Monte delle Doti

The history of finance is, surprisingly, full of interesting tidbits. For instance, in 1424, Florence created its Monte delle Doti or dowry fund:

A father could invest in the fund in the name of an infant daughter: if the daughter survived and married, the fund provided a specified amount as dowry (if not, the investment reverted to the fund). This was similar to a life annuity in that it enabled a father to provide security for his children. So popular was the Monte delle Doti, that Florence, under Cosimo di Medici, was able to rely on voluntary sales of its shares instead of on forced loans.

That last bit reminds us of the fine line between municipal finance and outright taxation.