Usance refers to established practice, use, interest, or the customary time for payment of foreign bills of exchange, originating from Latin for habit or custom.
Usance refers to established practice or usage, the use of something, interest, or the time allowed for payment of a foreign bill of exchange. The word entered English meaning 'habit' or 'custom' and later acquired financial meanings.
| Word | usance |
|---|---|
| Date | April 30, 2007 |
| Type | noun |
| Syllables | YOO-zuns |
| Etymology | "Usance" was borrowed from Latin in the 14th century as a word meaning "habit" or "custom." In the late 16th century, its worth was compounded when it became a word for both the lending of money at interest and the interest charged. Both meanings were known to Shakespeare when he was writing The Merchant of Venice (1596). "He lends out money gratis, and brings down [t]he rate of usance here with us in Venice," says the usurer Shylock of the protagonist Antonio. And, later in the play, Shylock tells how Antonio has "rated . . . about [his] moneys and [his] usances." Unexplainably, the currency of these uses plummeted shortly after appearing in the play, only to be revived in the 19th century. *Indicates the sense illustrated in the example sentence. |
| Examples | "Make an investment of any spare monies as may render some usance." (Lord Byron) |
| Definition | 1 : firmly established and generally accepted practice or procedure : usage 2 : use, employment 3 : interest 4 : the time allowed by custom for payment of a bill of exchange in foreign commerce |
Tags: wordoftheday::noun
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