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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 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.
Around AD 755, amid the Carolingian Reforms, Pepin the Short introduced a new currency system which was eventually adjusted so that 12 pence (Latin: denarii; French: deniers) equaled one shilling (solidi; sols or sous) and 20 shillings equaled one pound (libra, librae, or lirae; livres). [4] Later, three deniers equaled one liard.
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 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.
In the Carolingian monetary system, the pound was the basic unit of mass. It was stipulated that from one pound of silver, 240 pfennigs (denari) should be coined. The number 240 resulted from 20 schillings (solidi) of 12 pfennigs each. A similar classification existed in Great Britain until the 20th century. Cologne Mark
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).