I think I’ve decided to run with this theme for the moment, though some things may get shifted around for greater elegance. I’ll advertise any major changes, though. Thankyou all for comments. Now, back to the backlog! It probably won’t surprise you, now that you know that the Winton Institute for Monetary History were being medieval in their seminar series last year, that I was back there before long, on this occasion because Michael Metcalf was speaking, and he is a man whose work I’d read quite a bit of as an undergraduate and heard much of during my time at the Fitzwilliam Museum, but never actually met. He could best be described as Mark Blackburn‘s opposite number in Oxford, but started rather earlier and has perhaps said some more, um, adventurous things, so I was interested to see what would transpire.1 His paper, presented on the 16th November 2011, was entitled, “Thrymsas and sceattas and the balance of payments”.

It used, as Professor Metcalf began by saying, to be thought that the monetary economy began in the High Middle Ages, but ever since metal-detecting got big this has got steadily harder and harder to maintain. The take-off point keeps getting earlier and earlier as more coin is discovered. Especially prevalent have been finds of the earliest coinages of early medieval England and its neighbours, the coins usually known as sceattas (though Mark preferred ‘early pennies’) and their rarer gold predecessors, thrymsas. These have multiplied to such an extent that everyone is now agreed that the old classification of them makes no more sense but very few people have dared to risk putting a foundation down in the ongoing flow of evidence to start a new one, so the coins remain somewhat poorly understood.2 Once it was clear that the high medieval proponents were wrong, anyway, the next paradigm came from none other than Richard Hodges, who in the early 1980s suggested that these coins were in use only by élites and that the average peasant never saw them.3 This was defensible at the time of writing but is an especially hard-hit casualty of the increase in evidence; there’s just too much now, too widely-spread, for any sensible reconstruction of how much there once was to fit such an idea. So, it’s necessary to rethink what coinage in early Anglo-Saxon England was actually doing.

This paper had a go, then, at doing this by analysing the distribution of finds of these coinages. We are especially able to get at these now because of electronic resources like the venerable Corpus of Early Medieval Coin Finds at the Fitzwilliam and the rather newer NUMIS in the Netherlands. Playing with these quickly reveals the one-sidedness of finds of the (probably) earliest sceattas, of which many were made in both the Netherlands and England but English ones of which are only found in the latter, whereas the Low Countries ones get everywhere.4 This suggests to Professor Metcalf a balance of payments, and he suggested therefore that wool was a key export even this early, since the coins are in fact found most thickly in the Cotswolds and Yorkshire Wolds, wool-producing areas of note. That also suggests that the goods were shipped direct with no trade on the way! So, that might be élite, if that’s how you see English wool production even as early as the seventh century,5 though it might also not, but the distribution of finds of locally-minted gold coins of the seventh century is basically uniform, so it seems quite unlikely that the good stuff was being concentrated by any such interest. The élite hypothesis does, therefore, seem to have to go.

A lot of the paper rested on estimates of the sizes of coinage, an area in which Professor Metcalf has become famous.6 For example: we can now identify nine hundred dies used in the striking of the surviving corpus of seventh-century thrymsas. There are various well-established means for multiplying these figures up towards an estimate of the whole coinage, which when applied here reasoned for three million plus coins total, on a multiplier of five thousand coins per total extrapolated dies, and more probably something like a million in circulation at once.7 Of the gold. If we use modern parishes as a guide to how many villages there were (and you see here what I meant by ‘adventurous’), we might then expect there to be 300-odd gold coins in any given village at once! Now, I am pretty dubious about this kind of arithmetic, as you will know, although even if you halve these figures and double the number of ‘villages’ (a thing that didn’t really exist in the seventh century but let’s just assume it means ‘district’ or ‘area’ and that’s fine8—and one point that came up in questions that I’d never considered is that one thing that must be missing from distribution maps of coin finds is settlements, at least where they have continued, because you can’t metal-detect in towns!) that is still quite a lot of gold to spread out. All the same, even if the actual numbers are rubbish, one point is still true: doing the same maths with the same multipliers for later Anglo-Saxon England nets you much much less. Unless there was something specifically weird about the way money was produced in one or other period (and there certainly was about the later period, given how widely and in what small quantities it might be minted, but that ought to exaggerate the later figures, not shrink them), England was more monetised in the seventh century than it was even in the eleventh.

So, you know, what, why and how? The answers are yet to come, but the questions are getting louder and louder. Some answers that did get suggested in questions were, the obvious one perhaps, a consumer class in the peasantry (John Blair), monasteries (also John Blair, you will be shocked to learn) both as consumers and as industrial drivers of the economy, salt and meat being bought in bulk (the latter of which was also John’s suggestion, in fact) and, back from the dead, the élite (Anthony Hotson, though here obviously channelling Chris Wickham, sadly absent), in as much as by promoting commerce and appropriating surplus that people are thus made to produce they are causing production and a market economy… And any of these might be the right answer, or indeed all of them, but none of this is coming from texts, or Henri Pirenne would likely have had the answer eighty years ago. This is one of those instances where the answer really does lie in the soil.

