Was There a Money Economy in Late Anglo-Saxon and Norman England?

Abstract

Abstract This article asks whether there was a money economy in Anglo-Saxon and Norman England (924–1135). In simple terms, a money economy can be defined as an economic system where money has replaced barter as the principal means of exchange. Bolton has also recently stated that ‘when the use of coin becomes the norm and not the exception … we have the beginnings of a money economy’. These two complementary definitions will provide the basis against which the question will be answered. One focus of this article is therefore on a thorough examination of the documentary material in order to demonstrate the value of monetary equivalents and small-scale transactions in this period. The second focus is on assembling, collating and analysing the abundant numismatic material in the form of single coin finds and coin hoards, an approach which affords more specific evidence of how money was actually used. The combination of approaches proposed here makes possible the formation of a more precise understanding of how money was—and was not—used across the social spectrum of English society during a period of momentous political change.