The Silver Penny: Origins of the Pound Sterling in Anglo-Saxon England
The British pound is one of the world’s oldest and most recognizable currencies, but its origins stretch back over a millennium to a time before England was a unified kingdom. The foundation of this enduring monetary system was not a note or a gold coin, but a small, unassuming piece of metal: the Anglo-Saxon silver penny. This single coin served as the backbone of the English economy for centuries, shaping the very concepts of pounds, shillings, and pence that would dominate for over 1,000 years.
Understanding the silver penny reveals more than just the history of money; it opens a window into the politics, trade networks, and technological prowess of early medieval England. From the silver’s mysterious origins in distant lands to the king’s portrait stamped on its face, each coin tells a story of power, ambition, and the birth of a nation’s economy.
From Gold to Silver: The Birth of a New Currency
In the early Anglo-Saxon period, coinage was dominated by gold. Small gold coins known as the thrymsa (or tremissis), based on Roman and Frankish models, were used for high-value transactions. However, by the late seventh and early eighth centuries, a major shift occurred.
Gold was becoming increasingly scarce across Western Europe, making it impractical for a growing economy. Silver, on the other hand, was more readily available and could be standardized more reliably. This led to the replacement of gold coins with early silver pieces, often called sceattas, which were small and thick.
By around 760 AD, these were replaced by a broader, thinner silver coin modeled on the currency of the powerful Frankish (Carolingian) empire. This new coin was the direct ancestor of the English penny, setting the stage for one of Anglo-Saxon England’s most influential rulers to create a lasting standard.
The Mercian Standard: How Offa Forged England’s Coinage
The true standardization of the English penny is credited to Offa of Mercia, who reigned from 757 to 796. A dominant king who controlled much of southern England, Offa introduced a silver penny with a consistent weight and high quality. His reforms established the penny’s weight at approximately 1.3 to 1.5 grams (or around 20 to 24 grains).
This was a revolutionary step. By creating a reliable and uniform coin, Offa facilitated trade, allowed for more complex taxation, and projected his royal authority across his kingdom and beyond. This weight standard was so successful that it remained the basis for English coinage for the next four centuries.
A Window into Anglo-Saxon England: Coin Design and Manufacture
Each Anglo-Saxon silver penny was a miniature work of art and a vital historical document. They were not mass-produced in modern factories but struck individually by hand. A moneyer would place a silver blank (a flan) between two hand-engraved dies and strike it with a hammer to impress the design.
These designs were crucial for conveying political messages. Key features typically included:
- The King’s Name and Title: This was a clear assertion of royal authority, advertising who was in charge.
- A Royal Portrait: Many pennies featured a stylized portrait of the reigning monarch, a practice that continues on British coins today. You can explore examples of these early portraits at the Royal Mint Museum.
- The Moneyer’s Name: The individual responsible for making the coin was often named, holding them accountable for the coin’s weight and silver purity.
- The Mint Location: The town or city where the coin was struck was also frequently included, providing invaluable data for historians tracking economic activity.
Later kings like Alfred the Great even used coins to commemorate significant events, such as the resettlement of London after Viking occupation. This made the penny not just a tool for the economy, but a medium for propaganda and record-keeping.
Uncovering Global Connections: Where Did the Silver Come From?
For centuries, the source of the silver used in these pennies was a mystery. However, modern scientific analysis has peeled back the layers of history, revealing a story of extensive international trade and recycling that connects Anglo-Saxon England with the wider world.
Byzantine Treasure Transformed
Groundbreaking chemical analysis of the earliest silver pennies (from c. 660–750) has shown that much of the metal came from a surprising source: melted-down Byzantine silver plate. This discovery, detailed in research by institutions like the University of Cambridge, indicates that Anglo-Saxon elites had access to high-status luxury goods from the Eastern Mediterranean. These treasures were likely acquired through trade or diplomatic gifts before being repurposed into currency, a fascinating example of how ancient currency and precious metals moved across continents.
The Frankish Connection
By the time of Offa and into the ninth century, the source of the silver shifted. Analysis shows that the metal in these later pennies originated primarily from a single mining region: Melle, near Poitiers in modern-day France. This reflects the powerful political and economic ties between the Anglo-Saxon kingdoms and the Carolingian Empire. England was not an isolated island but an active participant in a European trade network.
