History of Gringotts and Wizard Money - Harry Potter Explained

[@HarryPotterTheory]

MORE LONG VIDEOS: kzbin.info/aero/PLB5djWCQq2_e0UCOmVbhRP8HkxetpzXUV

[@stevefontaine1335]

@HarryPotterTheory Lord Of the Rings Theory Channel.?🙏🙏🙏

[@hullutsuhna]

five pounds to a galleon might be true for GOLD pounds (having handled gold sovereigns myself, the gold in five sovereigns being of roughly equal value to the gold in one galleon seems about right)

[@macwelch8599]

It’s always been weird to me how wizards hated goblins, yet allowed them to take care of their money

[@MurataSolos]

fr

[@kool4209]

To be honest you can apply their Nature to that. They probably made it, thus thinks theyre loaning it to whatever wizard till their death and then collect.

[@macwelch8599]

@@kool4209 interesting

[@creatureofvenice]

because it is the best bank. it is like how in the 1930s in baseball especially there were some amazing black players and racist people would almost separate them from the rest of the blacks because they were good players.

[@macwelch8599]

@@creatureofvenice interesting

[@ray101892]

I love how a wanted criminal like Sirius was able to get money from his vault and buy a Firebolt for Harry and Bellatrix getting to keep her gold despite being in Azkaban.

[@Hsejjes]

Seems Gringotts does not have a Compliance department 😂

[@masterpython]

The Goblins take after the Swiss. If you keep enough gold in your account they will work with you.

[@kyleethekelt]

Could it be that both were members of the 28 - the powerful and influential Black family?

[@hullutsuhna]

Sirius accessing his money: through power of attorney I'd presume (empower a goblin to withdraw the money), or maybe he prepared a cheque/wizarding world equivalent for the price of the purchase & delivery of the Firebolt to where ever he was staying? Wizard cheques would probably use some sort of magical authentication to prove that it was indeed the owner of the account who wrote the cheque and/or they probably could be enchanted with the Fidelius charm to make sure the recipient of the money can't talk about the transaction. As for Bellatrix, forfeiture of assets of a criminal that *aren't* the proceeds of criminal activity doesn't sound very British, especially since it seems the seizure of *proceeds of a crime* wasn't codified in UK until 1988/1993/1994/2002 (the Proceeds of Crime Act 2002 amends an act from 1994 which amends and act from 1993 which amends an act from 1988...), so unless there is proof that Bellatrix robbed her victims, there would be no legal basis to seize/freeze her assets.

[@christiankoll1528]

If inmates can get access to smart phones in today's prisons, I'm sure a wizard like Black could figure out a way to access his vault, he's got resources.

[@CharredFibers]

As someone who used to work in a cash vault, I would think the goblins would deposit the muggle money into an account in the muggle world which they could then use to pay for muggle artifacts or whatever

[@masterpython]

Just buying staple food in bulk would be a pretty good business. I don't think there are many wizard farmers.

[@DeepFleeceheart]

​@masterpython why would there be when you could just magic up some food?

[@bruhdon4748]

@@DeepFleeceheartyou can’t do that

[@DeepFleeceheart]

@@bruhdon4748 i saw it numerous times in the movies

[@bruhdon4748]

@@DeepFleeceheart in the dining hall the food has been prepared directly below on identical tables & is teleported up onto the tables, it’s not made from thin air, in the deathly Hallows Hermione makes more food out of other food essentially splitting it’s nutritional value but doubling the amount of physical food, not making it from thin air, In the HP universe food cannot be made from thin air using magic, in can be enhanced, doubled, teleported etc but it can’t be created from nothing & the movies also aren’t cannon so anything that happens in there doesn’t matter, the books are the main source material.

[@bradchadley1261]

Weren't the goblins kicked out of 109 countries? What would cause such antigoblinism to fester?

[@MissusChanandlerBong]

Their antisocial behaviour 😂

[@Blaze-zm7zt]

Now this is the comment I was looking for!

[@rizkyadiyanto7922]

oy vey!

