6]

Financial Strategies and Risks

Lending Practices

The Peruzzi company extended loans primarily to European sovereigns, nobles, and merchants, with a focus on financing warfare and trade expansion through its international branches in cities such as London, Avignon, and Naples. These loans were structured as direct advances or credits tied to commodity flows, particularly wool and grain, allowing the firm to mitigate currency transport risks while generating returns via differential exchange rates. By the 1330s, the Peruzzi had committed substantial capital to King Edward III of England, totaling approximately 594,000 gold florins between 1327 and 1345, often in collaboration with the Bardi company before independent extensions.^[20] These advances supported Edward's campaigns in the Hundred Years' War, with repayments pledged against English customs duties on wool exports and other royal revenues.^[20] To comply with canonical bans on usury, the Peruzzi disguised interest as cambium—fees for currency exchange or handling—effectively embedding returns in bills of exchange that required repayment in a foreign currency at an inflated rate. A typical bill involved the Peruzzi advancing funds in florins at one branch (e.g., Florence or Avignon), with the borrower obligated to reimburse an agent in another location (e.g., London) at a higher equivalent value, the premium reflecting the implicit interest of 20 to 40 percent annually on high-risk sovereign debt.^[4] Comparable loans by Florentine peers, such as the Bardi to Edward III from 1328 to 1332, yielded effective rates around 26 percent, calculated from repayment streams against principal.^[21] Security for these loans relied on assignments of future fiscal revenues rather than liquid collateral, enforceable mainly through diplomatic pressure or trade disruptions, as judicial recourse across borders was limited.^[20] Domestically, the Peruzzi provided credit to the Florentine commune and local merchants at lower effective rates, funding public debt with client deposits on which the firm paid 7 to 8 percent interest—below the city's borrowing costs—to arbitrage spreads.^[2] This practice extended to short-term commercial loans secured by pledges of goods or personal guarantees, but sovereign lending dominated, comprising over half of assets by the 1340s and exposing the firm to default cycles tied to monarchical finances. Loans to other rulers, including the Angevin kings of Naples and the papacy, followed similar models, with totals exceeding 100,000 florins annually in peak years, often rolled over to sustain ongoing deficits.^[4]

Exposure to Sovereign Debtors

The Peruzzi banking company, operating in the early 14th century, extended significant credit to European sovereigns as a core component of its international operations, seeking high returns from financing royal expenditures such as military campaigns. These loans were typically secured by assignments on state revenues, including customs duties on wool exports in England and taxation rights in southern Italy, but carried inherent risks due to the sovereigns' ability to delay or repudiate payments without effective legal recourse.^[22]^[20] A primary exposure was to Edward III of England, who borrowed heavily from the Peruzzi starting in the 1330s to fund the initial phases of the Hundred Years' War against France and conflicts with Scotland. Historical records indicate loans and advances totaling up to £70,000 (approximately 400,000–500,000 gold florins, depending on exchange rates), though this figure includes gifts, allowances, and disputed payments rather than pure principal.^[22] The Peruzzi, alongside the Bardi company, collected repayments via English customs, receiving around £18,000 from duties between 1337 and 1340, but Edward's escalating war costs led to mounting arrears.^[23] The firm also lent extensively to the Angevin rulers of Naples and Sicily, including King Robert the Wise, whose regime faced fiscal strains from internal conflicts and overextension. These southern Italian loans, often tied to royal tax farms, amplified the Peruzzi's vulnerability to correlated defaults among interconnected monarchs.^[24] While contemporary chroniclers like Giovanni Villani attributed massive sums—up to 600,000–900,000 florins—to Edward alone, modern scholarship questions these inflated estimates, arguing the Peruzzi lacked the liquid capital for such scales and that internal mismanagement and broader economic pressures played larger roles in the 1343 bankruptcy.^[16]^[20] Nonetheless, the anticipation of sovereign non-payment triggered depositor runs, underscoring the perils of concentrated exposure to rulers unbound by commercial bankruptcy norms.^[18]

