4.4 Currency and silver economy
9 min read•august 21, 2024
The Viking Age silver economy was a complex system that fueled trade, expansion, and social change. Silver served as currency, wealth storage, and status symbol, with sources including raids, trade, and mining. Vikings used hacksilver, foreign coins, and later minted their own currency.
Viking trade networks spanned vast distances, connecting Scandinavia to diverse cultures. Silver facilitated both local and long-distance trade, evolving from barter to monetized systems. The influx of silver had profound effects on Norse society, funding expansion and altering traditional power structures.
Silver as currency
- Viking Age economy heavily relied on silver as a primary form of currency and wealth storage
- Silver played a crucial role in facilitating trade, both locally and internationally, during the Viking expansion period
- Archaeological evidence of silver usage provides valuable insights into Viking economic systems and social structures
Sources of Viking silver
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Portable Antiquity Collecting and Heritage Issues: Another "Haul" of Viking Hack Silver from Britain View original
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Illicit Cultural Property: Viking Silver Discovered by Metal Detectorists on Display in York View original
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Viking silver coins | Royal Ontario Museum, Toronto, Canada,… | Thomas Quine | Flickr View original
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Portable Antiquity Collecting and Heritage Issues: Another "Haul" of Viking Hack Silver from Britain View original
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Illicit Cultural Property: Viking Silver Discovered by Metal Detectorists on Display in York View original
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Top images from around the web for Sources of Viking silver
Portable Antiquity Collecting and Heritage Issues: Another "Haul" of Viking Hack Silver from Britain View original
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Illicit Cultural Property: Viking Silver Discovered by Metal Detectorists on Display in York View original
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Viking silver coins | Royal Ontario Museum, Toronto, Canada,… | Thomas Quine | Flickr View original
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Portable Antiquity Collecting and Heritage Issues: Another "Haul" of Viking Hack Silver from Britain View original
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Illicit Cultural Property: Viking Silver Discovered by Metal Detectorists on Display in York View original
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- Raiding and plundering activities yielded significant amounts of silver from European monasteries and towns
- Trade networks with the Islamic world brought silver dirhams to Scandinavia through the
- Silver mining in regions like Rammelsberg in Germany contributed to the Viking silver supply
- Tribute payments from conquered territories (Danegeld) added to the silver influx in Scandinavia
Silver hoards and deposits
- Vikings buried silver hoards as a means of wealth protection during unstable times
- Hoards often contained a mix of coins, jewelry, and hacksilver from various sources
- Size and composition of hoards reflect the economic status and trade connections of their owners
- Ritual deposits of silver in lakes or bogs served religious or symbolic purposes
Hacksilver vs whole objects
- Hacksilver consisted of cut or broken pieces of silver used as currency based on weight
- Whole objects like coins or jewelry retained their form but were still valued by weight
- Hacksilver provided flexibility in transactions, allowing for precise payment amounts
- Testing of silver purity often involved nicking or bending, leading to the creation of more hacksilver
Coins and minting
- Coinage played a significant role in the Viking Age economy, both as imported currency and later as locally produced tender
- The introduction of minting in Scandinavia marked a shift towards more standardized currency systems
- Coin usage in Viking territories varied regionally and evolved throughout the Viking Age
Foreign coins in Viking economy
- Islamic silver dirhams dominated early Viking trade, especially in Eastern trade routes
- Anglo-Saxon and Frankish silver pennies circulated widely in Viking-controlled areas of Britain and Ireland
- Byzantine gold solidi occasionally appeared in Viking hoards, indicating far-reaching trade connections
- Foreign coins often served as raw material for Viking silversmiths or were melted down for hacksilver
Viking coin production
- First Scandinavian coins minted in (modern-day Schleswig) around 825 CE
- Norse kings like Harald Bluetooth and Cnut the Great established royal mints to assert political authority
- Viking coinage often imitated Anglo-Saxon designs but incorporated Norse motifs and runic inscriptions
- Quality and silver content of Viking coins varied, reflecting economic conditions and royal policies
Weight-based vs face value
- Early Viking economy primarily used weight-based valuation for silver, including coins
- Transition to face value occurred gradually as centralized authority and standardized coinage developed
- Weight-based system required frequent testing and weighing of silver in transactions
- Face value allowed for easier transactions but depended on trust in the issuing authority
Trade and exchange
- Viking Age trade networks spanned vast distances, connecting Scandinavia with diverse cultures and economies
- The silver economy facilitated both local and long-distance trade, enabling the exchange of goods and ideas
- Trade practices evolved from primarily barter-based to increasingly monetized systems throughout the period
Long-distance trade networks
- Eastern route (Austrvegr) connected Scandinavia to the Islamic world via rivers of Eastern Europe
