Today everyone has seen some form of a piggy bank, even if it isn’t in the form of a farm animal. They sit on multiple children’s shelves to collect birthday cash and allowance from parents. So where exactly did the modern piggy bank stem from? First, let’s discuss the idea of storage containers for money and coins, before taking a closer look at the evolution of the piggy banks we know and love today.
The History of the Piggy Bank
The birth of the true piggy bank is in the Middle Ages. However, the idea of storing coins in a “bank” or some kind of jar is much older than that. This money box in the shape of a temple is the oldest known surviving money canister in the world, dating from the 2nd century in a Greek colony. It is part of the Antikensammlung collection at the Staatliche Museen in Berlin, Germany. Others were found in extravagance sites including Pompeii to hold physical coins such as drachms or tetradrachms.
Banking or keeping track of money in a system has origins back in BCE. Records of loans are found in Athens during the classical age. Some could get money with a yearly interest of 12%. This system they developed aided the Greek economy, and later continued into Roman times.
Medieval Banks
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Sign up to our Free Weekly NewsletterWhat we picture as modern banks has origins in the medieval era. At the time there were three main types of banks or “banker,” merchant bankers, money changers, and pawn brokers. The word bank comes from the Italian word for bench “banco” because money at the time was done on a bench or counter in the market rather than an enclosed institution.
Interestingly enough, even though banks were important to the economy and useful to individuals, the profession of banking was looked down on as “lesser.” They could be considered sinners, evil, and greedy, something that was encouraged by priests and clergy. Even greedy bankers who manipulated innocent people showed up in a variety of literature during that time.
Pig Banks
Now that we know that coin banks have been found as far back as 500-1400 C.E, how did that eventually reference coin banks in the shapes of pigs? Why were these banks now marketed for children to get the name piggy bank? The term piggy bank comes from the word “pygg” from the Middle Ages. Pygg was a type of clay used around the house for many different objects such as pots and bowls and an orange color. Since banks weren’t a thing at the time money had to be stored within the home. These jars that carried spare change were called “pygg jars.” Pygg would have originally been pronounced as “pug” because of the Saxon pronunciation until shifts over time changed and it now sounded like “pig.”
Pigs were a food source in the early Middle Ages, although by no means the only meat consumed or even the most popular (which goes to beef or sheep). Pigs were considered dirty and greedy animals, and this reputation was woven into many stories and tales. It was in the 1100s that the first pig shaped bank popped up, at least as far as we know. Although it was less the cute piggy we picture now and more in the shape of a wild boar.
On the Way to Modern Piggy Banks
Early money banks didn’t have holes to take coins out of the pig. To retrieve the money, you had to break the pig, which is the origin behind “breaking the bank.” It’s because of this finding intact terracotta banks are rare to find whole, making them incredibly valuable. One from Majapahit that was over 500 years old went for $10,000 USD in an auction.
Today piggy banks are considered lucky and given as gifts, especially to children. Part of the reason the shape of the pig banks became small, round, lightweight, and cute was to market to younger children and make it easier for kids to grab them. This gives children a way to learn about saving and financial literacy. Today, piggy banks don’t have to be pigs and come in a variety of shapes, sizes, colors, and materials, and they have changed significantly over time from their original roots as clay pots.