The Science of Discovery
Researchers can pinpoint these origins through trace element and lead isotope analysis. By measuring tiny amounts of other elements like gold and bismuth within the silver, scientists can create a chemical fingerprint. This fingerprint can then be matched to known ore sources, allowing historians to map the flow of precious metals and understand the geopolitical forces shaping the economy.
The Anglo-Saxon Monetary System: Libra, Solidus, Denarius
While the silver penny was the only coin that physically circulated for most of the period, it was part of a larger accounting system inherited from the Romans. This system, known as libra, solidus, denarius, laid the groundwork for the British currency structure that would last until decimalization in 1971.
The relationship was:
- 1 Libra (Pound) = 20 Solidi (Shillings)
- 1 Solidus (Shilling) = 12 Denarii (Pennies)
- Therefore, 1 Libra = 240 Denarii
The pound and the shilling were purely units of account—there were no “pound” or “shilling” coins. If a transaction was worth a pound, it was paid with 240 individual silver pennies. For smaller amounts, pennies were physically cut into halves or quarters to create halfpennies and farthings (fourth-ings).
The Etymology of Pound Sterling: Naming a Currency
The name of Britain’s modern currency is a direct legacy of this system. The term “pound sterling” originates from the fact that 240 silver pennies literally weighed one Tower pound (an old English unit of mass) of sterling silver.
The word “sterling” itself refers to the high purity of the silver, typically 92.5% fine. Its exact etymology is debated, but leading theories suggest it derives from:
- The Old English “steorra,” meaning star, possibly referencing a small star that appeared on some early Norman pennies.
- An association with the quality and reliability of the coinage.
This direct link between weight and value established a trusted foundation for the history of the pound sterling silver currency.
More Than Money: The Political Power of an Anglo-Saxon Silver Penny
The widespread adoption of the silver penny was a catalyst for major economic and political change. It enabled the growth of towns and markets, allowed lords to pay soldiers instead of rewarding them only with land, and gave kings a powerful tool to unify their realms.
By the tenth and eleventh centuries, England had one of the most centralized and sophisticated coinage systems in Europe. The king controlled who could mint coins and where. To maintain control and extract revenue, coins were periodically recalled, melted down, and reissued with a new design. This process, known as recoinage, ensured that all money in circulation was of a consistent weight and fineness, reinforcing the king’s authority with every transaction.
Even in areas with significant Viking influence like northern England, coins sometimes bore the name of the West Saxon king. This was a deliberate act to enforce his legitimacy and claim sovereignty over the entire English people.
Frequently Asked Questions
What was the Anglo-Saxon silver penny and why is it important?
The Anglo-Saxon silver penny was the main coin in England from the late 8th century. It is important because it standardized currency, projected the authority of English rulers, and established the foundation of the English monetary system and the pound sterling.
Where did the silver for Anglo-Saxon pennies come from?
Early pennies were often made from melted-down Byzantine silver plate. Later, the primary source was the Melle mine in France, which highlights England’s extensive trade and political connections with continental Europe.
How was the Anglo-Saxon currency system organized?
The system was based on the Roman model of libra, solidus, and denarius. It was an accounting structure where 1 pound (libra) equaled 20 shillings (solidi) or 240 pennies (denarii). However, only the silver penny was a physical coin in circulation.
What does the term ‘pound sterling’ mean?
Originally, ‘pound sterling’ referred to a pound’s weight of high-quality (‘sterling’) silver, which was equivalent to 240 silver pennies. The word ‘sterling’ likely relates to the coin’s purity or a design feature like a star.
How do historians study Anglo-Saxon silver pennies today?
Researchers use advanced scientific methods, such as chemical and isotopic analysis of the metal. This allows them to trace the silver to its geographic origin, revealing ancient trade routes, economic shifts, and how rulers managed their resources.
Conclusion: The Enduring Legacy of the Penny
The Anglo-Saxon silver penny was far more than just a simple coin. It was a catalyst for economic growth, a tool of state-building, and a carrier of royal identity that connected England to a wider European world. It established a monetary language of pounds, shillings, and pence that would endure for over a millennium.
From the recycled Byzantine silver of the earliest coins to the standardized pennies of England’s first kings, this small piece of metal laid the groundwork for one of the world’s most significant currencies. Its story is a crucial chapter in the long and complex history of the British pound sterling, reminding us that even the grandest financial systems can have the humblest of beginnings.
