The Origin of Metallic Currency and Weight StandardsRidgeway, William
History
The Origin of Metallic Currency and Weight Standards
Ridgeway, William
Money -- Origin; Weights and measures -- History
Passing to the Teutonic peoples we find traces of the same ancient
practice. For according to one system a _mancus_ of silver (a mere
unit of account) corresponded with the value of an ox. Similarly the
_pound_ (_libra_) was generally regarded as the silver equivalent of the
worth of a man[53]. But the strongest proof is that Charlemagne in his
dealings with the Saxons found it necessary to define the value of his
_solidus_ of 12 pence (_denarii_) by equating it to the value of an ox
of a year old of either sex in the autumn season, just as it is sent to
the stall. In the same law we find a list of regulation prices for other
commodities, such as oats, honey, rye, similar to those already quoted
from the Welsh laws[54]. The English word _fee_, which originally meant
an ox, as is shown not only by the German _Vieh_, which still retains its
original meaning, and by such expressions in Anglo-Saxon as _gangende
feoh_, is in itself a proof that cattle served as the most generally
recognized form of money. It might be expected that much the same state
of things existed among the Scandinavian peoples. Their chief media of
exchange were cows, and woollen cloths, slaves, and gold ornaments. By
the laws of Hakon the Good penalties could be paid in cows, provided that
they were not too old, in slaves, provided they were not under fifteen
years of age, in cloths, and in weapons[55].
Gold and silver were employed by the northern peoples in the form of
rings.
This has led people to talk much about _ring money_ as if it was a true
currency, circulating like the stamped money of later times. The truer
view seems to be that these rings, whether employed by the ancient
Egyptians or the prehistoric inhabitants of Mycenae, the Kelts or
Teutons, were nothing more than ornaments and passed in the ordinary
way of barter, having a recognized distinct relation to other forms
of property, such as cattle and slaves. It has been the custom in all
countries for the person who desires to have an article of jewellery
made to give to the goldsmith a certain weight of gold or silver, out of
which the latter manufactures the desired ornament. Such is the practice
at the present day in India; you give the goldsmith so many gold mohurs
or sovereigns, or rupees, as the case may be; he squats down in your
verandah, and with a few primitive tools quickly turns out the article
you desire, which of course will weigh as many mohurs or sovereigns as
you have given him (provided that you have stood by all the time, keeping
a sharp look-out to prevent his abstracting any of the metal). That in
like fashion gold ornaments for ordinary wearing purposes were regularly
of known weights in ancient times is shown clearly by the account of the
presents given to Rebekah by Abraham’s servant, ‘a gold earring of half
a shekel weight and two bracelets for her hands of ten shekels weight’
(Genesis xxiv. 22). The same word appears in Job xlii. 11: ‘Then came
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