[@Davidofthelost]

Probably their weird ideology of the craftsman continues to own whatever them make even after the person who commissioned it has paid for it. So when they die the goblin goes to take it back as in their mind it was just being rented. Probably enough people got pissed off and decided to just kick them out.

[@ptptpt123]

LMAO

[@Princess_Celestia_]

I always just assumed when Hagrid said "just the one" he wasn't talking about there being just one bank location but rather just 1 banking institute that had multiple branch locations scattered across the world. For example, Wells Farge has locations all over the U.S. but their locations are all just one bank, the Wells Fargo Bank.

[@tatalsaba]

I think Gringotts has the potential for the most world building in the series, economy, racism, classism, international relations and the cursebreakers, not to mention the connection with the Muggle world, because I don't think the goblins laundered the money, it's more likely it was treated like foreign currency in the real world, used for trade or for when wizards used muggle services, it's highly unlikely that Arthur Weasley bought his car with gold, or Sirius black his motorcycle, nor Bartimus crouch his suit. If memory serves, the fourth book has an exceptional small part where Arthur Weasley stuggles with paying with Muggle money, so we know that wizards do need muggle currency from time to time.

[@JamesDavy2009]

The only currency I've seen that avoided having numerals in their design are American coins. Most of the other currencies have a number on the coin or bill. My guess is wizards don't take the study of mathematics seriously enough to effectively use Muggle money if all wizard coins are singles.

[@Слышьты-ф4ю]

​​​@@JamesDavy2009 I mean, do they need to have any complex system in the magical world? It's literally feudal society, not a developed capitalist one

[@Trippp550]

You missed the fact that wizards can pay for private entrances into vaults and pay for those vaults to be manned 24/7 even up to hundreds of years. like from hogwarts legacy.

[@jcxbdl]

😊😊😊

[@iamwhoiam7887]

​@@jcxbdlqueer

[@Jtb1122own]

@@iamwhoiam7887 Beer

[@skarmex3439]

That wasn't common though. Our own character asks the goblin "Are private entrances to Gringotts common?" and the goblin replies with "They are not, it would take someone of great power AND wealth to arrange that service," or something along those lines... so I would say, not only having a tonne of gold is needed but also be an important person in the wizarding and goblin eye. Not many people would fit that bill aye? O=

[@richewilson6394]

You missed Bill weasley's job with Gringotts as to what he does in regards to their money or The curse breaking.

[@Ancient_Road]

As a curse breaker in Egypt "bringing in money" its implied he is dealing with finding treasures hidden in ancient Egyptian pyramids and ruins protected by curses. Pretty much the magical version of Indiana Jones

[@ChristAliveForevermore]

The goblin noses are what sold me. When you know, you know.

[@superkamehameha1744]

We know

[@SKMCTV]

Shut it down

[@Mister-qn3sf]

@@SKMCTVGlobalist

[@kyleethekelt]

As a very minor consideration, I find it interesting that the Philosopher's Stone was in 713, while Sirius' vault was 711. If the vaults ran in numbered sequence, they may have been banking neighbours. It would also explain why Sirius was able to get money out, since a key wouldn't have been required, but only the touch of an employee's finger on the vault door. Yet another interesting video.

[@morrigankasa570]

Seriously, the Mistreated Dragon was one of the worst parts in the entire series. Sure have a Dragon guarding those vaults is fine, BUT DON'T HAVE IT BE MISTREATED!!!

[@hackman669]

Should have been a giant?😁

[@Dagothownsneravar]

​@@hackman669that would have probably been less problematic as giants aren't as aggressive or feral as dragons. Not to say dragons are mindless. But they're more like cats. Whereas a giant or troll is more like a dog: much more easily domesticated and tame

[@kellysouter4381]

Why did the basilisk have to be blinded and destroyed? Very rare beast, it should have been drugged to sleep and taken to a secluded sanctuary.

[@morrigankasa570]

@@kellysouter4381 Because it can literally kill with a look AND is uncontrollable unless you speak Parseltongue. Additionally, it was necessary to eliminate the Basilisk to then destroy the Horcruxes safe-ish in the future. While Dragons can be communicated with, without needing to speak a specific Rare Language. Nor do they instantly kill with a look.

