Carolingian monetary system

The Carolingian monetary system, also called the Carolingian coinage system^[1] or just the Carolingian system,^[2] was a currency structure introduced by Charlemagne in the late 8th century as part of a major reform, the effects of which subsequently dominated much of Europe, including Britain, for centuries.^[3][4] It is characterised by having three denominations with values in the ratio 1:12:240, the units of which went under different names in the different languages, but which corresponded to the Latin terms libra (pound), solidus (shilling) and denarius (penny), respectively.

The currency reform carried out by Emperor Charlemagne around 793/794 was of crucial importance to the medieval monetary systems in what became the Holy Roman Empire and more generally affected European coinage for many centuries. Because gold could almost only be obtained through long-distance trade, while conversely there were quite a few silver deposits in Europe north of the Alps, Charlemagne introduced a pure silver currency. The basic weight of the coin became a pfund ("pound"), from which 240 pfennigs ("pennies") could be struck. This Carolingian pound weighed approximately 408 grammes.^[5]

The pfennig and its corresponding entity in other countries was the most important coin of the Middle Ages.^[5] The pfund or pound was already a unit of weight and within this system also became a currency unit. The schilling, like the pfund, was not minted for a long time, but used only as a unit of account worth 12 pfennigs.