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The Beginnings of Western Finance

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The Beginnings of Western Finance The Beginnings of Western Finance During the century between 376 and 476, the Western Roman Empire passed under the political control of various Germanic peoples. In 376, the Visigoths crossed the Danube, and exactly one hundred years later, the Ostrogoths took over power in Rome. During that epoch, the formation of the Christian West began on the ruins of Western Rome. Initially, the migrating tribes basically perpetuated Roman coinage. It was only during Carolingian times that the antique concept on coins and money was overcome. With this Coin Tour, the MoneyMuseum wants to present that development. 1 von 16 www.sunflower.ch Bavaria or Baden-Württemberg or from the Region around Lake Balaton, Undefined Issue in the Name of Theodosius II (408-450), Tremissis Denomination: Tremissis (1/3 Solidus) Mint Authority: Undefined Mint: Undefined Year of Issue: 408 Weight (g): 1.38 Diameter (mm): 15.0 Material: Gold Owner: Sunflower Foundation During the hundred years between 376 and 476 AD, the West Roman Empire fell under the political control of various Germanic tribes: In 376 the West Goths advanced by crossing the Danube and obtained permission from the Roman emperor Valens to settle in the province of Moesia. Exactly one hundred years later, Odoacer, the army leader of the Germanic auxiliary troops in the imperial army, replaced Emperor Romulus Augustus and seized power himself. In the meantime the invadors had become familiar with money, of course; they used Roman money for their trade and restruck coins themselves from time to time. Germanic tremisses from the 5th century are thus not rare, yet too little is known about them to be always sure where and by whom they were struck. For the most part they are poor copies of Roman coins, bearing the name and image of a Roman emperor – this coin bears the name of Emperor Theodosius II. 2 von 16 www.sunflower.ch Visigoth Empire, Imitative Solidus in the Name of Valentinian III (425-455 AD) Denomination: Solidus Mint Authority: Visigoths Mint: Undefined in Gaul Year of Issue: 425 Weight (g): 4.42 Diameter (mm): 23.0 Material: Gold Owner: Sunflower Foundation Though influenced to a large extent by the late Roman Empire, Visigoth coinage developed its own characteristics. True to Roman archetypes, the obverse of this solidus depicts the bust of Valentinian III, one of the last Western Roman Emperors. The reverse shows Valentinian again, holding a statue of Victory in his left and a ferula in his right hand. One foot is standing on the head of a snake with a human head. Typically Visigothic is the little circle above the emperor's head on the obverse, illustrating a laurel wreath with a small hand in the middle (the Manus Dei), which is unfortunately hard to recognize on this coin. It stands for the elective monarchy of the Visigoths: Unlike the late Roman emperors, who declared their heirs co-emperors to ensure dynastic continuity, the Visigoth kings were elected. 3 von 16 www.sunflower.ch Germanic Tribe in Italy, Senate of Rome, Follis (40 Nummi), c. 493-553 Denomination: Follis (40 Nummi) Mint Authority: Senate of Rome Mint: Rome Year of Issue: 493 Weight (g): 10.3 Diameter (mm): 25.0 Material: Bronze Owner: Sunflower Foundation In 476, the Germanic leader Odoacer (also Odovacar) overthrew the last West Roman Emperor and declared himself King of Italy. On the other hand, he acknowledged the supremacy of the Eastern Roman Emperor in Constantinople, who recognized him as King of Italy in return. Odoacer's bronze coins had a value of 40 nummi. They bore the image of the city goddess Roma on their obverse and the inscription INVICTA ROMA – invincible Rome. The reverse showed the Roman eagle and, as declaration of the coin's value, the figure XL for 40. 4 von 16 www.sunflower.ch Kingdom of the Burgundians, Gundomar (524-534), Tremissis, Lyon Denomination: Tremissis (1/3 Solidus) Mint Authority: King Gundomar of Burgundy Mint: Lyon Year of Issue: 527 Weight (g): 1.44 Diameter (mm): 13.0 Material: Gold Owner: Sunflower Foundation After the collapse of the Roman power, "barbarian" chiefs ruled in Middle and Western Europe. They called themselves kings, dukes and suchlike. One of these "barbarian" kingdoms was the kingdom of the Burgundians, an eastern Germanic tribe. The Burgundians had established a kingdom east of the Rhine in the early 5th centur. In the year of 437 the Huns destroyed the Burgundian kingdom, however, and the surviving Burgundians resettled close to the modern city of Geneva. The capital of this second Burgundian kingdom was Lyon. At this time a pronounced monetary economy did not exist any more. But many of the Germanic chieftains had adopted Roman coins and even started to mint their own money. This tremissis was issued by Gundomar, the last king of the Burgundians, whose territory was conquered by the Franks in 534. 