In the 14th century, the Peruzzi bank relied on anticipated income from the wool tax. However, when revenues fell short, King Edward was unable to repay, leading to financial ruin for the Italian companies involved. The Peruzzi failed in 1343, followed by the Bardi the next year, with their downfall triggering the collapse of the Acciaioli. This financial disaster caused widespread economic turmoil; businesses closed, wages plummeted, and consumer spending ceased.

As if the calamities of the century weren’t enough, Florence and Siena faced further hardships as the economic crisis was compounded by famine in 1347, followed by a devastating plague. The combination of these events painted a grim picture of life during this tumultuous time, as entire communities were left struggling under the weight of disaster.