Early Middle Ages Currencies
Some of my favourite bloggers are posting Black Friday themed posts, and I've been messing with currencies in my own campaign so I decided to join in.
D&D Economy
My favourite technological era for elfgames has always been the early Middle Ages, particularly the period in Britain after the Romans departed. It’s an evocative time of fractured kingdoms, forgotten ruins, and a world waiting to be rediscovered—perfect for B/X D&D.
But one aspect that doesn’t quite align with this setting is the game’s monetary system. The rapid accumulation of vast gold hoards feels unrealistic. At some point, the PCs will find themselves with piles of gold—an inordinate amount that would destabilise a small medieval economy.
To me, gold coins should be objects of wonder, and suitably rare enough to motivate players to hunt for them. This ties in somewhat to a couple of blog posts I was reading on the silver standard.
Coining a new standard
Rob Conley over at Bat in the Attic has an old blog post on the matter, and the general idea is this:
- Do away with pricing in a mix of gold, silver and bronze pieces.
- The silver penny (d) now serves as the primary currency, simplifying pricing, which are listed only in silver.
- High-value coins turning up in hordes, like gold crowns (320d) and rare silver marks (240d), are appreciated more for their higher worth.
My own take on a medieval currency
I decided to take this further and go full-medieval with a currency based on the Troy pound. This is a mish-mash of historical concepts simplified for gamification.
Silver Pound
Locked deep inside a royal tower, is a silver pound. This ingot of pure silver serves as the ultimate benchmark that all other denominations are weighed against. It is kept behind a door with three locks, whose keys are held by the high treasurers of the kingdom.
Gold Solidus
A pound of silver is worth 20 solidi, gold coins left behind by the Old Empire. These coins show up in hordes left abandoned in fortresses and dungeons. They are often melted down and used for decoration by the ruling class.
Silver Denier
The bulk of trading across the land uses silver deniers. These coins used to be gold, but have been debased so much, they are now mostly silver. They were minted by other, richer nations, and have made their way here via trade and plunder. 12 deniers are worth 1 solidus. They can be cut into quarters when needed for smaller amounts.
Copper Styca
The local peasantry use copper stycas that are issued by the local authorities. There are many different coins being minted across the isle, but a single denier is worth 4 copper stycas.
Silver Grain
There is one final denomination—the grain. There are 6 grains to one styca. Grains are used by apothecaries and gem dealers for quantities of rare materials and ingredients.
Bartering
Many poorer farmers use their produce for payment. A bushel of wheat is worth 6-8 deniers.
Here is a table of all the denominations:
| silver pound | solidus | denier | styca | grain | |
|---|---|---|---|---|---|
| silver pound | 1 pound | 20 solidi | 240 deniers | 960 stycas | 5760 grains |
| solidus | 1/20 pound | 1 solidus | 12 deniers | 48 stycas | 288 grains |
| denier | 1/240 pound | 1/12 solidus | 1 denier | 4 stycas | 24 grains |
| styca | 1/960 pound | 1/48 solidus | 1/4 denier | 1 styca | 6 grains |
| grain | 1/5760 pound | 1/288 solidus | 1/24 denier | 1/6 styca | 1 grain |
So how does this stupidly complex mess go in an actual game? So far, the players have not had to worry about anything other than deniers and stycas. Any gold that they find while delving is hauled back to town and converted to deniers.
In fact, most NPCs will probably never have enough physical coins for more then a few hundred deniers. And so we come to our final medieval financial instrument—the tally stick.
Medieval stocks
Tallies were used as a form of promissory note. People would carve marks onto sticks to record debts or transactions. They acted as a physical receipt or IOU. The stick was then split into two halves—the stock was given to the lender, or the supplier of goods. The foil was given to the borrower, or payee who received the goods. As long as the foil holder was good for the money, the stock had value and could be traded and sold (Yes, this is the origin of the stock market).
It is a common tactic for players to exchange their gold for gems when they want to carry their wealth easily. They now have a second option: tally sticks.
Scenarios
Here are some ideas on how to incorporate these concepts into a game.
Coin Clippers
The local thane is concerned with the amount of coins being clipped. Small amounts of silver are being shaved off the edges of deniers, resulting in underweight coins. The resulting clippings are then melted down and sold as pure silver, resulting in a tidy profit.
The Numismatist
A particular mage is seeking high quality gold for their alchemical experiments. They are willing to pay a hefty price for any pure gold solidi the party discovers.
Debt Collector Bandits
A local farmer begs the party's assistance in a matter involving errant tally sticks. Their debts were purchased by a local bandit (or so he says), who is now blackmailing the poor farmer into giving up his land.
Seigniorage Conspiracy
The party have found so much gold over the course of the campaign that its value is beginning to decline relative to silver. Merchants are preferring payment in silver and outright refusing gold. A local official is secretly melting down the silver coins and selling them as raw silver bullion to profit amidst the chaos.
I'll leave it there for now. In future posts I'd like to go over how other economic themes from the early Middle Ages can be used in a campaign.