Debasing Coinage

Let me explain how you can turn a finite number of metal coins into more coins.

You may have seen medieval coins that weren't entirely round; they were lop-sided somehow or had a flat edge to them. That was not necessarily the action of years or wear and tear through handling. That was more likely because of coin-clipping.

Coin-clipping was a popular way to make more money for personal use. Medieval coins were solid metal all the way through, not cheaper metal covered with another layer to make them shiny, as much modern coinage is in the promissory system. The Medieval English penny was solid silver. A known practice was to "clip" the edges of the coin, reducing its size, and using the clipping from several coins to make an additional coin (or a silver lump that had value).

This, of course, debased the value of the original coin(s) because they were expected to have a specific weight of silver (or gold, in some cases). The illustration above is not medieval, but from a hoard of clippings from 16th century coins found in 2015.

One of the ways to guard against coin clipping was to put a design or milled edge on the coin to make it clear of the edge has been altered; United States quarters and dimes show this, nickels and pennies are made of such cheap metal that a milled edge isn't considered worthwhile.

Other methods of debasing coinage were "sweating" and "plugging." In sweating, coins were placed in a bag and shaken vigorously so that bits of metal might flake off and could be collected at the bottom of the bag to be re-used. Plugging was the act of punching a hole in the middle of the coin, knocking out a bit of metal, then hammering the coin to fill in the hole. With the edge of the coin intact, the flattened image in the center could be explained as normal wear and tear.

These practices were bad for the economy, devaluing the actual coin (which was based on weight of silver), and promoting inflation. They were considered extremely serious offenses. Suspicion of coin-clipping in the time of King Edward I (1272-1307) lead to hundreds of deaths in a single outrageous over-reaction.

But that's a story for tomorrow.

The Moses Coin

Many Viking coin hoards included coins from far afield, especially Islamic dirhams, such as in the Spillings Hoard. The Spillings Hoard also contained, among about 14,000 dirhams, a coin that is practically unique in the history of numismatics: a Moses coin (pictured here).

As of 2006, only five Moses coins have been found, and they are all unusual in more ways than one. They are called "Moses" coins because, although similar to Islamic dirhams which have the phrase "Muhammad is the messenger of God" (or a similar phrase), they are inscribed with "Moses is the messenger of God" in Arabic. Who made these? It turns out that they were made by the Khazars.

The Khazars were a nomadic people who ranged in the area between and north of the Black and Caspian Seas starting in the late 6th century. Geographically, they were a buffer between the Byzantine Empire and the Umayyad Caliphate. In the second half of the 10th century, they were conquered by the Kievan Rus ruler Sviatoslav I. The Khazars were not a homogeneous culture: among their tribes one could find three languages and several religions. Judaism is considered one of the Khazar religions, and the Moses coin is the only evidence found to support that claim.

According to The Jews of Khazaria, by Kevin Alan Brook, the Khazar government minted four series of dirhams in 837-838, all from the same mint. One series included the phrase (in Arabic) Ard al-Khazar ("Land of the Khazars"), with the date 3 December 837 to 22 November 838.

This Khazar mint was also the source of the Moses coins, but the five found so far all have fake mint dates and locations. The one from the Spillings Hoard is inscribed with Madinat as-Salaam (Baghdad) and the date 766-767. The other four Moses coins (found in hoards from Russia, Estonia, and Finland) include Madinat as-Salaam with the dates 803-804. Why the Moses coins exist and why they have inauthentic dates and mint marks is a mystery.

Above I said the coins were similar to Islamic dirhams. Brook's book says the Khazars minted "additional varieties of imitation dirhams after the year 838." The actual name of the Khazar silver coin was the sheleg, a name we get from the Russian Primary Chronicle, in which the sheleg is mentioned as tribute. What was the Russian Primary Chronicle, you may ask? It was briefly mentioned here, but maybe it deserves a closer look...next time.

The Islamic dirham

We have previously mentioned the dinar here and here. Usually of gold, it was used alongside the dirham, usually of silver and of a lesser value.