Patronage and Cultural Role

Artistic Commissions

The Peruzzi family, prominent Florentine bankers in the early 14th century, commissioned significant artistic works as part of their patronage, particularly in religious contexts tied to family identity and civic devotion. Their most notable contribution was the decoration of the Peruzzi Chapel in the Basilica of Santa Croce, where they held patronage rights due to their residence in the surrounding neighborhood and active role in Florence's political life.^[25] In this chapel, located in the south transept, the family engaged Giotto di Bondone to execute fresco cycles depicting the lives of St. John the Baptist—Florence's patron saint—and St. John the Evangelist, the name-saint of key family members such as donor Giovanni di Rinieri Peruzzi.^[26]^[27] The frescoes, executed circa 1310–1315, represent some of Giotto's earliest works in Santa Croce and blend religious narrative with subtle references to the patrons' mercantile world, including motifs of wealth and urban life.^[25]^[28] The commission underscored the Peruzzi's status as a leading Guelph family and their alignment with Franciscan ideals at Santa Croce, though the works' iconography also evoked themes of economic prosperity and earthly authority relevant to bankers.^[27] An associated altarpiece, linked to the family's chapel, further reinforced their devotional commitments amid Florence's burgeoning artistic scene.^[29] These efforts highlight how Peruzzi patronage integrated personal piety with displays of financial power, predating their later economic downturn.^[30]

Civic and Architectural Contributions

The Peruzzi family, as prominent Florentine bankers, patronized significant architectural and artistic projects that enhanced the city's religious and urban fabric. They commissioned the fresco decoration of the Peruzzi Chapel in the Basilica of Santa Croce, engaging Giotto di Bondone to execute cycles depicting the lives of Saint John the Baptist and Saint John the Evangelist, likely completed around 1310.^[25] This chapel, situated in their residential neighborhood, reflected their wealth and commitment to Franciscan piety, with the artworks honoring family-associated saints and employing innovative allegorical elements tied to civic themes of prosperity and governance.^[27] ^[28] Beyond ecclesiastical art, the Peruzzi contributed to Florence's urban expansion by purchasing debris from the demolished medieval city walls during the early 14th-century enlargement and constructing multiple palaces and dwellings from the materials.^[5] This initiative supported municipal redevelopment, transforming defensive remnants into residential structures that bolstered the city's aesthetic and functional growth. They also financed an altarpiece for Santa Croce, featuring Christ Blessing in natural scale, which underscored their role in outfitting elite family altars within the basilica.^[31] In the vicinity of Piazza dei Peruzzi, the family erected stone noble buildings during the 1300s, forming a cohesive architectural ensemble that persists as a testament to their pre-bankruptcy influence on Florentine streetscapes.^[32] Around 1340, amid financial strain, they additionally built the sacristy adjacent to their chapel in Santa Croce, emblazoned with family arms, further integrating their legacy into the church's infrastructure.^[33] These endeavors, rooted in their textile-originated wealth and banking profits, exemplified how mercantile elites drove architectural patronage to affirm social standing and civic devotion.^[31]

Political Involvement

Florentine Governance

The Peruzzi family, aligned with the Guelph faction and the popolano (popular) interests in Florentine politics, actively participated in the republic's governance from the late 13th century onward, reflecting the integration of wealthy merchant-bankers into the city's guild-based oligarchy. Following the establishment of the priors' regime in 1282, which restricted high offices to guild members and emphasized collective executive authority via the Signoria—a body of nine priors (one per major guild) and a gonfaloniere di giustizia elected monthly—Peruzzi kin leveraged their economic status to secure administrative roles. Between 1284 and 1342, at least fifteen family members held such positions within this guild-dominated system, influencing decisions on taxation, diplomacy, and communal defense amid ongoing conflicts with Ghibelline rivals and neighboring powers.^[3] This involvement underscored the Peruzzi's commitment to Guelph dominance and republican stability, as they supported policies favoring trade expansion and papal alliances, which aligned with their banking interests in financing wars and papal revenues. Family members' service in the Signoria contributed to the rotation of power that prevented any single lineage's monopoly, though economic elites like the Peruzzi often coordinated informally through consorterie (kin-based alliances) to sway elections and deliberations recorded in communal statutes. Their political activity peaked during the early 14th century, when Florentine governance balanced mercantile priorities against aristocratic challenges, including the 1302 Black Guelph victory that solidified popolano control.^[5] The family's bankruptcy in 1343 precipitated a sharp decline in political influence, leading to a self-imposed pact among surviving Peruzzi branches to curtail office-holding and factional entanglements, thereby prioritizing economic recovery over civic ambitions. This accord, documented in family records, reflected broader patterns of elite restraint during Florence's post-plague instability, where diminished resources limited participation in the costly cycle of elections, exiles, and vendettas. By the mid-14th century, the Peruzzi had largely withdrawn from governance, ceding ground to rising families like the Alberti and Medici, though their earlier roles exemplified how banking wealth translated into temporary political leverage in the pre-Medicean republic.^[34]

