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Medieval European society consisted of a hierarchy. In order of decreasing levels the hierarchy listed kings, nobles, knights, merchants/farmers/craftsmen, and then peasants/serfs.
Guildsmen were people who were either merchants or craftsmen, and who had passed through apprenticeship and journeyman stages to become masters. Typically they owned the tools of their trade or business, and they were very likely to own their businesses. There is a link to an article on medieval guilds below.
Craftsmen were commoners and did nto have Coats of Arms. Those were reserved for the nobles.
Merchants guild
Merchants, by selling food and goods, attracted people to move to the towns. The Medieval period is also known as the Middle Ages.