Also spelled dirhem or drahm, the name comes from the Greek drachma, because it was originally a silver coin circulated in the pre-Islamic Mid-East out of Byzantium. Persia adopted the word drahm to refer to it, and near the end of the 7th century the Islamic world started minting its own version. Originally the dirham bore the head of the caliph, but that was considered idolatry, so the caliph's image was replaced with verses from the Koran. They were also commonly imprinted with the phrase "Muhammad is the messenger of God" and a statement of the year and location of their minting.

Used widely around the Mediterranean coasts (North Africa, Egypt, the Eastern coast, Moorish Spain), through trade and plunder it wound up in places as far-off as Britain and Sweden. It was so ubiquitous that Jewish Orthodox law even used the dirham as a unit of weight to indicate requirements in religious functions, such as the "dough portion" the proportion of your bread dough that should be offered to the kohen, the Jewish priest. Maimonides (1138 - 1204), an extremely influential philosopher and scholar of the Torah, calculated the dough portion at "520 dirhams of wheat flour." He was referring specifically to dirhams minted in Egypt, which were 3.333 grams each (3.8 pounds is a lot of bread dough!). Other locations minted dirhams that may have been consistently different by fractions of a gram.

The dirham is still used as a unit of currency in several countries as a division of the dinar.

There is an interesting variation of the dirham called the "Moses coin" from the Khazar region. A handful exist (one was found in the Spillings Hoard), and the inscription on them—specifically the mint location and date—raises more questions than answers. I'll tell you about them tomorrow, and why what appeared to be an Islamic coin is called a "Moses coin."

The Golden Coin

Let us talk about coinage, specifically the solidus. Its plural was solidi; also known as the bezant (named for Byzantium, the earlier name of Constantinople, now Istanbul), and sometimes simply as nomisma, Greek for "coin."

It was introduced by our old friend Emperor Constantine the Great. He designed a gold coin weighing 4.45 grams. (As of this writing, gold is worth US$59.54/gram.) That weight stayed consistent from Constantine's time (early 300s) right up to the 1030s, after which Byzantine emperors started to make it with less gold because of a suffering economy due to military and civil problems. By the time of Alexios I it was being made with very little gold. Alexios eliminated the solidus in 1092, replacing it with the hyperpyron nomisma ("super-refined coin").

This hyperpyron was the same weight, though of slightly less purity because the debased solidi were recalled and melted down with gold to make the new coin. This coin was the standard until the mid-14th century, although it also suffered from succeeding emperors using less and less gold in it.

What was it "worth" in terms of buying power? Well, prices fluctuate over time and place, of course, and the day-to-day need for and value of goods is very different from how we live today. In Constantine's time, for instance, the average Roman would consume two pounds of wheat bread daily. In 320 CE a loaf of wheat bread could sell for two nummi (a silver coin, later made of copper or bronze). An early (pure gold) solidus at one time was worth 7200 nummi. A Roman cavalryman made 180 nummi per day. A solidus would be worth a month and a half salary for him. There's also a little more insight from this old post.

Next time, let's look at some prices closer to our time.

The Tutbury Hoard, Part 2

Part of the Tutbury Hoard

The sudden acquisition of wealth can change people. When coins started to be found in. the River Dove in 1831—ultimately amounting to 360,000 medieval coins uncovered by scores of treasure seekers—some lucky people found themselves in possession of silver worth more than they'd ever held before.

John Blackburn was one such person. Rather than turn the coins in to the Crown for monetary reward, however, he cashed in only enough to buy a horse and trap, and a gun to protect the rest. He then returned to his farm with his wife, Jane. They started living off their own private stash now, neglecting the farm and letting their hired labor go. They avoided people, even their own sons, Thomas and Henry.

Then, in October of 1852, would-be rescuers rushing to the Blackburns' burning house found John and Jane murdered. For the Staffordshire police, suspicion fell on the sons, who might have wanted an inheritance. Evidence was lacking, however, until a scrawled anonymous letter, written by someone who knew unpublished details about the murder, implicated Henry Blackburn.

