Medieval Mondays: The Byzantine Solidus

In these days of financial crisis, it's important to have your investments in hard currency like the pound or the dollar. This has always been the case.

The later Roman Empire saw serious economic upheavals and a debasement of the coinage. Emperors tried to pay their expenses by minting more coins with less valuable metal, but of course people noticed and this led to inflation.

The Emperor Justinian (ruled 306-337 AD) reversed this trend by creating the solidus, a pure gold coin set at 1/72 of a Roman pound (about 4.5 grams). This helped stabilize the economy, but didn't save the Western Roman Empire from being overrun by Germanic tribes in the following century.

In the east, Rome continued as the Byzantine Empire, and the solidus was the benchmark currency. The solidus was trusted everywhere, and has been found as far away as India and China. It remained unchanged until the 11th century, when Byzantium started having economic problems of its own and the coin was debased. Even so, the old solidi remained in circulation through most of the Middle Ages. We have lots of examples of this coin because, unlike many other coins, it was such a trusted currency nobody wanted to melt it down for its metal.

For more on medieval money, check out my post on small change in the Middle Ages.

Photo of a solidus from the reign of Julian (reigned 361-363 AD) courtesy Wikipedia.

Medieval penny found at Richard III dig

Suspense author Jeremy Bates wanted to see the medieval silver penny that was found at the excavation in Leicester looking for the body of Richard III. Ask, and ye shall receive! This comes courtesy the University of Leicester. Not sure what the date is for this, I'm not much of a numismatist. This is the reverse side and looks like the pennies minted during the reign of Edward IV, who ruled during the troublesome War of the Roses, sitting on the throne twice from 1461-70 and again from 1471-83. The date certainly fits with Richard's burial in 1485. I could be wrong, though.

Deja-Vu blogfest: Small change in the MIddle Ages

Today is the Deja-Vu blogfest, where people all over the blogosphere are reposting one of their favorite old posts. This is one of my first posts on this blog, so most of you haven't seen it. Enjoy!

One mistake that historical fiction and roleplaying games make in recreating the Middle Ages is how money was used. They seem to assume that money then was like money now, but it wasn’t.

The vast majority of people used an in-kind economy, meaning they exchanged goods or services rather than money. Taxes were usually paid in crops or animals. People did use money, especially in the towns and cities, and there were networks of banks and even checks in places like the Byzantine Empire. Of course only the very wealthy could write a check that would be honored in another city.

One big problem was small change. Most coins were of gold or silver and were worth a lot compared to the daily production of the average farmer or laborer. As one of my grad school professors said, “We simply don’t know how someone paid for a flagon of ale at a tavern.”

Some cultures did have small change. In what’s now the Czech Republic they used painted bits of cloth. The Ottomans had a tiny silver coin called a “para” that was about the size of a capital O. To avoid losing them, people carried them under their tongue! In mining towns small amounts of gold dust could be used. Prospectors also did this in Old West mining towns.

People also could build up credit and then pay it off once it got to the amount of a coin. This was no problem since most people lived in villages or small towns where everybody knew everybody else. A common way to keep accounts was the tally stick. These were sticks split down the middle. Buyer and seller each got one half and they were marked with slashed to show how much was owed. In some remote parts of Europe with high amounts of illiteracy this practice continued well into the twentieth century. This photo shows a selection of tally sticks from the 18th-20th century from Switzerland.

Thanks to Sandstein from Wikipedia for the cool photo.

Medieval Monday: Small change in the Middle Ages

Welcome to another Medieval Monday!
One mistake that historical fiction and roleplaying games make in recreating the Middle Ages is how money was used. They seem to assume that money then was like money now, but it wasn’t.
The vast majority of people used an in-kind economy, meaning they exchanged goods or services rather than money. Taxes were usually paid in crops or animals. People did use money, especially in the towns and cities, and there were networks of banks and even checks in places like the Byzantine Empire. Of course only the very wealthy could write a check that would be honored in another city.
One big problem was small change. Most coins were of gold or silver and were worth a lot compared to the daily production of the average farmer or laborer. As one of my grad school professors said, “We simply don’t know how someone paid for a flagon of ale at a tavern.”
Some cultures did have small change. In what’s now the Czech Republic they used painted bits of cloth. The Ottomans had a tiny silver coin called a “para” that was about the size of a capital O. To avoid losing them, people carried them under their tongue! In mining towns small amounts of gold dust could be used. Prospectors also did this in Old West mining towns.
People also could build up credit and then pay it off once it got to the amount of a coin. This was no problem since most people lived in villages or small towns where everybody knew everybody else. A common way to keep accounts was the tally stick. These were sticks split down the middle. Buyer and seller each got one half and they were marked with slashed to show how much was owed. In some remote parts of Europe with high amounts of illiteracy this practice continued well into the twentieth century. This photo shows a selection of tally sticks from the 18th-20th century from Switzerland. Thanks to Sandstein from Wikipedia for the cool photo.