[@Dagothownsneravar]

@@kellysouter4381 to add to the other reply: the Basilisk is most likely immune to sleeping agents

[@josiatokirina1788]

Thank You for the very interesting video! I had always pondered the history of wizarding money.

[@AussieMichael99]

Great video mate I’ve been loving these law videos you’ve been doing recently. Keep up the great work

[@Martyn_Wolf]

I've always wondered why Wizards didn't just multiply gallions with a charm... The reason this isn't possible is because Gallions etc are made by goblins so they can't use a charm to create more of them as goblins will be able to tell it's a duplicate.

[@prosaic4195]

But all of the shops ran by non goblins wouldn't

[@Martyn_Wolf]

@@prosaic4195 As soon as they give it to the goblins in the bank they'll know

[@prosaic4195]

@@Martyn_Wolf Yeah but I'm saying don't take it to the bank. Just use it for a rather expensive purchase. If I were to buy something from you, I don't take it to the bank for you. You could even just travel to another country for this to avoid any potential repercussions. But even locally if you came back a week later and accused me of scamming then I just accuse you of lying. You could even have a spare wand just for the duplication spell just so they can't see your wand actually cast it.

[@Martyn_Wolf]

@@prosaic4195 Also we don't know of Wizardring world has taxes or not. You're forgetting that the wand chooses the Wizard (Olivander remembers every wand he's sold, you win a wand from another person that person will point you out to the authority), the priori incantartum spell to see what spells the wand has performed and eventually someone will give to the bank.

[@prosaic4195]

@@Martyn_Wolf not sure what taxes have to do with me buying some stuff from a shop? Olivander isn't the only wand maker, just the best. Again I think all of this is just handled by travelling to another country either for the spare wand or for the transaction, which isn't even a big deal since it's pretty much instant with a port key. Also the point of the spare wand is to prevent the potential for them checking what spells your wand cast so I'm not sure why you brought that spell up. Seems like a pretty easy scam to pull off tbh

[@robertgronewold3326]

One thing I always assumed about Gringotts is that they must have branches of the Bank located in every single Wizarding Marketplace in the world. So presumably there's probably at least one branch in the US, likely more given the size, as well as all around the world.

[@kestrelwings]

I would expect Snape to use muggle money to buy potion ingredients. Many potion ingredients come from magical sources, but there are bound to be some that you can buy from muggles.

[@laurendobinson5930]

Another fantastic video please keep going x

[@Madadd5000]

Visited the bank today at WB studios London, was a amazing set

[@Mrjacharles]

"Yer be mad to try and rob it!" Six books later ...

[@ThunderAngel27]

Could it be possible that the Goblins use the muggle money to buy raw materials from the muggle world for production of their own currency? that way the the currency of muggles can be recirculated back to their economy and allow for the production of new money into the wizarding economy.

[@masterpython]

Magic can't make food from scratch so probably. The Weasleys have a garden but not everyone has that much land.

[@12gark]

Yes, but I also think there are a number of wizards who may need muggle money and be willing to exchange back: if you own a restaurant for wizards, you'll need food supply, and you can buy that from muggles. You have a furniture shop? You need wood. And so on. I think that there should be some specific wizards job that will need those pounds or dollars or whatever, on top of Gringott own need for raw gold

[@MultiDudeman]

Gringotts might be the only wizard bank in Britain but i doubt it was the only one in the world, if other countries had their own currency then im sure they each had their own wizarding bank.

[@mecahhannah]

Awesome as always thanks

[@tamstertx63]

Do all the wizards each have an actual vault? Or is it possible to just have a smaller place, like a safety deposit box in a room at the bank??

[@masterpython]

Muggles figured out how to have banking with multiple branches in for plain old money hundreds of years before Gringots opened. You would think Goblins would figure it out.

[@tamstertx63]

Very true! I was simply trying to do the math. There are quite a few witches/wizards. Unless they tend to have "family vaults" then that is a LOT of vaults being as Gringott's is the only location. I'm wondering though - can you just have an account there or is an actual vault necessary? Or just the equivalent of a safe deposit box if you just have a few items to store? @@masterpython

[@JamesDavy2009]

@@masterpython They probably already have.