Guelph Politics and Conflicts

The Peruzzi family, originating as a noble banking lineage in Florence, aligned closely with the Black Guelph faction, a subgroup emphasizing uncompromising papal allegiance and alliances with Venetian interests against more moderate White Guelphs and residual Ghibelline elements. This positioning placed them at the center of Florence's Guelph-dominated politics following the decisive Guelph victory over Ghibelline forces, which solidified republican governance under papal-oriented rule.^[35]^[36] Family members actively participated in Florentine administration, with fifteen Peruzzi individuals holding guild-influenced political offices between 1284 and 1342, reflecting their integration into the oligarchic structure of the priors and signoria. They supplied ten gonfalonieri di giustizia—chief executives of the republic—and fifty-four priors to the governing councils from 1283 to 1342, leveraging these roles to advance Guelph policies amid ongoing factional tensions.^[3]^[1] In Guelph-Ghibelline conflicts, the Peruzzi supported Florence's expansionist campaigns against Ghibelline strongholds, such as Pisa and Arezzo, financing military efforts through their banking network that extended loans to papal and communal authorities. Their Black Guelph stance contributed to internal strife, particularly the 1301–1302 power shift when Charles of Valois backed the Blacks, leading to the exile of White Guelph leaders like Dante Alighieri and the purging of opposition, which entrenched families like the Peruzzi in the ruling elite until economic strains eroded their influence.^[3]^[35]

Bankruptcy and Decline

Precipitating Events

The Peruzzi company's precipitating crisis unfolded amid mounting defaults by key debtors in 1341–1343, exacerbating liquidity shortages from prior overextension. In late 1341, the firm lost its lucrative papal banking contract due to escalating political tensions between Florence and Pope Benedict XII, who shifted operations to other houses amid disputes over Guelph alliances and Avignon politics.^[2] A critical trigger came in 1343, when the Florentine commune, governed by the short-lived dictatorship of Walter VI, Duke of Athens, defaulted on debts totaling 1.8 million gold florins; the Peruzzi, as principal creditors to the city, absorbed massive losses from this municipal insolvency, which stemmed from Walter's failed fiscal policies and the regime's overthrow in July 1343 amid popular revolt.^[2] This event drained reserves already strained by unpaid sovereign loans, including approximately 600,000 gold florins advanced to Edward III of England since the 1330s to finance the Hundred Years' War, where delayed repayments and anticipated repudiation signaled impending default.^[4] These shocks triggered a rapid withdrawal of deposits by Italian clients, constituting an early instance of a bank run that depleted liquid assets and halted operations; by mid-1343, the firm's workforce had contracted sharply to 47 partners and agents from prior peaks.^[2] On October 27, 1343, the Peruzzi formally declared bankruptcy after 51 years of operation, with creditors ultimately recovering only about 37% of claims.^[8]^[2]

Causal Factors

The bankruptcy of the Peruzzi banking consortium in 1343 stemmed primarily from catastrophic losses on sovereign loans, particularly to Edward III of England, who had borrowed extensively to finance military campaigns in the Hundred Years' War against France. By the early 1340s, the Peruzzi had extended credits totaling hundreds of thousands of florins to the English crown, secured against customs revenues and wool exports, but these collateral streams proved insufficient when Edward's forces stalled after initial successes like the Battle of Sluys in 1340.^[16] When prolonged warfare depleted royal finances, Edward repudiated the debts in 1343, effectively wiping out a significant portion of the Peruzzi's assets—estimated at around 600,000 florins in irrecoverable advances—triggering a liquidity crisis as depositors and partners demanded repayment.^[4] ^[37] Compounding this external shock was the Peruzzi's exposure to domestic and other European sovereign debtors, including the Kingdom of Naples under Robert of Anjou and the Florentine commune itself, which defaulted on 1.8 million florins of communal debt in 1343 amid fiscal strains from warfare and poor harvests.^[2] The consortium's partnership structure, reliant on family capital and short-term deposits, lacked modern diversification or reserve requirements, amplifying vulnerability to correlated defaults across politically interconnected borrowers.^[38] Internal mismanagement, such as optimistic projections on repayment timelines without adequate hedging against geopolitical risks, further eroded solvency, as branch managers in London and Bruges faced mounting unrealized losses without centralized intervention.^[16] Broader macroeconomic pressures, including successive bad harvests in Tuscany from 1339 onward and rising grain prices that strained merchant liquidity, indirectly hastened the collapse by curbing trade volumes in grain and wool—the Peruzzi's core non-lending revenue streams.^[37] While some contemporaries attributed failure to mere overtrust in royal pledges, structural flaws in medieval banking—such as opaque accounting across international branches and dependence on honor-based credit without enforceable legal recourse—represent deeper causal roots, as evidenced by the near-simultaneous failure of the larger Bardi consortium under analogous conditions.^[16] These factors converged to produce a self-reinforcing panic, with creditors withdrawing funds en masse once rumors of insolvency spread in Florence by mid-1343.

