The denier ( la, denarius; . d.) or penny was a medieval

coin A coin is a small, flat (usually depending on the country or value), round piece of metal or plastic used primarily as a medium of exchange or legal tender. They are standardized in weight, and produced in large quantities at a mint in order t ...

which takes its name from the

Frankish Frankish may refer to: * Franks, a Germanic tribe and their culture ** Frankish language or its modern descendants, Franconian languages * Francia, a post-Roman state in France and Germany * East Francia, the successor state to Francia in Germany ...

coin first issued in the late seventh century; in English it is sometimes referred to as a silver penny. Its appearance represents the end of gold coinage, which, at the start of Frankish rule, had either been Roman (Byzantine) or "pseudo-imperial" (minted by the Franks in imitation of Byzantine coinage). Silver would be the basis for Frankish coinage from then on. The ''denier'' was minted in France and parts of the Italian peninsula for the whole of the Middle Ages, in states such as the

patriarchate of Aquileia The Patriarchate of Aquileia was an episcopal see in northeastern Italy, centred on the ancient city of Aquileia situated at the head of the Adriatic, on what is now the Italian seacoast. For many centuries it played an important part in histor ...

, the

Kingdom of Sicily The Kingdom of Sicily ( la, Regnum Siciliae; it, Regno di Sicilia; scn, Regnu di Sicilia) was a state that existed in the south of the Italian Peninsula and for a time the region of Ifriqiya from its founding by Roger II of Sicily in 1130 un ...

, the

Republic of Genoa The Republic of Genoa ( lij, Repúbrica de Zêna ; it, Repubblica di Genova; la, Res Publica Ianuensis) was a medieval and early modern maritime republic from the 11th century to 1797 in Liguria on the northwestern Italian coast. During the Lat ...

, the

Republic of Siena The Republic of Siena ( it, Repubblica di Siena, la, Respublica Senensis) was a historic state consisting of the city of Siena and its surrounding territory in Tuscany, central Italy. It existed for over 400 years, from 1125 to 1555. During its e ...

, and the

crusader state The Crusader States, also known as Outremer, were four Catholic realms in the Middle East that lasted from 1098 to 1291. These feudal polities were created by the Latin Catholic leaders of the First Crusade through conquest and political in ...

Kingdom of Jerusalem The Kingdom of Jerusalem ( la, Regnum Hierosolymitanum; fro, Roiaume de Jherusalem), officially known as the Latin Kingdom of Jerusalem or the Frankish Kingdom of Palestine,Example (title of works): was a Crusader state that was establishe ...

, among others.

History

Coin

Around AD 755, amid the Carolingian Reforms,

Pepin the Short the Short (french: Pépin le Bref; – 24 September 768), also called the Younger (german: Pippin der Jüngere), was King of the Franks from 751 until his death in 768. He was the first Carolingian to become king. The younger was the son of ...

introduced a new

currency A currency, "in circulation", from la, currens, -entis, literally meaning "running" or "traversing" is a standardization of money in any form, in use or circulation as a medium of exchange, for example banknotes and coins. A more general def ...

system which was eventually adjusted so that 12 pence ( la, denarii; french: deniers) equaled one ''

shilling The shilling is a historical coin, and the name of a unit of modern currencies formerly used in the United Kingdom, Australia, New Zealand, other British Commonwealth countries and Ireland, where they were generally equivalent to 12 pence o ...

'' ('; ' or ') and 20 shillings equaled one pound (', ', or '; '). Later, three deniers equaled one liard. Only the denier was an actual coin; the rest were

money of account Money is any item or verifiable record that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular country or socio-economic context. The primary functions which distinguish money are as ...

. This system and the denier itself served as the model for many of Europe's currencies, including sterling, the

Italian lira The lira (; plural lire) was the currency of Italy between 1861 and 2002. It was first introduced by the Napoleonic Kingdom of Italy in 1807 at par with the French franc, and was subsequently adopted by the different states that would eventually f ...

, the

Spanish dinero The dinero was the currency of the Christian states of Spain from the 10th century. It was copied from the Arab Dinar and served in turn as the model for the Portuguese dinheiro. In most of Spain, the dinero was superseded by the '' maravedí'' ...

and the

Portuguese dinheiro The dinheiro was the currency of Portugal from around the late 12th century until approximately 1502. For accounting purposes, twelve dinheiros equalled one ''soldo'' and twenty soldos equal one '' libra'' (pound). The basis of the monetary system ...

Interest rates

Ancien Régime ''Ancien'' may refer to * the French word for "ancient, old" ** Société des anciens textes français * the French for "former, senior" ** Virelai ancien ** Ancien Régime ** Ancien Régime in France {{disambig ...

France, the denier was used as a notional measure of

interest rate An interest rate is the amount of interest due per period, as a proportion of the amount lent, deposited, or borrowed (called the principal sum). The total interest on an amount lent or borrowed depends on the principal sum, the interest rate, th ...

s on loans. Thus, a rate of 4% (1/25) would be expressed as "denier 25"; a rate of 5% (1/20) as "denier 20"; and so forth.

References

{{dinar Coins of France Medieval currencies Economic history of France

History

Coin

Interest rates

See also

References