Bullion and Coin in the Danelaw

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Research Jane Kershaw

Archaeological study of one, entirely new, ‘dual-currency’ economy has the potential to serve as an exemplar for these core questions, while revealing fresh insights into the dynamics of a pivotal episode of cultural expansion in Eurasia: the Scandinavian diaspora of the Viking Age. The economy is that of the Danelaw: a coin-using area of eastern England conquered and settled by the Vikings in the late ninth century (the term Vikings is used here to mean peoples from Scandinavia active in overseas raiding and settlement from the late eighth century to c. 1100). Here, a quiet revolution in the availability of single-ﬁnd data is revealing that Scandinavian settlers continued to operate a North European metal- weight economy, despite also issuing ofﬁcial coins. This new data is used to demonstrate that, contrary to the established view that Scandinavian settlers were quick to abandon bullion in favour of coin, both forms of tender circulated concurrently for several decades in the rural Danelaw, providing genuine choice in payment media. Five reasons are then proposed to explain why a bullion currency might be maintained alongside coin, suggesting that it not only provided economic versatility, but also served as an important vehicle for the expression of Scandinavian cultural values in a context of different ‘cultures in contact’ (Hadley & Richards 2000).

Coin and silver bullion economies in North-Western Europe The Viking Age economy of Northern Europe was divided into two currency zones stretching either side of the River Elbe: a zone to the north and east, including Scandinavia, in which weighed silver was used as payment; and a western zone, in which locally issued coin served as the primary form of silver currency (Steuer et al. 2002;Hårdh2007: 97). In the northern and eastern zone, the use of precious metal as payment from the ninth century is indicated by the presence of hack-silver hoards containing silver ingots, ornaments and foreign coin, deliberately cut into small pieces. Critical to the interpretation of such silver as currency is the observation that the same hoard seldom contains more than one fragment of the same object, implying that the remaining pieces have been dispersed (Hårdh 2007: 98). Recent excavations and surveys of Viking settlements, most notably at Kaupang (Norway) and Uppåkra (Sweden), have revealed that hack-silver is also a feature of specialised trade sites, where it correlates with substantial quantities of regulated copper-alloy weights (Hårdh 2007; Pedersen 2007). The primary source of silver in the metal-weight economy was Islamic coin: dirhams, imported into Northern Europe in massive quantities from the early to mid ninth century. Significantly, the Northern European distribution of both regulated weights and dirhams corresponds sharply with the geographic extent of this metal-weight economy zone (Steuer et al. 2002: 134, figs 1 & 4). Despite the availability of silver within Scandinavia, domestic Scandinavian coinages were only struck on a very limited scale until the introduction of the first regal coinages in around AD 1000. Prior to this, in the ninth century, coin production was confined to south-western Scandinavia, and circulation was limited to the two Danish trade centres of Ribe and Hedeby, along with their environs (Williams 2007). By contrast, in Western Europe, locally issued coins served as the primary form of silver payment. In southern and eastern England, silver coins had served as a relatively high-value currency since the late seventh century. While the economy was by no means © Antiquity Publications Ltd, 2017

