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Carolingian denarius (Denier) 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.
The term originates from libra, the largest unit of the Carolingian monetary system used in Western Europe and elsewhere from the 8th to the 20th century. [5] In 1999, the euro became Italy's unit of account and the lira became a national subunit of the euro at a rate of 1 euro = 1,936.27 lire, before being replaced as cash in 2002.
The units of weight that emerged over time as a result of the Carolingian monetary system and its associated pound or Karlspfund, were of great importance for large parts of Europe. The basic features of this monetary system, which was based on the Carolingian pound, continued to exist in England until 1971.
The lira (plural lire) was the distinct currency of Venice until 1848, when it was replaced by the Italian lira.It originated from the Carolingian monetary system used in much of Western Europe since the 8th century CE, with the lira subdivided into 20 soldi, each of 12 denari.
Carolingian pound (Latin: libra), a unit of weight and coinage, ancestor of German: Pfund, French: livre, Spanish: peso, Lira (Italian: lira, Turkish: lira) as well as the English word pound. Libra (weight), an ancient Roman unit of weight, basis for the Carolingian pound; Local exchange trading system: many British LETS use(d) the term "pound"
The introduction of the new monetary system with broadly unified coinage types (novi denarii) in the Frankish realm was decreed at the Council of Frankfurt in 794. [3] On this coinage type, the relevant mint is named on the reverse inscription - in the case of the Aachen penny found in 2007, the inscription is METVLLO.
The new coinage and accounting system was imposed uniformly across the vast Carolingian Empire and also infiltrated countries on its periphery. In the late 8th century, King Offa of Mercia imported the system into Britain to facilitate transactions (notably "Peter's pence") with the Roman Catholic Church (which used the Carolingian coinage system).
At first the schilling was valued at 12 pfennigs. From 1628, the schilling was the smallest unit in the Norwegian monetary system: from 1635 to 1813, 96 schillings made 1 Reichstaler and, from 1813 to 1816, 1 Reichsbankthaler and, from 1816 to the introduction of the Norwegian krone in 1875, there were 120 schillings to 1 Norwegian speciedaler.