Henry would not have implicated himself, so the police made inquiries to find the scribe. They found Charles Moore, a former laborer on the Blackburn farm. He had talked several times about the treasure hidden away on his former employer's land, and had also mentioned being hired by Henry Blackburn to kill the old couple in return for a share of the silver. Four men were taken into custody: Charles Moore, Henry Blackburn, and two Irish associates of Moore, Edward Walsh and Peter Kirwan. A three-day trial included a witness who heard Moore discussing how to start a fire with resin and pitch. It was determined that Henry Blackburn's name in the letter was designed to throw suspicion off the real culprit, Moore. Kirwan and Blackburn were declared innocent. Walsh was declared a conspirator, and sentenced to transportation for life (being sent out of the country, likely to Australia).

Moore went to the gallows, proof that (in the words of Chaucer's pardoner, Radix malorum est cupiditas. [Latin: "The root of evil is love of money"]

The Blackburns' silver hoard was never found.

Tomorrow I'll talk about the largest Anglo-Saxon find in modern history, which also happened to end a friendship.

The Tutbury Hoard, Part 1

The coins were found in casks in the River Dove

Workers in 1831, while repairing a mill-race on the Dove River, found a chunk of mud-caked coins from the 13th and 14th centuries. Curiosity was piqued, folk flocked to the area, and searches of the river turned up 360,000 silver coins in total. It would be impossible to put a value on a hoard that huge. When only 26 were sold at auction in 2010, they were evaluated at £3000.

More and more people with picks and shovels descended on Tutbury, digging in and around the river. One contemporary account claimed about 300 people at any one time could be seen wading through the river. Digging in and around the river was declared off-limits and the coins designated Crown property by King William IV. That law is still in force.

The Duchy of Lancaster ultimately stepped in to maintain control over the area. Tutbury Castle was owned by the Duke of Lancaster, and it was assumed that the treasure had once belonged to Thomas, Earl of Lancaster (more on him in the near future). Approximately 100,000 coins were turned over to the Crown, but the majority remained in the hands of the finders.

Two of the finders, neighbors John Blackburn and Hugh Barber, had located a large cache. Barber cashed his part in immediately, receiving £100. Blackburn sold enough to buy himself a horse and cart, and a gun. But he kept a lot of the coins. He and his wife became reclusive, even from their own sons. They stopped working their farm, and kept people away.

In 1852, the Blackburns were found murdered. We'll take a 19th century side-trip next to talk about that.

Coin Hoards

Edward I penny from the Colchester Hoard

Among the treasures found accidentally by digging or deliberately by people wielding metal detectors are hoards of old coins, jewelry, and other ornamentation.

Why were these hoards hidden in the first place? Valuables get stashed away for several reasons. In times of political or economic uncertainty, it might be prudent to hide wealth to avoid confiscation. One might also bury a hoard due to the lack of a banking system (see below re: the Colchester Hoard). In any case, the owner presumably intended to recover his wealth but was prevented by death or an inability to return to his land due to occupation by hostile forces.

Some of the notable finds are:

The Abergavenny Hoard, consisting of 199 silver pennies from the 11th century reigns of Edward the Confessor and William the Conqueror. It was found in 2002 and currently is owned by the National Museum in Cardiff.

In 2000, 448 pennies and 27 half pennies were found in Beverley, East Yorkshire. The Beverley Hoard dates from the mid 13th century and sits in the British Museum.

The British Museum is also home to the Colchester Hoard, dug up from the High Street in Colchester during routine public maintenance work in 1902. Workers found a lead canister holding about 12,000 silver pennies from the time of Edward III. That area was the Colchester Jewry, where Jews congregated to live. One theory is that the lead canister was intended as a safe, built into the floor.

The largest hoard ever discovered in England was found in 1831, long before there were any laws governing the disposition of such things. It was found in Tutbury, Staffordshire, and the 360,000 silver coins were widely dispersed. The discovery of so much value in one place caused the nearest thing England ever experienced to a "gold rush."

I think it's worthwhile to go into detail on the Tutbury Hoard. Stay tuned.