[@badbunny9116]

*flipping a half Dragot in my hand* my guess MACUSA is behind the creation and exchanges of Dragots and Sprinks.

[@Sumschmuck]

Isn't it odd how the Goblins seem to be in possession of a disproportionate amount of wealth compared to wizards?

[@marshawargo7238]

I wonder if interest rates are incorporated in wizard money? Harry's vault being dormant for 11 years must have accumulated a bit!

[@charlesjermyn5001]

Quiet a monopol Gringotts has there 😏

[@joshfinn1432]

I figured the squibs that live in the muggle world. Could work for the ministry of magic as informants or something like that get paid in muggle money.

[@johnrickard8512]

I suspect that Gringots actually would NOT directly exchange other currencies into ones other than their own, as that is the currency they use to keep track of the value of "things". I say this because their currency seems to act as a form of promissory note. It shows that Gringots is indeed a VERY old fashioned bank, but a very powerful one nonetheless.

[@jr_nerdlife]

So we can blame inflation on Goblins? & here j thought it was Congress & Corporations

[@hackman669]

Entire world suffering from post Covid inflation. Not just the west. Look at Chinese economy slowing down real bad. Poor people 😢

[@Sumschmuck]

Who do you think controls them?

[@jr_nerdlife]

@@Sumschmuck that's super plausible!

[@rizkyadiyanto7922]

oy vey!

[@LoveShaysloco]

i would use different money to buy gold bronze silver etc that they can sell or use to mint new money

[@masterpython]

If you feel like reading some really good fan fiction Harry Potter and the Method of Rationality Harry figure out how to break the economy pretty quickly

[@danieln2421]

Perhaps a video on the manipulation of space in the wizarding world - expansion and contraction of spaces,and also apperation, which is presumably "folding space". The originis and limits of said abilities? - How far can one apperate, how big of a space can be made to exist in a smaller space, how does magic presumably sustain said changes, against the physics of the Universe etc.?... 🙂🙃🙂

[@JamesDavy2009]

I had the thought that Apparition carried a higher risk of Splinching the further you go; or the risk factor depends on how familiar you are with your destination.

[@HazbinHotelStaff]

Student in foreign countries do have access to port keys to travel from America to Britain as protected by the ministries of International Wizardry.

[@JamesDavy2009]

I forgot Portkeys were a thing. Their creation is highly regulated by the Ministry.

[@HazbinHotelStaff]

@@JamesDavy2009 not just port keys. But other means of transportation like the fireplace floo powder.

[@stewartlife]

How about other countries? Do they have their own wizard banks too? And do they use the same currency (galleon, etc)?

[@johnking5174]

Every country has their own wizard bank. However there is a limit to just one bank per country.

[@milanka882]

I have a hard time believing that Gringotts would be the only bank… Or that there would only be one branch in the world which would be Britton. Seriously, if this bank is the only bank they have, surely they must have other branches in other countries. I have a hard time believing that all wizards are just going to be okay with going off to Britton to get their finances sorted out. Really?

[@janetshade4659]

I always thought it was just for Britain, I mean it's not like Hagrid new everything about every country. I can guarantee Australia would have its own bank and the USA definitely would have their own bank.

[@JamesDavy2009]

@@janetshade4659 A lot of wizards with the right credentials can simply Apparate close enough to the bank to not trigger any Anti-Apparition charms that Diagon Alley may have. If not or if they don't wish to risk Splinching, there's Floo Powder.

[@benpietrzykowski9216]

It’s fiction , logic doesn’t apply .

[@marcopolo1472]

I like to imagine that house elves and goblins have common ancestors. Some where bred and hexed into submission (Maybe the imperius curse was invented by using them as guinea pigs and doing it over and over again) and the remaining free ones turned hostile towards wizards, which is why all the wars happened.

[@hackman669]

Nice idea for a fanfiction. 😄

[@masterpython]

Goblins and humans probably have a common ancestor. How else could they hybridize.

[@NoneofyourBusiness-iv6pi]

In britain. That does not negate the possibility that gringots did not open branches across the world in almost every country.

