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

coin A coin is a small object, usually round and flat, 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 to facilitate trade. They are most often issued by ...

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, Cyprus 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 and ecclesiastical province in northeastern Italy, originally centered in the ancient city of Aquileia, situated near the northern coast of the Adriatic Sea. It emerged in the 4th century as a m ...

, the

Kingdom of Sicily The Kingdom of Sicily (; ; ) was a state that existed in Sicily and the southern Italian peninsula, Italian Peninsula as well as, for a time, in Kingdom of Africa, Northern Africa, from its founding by Roger II of Sicily in 1130 until 1816. It was ...

, the

Republic of Genoa The Republic of Genoa ( ; ; ) was a medieval and early modern Maritime republics, maritime republic from the years 1099 to 1797 in Liguria on the northwestern Italy, Italian coast. During the Late Middle Ages, it was a major commercial power in ...

, the

Republic of Siena The Republic of Siena (, ) 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 existence, it gradually expanded throughout south ...

Kingdom of Cyprus The Kingdom of Cyprus (; ) was a medieval kingdom of the Crusader states that existed between 1192 and 1489. Initially ruled as an independent Christian kingdom, it was established by the French House of Lusignan after the Third Crusade. I ...

, and the crusader state

Kingdom of Jerusalem The Kingdom of Jerusalem, also known as the Crusader Kingdom, was one of the Crusader states established in the Levant immediately after the First Crusade. It lasted for almost two hundred years, from the accession of Godfrey of Bouillon in 1 ...

, among others.

History

Coin

Around 755, amid the Carolingian Reforms,

Pepin the Short the Short (; ; ; – 24 September 768), was King of the Franks from 751 until his death in 768. He was the first Carolingian dynasty, Carolingian to become king. Pepin was the son of the Frankish prince Charles Martel and his wife Rotrude of H ...

introduced a new

currency A currency 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 definition is that a currency is a ''system of money'' in common use within a specific envi ...

system which was eventually adjusted so that 12 pence (; ) equaled one ''

shilling The shilling is a historical coin, and the name of a unit of modern currency, currencies formerly used in the United Kingdom, Australia, New Zealand, other British Commonwealth countries and Ireland, where they were generally equivalent to 1 ...

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

Italian lira The lira ( , ; : lire, , ) was the currency of Italy between 1861 and 2002. It was introduced by the Kingdom of Italy (Napoleonic), Napoleonic Kingdom of Italy in 1807 at par with the French franc, and was subsequently adopted by the different s ...

, the Spanish dinero and the Portuguese dinheiro.

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, ...

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 Dinar

History

Coin

Interest rates

See also

References