174 hi w fca on onatrstlmn naon D85 From 875. AD around in settlement produced Anglia after East soon in coins embraced rulers leaders official Viking Viking Anglo-Saxons. own that the their accepted of been economy metal has coin weighed it pre-existing on Generally, the based coin—met? on systems—one exchange. other currency of the different means and two different these with society when a happened with century What contact ninth late direct the into in Scandinavians England brought in settlement subsequent and expansion Viking Westward responses Currency that suggests between issued England coins pre-Viking 2500 from over coins use: common extant in of was number coinage sheer the monetised, fully aevro nln yblinrltdfid rmoehadadtowne ap,all camps, winter two Graham-Campbell and & hoard (Brooks one 870 AD from around finds to bullion-related military dating Viking by the of England stages initial of the takeover during attested is exchange weighed-metal available. of widely practice was coin silver good-quality reliable, which Anglia in East economy across coin moneyers vibrant 70 (Williams least Mercia at by eastern struck and was coinage’ Memorial Edmund ‘St called York Scandinavian and Anglia East both in struck (Blackburn were coinages Anglo-Scandinavian originally number the of fraction tiny a just for account (Naismith these produced and finds, single as recorded rsneo ulo noteerytnhcnuyA (Blackburn AD continued century the tenth signal early 2001 hack-silver the and into ingots bullion coin, of foreign containing presence hoards (modern- and silver Danelaw local of of central number combinations and small various northern a Midlands), period, the eastern/central In settlement the substantiate. and initial Yorkshire to day the impossible beyond is theory extending a a data such played further significant bullion without that (Blackburn although speculation currency’ ‘dual encouraged developing a has in role evidence This forthcoming). Williams pro- well From were scale. coinages, they in Critically, substantial Anglo-Saxon was traditions. output pre-Viking their minting and of regulated local duced, with traditions continuity the stressing emulated thereby coins these iconography, & (Metcalf circulation and content silver Notwithstanding the circulation. in from Northover fluctuations excluded chronological effectively and silver regional uncoined and coin foreign rmtesuhr aea,a rao oeSadnva eteetbodycorresponding broadly settlement Scandinavian core of area an Danelaw, southern the from weighed that unlikely is (Kruse payment it of system form a accepted commonly such a Within was economy. bullion coin metal controlled and vibrant a eoie ytaelr rmta ein(Graham-Campbell region that been Williams from have may travellers and by England, Irish-Scandinavian north-western the deposited and to silver Dublin links of on strong typical centred display be economy, hoards not metal-weight several may Indeed, hoards exchange. in local deposited in and used selected material the bullion, of sources itrcly h aeo h cniainblineooyhsbe escer The clear. less been has economy bullion Scandinavian the of fate the Historically, ;Williams b; 2007 1985 2001a 9) oevr ocnre orso cniaincaatraeknown are character Scandinavian of hoards confirmed no Moreover, 197). : Naismith ; 2009 , 2004 2013 .Wieteepoieipratifrainaottediverse the about information important provide these While ). .I hi tnadsdwih n,i aycss Christian cases, many in and, weight standardised their In ). 202, : nerymdea ulcrec economy dual-currency medieval early An 2013 2014 0) ti la htAgoSxnsceywshm to home was society Anglo-Saxon that clear is it 203), : g 1 fig. 72) nsmay h cniain prtda operated Scandinavians the summary, In 27–28). : .Nnhcnuyciaewswl euae,with regulated, well was coinage Ninth-century ). 175 2001a 3–5 Graham-Campbell 134–35; : 2000 c. niut ulctosLd 2017 Ltd, Publications Antiquity © 2001a D70ad80hv been have 880 and 740 AD c. Blackburn ; 2001 D85to 895 AD 2007 58, : ;Graham-Campbell b; ). c 2001 D85 regal 895, AD . 2011 c. 1,teso- the 918, :217–18; b: ;Hall& 2001a ),

Research Jane Kershaw

Table 1. Typological breakdown of Viking Age silver bullion and weights found singly in England. Artefact type Number Ingots Cutatoneend 19 Cutatbothends 6 Complete with ‘nicks’ 17 Broken at one end with ‘nicks’ 2 Total 44 Ornament-derived hack-silver Permian ring 2 Hiberno-Scandinavian broad-band arm-ring 2 Ring-money 1 Brooch 1 Neck-ring 1 Twisted-rod arm-ring 1 Finger-ring 6 Total 14 Dirhams Umayyad 3 Aghlabid 1 Abbasid 26 Samanid 22 Khazar 1 Volga Bulgar 6 Unknown dynasty 6 Total 65 Regulated weights Oblate-spheroid 34 Cubo-octahedral 26 Total 60 Total 183 to modern-day East Anglia and Lincolnshire. Indeed, in this area, the paucity of hoards has encouraged the view that Scandinavian settlers were quick to abandon bullion in favour of a sophisticated coin-based monetary system. Under this system, and unlike bullion, coins were exchanged according to recognised marks of value, their aggregate value being determined by their number, rather than by their weight. The supposed supremacy of this coin-based currency has, however, been brought into question by the discovery of new data reported here.