[@patrickdematosribeiro1845]

Was Gringotts under Goblin control during the Goblin rebellions? If so why didn't they destroy the contents of the vaults? This would have a huge blow to wizards economy. Or they coluld have threatened to do it unless wizards surrendered.

[@saj2392]

Goblins are greedy, but not stupid. If they destroyed something valuable, they were denying it to themselves. If they stole it, they would never be trusted to keep a Wizard's money again and the Ministry would no doubt start their own bank. As such, they would lose more than they gained by doing so. Besides, lots of Goblins work at Gringott's, but not EVERY Goblin does - just because the species in general is rebelling against Wizardkind, doesn't necessarily mean every Goblin at Gringott's joined in. Perhaps the bank declared neutrality, hoping to make money from it, or even just hoping to keep their reputation intact regardless of who won.

[@patrickdematosribeiro1845]

Gringotts being neutral is possible. But I don't really understand the argument if they destroyed something they were denying it to themselves. We are talking about things that belong to wizards not goblins. Destroying something that is valuable to the enemy is not a tactic that is unheard of during a war. What would they loose if they destroyed everything at Gringotts? Only the possibility for a reconcialiation. The wizards would loose much more, their economy might even collapse. I think if the goblins at Gringotts were part of the rebellion it was stupid not to do it. If you have during a war the possibility to destroy ressources belonging to your enemy you normally do it. @@saj2392

[@JamesDavy2009]

@@saj2392 Much like the Swiss' legendary reputation for remaining politically neutral.

[@robertgronewold3326]

The the goblin rebellions were not the entire species rebelling, but rather select individuals going out to attack Wizards. So there is every likelihood that the bankers themselves were staying neutral, even if they did have friends and family who are out there fighting Wizards.

[@zerotodona1495]

Ranrok literally had eyes and ears everywhere. Plus gringotts is goblin property. Tbh… I think ranrok, lokgob and the mc technically own the repositories. Why? Goblin sliver but human emotions/magic.

[@trillz31]

I'd assume they can exchange galleons into pounds, etc. And I wouldn't be surprised if they invest in various was in the muggle economy vs laundering it.

[@patrickbagum]

Fun Fact, the photo at 10:10 is from an ancient Armenian Church called Geghardavank

[@samanthalawton6972]

there are Gringots banks overseas though as Bill works at the one in Egypt

[@gravethebeyond]

Love the video. 😊💪🏻🎉🎊 Also I'm here also to remind you all that harry potter and black clover share the same universe. Both creators of both series confirmed this. And there is just one grimoire that we know of on harry potter planet. Also. Noelle uses a wand in black clover. You see, ya don't need a wand to use magic. A wand, much like a grimoire helps you control magic better, as a mana zone creates a pocket of more control and more magic in that area for you.

[@mattduncil]

Shouldn't Harmonies undetectable extension charm on her bag have been washed away by the thief's downfall?

[@KyleDBZ117]

Undetectable? When does the book state this? It's not a disguise or thief charm why would it be washed away?

[@4chanFootballMemes]

Lol goblins are just Jews

[@fredericoduvel3092]

Hagrid: you can’t trust them Harry!😂

[@brianmartyn2631]

Maybe they hold onto some of the muggle money just in case wizards need to “vacation” or other business with muggle.

[@goldenarrow7134]

Muggleborns dead in a ditch

[@ivanivonovich9863]

It should be obvious that Gringots Bank has an exchange system with the "Muggle" banks so as to not need to keep an inordinate amount of Muggle cash on hand. this is what regular banks do when there is a high demand for currency exchange between countries.

[@26snoopy82]

Hey I was watching reaction videos of people watching the Harry Potter movies the other day. In the first movie when the letters are coming. Harry’s aunt was cracking eggs and the letter where in the eggs. When I saw it in 2001 that was not in the movie I got the dvd version from 2002. Are the extra scenes in the blu Rey?

[@bhagyeshmali5714]

At least wizards don't print money and pile up debt like muggles. They have real money.

[@FluffyMuskrat111]

Safe from inflation too. I think galleon's value doesn't or barely change through history

[@cindyhoffman5547]

How is it that Hermione's parents were able to go to the bookstore in Hermione's second year at Hogwarts? You said only magical folk can get to Diagon Alley.

