Currencies of Medieval England: An Overview

Medieval England, a period spanning approximately 1000 years, saw a complex and dynamic currency system that played a crucial role in the economy and society of the time. Various types of currencies were in use during different periods, reflecting the fluctuations in monarchy, trade, and economic conditions.

Introduction to Medieval Currencies

In Medieval England, the currency system was diverse and evolved over the centuries. The primary types of currencies used included the Pound Sterling, Shilling, Penny, and various other coins such as the Halfpenny and Groat. Additionally, local variants were also sometimes in circulation, especially in trade.

Main Types of Currency

Pound Sterling

The primary unit of currency in Medieval England was the Pound Sterling. Initially a weight of silver, the term #34;pound sterling#34; derived from the processing of silver and gold into coins. This system was heavily influenced by external factors such as the introduction of new coins and changes in economic conditions. For example, the Noble, a gold coin worth 6 shillings and 8 pence, was introduced in the 14th century, reflecting a shift in the economy and the value of metals.

Shilling and Penny

The Shilling was a denomination worth 1/20 of a pound and was introduced in the late 13th century. The Penny, the most common coin in circulation, was worth 1/240 of a pound. Other coins included the Halfpenny, worth half a penny, and the Groat, a fourpenny coin introduced in the 14th century. This structure created a hierarchical system where the core currency was the penny, and every other coin's value was based on a certain number of pennies.

Local Variants and Tokens

In addition to official coins, local currencies and tokens were sometimes used, especially in trade. These local variants provided flexibility and accommodated regional trade needs, although they often faced limitations in broader economic contexts.

Evolution of the Currency System

The currency system in Medieval England was not static but evolved over time. The introduction of new coins and denominations often mirrored changes in the economy and the value of metals. For instance, the Anglo-Saxon pound, which started around the late 700s, was based on a weight of 240 silver pennies. Later, the Tower pound of silver was adopted, marking a significant evolution in monetary standards.

For most of the Middle Ages, there was no physical unit of currency called or worth ￡1. Instead, it served as a unit of account, with silver pennies being the core currency. This situation remained until the 19th century, when copper pennies replaced silver ones, making the pound a tangible currency for the first time.

The Longevity of the Pound

Medieval England's currency system spanned a vast period from the withdrawal of the Roman influence to the Renaissance and Tudor era. Notably, the Anglo-Saxon/English/British pound had a remarkable longevity, lasting well over 1000 years. It evolved from its origin as the Anglo-Saxon pound, which was 240 silver pennies per pound, to the later Tower pound. This system reflected the stability and durability of the English monetary system, which was adopted from the Frankish livre (livre tournois) introduced by Pepin in the 700s.

The livre itself was a long-lasting currency, extending until 1794, about 1000 years. The livre was divided into 20 sous, each of which was 12 deniers. In contrast, in England, the division was 12 pence to the shilling and 20 shillings to the pound. The penny was further divided into farthings (quarter pennies), a system that remained until the early 1970s when the UK decimalized its money.

Significant Events and Changes

Other historical events like the ransom paid by Richard I offer insights into the value and exchange of currency during this period. When Richard I was held for ransom on the continent, the ransom was set at 150,000 marks, equivalent to 100,000 pounds of silver. This illustrates the importance of currency in high-stakes transactions and the value assigned to precious metals like silver and gold.

Overall, the currency system of Medieval England was intricate and enduring, reflecting the evolving socio-economic landscape of the era. The pound sterling, in particular, played a central role, adapting to new economic realities and serving as a testament to the stability and durability of the English monetary system.