Atop a 13th-century English tax record lies a bizarre sketch of three grotesque-looking Jews in a castle being attacked by a gang of demons; this amateurish artwork has long been thought the oldest known instance of anti-Semitic caricature, most likely lampooning contemporary Jews’ practice of usury. We know the figures are Jews because they are clearly labeled with Jewish names;, two of which belong to historical Jews in 13th-century Norwich. However, argues Sara Lipton, several pieces of evidence suggest a different interpretation:
[T]he caricature appears not in a  religious polemic or theological treatise, but at the top of a royal tax  roll. This is not where one would expect to find an anti-usury  diatribe. Although Christian moralists did indeed fulminate against the  lending of money at interest, it seems unlikely that a clerk in the  Exchequer of the Jews—the only person in a position to have made this  little sketch—would share their outrage. His bureau, whose function was  to keep track of the substantial royal revenue generated by taxing Jews,  existed solely because of Jewish moneylending. . . .
The sketch was most likely made in late  spring or summer in the year 1233. These were tumultuous months at the  Exchequer. Throughout the 1230s England experienced conflict between, on  the one hand, the unpopular King Henry III and his hated so-called  “alien” (French) favorite, Peter des Roches, and, on the other hand, a  group of resentful noblemen. The Exchequer was a primary battleground in  this struggle. . . . Although Jews were, in fact, the main victims of  des Roches’s rapacity, his involvement in their financial activities did  not endear them or him—or his royal patron—to other Englishmen. . . .
It is this highly charged situation . . .  that motivated the deliberately masked satirical indictment of deceit,  disguise, and double-dealing in the cartoon. Our clerk, a relatively  low-level royal functionary, was not condemning Jewish usury out of  moral outrage or religious bigotry. Rather, he was protesting the fact  that his bureau had been handed over to “outsiders” and brought into  disrepute by an unscrupulous favorite prosecuting unpopular policies. . .
In the end, of course, it does not matter  if the clerk’s true ire was directed against powerful [Gentile]  courtiers rather than Jewish moneylenders. Although more medieval  Christians profited from moneylending than Jews ever did, and although  more Christians than Jews died in the violence that broke out within  weeks of the sketching of this cartoon, it was Jews, not Christians, who  were stereotyped as greedy, bestial, demonic, blood-sucking usurers. In  the decades that followed, English Jews were taxed more and more  heavily, their goods were confiscated, they were arrested and held for  ransom, they were executed on both real and trumped-up charges, and  finally, in 1290, they were expelled from the realm, not to be allowed  back on English soil for almost 400 years.
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