[@grizzlyaddams642]

We know it can be robbed but it's only ever been done once by Harry and then if they get a goblin to join them that works there then they can do it cause he will know a lot about it

[@huuua2]

sources please, i'd love to read the articles/books you use to research these discussions...

[@WombatMilk]

Beginning to think JK was just using Goblins as an allegory for Jews.

[@andrewweber9930]

I allways Wonder how money was made

[@queerdor]

I wonder if they just have a supply of cash at the American school for the muggle born students.

[@mikev343]

Each wizard bank would have foreign currency in each others central bank to foe then purposes of trade clearance as per normal procedure

[@ryancasey919]

Thumbnail goblin looks like a caricature of Meyer Lansky.

[@davekilby4515]

I like the beautiful architecture and decorative design of the bank lobby at Gringotts l would like to have a bank account and debit card of that bank, By the way how'd you like to have a vault miles below the ground? Would be downright amazing to be able to get to that level that far from the ground. Imagine having a dragon protecting your money and valuables he!?

[@johnrickard8512]

I don't think Gringots has a debit card. They'd be more likely to have some sort of charm which produces the exact amount of money you need for your transaction, taking it physically from your account.

[@ginantsfan5]

" I said I would get you in I didn't say anything about getting you out."

[@schneetiger9249]

I am very sure that you didn’t mean EVERY WIZARD has to travel to Britain, but every British wizard has to travel to Gringotts. As it would be stupid beyond belief, to believe that every wizard world wide has to use them and there are no other wizarding banks in other countries! Or do you believe e.g. German wizards have to travel to London as there is a Ministry of Magic but no wizarding bank in Berlin? And when Hagrid says „wizards have only one bank“ he means British wizards have only one bank, as he himself doesn’t think or know much of the outer world.

[@kellysouter4381]

I wonder what the Gringotts workers will do with digital currency?

[@JamesDavy2009]

Given that electronics tend to fail in a magically enchanted place, it'd be worthless to them.

[@johnrickard8512]

They would require that bitcoins be cast into a physical form.

[@trolletuva]

Is quidditch the only sport in the wizarding world? In the human world there are numerous. Seems a little odd they should only have one. If there are more sports, please do a video on them.

[@wisnog99]

There's more, quadpot is another some similar to quidditch except the ball explodes if not scored in time

[@JamesDavy2009]

@@wisnog99 Whoever came up with that must have seen the shot clock in a basketball game and got inspired.

[@hamlet1018]

Just spitballin' here but what happened to the rest of the schools while Hogwarts was at war. Why didn't they send aid when Hogwarts was being invaded. Is it possible that Voldemort's war against the wizarding world reached beyond Hogwarts? Can we please have some books set in one of the other schools about what was happening there while this was going on. This just seems logical and I'm pretty sure they would be as popular as the originals. Loved the books, loved the movies. Want more!

[@InfiniteMonkeysSA]

This video has raised so many questions. I always assumed wizards had their own magical money specifically because it would be trivially easy for wizards to steal or forge unlimited amounts of muggle money. If the two can be exchanged, literally any first year could rob muggle banks without any issues and become rich in wizard money. For the past 20 years I've thought galleons existed for this reason, and now I'm so confused. Why even bother having a separate wizard currency if it's freely exchangeable for GBP?

[@clevelandexplorer2221]

That's cool, thanks as always for sharing! So magic money can't be counterfeit but can muggle money be magically extorted via fakes or duplicates of muggle money only? :o Also a topic suggestion if I may: what happened to hermione after the what nots? I'm particularly wondering how or if that forgetting spell was removed:o you may have done one on her though

[@grandmastermario3695]

How did quirell break into gringotts did he curse a goblin with imperious curse or something.

