Jewish Credit in Medieval England

Jewish Financial Activities Under the Angevin Kings

Oct 25, 2008

During the post conquest period the place of the Jewish community within society and more importantly their money lending activities became a contentious political issue.

It is almost universally acknowledged by historians that the Jewish community gained a foothold in England shortly after the Norman Conquest in 1066. The relationship that existed between this community and the king was special. The Jews were directly responsible to the king and were protected by him and his officials. In a broader context they enjoyed the status of free men and were able to hold land and build houses. The practice of money lending (usury) was tolerated by secular society as it offered an opportunity for personal gain through indirect taxation.

Conflicting Legal Positions

This situation generated conflict between church and state. It also created a legal grey area. Church law (canon law) forbade Christians, under the threat of excommunication, from money lending for profit. As such the Jewish community had a virtual monopoly in this area. Relationships between debtors and creditors often became nasty. Debtors who defaulted sought to have their cases heard in church courts where the debt would be declared illegal. Jews on the other hand preferred the use of secular courts where they could bypass canon law and collect on the debt. The church saw the Jewish community and its relationship with the crown as a direct threat to its authority.

The Extent of Credit and Debt

The Jewish community expanded under Henry II with principal settlements at London, York, Exeter and Bury St Edmunds. These settlements not only concentrated around royal mints but also in towns close to important fairs. Jewish creditors travelled extensively to ply their trade. Not all Jews were money lenders but the majority of money lenders had other interests. They encompassed a broad social spectrum lending to earls, archbishops, priests and even undergraduates. Rates of interest however were exorbitant and the debtor frequently found himself in trouble. Debts were also liable to be passed on to heirs which meant that whole families and even institutions might find themselves ruined.

Anti Semitism and Governmental Reform

The influence of Jewish money lending was eventually curtailed by an increasingly Anti Semitic church and the financial exploitation of Richard I and John. The massacre of the Jewish community at York in 1190 claimed the lives of 150 Jews and demonstrates the level of resentment felt in certain areas. Deaths of prominent Jews also brought home to the treasury the scale of their wealth. In 1194 the crown began to regulate the activities of Jewish money lenders. Within a few years the Exchequer of the Jews was in place as a formal governmental control.

Prior to 1215 Jewish money lending and the debt that came with it had become a means of political control for the crown. Magna Carta sought to limit the impact this financial exploitation had on society.

D. M. Stenton, English Justice between the Norman Conquest and the Great Charter

The copyright of the article Jewish Credit in Medieval England in High Middle Ages is owned by Alistair Murphy. Permission to republish Jewish Credit in Medieval England in print or online must be granted by the author in writing.