New evidence for bullion exchange in the Danelaw The emerging dataset in support of a widespread bullion economy is extensive and extraordinary. It comprises over 180 individual ﬁnds of Viking Age silver bullion and weights found in England (Table 1). It is presented here for the ﬁrst time, following three © Antiquity Publications Ltd, 2017

176 Bevan 6 Hårdh 76; routes. (Chester-Kadwell access elsewhere other length and at discussed motorways are from and land known of of well reporting, distance are favourable finds distribution types biases the and soil Such and the of detecting finds presence preservation metal regarding the metal of detector land-use, modern least to locations as of reflect such not extent, factors dominance diverse dataset, an incorporating The to the will, detecting. to This metal material. biases during introduces recovered undoubtedly finds, Scheme ‘stray’) Antiquities or Portable Records. Environment the Historic county of and records collections the private archives, using museum (PAS), data-collection systematic of years ulo orsada pcaittaeadmre ie (Wiechmann sites Scandinavian market both and trade in specialist finds at common oval, and consistent are hoards and They ends bullion cross-sections. rounded sub-rectangular sides, Age or parallel Viking wealth. with circular trading cigar-shaped, and typically storing in of are purpose (Kruse means examples convenient eventual ornament” a whatever were an ingots for as economy stored bullion function metal without “worked be form to a considered are ingots Silver Ingots olw,ec reatgopi icse ntr,hglgtn t oei h Scandinavian Danelaw. the the what in in use role In extensive its its content. which highlighting for metal evidence turn, in citing in tested way and discussed economy users) the is bullion bullion group of artefact Scandinavian characteristic each ‘nicks’) (or bearing follows, in bullion, as populations or as hack-silver, known Age with use consistent cuts Viking active form knife a of in (crescent-shaped and indications thus and (Germany) marks positive cut show Hedeby deliberately being items (Sweden), in all Birka either addition, (Norway), In Kaupang (Poland). Scandinavia including Truso Scandinavian across in sites Baltic, the parallels trade Yet close specialised the have hospitality. from and They retrieved and strong. material gift-giving is bullion items and of hoards these acts bullion of ornaments use in complete monetary display while the jewellery, for social for case for material mediums raw as constitute used Silver without could function. be finds, their instance, single concerning of for ambiguity case could, for the ingots room In always Danelaw. is the there from context, finds All archaeological single weights. as standardised prominent and are dirhams) these (notably of coins foreign ornaments, ingots, elements: exchange. bullion of location and chronology the were scale, weights finds, nature, and single (Blackburn bullion As which use Wales. in and frequent areas England in from of losses whole accidental represents the enables probably across also material material finds metal-detector relevant of of use recording The reliable. the probably are dataset, the of category a eoddattlo vroemlinidvda bet,8 e eto hc a be can which of cent per 88 objects, individual million one 100m over within finds Scheme to of Antiquities of located Portable total presence the the as a Moreover, care, use. recorded bullion with has of interpreted indicator positive and clear investigated a be offers must material in absences h nqefaueo hsdtsti hti osssams nieyo ige(‘isolated’ single of entirely almost consists it that is dataset this of feature unique The ulo sebae rmVkn-eidcnet ihnSadnvacmrs ormain four comprise Scandinavia within contexts Viking-period from assemblages Bullion 2012 2007 Kershaw ; ). 2013 2 rbte,boddsrbto atrs sietfidhr o sub- a for here identified as patterns, distribution broad better, or nerymdea ulcrec economy dual-currency medieval early An 31,1726.I sipratt testa hl apparent while that stress to important is It 187–206). 13–17, : 2007 .A uh togtt rvd togidctro the of indicator strong a provide to ought it such, As ). 177 1988 8) ihnteScandinavian the Within 288). : niut ulctosLd 2017 Ltd, Publications Antiquity © 1996 56,Karte 65–67, : 2009 ;

Research Jane Kershaw

In England, 44 ingots have been identiﬁed as having a monetary use, due either to deliberate fragmentation (being chisel-cut at one or both ends) or the presence of small ‘nicks’ designed to expose plated forgeries and assess silver ﬁneness by means of resistance testing—too hard and the silver might contain high levels of copper; too soft and the silver might contain too much lead (Figure 1, Table S1 in the online supplementary material). As a craftsperson is unlikely to test an ingot that they had recently cast, test marks are a reliable indicator of exchange. They were seemingly Figure 1. A cut and ‘nicked’ silver ingot from Roxby-cum- successful: of 13 ingots that have been Risby, Lincolnshire. PAS ‘Find-ID’ NLM-683755. subject to surface XRF analysis, 11 (85 per cent) have a silver content exceeding 90 per cent. Silver content in excess of 90 per cent is also characteristic of ingots and hack-silver contained in Viking Age hoards from Britain, Ireland and Scandinavia, although lower silver contents, in the range of around 60–80 per cent, occur occasionally (Arrhenius et al. 1972–1973; Kruse & Tate 1992;Ilischet al. 2003: 138–49). That debased silver is sometimes encountered, but is rare overall, suggests that it was routinely removed from circulation.

