How did Vikings earn money?

Coins were used throughout Viking times in the Nordic Countries but their significance and use changed with time. Much of the trade was based on barter. People would meet at market places and barter the surplus from their own farm for the items they needed.

Why did the Vikings prefer silver?

Silver was a valuable metal, so if you had to pay a price corresponding to a fraction of the coin value, you cut it. This practice was not restricted to the vikings and continued to be used up to the 19th Century.

What did the Vikings use for money?

The Vikings only had one type of coin – the silver penningar (or penny). Even then, most people valued coins by their weight still. Coins were just an easy way to carry your silver around. Because the coins were valued by their weight you could cut a coin to make smaller amounts.

When did silver coinage become common in the Viking society?

Hoards from the Viking period show that from the 9th century onwards – stretching well into the 11th century – there was an extensive flow of foreign silver coins to Scandinavia.

Did Vikings use gold or silver?

Gold jewelry was reserved for the elite. The Vikings smelted all sorts of fancy art pieces and jewelry from their hoards. Worn by both men and women, Viking jewelry was mostly made of silver or bronze, with gold jewelry often reserved for the elite.

Where did the Vikings get gold?

The principal source was probably pre-Viking goldwork, itself derived from Late Roman and early Byzantine gold coins. From the 5th to early sixth centuries AD (the so-called Migration Period), huge quantities of gold objects, including bracteates, rings, ingots and brooches, were deposited in hoards in Scandinavia.

Did the Vikings use gold?

Gold was nowhere near as common as silver in the Viking Age. Like silver, gold could be used as a means of payment in the Viking Age. Gold rings appear now and then in the larger silver hoards, but often the gold objects are found alone or with other gold ornaments.

How much was silver worth in Viking times?

$550 for an ounce of silver. $4,400 for an ounce of gold.

What metals did the Vikings use for trade?

Silver was the main precious metal of the day as it was relatively common, but they also used gold. As the value of precious metals grew, they became associated with wealth and the more affluent Vikings would wear silver jewellery and use silver weapons. For trade, the silver could be formed into bars and ingots, or simply traded as jewellery.

What did the Vikings do with silver coinage?

Indeed, from the eighth century onwards, the coastal regions of northern and western Europe, as well as Great Britain and Ireland, were subjected to waves of raids by Vikings, whose chief prize was silver coinage. In fact, it is estimated that some 400 t of silver was either looted or extorted by the Vikings from the Anglo-Saxon kingdoms alone.

Why did the Anglo-Saxons use silver coins?

Although the Empire was divided after 840, the tradition of strong silver coinage continued in the various smaller kingdoms that replaced it. The main Anglo-Saxon kingdoms each had their own coinage, and the wealth of Anglo-Saxon England was probably one of the main causes of the Viking expansion.

Was there a coin-based economy in the Viking Age?

The show of wealth was more important than the idea of a coin-based economy. Viking coin-weight from Wareham, with inset silver penny of Ethelred I of Wessex © The Viking raids of the ninth century brought the raiders into regular contact with the monetary economies of western Europe.