[@craxd1]

The MoM wouldn't run Gringotts. The bank acts like a privately-owned treasury and a mint, but the Ministry would set the monetary policy of the wizarding world and would be over issuing law on what is legal tender, which they control. They would also set the galleon's worth. The Ministry would borrow money from Gringotts, and pay off the debt via taxes. I imagine it's like any other government, they borrow a ton, and only pay off the minimum payment when due. The difference is, the Goblins would claim ownership of the coins, just like they do with anything they make. Thus, they are only loaned out to either the government or a customer, or they could appear due Gringotts buying ministry bonds. The coins in any vault would belong to a magical over being issued from the ministry's national debt, but real ownership of the coins would be retained by the makers, the Goblins.

[@MegaParrotMan]

The bank wasn’t even that well protected, a few kids robbed it with really easy magic and all they had was a waterfall and a chained up blind dragon at the very bottom.

[@Crashburn711TeamXtinction]

You forgot that in the first book/movie gringotts was broken into to steal the stone as well, it might not have been successful but whoever did it didn't get caught.

[@goldenarrow7134]

It was quirrel

[@johnshaffer3405]

I wouldn't be surprised if the Goblins exchanged Muggle Currency for the materials they need to print whatever magical currency they primarily deal in, most likely employing muggleborns and/or their parents to do so.

[@HarveyMeadowlark]

Reading the books growing up as they were released, I always pronounced Knut like “newt” and never had anyone to correct me lol.

[@eliasthienpont6330]

🦁🦁🦁🦁🦁🦁LION c LIKE No. 104 -----> Yes, Well, if the Galleon is six British Pounds, and the spot price of gold is over 1550 British Pounds you find a great problem. Back in the 1950s an ounce of Gold was pegged by the US treasury at $32.00 per ounce, and private ownership of gold was prohibited except as jewelry. In the late 50s or early 60s the government allowed the dollar to float in relation to the dollar. That is the value of the dollar went down and the value of gold went up, in addition people were wallowed to own gold. But now it would be easy enough to take a galleon to a muggle bank and exchange it for 1500 pounds. Goblins being tidy and precise creatures saw this coming and recast the wizard coins as a base metal coated in gold, silver or copper, and so taking them out into the muggle world would make them worth nothing.

[@colinellicott9737]

Being an orphan Harry needed to pay for his school supplies. Hence Galleons. Hence the Goblin bank and his massive inheritance of obscure origin. Does make me wonder why he did not purchase a whole set of Nimbus 2000 for the Quidditch team, and a proper suit for Ron at the ball, and his own flock of dragons, and his own car ... etc etc.

[@hackman669]

Didn't know how much he had?

[@earendil0888]

Psychology could have also been at play. Harry grew up with nothing and didn’t place a ton of value on financial wealth, so using his may not have even occurred to him. Plus, out of sight out of mind. He couldn’t exactly nip down to Gringotts on the weekend

[@kellysouter4381]

It's not of obscure origin. One of his ancestors invented various things including Sleekeasys hair potion. Sales and royalties filled the Potter vault. Harry inherited that

[@kellysouter4381]

Why he didn't spend it all at once is explained in the book. He felt he needed to be careful because he wouldn't like to have to ask Uncle Vernon for money for school books.

[@janetshade4659]

@@kellysouter4381 but he didn't know any of that.

[@baraka490]

Okay the thumbnail threw me off I thought I saw the video before kept skipping it for a couple minutes because I thought I saw it because of the thumbnail looked kind of like one of the old ones describing the gold

[@gabinathan5499]

R THERE FEMALE GOBLINS AS WELL MALE GOBLINS

[@zerotodona1495]

…yeah… I questioned that after animes like goblin slayer and old stories that never have female goblins.

[@td4190]

You missed a big factor that wizards also use muggal money. For instance when he took Harry to his trial and when they are paying for the land rental for the quidditch cup. Also most wizards would have to have muggle attire for travel to and from if they have children

[@jimmcclements5229]

How about a video on Quiditch?

[@JamesDavy2009]

The first and third books did give us an insight into the rules. We all know of seven players on each team and their roles, 10 points scored for each goal, and 150 points and the end of game once the Snitch is caught. A game can last any time between five minutes (Gryffindor vs Hufflepuff in the first book) and several months. One rule that Slytherin violated in the final game of the third book was that the Keeper cannot be attacked unless the Quaffle is in the scoring area. In the same game, Gryffindor couldn't win the cup unless they beat Slytherin by more than 200 points so Harry had to employ some strategies to keep Draco off the Snitch until Gryffindor was ahead by 60 points.

