The Social Significance of Monetization in the Early Middle Ages
Rory Naismith
In 1057, the ecclesiastical reformer Peter Damian (d. 1072/3) explained in a letter to his fellow cardinal bishops how lump of debased silver might be remade into different coins but still remain dangerous forgery, same way as corrupt priest would always tainted by abuses.1 The image was presumably effective, for author used similar monetary metaphors on several other occasions. By doing so he tapped long Christian tradition developed Bible and subsequently writings Ambrose, Augustine, Gregory Great others.2 But five centuries between age that Damian, were very rarely called on.3 A revealing exception comes Bede’s Historia ecclesiastica gentis Anglorum. saintly princess Eorcengota at one point dreams angelic men white scouring her monastery search ‘gold coin’ (aureum … nomisma) brought there from Kent, which Bede meant herself.4 this case coin gold, clearly signified something rare interest value. Daily familiarity with low-value coin, is say, not expected among audiences late antiquity or slowly beginning once again time Damian. On some level change speaks certain basic limitations early medieval currency; above all lack large, coinage could small payments, manner copper-alloy issues Roman empire. From later twelfth century money supply expanded dramatically, eventually resulting production fractional ‘black money’ transactions. essentially monometallic — first monodenominational. Attestations prices are rare, little doubt each individual gold tremissis even denarius much exceeded cost most day-to-day necessities. Denizens Merovingian, Carolingian Ottonian Europe simply easily buy single pint beer loaf bread available them. Nor quantity currency circulation anything than paltry thirteenth-century standards.5 Early never ‘money economy’ defined medievalists, large enough factor acts exchange affected its expansion contraction, supported elaborate systems credit accounting.6 For these reasons, did carry quite symbolic clout during after fall western
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