Ornament-derived hack-silver A smaller, but visually distinctive, element among the single finds of silver bullion is ornamental metalwork, derived from Scandinavian types of ring and brooch. When complete, such items served as prestige jewellery, and could be worn to enhance personal status. They were also a convenient means of storing and carrying bullion, and could be cut up as and when necessary to generate payment (Williams 2009). Such silver, in various states of fragmentation, forms a recognisable element within Viking Age bullion hoards and site assemblages (for example, Hårdh 2007; Graham-Campbell 2011). The deliberate fragmentation of ornaments for monetary use is also now evidenced in the Danelaw. Fourteen items represent hack-silver derived from diagnostically Scandinavian ornaments (Table S2). The parallels with the contemporary Scandinavian bullion economy are, again, very clear. The finds include artefact types commonly represented in Viking- period silver hoards from Scandinavia, including a cut piece from a plaited-rod neck-ring, and fragments from two ‘Permian’ arm-rings (Figure 2). Other finds, including a fragment of a plain-rod ring, known as ‘ring-money’, and cut pieces from two ‘Hiberno-Scandinavian broad-band arm-rings’ reflect connections to the Scandinavian bullion economy of the Irish Sea region (Sheehan 2009; Graham-Campbell 2011).

Foreign coin The primary source of silver fuelling the Scandinavian bullion economy was Arabic silver dirhams, acquired by Scandinavians in Russia through the sale of slaves and furs. Dirhams © Antiquity Publications Ltd, 2017

178 motdwihsadwih systems weight and weights Imported ‘Permian a of SWYOR- ‘Find-ID’ fragment PAS Yorkshire. 55BBB2. ‘nicked’ Spofforth, from and ring’ Cut 2. Figure early the predominantly countries, in Scandinavian beginning the quantities from recorded tremendous Numbers in century. ninth Europe mid Northern to to back brought were g,rflc sai rgn,atog hr sas vdnefrterpouto within production their for evidence also is there sides, although (Pedersen square core origins, Scandinavia six iron Islamic their an reflect of with each 4g), weights, on oblate-spheroid (Steuer cubo-octahedral heavier, casing dots larger, brass punched copper-alloy and and six unit, small, or weight attested respectively: four their are three, marking 870/880 types two, weight AD one, two with and region, weights, Baltic 860/870 the made AD weights and standardised Scandinavia of from presence Within the units. is system specific metal-weight to a of hallmarks the of One esta ure facmlt on(egigaon g,adblwhl h egto a of weight the half below and 1.35g). 3g), around around (weighing (weighing coin coin Danelaw complete a contemporary of quarter a than less 2007 tal. et nerymdea ulcrec economy dual-currency medieval early An 2) htte eeue o egigsle sindicated is silver weighing for used were they That 121). : 2002 .Bt hi omadsae egtsadr (around standard weight shared and form their Both ). 179 D8090 oa necs f10000 170 of of excess period in (Gullbekk 100-year total 840–940, a AD to belonging rln,weeaon 5 aebeen and have hoards (Naismith silver Britain 350 Viking-period from around to recorded where west Ireland, farther dirhams ornaments of travelled number smaller and a Scandinavia, ingots into (Arrhenius down arrival melted were on more far that indicates a enrcre,2 r u ( cut are 29 recorded, been preservation of has below. state whose dirhams discussed Of 64 common. the impli- are are dirhams and cut which Deliberately details of the cations Danelaw, bullion the of in circulation the for tenth- chronological information important and provide England from ninth- dirhams The mints. group late Samanid century later by chronologically remainder dominated a the to while belong rulers, the Abbasid in minted by predominantly centuries, issues ninth and are groups: eighth half main two under into just S3). fall allowing (Table dating, inscriptions, these broad legible to with added Those be now can hyhv naeaewih fjs 0.57g: just of weight average an have They it-v e igefid rmEngland from finds single new Sixty-five 2005 2014 tal. et niut ulctosLd 2017 Ltd, Publications Antiquity © ). 3–5.Mtlanalysis Metal 334–35). : 1972 – 1973 iue3 Figure .From ). c. ).

