Numismatics During the Medieval Period

Category: History of Numismatics

(5th century CE - 15th century CE)

The Medieval Period is a vast and diverse time that covers numerous regions and dynasties. Each dynasty had its own coinage practices that underwent several changes between the 5th to 15th century, producing a wide variety of coin types that reflected the changing economic and political landscape.

The medieval period can typically be divided into three main eras:

Early Middle Ages
High Middle Ages
Late Middle Ages

Both “Medieval Period” and “Middle Ages” refer to the same historical era and are often used interchangeably.

There’s some debate on when each era began and ended due to overlapping interpretations, but many agree that the period began some time after the fall of the Western Roman Empire and ended at around the start of the Renaissance movement.

Early Medieval Period

5th - 10th Century CE

During the Early Middle Ages, Europe was divided into two distinct monetary zones: the Western Roman Empire and the Byzantine Empire (Eastern Roman Empire).

After the fall of Western Rome in the 5th century CE, local rulers and authorities began issuing their own coinage which led to various designs and denominations. However, around the 6th to 7th century, Europe began to face economic hardship which led to coin debasement. Due to the lower percentage of precious metal in coins, some regions reverted back to barter and other forms of non-monetary exchange.

High Medieval Period

11th - 13th Century CE

The decentralization of power that started in the Early Middle Ages continued to the High Medieval Period. This desire for autonomy and independent governance also led to the production of uniquely designed coins. According to historians and coin researchers, there were several dozen different designs of coins called deniers circulating within this period due to the political fragmentation.

Feudal rulers would often depict their own likeness, coats of arms, and other symbols on their coins to assert their authority and establish their legitimacy. Local coinage also played a vital role in facilitating trade within independent territories and city-stages.

Late Medieval Period

14th - 15th century Century CE

The expanding growth and trade networks during the Late Medieval Period lead to the flourishing of coinage. Markets and fairs began to use coins, and agricultural payments started to shift from bartering to monetary exchange.

In an effort to establish trust and facilitate trade between European countries, governments began standardizing coin production, minting with consistent weights, compositions, and designs—a practice that would continue to this day.

The increased production of coins led to a new problem, particularly in the Late Middle Ages. The economic growth created a higher demand for currency, providing more opportunities for counterfeiters to introduce fake coins into circulation. While the concept of counterfeiting can be traced back to not long after the introduction of currency, it became prevalent somewhere between the Late Medieval Period to the Renaissance Period. Intricate designs and mint marks were added in subsequent coin productions to combat this problem, helping to reduce the number of counterfeits in circulation.

Other Notable Numismatic Events in the Middle Ages

Crusader Coinage: Between the 11th and 13th century, the Christian European kingdoms had extended their reach to the Middle East and began minting their own coins. These Crusader coins featured a mixture of Christian symbols and Islamic designs and legends to reflect the cultural exchange between the Crusaders and the local Muslim population.

Florin and Ducat: The gold florin minted by the Republic of Florence quickly gained popularity due to its consistent gold content and high purity. It would pave the way for the Venetians to produce a coin with similar characteristics, the ducat.

Goldgulden: The Goldgulden was a prominent gold coin used in Central Europe during the Late Middle Ages, particularly in the Holy Roman Empire and surrounding regions.

Black Death Coinage: During the plague years in the mid-14th century, some regions produced emergency coinages with base metals as a response to economic disruptions caused by the pandemic.