Immediate Consequences

The Peruzzi company's bankruptcy declaration on July 26, 1343, precipitated an immediate liquidity crisis in Florence, manifesting as one of the earliest recorded bank runs, with depositors withdrawing funds en masse amid fears of insolvency contagion.^[39] ^[40] This panic exacerbated the firm's collapse, as it could not meet demands despite having extended approximately 600,000 gold florins in unrepaid loans to Edward III of England, alongside domestic overextension in grain speculations and war financing.^[4] Creditors, including Florentine merchants and guilds, faced substantial losses, with recoveries limited and the company's operations curtailing sharply from prior scales of over 100 branches across Europe.^[2] Politically, the Peruzzi failure intensified existing tensions under the short-lived regime of Walter VI, Duke of Athens, whom magnate families like the Peruzzi had initially supported to stabilize finances amid earlier Bardi troubles.^[41] The economic shock eroded elite confidence, fueling a popular uprising that expelled the Duke on the same day as the bankruptcy announcement, restoring a more populist guild-based government by late July 1343.^[42] Family members faced arrests from 1342 onward, compelled to renounce interest claims for release by 1345, underscoring the republic's punitive response to perceived fiscal mismanagement.^[43] These events marked a convulsion that weakened magnate influence, though smaller banking houses endured the initial wave.^[44]

Legacy and Long-Term Impact

Economic Ramifications

The bankruptcy of the Peruzzi banking house in 1343, following heavy exposure to defaulted loans from Edward III of England during the Hundred Years' War, triggered the "Great Crash of 1340" in Florence, a localized crisis that eroded investor confidence and led to partial recoveries of only 20-50% for depositors.^[8] This failure, intertwined with the Bardi company's collapse in 1346, dismantled the model of expansive "super-companies" reliant on sovereign lending, as the Peruzzi had advanced sums equivalent to a substantial portion of Florence's annual economic output, amplifying liquidity shortages across merchant networks.^[42] The immediate economic shock extended to public finance, with Florence's government defaulting on its debts in 1342, slashing the market value of its bonds by approximately two-thirds and constraining credit for key sectors like wool processing and cloth production, which underpinned the city's trade-dependent prosperity.^[8] Chain reactions included further insolvencies among allied firms, such as the Acciaiuoli, contracting international trade flows and contributing to a broader depression in late medieval Italian commerce by highlighting the perils of overextended geopolitical financing.^[42] Long-term, the Peruzzi debacle catalyzed organizational evolution in Florentine banking, supplanting unitary patrilineal firms with decentralized partnership systems emerging around 1383, which distributed risks through autonomous branches and junior partners, resembling proto-limited liability structures.^[42] This shift integrated newer merchant families (gente nuova) into elite networks, boosted mixed-kinship banks' share in international trade from 26% pre-crisis to 40% by 1427, and enhanced systemic resilience, though it also accelerated Florence's ceding of financial hegemony to emerging Northern European centers.^[42]^[8]

Family Survival and Later Branches

Despite the bankruptcy of the Peruzzi banking company in 1343, not all family fortunes were dissipated, as members held diversified assets including real estate and agricultural lands separate from the partnership's liabilities. Many Peruzzi individuals prospered in the aftermath, leveraging family resources to navigate the financial crisis and maintain economic viability.^[45] By the 1350s, the family remained among Florence's wealthiest houses, underscoring the distinction between the failed commercial entity and personal wealth.^[16] Subsequent challenges, including political marginalization under rising Medici influence, led to dispersion of branches. Persecution prompted relocation, with some seeking refuge in Avignon by 1438.^[5] The Peruzzi retained noble status as patrizii di Firenze, preserving social prominence amid Florence's evolving power structures. Later branches endured through strategic alliances. In the 18th century, Bindo Simone Peruzzi (1729–1794) wed Anna Maria Luigia de' Medici, the last direct Medici heir, establishing the Peruzzi de' Medici lineage; this branch acquired Villa I Busini in 1776 and held it under Simone Peruzzi de' Medici from 1846.^[1] Ridolfo di Giovanni Battista Peruzzi (1831–1905) continued this line, receiving authorization for the "marquis de' Medici" title while retaining the Peruzzi surname.^[1] A French-connected branch persisted, represented by Ridolfo Peruzzi, who served as governor of Vincennes fortress in the mid-19th century.^[5] These survivals highlight the family's adaptability beyond medieval banking.

