Money in the Middle Ages (l. s. d.)

Charlemagne (747 – 814), King of the Franks and later Holy Roman Emperor, set up a new monetary system based on a system introduced by his father, Pippin. Pippin’s system, in turn, was based on the old Greek and Roman Libra, Solidus and Denarius (l. s. d.) This old system was based on gold which became scarce after the conclusion of peace with Byzantium and the resulting loss of trade routes to Africa and the East.

Denier from the era of Charlemagne

Charlemagne’s new standard was based on silver. The livre (pound) which was worth 20 sous (like the solidus, and later the shilling) or 240 deniers (like the denarius, and eventually the penny). Initially the only coin minted was the denier; the livre and sou were simply counting units. This system was introduced into Charlemagne’s empire, which was most of Europe. England also adopted it.

Charlemagne’s Empire

After Charlemagne’s death, his empire and his reforms in the monetary system, accounting and education began to disintegrate. Continental coinage became totally degraded and the high quality English coinage became the chosen standard up to the 12th century

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s