Research Jane Kershaw

Figure 3. Cut dirham quarter with multiple cut marks from Hooton Levitt, Yorkshire. PAS ‘Find-ID’ FAKL-984168. by their association with dirhams and hack-silver at central and marketplace sites, as well as their occurrence in a small number of late Viking Age hack-silver hoards (for example, Gustin 2004: 89–96; Bogucki 2007: 100, ﬁg. 13; Pedersen 2007: 123–26, tab. 6.4; Kilger 2011: 264–65). In England, 34 oblate-spheroid and 26 cubo-octahedral weights have now been recorded as single ﬁnds, a number that suggests that small bullion weights were in common use (Figures 4 & 5 and Table S4). Whereas cubo-octahedral weights, weighing between approximately 0.75 and 4.5g, were well suited for weighing very light sums of silver (e.g. a dirham fragment), oblate-spheroids indicate the use of bullion to make medium to large payments: the 32 examples from England whose mass has been documented are clustered within the 10–40g range (Figure 6). As an individual Figure 4. A cubo-octahedral weight from South Newbald, weight represents the minimum sum of Yorkshire. silver that could possibly be weighed, this evidence suggests that transactions involving at least this weight of silver were being carried out. If multiple weights were used together in a single transaction, their weighing capacity would increase.

Bullion and coin: co-use across space Beyond presenting evidence that bullion was being used in the Danelaw in a clearly Scandinavian fashion, two more challenges remain for establishing the rudiments of a dual economy: co-use in space and time. For bullion and coin to have constituted part of a true © Antiquity Publications Ltd, 2017

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Research Jane Kershaw

Figure 7. Single ﬁnds of coins minted in the Danelaw, recorded by the Portable Antiquities Scheme and the Early Medieval Corpus. of detector activity (e.g. southern Suffolk and Essex) suggests that this pattern is genuine. The concentration of ﬁnds in northern East Anglia is striking, as this region is often considered external to the core area of Scandinavian settlement (although see Kershaw 2009: © Antiquity Publications Ltd, 2017

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Research Jane Kershaw metal-detected. The lack of bullion from this area represents a real, and puzzling, absence. A similar paucity has been observed for finds of Scandinavian female jewellery (Kershaw 2013: 196–99). Coins are also rare here, despite the fact that they were minted locally (Figure 7; Blackburn 2001a). It is possible that the early introduction of stable nucleated settlements in the region (by c. AD 850) means that Viking Age sites are concealed by modern urban development (Kershaw 2013: 198–99). There is one further setting in which bullion finds are notably absent: towns. Although the Danelaw towns of Norwich, Thetford, York and Lincoln have seen extensive excavation, they have produced very little in the way of silver bullion or standardised weights. No silver bullion finds or weights have been recorded from Thetford, Norwich or Lincoln, for instance, while excavations in York have yielded just a handful of potentially relevant finds, including two regulated oblate-spheroid weights and a counterfeit dirham, along with several ingot moulds and fragments of hand-held balances, which may relate to metalworking rather than bullion exchange (Mainman & Rogers 2000: 2478 figs 1199– 1200, 2559–64 figs 1257–60; Pirie 1986: 17, 29 no. 47). This pattern is at odds with that observed within Scandinavia, where commercial bullion exchange appears to have been predominantly focused on urban sites (Skre 2007). Conversely, Figure 7 reveals that coins were in frequent use in urban centres. Notably, and unlike in Scandinavia, towns in the Danelaw were often the location of mints. The scarcity of bullion finds from these settings may reflect the enforcement of coin use within towns. In contrast to the lack of bullion finds in York, single coins and coin-hoards are widely documented, with the nature of these suggesting that they were drawn from a managed currency, within which foreign coin was excluded (Blackburn 2004). It is possible that within such a controlled system, bullion use was actively suppressed, with any items of non-minted silver being channelled into coin production.