References

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(PDF) Giotto's Peruzzi Chapel Frescoes: Wealth, Patronage and the ...
Aug 8, 2025 · Giotto's fresco cycles of the lives of St. John the Baptist and St. John the Evangelist in the Peruzzi Chapel in Santa Croce, Florence, ...
[29]
Giotto di Bondone - Getty Museum
The altarpiece is associated with the Peruzzi family, important bankers in Florence, and their private chapel in the Church of Santa Croce, the major Franciscan ...Missing: patronage | Show results with:patronage<|separator|>
[30]
Frescoes in the Peruzzi Chapel (c. 1315)
The murals honouring John the Evangelist and John the Baptist, which were the first works created by Giotto in Santa Croce.Missing: commissions | Show results with:commissions
[31]
Bankers and Art
As the Peruzzi family business developed into an international trading and banking company that lent to European monarchs, Florence's gold florin dominated as ...Missing: history | Show results with:history<|separator|>
[32]
The Location | Peruzzi Royal Suite
The circular shape of Piazza Peruzzi was originated by the presence of the walls of the ancient Roman Amphitheater of Florentia, dated around the year 120 A.D., ...Missing: history origins
[33]
East - Santa Croce - The Churches of Florence
First left in the corridor through this doorway is the recently spruced-up Sacristy, built by the Peruzzi family around 1340, with their arms clearly visible.
[34]
A Self Disciplining Pact Made by the Peruzzi Family of Florence ...
Q N a Thursday in June I433 nine leaders of the Peruzzi family, one of Florence's biggest and most celebrated lineages, met in the house of Ridolfo di ...
[35]
Lessons of 14th Century Dark Age- William F. Wertz, FIDELIO
In 1375, the war for control of the Papal States had resumed in Italy. Guelph-controlled Florence organized a revolt of the Papal States, and formed a ...
[36]
[PDF] How the 14th-Century Lombard Banks Created
The Bardi, Peruzzi, and Acciaiuoli family banks, along with other large banks in Florence and Siena in particular, were all founded in the years around 1250 ...
[37]
Economic crisis, bank failures and plague in the Middle Ages.
Apr 29, 2017 · In subsequent years do not resist to the crisis even the big banks. In 1343 the Peruzzi fail (600,000 florins) and in 1345 the Bardi (90,000 ...Missing: rise prominence<|control11|><|separator|>
[38]
Cambridge University Press, 1994.
He has considered the Peruzzi firm, the second largest (after the Bardi) ... common family property, insulated from the risks of business failure. The ...
[39]
What was the first financial crack of history? - Evidence Network
Feb 22, 2025 · A large financial crisis linked to the collapse of the banks of the Peruzzi and Bardi families, until then the flagship of European finance.
[40]
As old as banks themselves: A look through the history of bank runs
Sep 18, 2023 · Florence 1343: The English king fails to pay his debts. In 1343, in Florence, the private bank Bardi had lent 900,000 gold florins to the ...<|separator|>
[41]
05: Florentine Politics, Florentine Humanists – HIST230: Florence
1339 Edward repudiates debt: Bardi, Peruzzi bankrupcies; Failed war with Lucca to recoup money; 1342 Walter of Brienne invited to repair situation; 1343 Walter ...Missing: immediate effects
[42]
[PDF] The Birth of Partnership Systems in Renaissance Florence
Political struggle between patricians and new men had been a consistent trope in late medieval Florence—even more so than in other Italian city-states because ...
[43]
[PDF] The Ammanati Affair: Seven Centuries Old, and Not Feeling the Age
Sep 18, 2018 · Peruzzi company of Florence in 1343 resulted in a settlement with its credi- tors under the supervision of a bankruptcy court in 1347.133 ...
[44]
Banking Collapse of the 1340s - Daily Medieval
Feb 3, 2013 · The excuse for the collapse is often given as Edward III of England's default on loans he took to pay for expenses during the Hundred Years War.
[45]
A Study of the Peruzzi Company of Florence is a business - jstor
Hunt gives attention to patrilineal family relations, concluding that, although the house of Peruzzi as a group had some corporate nonbusiness property, Peruzzi.Missing: origins | Show results with:origins