| c. 561 |
Coins are minted again in England by Bishop Liudard |
| The minting of coins in Britain had been abandoned after about 435 as a result of the
Anglo-Saxon invasions. Bishop Liudard came over from France with the Merovingian Princess
Bertha who married Prince Aethelbart who later, in 590, becomes King of Kent. |
| p 118 |
|
| c. 604-616 |
Bishop Mellitus issues gold coins from a mint in London |
|
|
| c. 630 |
Saxons first start to produce gold coins in significant numbers |
|
|
| c. 675 |
Silver starts to displace gold in Saxon coinage |
| Initially silver is used with gold as an alloy but early in the 8th century silver and
base metals are the only ones used. |
| p 121-122 |
|
| 752 |
Pepin the Short of France starts minting the Denier |
| This new silver coin serves as a model for the English penny. |
| p 124 |
|
| 757-796 |
Reign of Offa, King of Mercia the most powerful Saxon Kingdom |
| During Offa's reign the minting of coins in England reaches new heights, both in terms
of quality and quantity. |
| p 123-126 |
|
| c. 765 |
King Heaberth of Kent produces the first English pennies |
| After the conquest of Kent by Offa, King of Mercia, production of the silver penny
increases enormously and it replaces the older, more crudely designed sceat as the
main English coin, except in Northumbria. |
| p 123-126 |
|
| 789 |
Vikings raid Portland |
| For the next 2-3 centuries England is subjected to repeated Viking attacks. |
| p 127 |
|
| 806-821 |
Reign of Emperor Hien Tsung and the development of paper money |
| In China a severe shortage of copper for making coins causes the emperor to issue
paper money notes. |
| p 180 |
|
| 871-899 |
Reign of Alfred the Great |
| Alfred prevents the Danes from conquering the whole of England. The output of the
mints is vastly increased to pay for the defence of Wessex. |
| p 127-128 |
|
| 910 |
Another state issue of paper money in China |
|
|
| 925-940 |
Reign of Athelstan |
| Athelstan reconquers the Danelaw and unites the whole of England. This leads to the
establishment of a single national currency. |
| p 129 |
|
| 928 |
Statute of Greatley |
| Among the provisions of this statute is that England should have a single national
currency. |
| p 129 |
|
| c. 960- |
Issues of Chinese paper money start to become regular |
|
|
| 959-975 |
Reign of Edgar the Pacific |
| Edgar reforms the English coinage by controlling the issue of dies and strictly
regulating the moneyers to ensure that the coinage is of uniform type and standard. |
| p 129-130 |
|
| 973 |
Beginning of a regular six-year cycle of recoinage |
| Because of their convenience as a royally authenticated means of payment the value of
coins is higher than the value of their silver content. By recalling, melting down and
reminting coins Edgar and his successors not only maintain the quality of the currency but
also make handsome profits from the operation. |
| p 129-130 |
|
| 978-1016 |
Reign of Aethelred II, the Unready |
| Aethelred adopts a policy of trying to buy off the Vikings. His 75 mints produce
nearly 40 million pennies to pay Danegeld. |
| p 130-132 |
|
| 1016-1035 |
Cnut of Denmark reigns over England |
| Cnut pays nearly 20 million pennies to his invasion force and disbands it. During his
reign England prospers and English coins continue to arrive in Scandinavia in large
quantities, this time mainly as a result of trade. |
| p 132-133 |
|
| c. 1020 |
Quantity of Chinese paper money reaches an excessive level |
| The total amount is nominally worth 2,830,000 ounces of silver. Vast amounts of cash
are used to buy off potential invaders from the north and to pay for imports causing a
cash famine. As a result the authorities increase the note issues thus fuelling inflation.
|
| p 180 |
|
| 1032 |
Private note-Issuing banks add to inflation in China |
| By this time there are 16 of these note-issuing houses. |
| p 180 |
|
| 1042-1066 |
Reign of Edward the Confessor |
| The length of the English recoinage cycle is reduced to less than three years in order
to make greater profits from minting. |
| p 133 |
|
| 1066 |
Battle of Hastings |
| William the Conqueror's invasion is financed partly by debasement of the currency in
Normandy but in England he introduces an efficient system of taxation, thus avoiding
debasement. Subsequently, throughout the Middle Ages England's coinage tends to maintain
its value to a greater degree than most continental currencies. |
| p 135 |
|
| 1086 |
The Domesday Book is compiled |
| This detailed survey of the wealth of England provides the information for determining
appropriate levels and yields of taxation and forms the basis of the new English fiscal
system. |
| p 135-138 |
|
| 1095-1270 |
The Crusades |
| The need to transfer large sums of money to finance the Crusades provides a stimulus
to the re-emergence of banking in western Europe. |
| p 152-155 |
|
