Florence was a major city during the Italian Renaissance and was even considered the birthplace of the Renaissance. During the Renaissance Florence was divided into 12 artist guilds which served as a sort of government and made a large income off its textile industry, making very high quality clothing. Banking was another source of income for the city of Florence. In fact, Florence's currency (the florin) was so reliable it became a common currency throughout Europe. Michelangelo was an important citizen, having grown up in the city and serving under Lorenzo de' Medici. Some of the art Michelangelo made for Florence included the Michelangelo's David, Madonna of the Steps, and Battle of the Centaurs.