Guild Merchant: merchant guild, "Gilda Mercatoria" or "Gilda Mercatorum : licences granted to cities and towns by the king. In return, the guild paid an annual fee to the crown. Membership was restricted to freemen, and required certain qualifications: completion of formal apprenticeship; inheritance from close relative; and/or payment of initiation fee. Guild membership conferred privileges such as reduced competition and preferential access to commodities.