Bullion and coin: co-use in time Rather than representing a temporary pulse of bullion use before coinage was (re-)established, the single finds of silver and weights span an extended time period. They overlapped chronologically with coinage, providing Danelaw inhabitants with a genuine choice of monetary media. In the absence of finds from datable archaeological contexts, and given the lack of precision in typological dating, the chronological structure for the single finds rests on datable dirhams. In England, the date of production can be given for 44 of the 65 single finds of dirhams, and, in 35 cases, can be given to within 10 years (Table S3). The histogram in Figure 9 shows the distribution of these 44 dirhams by decade, according to their mint date. It was built by taking the date bracket to which the coin was assigned (e.g. AD 893–902) and allocating a proportion of the find to each year within that bracket (e.g. 1/10th to AD 893, 1/10th to AD 894 and so on). Adding those totals together gives the number of finds per decade (see Blackburn 2007: 47 for a discussion of this method). The results, shown in Figure 9, indicate a wide mint-date range, including coins minted in the eighth century AD. This reflects the fact that within the Caliphate, and thus in subsequent exports, old coins circulated alongside new ones. Dirhams minted in the first three decades of the tenth century are well represented among single finds from England. © Antiquity Publications Ltd, 2017

184 onapa ohv oeitda om fcrec o oe7 r8 er,fo h onset the from years, 80 in or England 70 in some presence for Viking currency sustained of forms a as of co-existed have to appear coin oa on r nyocsoal etdi h aea,adaenvrdlbrtl u,this cut, deliberately never are and Danelaw, the a in maintaining tested to occasionally addition that only in Given are purposes. bullion), monetary coins silver different local for of media lumps different using as perhaps would economy, than bullion rather This coins minted coin’ exchange. locally (‘as used exchange settlers of the Scandinavian in that means Anglo- that is to second a limits The maintained is and coin integration. as communities, Scandinavian was rejecting trading first iconography) Anglo-Saxon altogether and currency Christian The currency, Scandinavian segregated dual as frequent imply time. bullion its true and of perhaps a use space (and exclusive how both made to settlers across as Scandinavian England explanations Scandinavian-occupied possible in two are There Discussion early the to ninth late to mid the Rogers from oblate-spheroid & two dated (Mainman context: levels centuries archaeological from items tenth stratified excavated single-find a York, two from only from the derive weights by to yielded Danelaw evidence the with consonant from is and S2), (Table silver Scandinavia to (introduced weights (Williams as years late 15 as 900– and England their AD 10 reach from approximately period dirhams between the such of for in England 2011 time located to circulation confidently and Scandinavia, be travelling via a can source, for dirhams Allowing 14 S3). (Table of 930 date mint dirhams coins); the 44 (total: Indeed, production finds. of Danelaw date the by among cent) represented (per well England are 900–903 from AD finds period dirham the single in of minted distribution The 9. Figure hsln aernefiswt h vial yooia aigo h oblate-spheroid the of dating typological available the with fits range date long This 6,w a ocueta rs upiso el itddrascniudto continued dirhams minted newly of supplies fresh that conclude may we 66), : c. D90adprasee later. even perhaps and 940 AD nerymdea ulcrec economy dual-currency medieval early An c. 2000 D808) swl steonmn-eie hack- ornament-derived the as well as 870/80), AD 185 46 a.23 54.I u,blinand bullion sum, In 2564). 223, tab. 2456, : c. D85t tleast at to 865 AD niut ulctosLd 2017 Ltd, Publications Antiquity © c. D930/40. AD

Research Jane Kershaw scenario seems more probable. Indeed, the apparently successful exclusion of bullion from seemingly regulated urban markets suggests that coinage was mandatory in some exchange environments (Bornholdt-Collins 2010). It is thus reasonable to suggest that the purse of a Scandinavian trader contained bullion as well as local coin, the duality of payment media ensuring that they were prepared for various modes of exchange. Apart from in towns, there was probably a choice in silver currency. Why was bullion maintained alongside a sound silver coinage? From a neo-classical economic perspective, bullion exchange entailed high ‘transaction costs’, and might thus be viewed as ‘inconvenient’ (Frier & Kehoe 2007: 117–19). Convenience is a relative concept, however, and the advantages of bullion were many. The relatively well-contextualised historical framework of the Danelaw makes it possible to suggest ﬁve reasons for maintaining bullion; they are sufﬁciently broad in scope that they may apply to future archaeological study of comparable systems.

1) Large-value transactions Bullion was sufﬁciently versatile to accommodate both large- and small-scale payments, using both complete ingots and fragmented dirhams respectively. It was, however, particularly well suited to high-value exchange. The weight range of both the ingots and oblate-spheroid weights suggests that medium- to high-value transactions were a regular feature of bullion exchange (Figure 6, Tables S1 & S4). A recurring trait of recent historical multi-currency economies is that the choice of payment media is determined by the value of the commodity being purchased (Kuroda 2008). The persistent use of bullion might, then, indicate that exchange requiring high-value currency was fundamental to the Scandinavian economy of the Danelaw. The objects of such exchange are not easily recognisable in the archaeological record, but might include bulk supplies of foodstuffs, livestock and land, in addition to social payments such as bridewealth.

