1.2.1 Royal Mints and the Silver Penny

What currency system did the Anglo-Saxons use

A silver-based system of pounds, shillings, and pence

What did the image of the silver penny represent

The king’s head, symbolising royal authority

How many silver pennies were in circulation by 1066

Around nine million

How was the coinage system controlled

Dies were made in London, and royally licensed moneyers in 60 mints produced the coins

What happened to foreign coins under the Anglo-Saxon system

The were forbidden and had to be melted down and recoined

What happened to coins every 5 years in the Anglo-Saxon system

All coins were declared invalid and had to be exchanged for new ones

What was the exchange fee during the five year coin recalls

15% of the value of the old coins

Why is the Anglo-Saxon coinage system considered advanced

It was widely trusted, centrally controlled, and superior to other systems in north-west Europe at the time