- Western route linked Viking settlements in Britain and Ireland to continental Europe and the Mediterranean
- North Atlantic route facilitated trade between Scandinavia, Britain, and Norse colonies in Iceland and Greenland
- Key trading centers (Birka, Hedeby, York) acted as hubs for international commerce and cultural exchange
Local vs international markets
- Local markets in Scandinavia focused on everyday goods and regional resources (furs, amber, iron)
- International markets dealt in luxury items and exotic goods (silk, spices, silver, slaves)
- Seasonal markets and trade fairs (Skiringssal in Norway) brought together local and international traders
- Specialized production centers emerged to cater to both local and international demand
Barter vs monetary transactions
- Barter remained common in local trade, especially for everyday goods and services
- Silver-based monetary transactions became increasingly prevalent in long-distance and high-value trades
- Standardized silver units (marks, ounces) facilitated more complex economic interactions
- Combination of barter and allowed for flexible trade arrangements
Silver jewelry and status
- Silver jewelry served dual purposes as personal adornment and portable wealth in Viking society
- The craftsmanship and quantity of silver jewelry reflected the owner's social status and economic power
- Archaeological finds of silver jewelry provide insights into Viking Age fashion, trade connections, and social hierarchies
Arm rings and neck rings
- Arm rings (armband) often served as both jewelry and a form of currency
- Neck rings (halsring) symbolized high status and were sometimes used in oath-taking ceremonies
- Twisted wire technique commonly used in ring production, allowing for flexibility in size and weight
- Some rings bore runic inscriptions, adding personal or magical significance to the piece
Brooches and pendants
- Oval brooches (tortoise brooches) were distinctively Scandinavian and indicated Norse ethnic identity
- Penannular brooches showed influence from Celtic and Slavic designs, reflecting cultural interactions
- Thor's hammer pendants gained popularity as symbols of Norse religious identity
- Coin pendants made from foreign silver coins demonstrated wealth and far-reaching connections
Social significance of silver
- Quantity and quality of silver jewelry indicated the wearer's wealth and social standing
- Gift-giving of silver objects strengthened social bonds and political alliances
- Display of silver jewelry at gatherings (things) and feasts reinforced social hierarchies
- Inheritance of silver heirlooms maintained family prestige across generations
Weight and measurement systems
- Accurate weighing and measuring of silver was crucial for maintaining trust in the Viking Age economy
- Standardized weight systems developed to facilitate fair trade across different regions
- Archaeological finds of weights and scales provide evidence of sophisticated economic practices
Standardized weights and scales
- Folding balance scales allowed for portable and precise weighing of silver
- Spherical weights, often made of iron with a bronze or brass coating, ensured consistency
- Weight sets typically included a range of sizes to accommodate various transaction amounts
- Standardized units like the eyrir (ounce) and mörk (mark) facilitated trade across Scandinavia
Regional variations in units
- Weight standards varied between different Viking territories and trading partners
- Norse colonies often adopted local weight systems (Troy weight in England, Arabic standards in the East)
- Conversion between different systems required skilled merchants and sometimes led to disputes
- Over time, efforts were made to align weight standards within Norse-controlled areas
Accuracy and fraud prevention
- Touch stones used to test silver purity by comparing streak colors
- Nicking or bending of silver objects to check for consistent quality throughout
- Punishments for using false weights or debased silver were severe, including fines and outlawry
- Regular inspections of weights and scales at markets helped maintain trust in the economic system
Economic impact of silver
- The influx of silver into Scandinavia during the Viking Age had profound effects on Norse society and economy
- Silver wealth fueled Viking expansion and settlement, shaping the geopolitical landscape of medieval Europe
- The silver economy contributed to social changes within Scandinavian societies, altering traditional power structures
Wealth accumulation and display
- Silver hoards allowed individuals and families to accumulate unprecedented levels of portable wealth
- Public display of silver through jewelry and feasting equipment demonstrated social status
- Investment of silver wealth in ships and weapons enabled further raiding and trading expeditions
- Patronage of skilled craftsmen led to the development of distinctive Viking art styles in silver work
Social stratification
- Access to silver trade routes created new economic elites, challenging traditional clan-based hierarchies
- Successful merchants and raiders could rapidly ascend the social ladder through silver wealth
- Concentration of silver in urban centers contributed to the growth of towns and a merchant class
- Differential access to silver exacerbated existing social inequalities within Viking communities
Influence on Viking expansion
- Silver wealth financed the construction of ships for exploration, trade, and raiding
- Desire for silver motivated Vikings to establish new trade routes and settlements
- Control of silver sources (through conquest or trade) became a key strategic objective for Norse leaders
- Silver economy facilitated the integration of Viking settlers into existing economic systems in new lands
Archaeological evidence
- Archaeological discoveries provide crucial evidence for understanding the Viking Age silver economy
- Advances in detection and excavation techniques have greatly expanded our knowledge of Viking economic practices