2) An international medium of exchange A second advantage of bullion over coin was its ability to cross trade frontiers. Whereas coins were intended for circulation primarily within their area of jurisdiction, silver was an international medium of exchange. Bullion was probably preferred for trading with parallel bullion-using Scandinavian communities in Ireland, Scotland and the Scandinavian homelands. The spread of bullion into the Danelaw countryside nonetheless suggests that its use in international trade was additional to its role in local exchange. A variety of payment options therefore provided economic ﬂexibility, giving traders access to both local and international markets. The multiple currencies were complementary. Together, they provided a function that a single currency could not (Kuroda 2008).

3) Easy to test, retains its value For those with the requisite knowledge, silver bullion was also easy to test, and was thus a reliable way of guarding against fraud. Moreover, silver bullion retained its value over time, whereas coins could go through periods of severe debasement during which © Antiquity Publications Ltd, 2017

186 ih aefrhrehne h rmnneo ulo sasmo fScandinavian of symbol Conclusions a as bullion of of prominence brooches ability and the rings The values. silver enhanced Danelaw. elaborate cultural of further the form the the of have in in wealth communities function might stored valuable their Scandinavian wear a to settled traders: owners traders newly bullion silver between the which relationships weighed distinguished build of of through and to acceptance context served mechanism affiliation, mutual thus The a common have groups. might their as coin-using confirmed exclusively served from not background have themselves question, Scandinavian may to protracted a exchange open the of Indeed, is bullion regions. circles Scandinavian-settled practice. of of trading economic, outside nature Anglo-Saxon as rare Scandinavian-controlled is permeated well via bullion as it because gained cultural, least which weights a to therefore and extent was silver The exchange of Bullion in sources networks. well involved as to trade of knowledge stages access units specialist required known privileged because multiple marks—all to test but as The it interpreting need, identity. and calibrating applying market amounts; collective and of accurate weight; of to because silver aspect not transactions—cutting resilient important bullion proved an bullion signified that it possible also is It thus marker towns Cultural of 5) outside authority. currency their silver of to extent of inability geographic forms apparent the other to Their limitations of genuine undesirable. exclusion implies probably existence the the was to perspective, coin-use currency their was from enforce bullion coins seen minting alternative them: of from an revenue tradition one extract of the that to continued probable able Danelaw highly were the is they in It that leaders law. the Viking the bypass reasons outside could the remained form of through it bullion currency, taxed in ‘illicit’ effectively silver an were debasement, As moneyer. coins of Whereas periods taxed. following often be recoinages, not could bullion silver Critically, evasion Tax a to 4) ninth drop the coins of local Northover of quarter & content (Metcalf third silver cent the the per saw 18 such in debasement of England witnessed severe low of southern have period in would a raids when armies century, their Viking during challenged. phenomenon been a have may acceptability their mle ucae.Ismitnnea urnymyhv evda osiu c of act conscious a as bullion served for for Evidence have society. exchange may multi-ethnic of a currency means in distinction a trusted but reinforcing currency, a as preservation, high-value as cultural maintenance a coinage Its as rivalled role purchases. also units important probably smaller known an it to served measurements settings have calibrate have non-urban as would to in well they appears as Bullion silver, exchange: test weight. bullion generations. and of of divide two principles weigh, some minting to the for able Anglo-Saxon understood continued been with have economy themselves bullion must a people aligned for Many have support may robust Danelaw but practices, the in leaders Viking nerymdea ulcrec economy dual-currency medieval early An 1985 187 ). niut ulctosLd 2017 Ltd, Publications Antiquity ©

Research Jane Kershaw exchange in the Danelaw not only provides tangible evidence for the continued existence of Scandinavian traditions in a period of integration with other, pre-existing cultures, but it also serves as a historically contextualised exemplar of the reasons behind the emergence of dual-currency economies.

Acknowledgements This research was conducted during a British Academy post-doctoral research fellowship. Thanks go to Nicholas Jones, James Graham-Campbell and the two reviewers for their many constructive comments.

Supplementary material To view supplementary material for this article, please visit https://doi.org/10.15184/aqy. 2016.249

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Received: 19 August 2015; Accepted: 7 December 2015; Revised: 14 January 2016

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