Money and Trade in the Viking World: Coins, Hacksilver, and the Barter System

The Viking world, spanning from the late eighth to early eleventh centuries, is often remembered for its adventurous seafarers, raiders, and explorers. While their exploits are widely known, the Viking economy and monetary systems are less understood.

Coins as Currency

Coins played a significant role in the Viking economy, though they were not as widespread as in modern times. The Vikings used coins minted in their own territories, as well as foreign coins from regions like Anglo-Saxon England, Islamic Caliphates, and the Byzantine Empire (Graham-Campbell, 2011, p. 114). The most common Viking coins were silver pennies, which were used for large transactions or paying taxes (Williams, 2007, p. 33). The circulation of foreign coins in the Viking world highlights their far-reaching trade networks and contacts with different societies.

Hacksilver: An Alternative Currency

In areas where coins were scarce, Vikings utilized hacksilver as an alternative form of currency. Hacksilver was made of silver objects such as jewelry, ingots, or pieces of silver that were cut into smaller pieces (Graham-Campbell, 2011, p. 115). The value of hacksilver was determined by its weight, making it a practical medium of exchange for smaller transactions or trade…