The Development of Mutual Aid Tontines in Nineteenth-Century Ireland

A tontine is a shared fund in which surviving investors benefit financially from the deaths of other members. Since the mid-seventeenth century it has been used variously across Europe as a tool to raise state revenue, as a private investment tool, and as a method to raise capital for building projects. In nineteenth-century Ireland, the tontine developed to include a mutual aid scheme directed at the country's working classes and poor. This form of tontine existed within a wider sphere of microcredit and microfinance instruments – including loan funds, pawnbrokers and Mont de Piété banks - directed at Ireland's poorer classes. These provided services to a section of Irish society neglected by the country's banks and other financial institutions. The mutual aid tontine was therefore very much an indigenous financial instrument developed for the needs of Irish society. Like the Irish themselves it travelled. The scheme also proved to be popular in England during the nineteenth century, predominantly in areas of high Irish immigration. This article argues that this was as a direct result of the transplantation of Irish communities and support structures into England.