III. THE FRANKISH CURRENCY.
The early currency of the Franks mostly gold.
Most of the laws of the Continental tribes seem to have had their origin in the necessity to commit into writing what remained of local custom after Frankish conquest.
Broadly speaking they belong to two periods—the earlier one that of the conquests of the Merovingian Franks, and the later one that of the conquests of Charlemagne.
It becomes necessary, therefore, to distinguish between the coinage and currency of the two periods.[10]
When we turn from the Imperial currency of gold solidi and tremisses to that of the Frankish princes, we find them using a peculiar system of monetary reckoning, founded upon the metrical system already alluded to, of 20 tremisses or pence to the ounce and 240 to the pound.
At first of Roman solidi and tremisses; afterwards of the smaller tremisses of 28·8 wheat-grains; then of silver tremisses or pence of the same weight.
At first the Merovingian kings seem to have used or copied the Imperial solidi and tremisses. But before long they issued an abundant gold currency of their own, consisting almost entirely of tremisses. And these tremisses were reduced in weight by the division of the Roman pound of 6912 wheat-grains into 240 tremisses of 1/20 of the ounce, i.e. 28·8 instead of 32 wheat-grains. The abundant currency of these lighter gold tremisses continued till nearly the close of the Merovingian period. And how abundant this gold currency was, is shown by the fact that nearly 10,000 examples are recorded in the catalogues of Merovingian coins in public and private collections.
But towards the close of the Merovingian period came one of those strange monetary changes, so difficult to account for, which before long put an end altogether to the issue of these gold tremisses.
All through the Merovingian period payments had no doubt been made in silver as well as in gold, by weight, and during the later part of the period silver tremisses were issued of the same weight as the gold. And thus gradually, at first concurrently with the gold tremisses and at last driving them out, came into use a silver currency of 20 pence to the ounce and 240 to the Roman pound.
With this silver currency and the following of this weight system came in apparently the method of silver monetary reckoning, so familiar to us, of dividing the pound of 240 pence into 20 solidi or shillings of 12 pence—the pound being still the Roman pound of 6912 wheat-grains. This silver solidus was, however, only one of account and was never issued as a coin.
The nova moneta of Charlemagne.
Finally, just before Charlemagne assumed the title of Emperor another change was made by the issue of his nova moneta.
His pound of 240 silver tremisses of 32 wheat-grains, and silver solidus of account of 12 pence.
The silver currency had by this time become predominant, and in the capitularies the silver solidus of 12 pence had already come into use. Charlemagne, in issuing the nova moneta, made no alteration in the method of reckoning, except that he brought the weight of the silver tremissis or penny back again to the Imperial standard of 32 wheat-grains, thus making his pound of 240 of the new pence 7680 wheat-grains instead of 6912 and the ounce 640 instead of 576.
At the same time we shall find that he tried, by making his nova moneta legal tender, to force the new silver solidus of 12 pence into use as equivalent, in payments, for the gold solidus of three gold tremisses, which up to that time had been the solidus of the Salic laws.
Made legal tender at a ratio of 1:4 with gold.
This involved the altogether impossible ratio of 1:4 between the two metals instead of the Imperial ratio of 1:12.
In considering the wergelds of the laws belonging to this period, we shall find plenty of evidence of the confusion resulting from this remarkable experiment, made more apparent by the fact that the ratio of 1:12 was restored by one of Charlemagne’s successors.
It has been necessary to trouble the reader with this brief statement of somewhat complicated facts, because it would be impossible to understand the wergelds of the various Continental tribes if they were not borne in mind.
For the understanding of these wergelds the points to be considered will be:—
(1) As regards the laws, the recensions of which date from Merovingian times, it will be necessary to ask whether the solidi and tremisses were of Imperial or of Merovingian standard.
(2) As regards the later laws, the recensions of which date from the conquests of Charlemagne, we shall have to consider whether the wergelds are stated in gold solidi and tremisses, or in the silver solidi and pence of the nova moneta of Charlemagne.