- Interpretation of silver finds requires careful consideration of depositional contexts and broader cultural factors
Metal detector finds
- Surge in metal detector discoveries has dramatically increased the number of known Viking silver objects
- Systematic surveys of fields and beaches have revealed patterns of silver circulation and loss
- Detector finds often include small silver items overlooked in traditional excavations (coin fragments, hacksilver)
- Collaboration between detectorists and archaeologists has improved reporting and preservation of silver artifacts
Excavation of trading centers
- Urban excavations in Viking towns (Kaupang, Dublin) reveal concentrations of silver-working and trade activities
- Waterfront excavations provide evidence of long-distance trade through imported silver and exotic goods
- Workshop areas yield crucibles, molds, and other tools related to silver processing and jewelry production
- Stratified deposits allow for chronological analysis of changes in silver usage over time
Interpretation of silver contexts
- Hoard compositions offer insights into economic conditions and trade connections at time of burial
- Distribution of silver finds across settlement sites indicates patterns of wealth and social organization
- Grave goods containing silver reflect beliefs about the afterlife and the social status of the deceased
- Ritual deposits of silver in water or special locations suggest continuity of pre-Christian practices
Silver in Viking society
- Silver played multifaceted roles in Viking society beyond its economic functions
- The cultural significance of silver extended into religious, social, and political spheres
- Understanding the non-economic uses of silver provides a more holistic view of its importance in Viking life
Religious and ritual uses
- Silver objects often featured in Norse religious practices and rituals
- Votive offerings of silver made to gods at sacred sites or during times of crisis
- Thor's hammer amulets in silver gained popularity as symbols of Norse religious identity
- Silver arm rings used in oath-taking ceremonies, combining religious and legal significance
Gift-giving and alliance building
- Exchange of silver gifts (rings, weapons) cemented political alliances between chieftains
- Poets received silver payment for composing praise poetry, enhancing a ruler's reputation
- Distribution of silver to followers (hirð) maintained loyalty and social cohesion
- Lavish silver gifts at feasts demonstrated hospitality and reinforced social bonds
Silver in burial customs
- Inclusion of silver objects in graves reflected the deceased's status and beliefs about the afterlife
- Variation in silver grave goods indicates regional and temporal differences in burial practices
- Some silver objects deliberately broken or "killed" before burial, possibly for ritual reasons
- Analysis of silver in burials provides insights into gender roles and social hierarchies in Viking society
Decline of silver economy
- The Viking Age silver economy underwent significant changes in the late 10th and 11th centuries
- Various factors contributed to the transformation of economic systems in Scandinavia and Viking territories
- The decline of the silver-based economy coincided with broader social and political changes in the Norse world
Debasement and counterfeiting
- Increased production of debased silver coins in some Viking kingdoms eroded trust in coinage
- Counterfeiting became more prevalent, particularly of popular coin types like Anglo-Saxon pennies
- Methods to test silver purity (nicking, bending) became more common, damaging coins in circulation
- Economic instability resulting from debasement contributed to the hoarding of good silver
Transition to other currencies
- Gradual shift towards gold as a prestige metal in some Viking territories
- Increased use of commodity money (furs, cloth) in areas with silver shortages
- Development of more sophisticated credit systems reduced reliance on physical silver for some transactions
- Adoption of local currencies in Viking settlements abroad (English pennies in Danelaw)
Impact on Viking Age society
- Decline of silver economy coincided with the consolidation of royal power in Scandinavian kingdoms
- Reduced access to silver affected the ability of chieftains to maintain followings through gift-giving
- Changes in economic systems contributed to the decline of some Viking Age trading centers
- Transition period saw increased social stratification as wealth became more concentrated
Key Terms to Review (18)
Barter economy: A barter economy is a system of exchange where goods and services are directly traded for other goods and services without the use of money. In such an economy, the value of items is determined through negotiation and mutual agreement between parties involved in the transaction. This form of exchange is foundational to understanding the transition to a currency-based economy, particularly in contexts where currency is scarce or untrusted.
Charlemagne: Charlemagne, also known as Charles the Great, was a medieval emperor who ruled much of Western Europe from 768 to 814. He is best known for uniting the Germanic tribes and expanding his kingdom, which laid the foundation for modern Europe and significantly influenced the currency and silver economy during the early Middle Ages.
Coin hoards: Coin hoards are collections of coins that have been intentionally buried or hidden, often as a form of saving or protection against theft. These hoards are significant for understanding the economic behaviors of people during the Viking Age, revealing insights into the circulation of currency, trade practices, and the social dynamics surrounding wealth accumulation and storage. Coin hoards provide a tangible link to the past, allowing archaeologists to piece together the broader context of commodities and goods as well as the functioning of a silver-based economy.