[@jimmcclements5229]

@@JamesDavy2009 I was thinking along the lines of the history of Quidditch and the earliest teams and wether or not the rules changed. I have learned so much about the world of Harry Potter through this channel. One of the best out there.

[@Wmuthoni]

I’ve always wondered what kind of economy is Harry Potter wizard world. I guess since they use gold in exchange of goods and services it’s likely that the wizard community uses the gold standard therefore the likely economic hardship that the society may experience is deflation instead of inflation in the muggle economy that uses fiat currency. Does anyone know if wizards pay taxes?

[@baldrian22]

i wonder, maybe there is only 1 Bank but it have offices etc in a multitude of countrys. afther all Bill was working for the bank but he was stationed in Egypt so i think there is a possibilty for this to be the case.

[@dakotalange2858]

What if the Lucius and the Malfoys were double agents with Snape (Not saying they aren’t snobs or anything but they are really looking out for their family and themselves and playing both sides help benefit them the greatest)

[@brissygirl4997]

Interesting video but your pronunciation of Knut really bugged me. Usually if a word starts with 'kn' the k is silent. At least that's how I was taught.

[@zerotodona1495]

They say Knut with the k in legacy… so don’t know. I thought it was silent too till that.

[@royenjordy4772]

Wait so the trio helped a dragon escape? Legends

[@Sun_Seeker]

Ah yes happy merchants :D

[@Brandonian]

Is there any other magical wizard banks? Like in other countries in the wizarding world?

[@jeffpayne9655]

Wizards buy homes from muggles. Therefore they would need to purchase muggle money.

[@JohnMcGann90]

So surely having just one bank is fine as its easy enough to pop to the bank using the floo network

[@patriciaariley5810]

Is there any real bullion wizarding money.

[@rickknoxx]

Goblins are the reason for the ridges on my galleons

[@kenjenkins922]

I would imagine that they could transfigure Muggle money into wizard money with strict emphasis on the exchange rate…

[@Jinsakai4200]

To be honest I thought the wizarding world had a bit of everything wizard money and muggel money

[@MrBeng-zu3bv]

Do they accept bitcoin????

[@dakotalange2858]

What if Harry invited Draco and other slytherins to be in Dumbledores army in an attempt to undermined her power framing it as a way they can gain power and not be forced to act like muggles etc and try to unite the houses against against her

[@kylekirkparick426]

So... is a gallion a physical representation of something akin to bitcoin?

[@wisnog99]

No it's the equivalent of real money.

[@paulblase3955]

Does Gringots pay or charge interest? How do they make money?

[@johnking5174]

They do. They do all the similar things as Muggle banks do. They can give loans, they give interest. JK Rowling simply didn't provide the details, as it isn't really needed. You just accept they are a magical form of banking.

[@JanosBanics]

At that exchange rate im surprised most that most muggle borns arent basically homeless.

[@arivaldhagel2394]

Wait... REAL GOLD COIN worth 5 pounds? That doesn't compute.

[@MAGAWITCH1990]

4:25 This is actually why I agree with the wand laws that says Goblins cannot own/carry a wand. If the ministry has actually been smart they would have leveraged that to either gain control of Gringotts itself or to get the secrets of creating Goblin armor. By deathly hallows I had zero sympathy for the goblins and felt quite good when griphook screwed the golden trio over and got his just desserts

[@robertgronewold3326]

What's even worse is he had literally been saved from the manor, and then he still screwed them over.

[@MAGAWITCH1990]

@@robertgronewold3326 Exactly

[@erichouser7756]

I'm sure the malfoys and others of the like, exchange currency discreetly, for a hefty charge

[@fbi7817]

as always, waffling for half the video on a topic semi related to the video

[@gwenweight6916]

Not sure if we need to lock the cannon of the international wizarding financial system in too hard based on Rubeus Hagrid telling an eleven year old that wizards have a bank.

[@Kaminkaese]

Isnt there also gringotts in egypt?