5 von 16 www.sunflower.ch Frankish Empire, Merovinginians, Theudebert I (533- 548), Tremissis, Metz? Denomination: Tremissis (1/3 Solidus) Mint Authority: King Theudebert I of Frankia Mint: Metz? Year of Issue: 533 Weight (g): 1.29 Diameter (mm): 12.789999961853027 Material: Gold Owner: Sunflower Foundation With the coinage of the Frankish king Theudebert I, a new monetary era began in Central Europe: Theudebert was the first Germanic ruler to issue gold coins in his own name. DN THEODEBERTVS VIC reads the inscrition on the obverse of this coin: Dominus Noster Theudebert Victor (Our Lord Theudebert, Victor). Admittedly, earlier kings of the tribes that had settled within the Roman Empire had circulated gold coins already. Yet hitherto, they had always issued that gold in the name of a Roman emperor, whose exclusive right the coining of gold had been for centuries. The kings of the Germanic kingdoms, the Vandals, the Visigoths, the Ostrogoths and the Lombards, had respected this. Theudebert, however, deliberately broke the imperial monopoly on gold coinage: it was the perfect way to manifest his royal ambitions vis-à-vis the Eastern Roman emperor Justinian. In a letter to Justinian, Theudebert made it known that his realm stretched from the Visigoth kingdom (on the Iberian Peninsula) and the North Sea to Pannonia (about today's western Hungary, Slovenia and Croatia). This did not comply with reality, but it revealed his aspirations. 6 von 16 www.sunflower.ch Kingdom of the Lombards, Alboin (568-572), Tremissis, 572, Pavia Denomination: Tremissis (1/3 Solidus) Mint Authority: King Alboin of the Lombards Mint: Ticinum (Pavia) Year of Issue: 572 Weight (g): 1.36 Diameter (mm): 19.0 Material: Gold Owner: Sunflower Foundation The history of medieval coinage in Italy began with the Lombards, who invaded Italy in 568. The Lombards came as enemies, without imperial authorization, and so were unable to take over the existing administration. They likewise failed to capture Ravenna or Rome, the two major mints, and besides the country was so ruined by warfare and epidemics that there was little demand for coin. Despite of this, the earliest coins of the Lombards were copies of tremisses of Ravenna in the names of the Eastern Roman emperors. From their originals they are distinguishable only by their blundered inscriptions. This very rare tremissis was issued under King Alboin, the conqueror of Italy and founder of the Lombard kingdom. It is an imitation in the name of Emperor Justin II (565-578), whose bust is depicted on the obverse. The inscription is DNIVSTI NVSPPAVC. The reverse shows a Victory with a wreath and a cross and the legend VICTORIA AVCVSTORVM and CONOB. 7 von 16 www.sunflower.ch English Kingdoms, Primary Sceat, c. 680-710, presumably in Southern England Denomination: Primary Sceat Mint Authority: Undefined Mint: Southern England? Year of Issue: 680 Weight (g): 1.26 Diameter (mm): 12.0 Material: Silver Owner: Sunflower Foundation Coins were minted in England from about 650 AD. At first, the issue of coins went a little precariously, but since the time of Alfred the Great (871-899) coins were struck regularly and in bigger quantities in diverse mints all over England. At that time, the Royal Mint in London was established, where British coins have been issued ever since. This sceat was probably struck in Kent and dates from the second half of the 7th century. At that time, a large series of sceattas was minted in England; they all show a bust with an aureole on the obverse. The reverse depicts a square standard and the letters VOT XX. For one and a half centuries, such coins were the main currency of the Anglo-Saxons and their neighbors across the English Channel – until the 8th century, when they were displaced by a new coin type: the penny. 8 von 16 www.sunflower.ch Frankish Empire, Charlemagne (768-814), Denarius (Pfennig), after 793, Milan Denomination: Denarius (Pfennig) Mint Authority: Emperor Charlemagne Mint: Milan Year of Issue: 793 Weight (g): 1.7 Diameter (mm): 21.299999237060547 Material: Silver Owner: Schweizerisches Landesmuseum Dep. ZB In the years of 793-794, the Frankish king Charlemagne conducted a comprehensive reorganization of Carolingian coinage. Charles' "novi denarii," as they were called on a synod in Frankfurt in 794, bore the king's monogram together with his name and title CARLVS REX FRA(rancorum) on one face. The other face showed a cross, and around it the name of the mint, here MEDIOL(anum) for Milan. Charles not only standardized the coinage of his realm, but also introduced a new coin weight, the so- called Carolingian pound. The exact weight of this pound is unknown, however. One Carolingian pound comprised 20 schillings (or solidi), of which each held 12 pfennigs (or denarii).
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