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 ...
which takes its name from the
Frankish 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
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 La ...
, the
Republic of Siena, and the
crusader state 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 establish ...
, 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 ...
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 ...
'' ('; ' or ') and 20 shillings equaled one
pound (', ', or '; ').
Later, three deniers equaled one
liard
The Liard River of the North American boreal forest flows through Yukon, British Columbia and the Northwest Territories, Canada. Rising in the Saint Cyr Range of the Pelly Mountains in southeastern Yukon, it flows southeast through British ...
. Only the denier was an actual coin; the rest were
money of account. 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 ...
, 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 syste ...
.
Interest rates
In
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, t ...
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.
See also
*
denarius
The denarius (, dēnāriī ) was the standard Roman silver coin from its introduction in the Second Punic War to the reign of Gordian III (AD 238–244), when it was gradually replaced by the antoninianus. It continued to be minted in very ...
*
dinar
The dinar () is the principal currency unit in several countries near the Mediterranean Sea, and its historical use is even more widespread.
The modern dinar's historical antecedents are the gold dinar and the silver dirham, the main coin ...
*
dinero
*
penny
A penny is a coin ( pennies) or a unit of currency (pl. pence) in various countries. Borrowed from the Carolingian denarius (hence its former abbreviation d.), it is usually the smallest denomination within a currency system. Presently, it is t ...
*
pfennig
The 'pfennig' (; . 'pfennigs' or ; symbol pf or ₰) or penny is a former German coin or note, which was the official currency from the 9th century until the introduction of the euro in 2002. While a valuable coin during the Middle Ages, ...
References
{{dinar
Coins of France
Medieval currencies
Economic history of France