Cultural diffusion: Cultural diffusion refers to the process through which cultural elements, such as ideas, practices, and technologies, spread from one society or group to another. This phenomenon can lead to changes in social practices and beliefs as societies interact with each other through trade, conquest, or migration, resulting in a blending of cultures. In particular, cultural diffusion plays a critical role in shaping economies, social structures, and cultural identities over time.
Dorestad: Dorestad was an important Frankish emporium during the early medieval period, particularly known for its role as a trading center in the 8th and 9th centuries. This bustling port city, located at the confluence of major rivers, was vital in connecting various trade routes and facilitating the exchange of goods, currency, and silver, reflecting the economic dynamics of the time.
Exchange networks: Exchange networks refer to the complex systems of trade and interaction that connect different societies and cultures, facilitating the flow of goods, ideas, and people. These networks play a vital role in shaping economic relationships and cultural exchanges, allowing for the dissemination of currency, materials like silver, and the blending of cultural practices and beliefs across regions.
Hack silver: Hack silver refers to fragmented pieces of silver, often cut or broken from larger objects, used as a form of currency during the Viking Age. This practice allowed for flexibility in trade and exchange, as individuals could use these silver fragments to make purchases without needing standardized coins. Hack silver played a vital role in the development of a silver economy, facilitating trade within Viking societies and beyond.
Hedeby: Hedeby was a significant Viking Age trading settlement located at the southern end of the Jutland peninsula in present-day Denmark. It served as a vital hub for commerce and cultural exchange during the Viking Age, connecting various trade routes and facilitating interactions between different cultures.
King Cnut: King Cnut, also known as Cnut the Great, was a Norse king who ruled over England, Denmark, Norway, and parts of what is now Sweden during the early 11th century. His reign is significant for establishing a North Sea empire and promoting stability in trade, which had a direct impact on the currency and silver economy of the region.
Market economy: A market economy is an economic system where decisions regarding investment, production, and distribution are guided by the interactions of citizens and businesses in the marketplace. This system relies on supply and demand to allocate resources and determine prices, allowing for competition and consumer choice. In this context, currency and silver played a significant role as mediums of exchange that facilitated trade, influencing the development and functioning of the market economy during the Viking Age.
Merchant guilds: Merchant guilds were associations of merchants formed in medieval towns to protect their interests, regulate trade, and promote economic cooperation among their members. These guilds played a crucial role in the development of commerce and the economy, facilitating the exchange of goods and services, and helping to establish standards for trade practices.
Monetary Systems: Monetary systems are frameworks that define how money is created, distributed, and managed within an economy, impacting trade and economic interactions. These systems can influence the value of currency, the flow of goods and services, and overall economic stability. In historical contexts, particularly during the Viking Age, monetary systems often revolved around precious metals like silver, which were used as both currency and a measure of wealth.
Norse Atlantic Trade: Norse Atlantic Trade refers to the network of commerce established by the Norse peoples during the Viking Age, connecting Scandinavia to various regions across the North Atlantic, including the British Isles, Greenland, and North America. This trade network was essential for the exchange of goods such as furs, timber, and silver, contributing significantly to the economic landscape of the Norse society and its currency systems.
Silver ingots: Silver ingots are standardized bars or blocks of silver, typically used as a form of wealth storage and trade during the Viking Age. These ingots played a crucial role in the economy, facilitating trade both within Viking societies and with neighboring cultures. They were often produced in specific weights and sizes, making them essential for trade transactions and a representation of wealth.
Trade expansion: Trade expansion refers to the growth and development of trade networks, increasing the volume and diversity of goods exchanged between regions. This concept is crucial in understanding how societies interact and evolve economically, particularly during the Viking Age, when the exchange of currency and silver played a significant role in facilitating these connections.
Trading posts: Trading posts were established locations where goods and commodities were exchanged, often acting as hubs for commerce along long-distance trade routes. These sites facilitated the movement of goods, ideas, and cultures, serving as crucial points in the network of economic interaction that spanned vast geographical areas. They played an important role in developing a currency-based economy by promoting trade in silver and other valuable resources.
Volga Trade Route: The Volga Trade Route was a significant trade network in Eastern Europe, connecting the Baltic Sea to the Caspian Sea along the Volga River. This route played a crucial role in facilitating commerce and cultural exchange between the Vikings, Slavs, and various peoples of the East, while also being integral to the development of a currency and silver economy during the Viking Age.
Weights and Measures: Weights and measures refer to systems used to quantify the physical dimensions and weight of commodities, facilitating trade and economic interactions. In the context of currency and the silver economy, these systems helped standardize transactions, ensuring fairness and accuracy in the exchange of goods. Understanding weights and measures is essential for grasping how trade networks operated and how value was assigned to different currencies during the Viking Age.