Tag: wool

Sterling as a medieval commercial currency

In the history of the world, only a few coinages have developed into international commercial currencies. In order to be accepted outside the territory where it was issued, a coin had to satisfy a number of conditions relating to its weight, alloy and value, and had to be familiar to many. From the end of the 12th century, the English sterling penny amply fulfilled these conditions; throughout north-western Europe it enjoyed a reputation as a strong and reliable currency.