1. Most famously, perhaps unfairly, in one of his earliest papers, “How Large Was the Anglo-Saxon Currency?” in Economic History Review 2nd Series Vol. 18 (London 1965), pp. 475-482, where he used an estimate of 30,000 coins produced by each hypothetical die to produce a maximum figure that somehow immediately became orthodoxy…



2. The basic classification goes back to Stuart Rigold, if I understand rightly—and I really may not!—in his “The principal series of English sceattas” in British Numismatic Journal Vol. 47 (London 1977), pp. 21-30, but this rapidly got liberally beaten about, not least in David Hill and Michael Metcalf (edd.), Sceattas in England and on the continent: The Seventh Oxford Symposium on Coinage and Monetary History , British Archaeological Reports (British Series) 128 (Oxford 1984) and subsequently in D. M. Metcalf, Thrymsas and Sceattas in the Ashmolean Museum, Oxford (Oxford 1993), 3 vols. Lately Tony Abramson has proposed a new classification in his Sceattas – An Illustrated Guide (London 2006), but the profession doesn’t seem to be happy with this and I believe we can expect more work on this soon, fostered not least by Tony’s readiness to get people together and talking about these coins as witnessed in the volume he’s edited, Studies in Early Medieval Coinage 1: Two Decades of Discovery (Woodbridge 2008), which came out of Leeds sessions (a lesson to me in prompt publication).



3. Richard Hodges, Dark Age Economics: the origins of towns and trade A. D. 600-1000 (London 1982, 2nd edn 1989).



4. Presumably this is all available in W. Op den Velde & D. M. Metcalf, The Monetary Economy of the Netherlands, c. 690-c. 715 and the Trade with England: A study of the Sceattas of Series D , Jaarboek voor Munt- en Penningkunde Vol. 90 (Utrecht 2003) and eidem, The monetary economy of the Netherlands, c. 690 – c. 760 and the trade with England: a study of the “Porcupine” Sceattas of series E , Jaarboek voor Munt- en Penningkunde Vol. 96 (Utrecht 2010 for 2009), but I confess I only just now found out about those so I can’t say for sure.



5. My ill-disguised Grierson fandom obliges me to mention Philip Grierson, “The Relations Between England and Flanders Before the Norman Conquest” in Transactions of the Royal Historical Society 4th Series Vol. 23 (London 1941), pp. 71-112, repr. in Richard W. Southern (ed.), Essays in Medieval History: selected from the Transactions of the Royal Historical Society on its centenary (London 1968), pp. 61-92, though even he didn’t try to push the wool link back this many centuries, not then having the last seventy years’ finds to work from.



6. Not just his “How Large was the Anglo-Saxon Currency” above, to which one might like to compare Philip Grierson’s reply, “The Volume of Anglo-Saxon Coinage” in Economic History Review 2nd Series Vol. 20 (London 1967), pp. 153-160, repr. in Grierson, Dark Age Numismatics: selected studies , Collected Studies 96 (London 1979), XXXVIII, but more recently Metcalf, “Some Speculations on the Volume of the German Coinage in the Tenth and Eleventh Centuries” in Thomas Fischer & Peter Ilisch (edd.), Lagom. Festschrift für Peter Berghaus zum 60. Geburtstag am 20. November 1979 (Münster 1981), pp. 185-193, another one I know of rather than know, and Metcalf, “Can We Believe the Very Large Figure of £72, 000 for the Geld Levied by Cnut in 1018” in K. Jonsson (ed.), Studies in Late Anglo-Saxon Coinage: in memory of Bror Emil Hildebrand (Stockholm 1990), pp. 165-176, which I have actually read, although a very long time ago…



7. Since these methods involve at crucial points making up figures, I don’t myself put much trust in them and in this I’m guided not least by Ted Buttrey, “Calculating ancient coin production: facts and fantasies”, Presidential Address in Numismatic Chronicle Vol. 153 (London 1993), pp. 335–351, but also by the careful compromise suggested by Martin Allen, “The volume of the English currency, c. 973–1158″ in Barrie Cook & Gareth Williams (edd.), Coinage and history in the North Sea world, c. AD 500–1200. Essays in honour of Marion Archibald (Leiden 2006), pp. 487-523. There’s a computer simulation test of the various statistical estimators in use published by Warren Esty, “Estimation of the size of a coinage: a survey and comparison of methods” in Numismatic Chronicle Vol. 146 (London 1986), pp. 185–215, which gives some reason for credence in such methods, but ultimately I’m with Ted on this: even if it might just be right, it’s inherent to the method that you can’t know that… That doesn’t invalidate Professor Metcalf’s relative conclusions, however!



8. See Helena Hamerow, “Settlement Mobility and the ‘Middle Saxon’ Shift: rural settlements and settlement patterns in Anglo-Saxon England” in Anglo-Saxon England Vol. 20 (Cambridge 1993), pp. 1-17.

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