Medieval Coins — Carolingian Deniers, Gold Florins & European Collector Guide
Silver Pennies • Gold Florin & Ducat • Crusader Coinage • 5th–15th Century Europe
Coinage in the Medieval World
The medieval period — spanning roughly the 5th through 15th centuries — represents one of the most transformative eras in the history of coinage. When the Western Roman Empire collapsed in 476 AD, it took with it the sophisticated, centrally administered monetary system that had unified the Mediterranean world for centuries. What emerged in its place was a fragmented patchwork of successor kingdoms, each eventually developing its own currency, often based on Roman precedent but evolving in strikingly independent directions over the following centuries.
The early medieval centuries (roughly 500–800 AD) saw a dramatic contraction of monetary sophistication across most of Western Europe, with gold coinage largely disappearing outside Byzantine territory and silver becoming the dominant medium of exchange. It was Charlemagne's Carolingian Empire in the late 8th century that reestablished a standardized silver currency across much of Western Europe — the silver denier (denarius), struck to a consistent weight and design, that would form the template for European coinage for the next several centuries. From this Carolingian foundation, medieval Europe would go on to develop an extraordinary diversity of coinage, from the humble silver pennies that dominated everyday commerce to the magnificent gold florins and ducats that financed the Renaissance.
The Silver Penny — Medieval Europe's Everyday Currency
For most of the medieval period, the silver penny was the backbone of European commerce — the coin that ordinary people actually used to buy bread, pay rents, and settle small debts. In England, the silver penny tradition began under the Anglo-Saxon kings and continued essentially unbroken through the Norman Conquest and into the later medieval period, evolving through the reigns of William the Conqueror, Henry II's reform coinage, and the long cross pennies of Henry III and Edward I. Each king's pennies carry his portrait or name, creating a numismatic record of English royal succession stretching back over a thousand years.
On the continent, similar silver penny traditions developed independently — the French denier, the German pfennig, and countless local variations struck by bishops, counts, and free cities who held minting rights under the feudal system. This decentralization produced an astonishing variety of medieval silver pennies, each reflecting local political authority and artistic tradition. Collectors today can pursue medieval pennies by kingdom, by ruler, by mint, or simply by type — the sheer volume of documented varieties means the field rewards both broad thematic collecting and narrow specialist focus.
The Gold Florin and Ducat — Medieval Europe's Return to Gold
After centuries of near-total absence from Western European coinage, gold made its dramatic return in the 13th century, driven by the commercial prosperity of Italian city-states. Florence struck the first gold florin in 1252 — a coin of remarkable design consistency, featuring the city's lily emblem on one side and St. John the Baptist on the other, struck to a reliable standard of purity and weight that made it trusted across the entire Mediterranean trading world. The florin's success was so complete that "florin" became a generic term used across Europe for gold coins of similar standard, regardless of where they were actually struck.
Venice followed with its own gold ducat (also called the zecchino) in 1284, a coin that would go on to become perhaps the most successful and long-lived coin design in monetary history — struck with an essentially unchanged design for nearly five centuries. The Venetian ducat's reliability made it the preferred currency of Mediterranean and Near Eastern trade for generations, and its influence was so pervasive that "ducat" became a term applied to numerous other gold coins across Europe that emulated its standard. Together, the florin and ducat mark the moment medieval Europe rejoined the international gold economy after half a millennium of near-exclusive reliance on silver.
Notable Medieval Coins
The following represent key issues across the medieval period — click any eBay link to see current certified listings.
English Silver Pennies
Anglo-Saxon Silver Penny
William the Conqueror Penny
Long Cross Penny
Edward I Penny
Continental Gold & Silver
Florence Gold Florin
Venetian Gold Ducat
Carolingian Silver Denier
German Bracteate
French & Crusader Issues
Gros Tournois
Crusader States Denier
Knights Hospitaller Coinage
Écu d'Or (France)
Crusader Coinage and East-West Exchange
The Crusader states established in the Levant following the First Crusade (1095–1099) produced some of medieval numismatics' most fascinating hybrid coinage — European feudal lords ruling territory in the eastern Mediterranean, striking coins that blended Western European design conventions with local Byzantine and Islamic influences out of commercial necessity. The Kingdom of Jerusalem, the County of Tripoli, the Principality of Antioch, and the County of Edessa each maintained their own coinage, often imitating Islamic gold dinars closely enough in weight and even Arabic inscription to facilitate trade with neighboring Muslim states — a pragmatic accommodation that occasionally scandalized religious authorities back in Europe.
After the fall of the last Crusader mainland territories in 1291, the Knights Hospitaller relocated to Rhodes and continued striking distinctive coinage as a sovereign military-religious order — a tradition they maintained even after their later relocation to Malta in the 16th century. Crusader coinage occupies a unique niche in medieval numismatics: genuinely scarce, historically dramatic, and reflective of one of the most consequential and controversial periods of East-West contact in medieval history. Collectors drawn to this era often pursue it alongside Byzantine and Islamic coinage — see our Byzantine Coins guide and Asian Coins guide (which covers Islamic gold dinars) for related material.
[ebay_listings_medieval_coins_pcgs]Where to Find Medieval Coins
eBay — Medieval Coins
Standard Catalog of World Coins, 1901–2000
Gold Coins of the World
FRC Coin Price Guide
Find Medieval Coins on eBayMoney Back Guarantee
FindRareCoins.com participates in the eBay Partner Network, Amazon Associates, and AWIN affiliate programs. Purchases made through links on this page may earn us a commission at no additional cost to you.
Frequently Asked Questions
What time period counts as "medieval" in coin collecting?
Numismatists generally define the medieval period as running from the fall of the Western Roman Empire in 476 AD through roughly the mid-15th century — commonly bookended by the fall of Constantinople to the Ottomans in 1453 or the beginning of the Renaissance's spread across Europe. This encompasses everything from crude early Anglo-Saxon and Merovingian coinage through the sophisticated gold florins and ducats of the Italian Renaissance city-states. Byzantine coinage, though technically continuing the Roman imperial tradition, is generally treated as its own specialized collecting category rather than folded into "medieval European" coins — see our dedicated Byzantine Coins guide for that material.
Why did gold coinage nearly disappear in early medieval Europe?
Following the collapse of the Western Roman Empire, the sophisticated administrative and economic infrastructure needed to source, mint, and maintain confidence in gold coinage largely broke down across most of Western Europe. Silver, being more abundant and requiring less centralized economic organization to mint reliably, became the dominant medium of exchange for everyday commerce. Byzantine territories in the East maintained gold coinage (the solidus) continuously, and it wasn't until the commercial resurgence of Italian city-states in the 13th century — with Florence's 1252 gold florin and Venice's 1284 gold ducat — that Western Europe fully reestablished a reliable gold coinage tradition, nearly 800 years after Rome's fall.
What is a "long cross" penny and why was the design changed?
The long cross penny, introduced under Henry III of England in 1247, extended the reverse cross design all the way to the coin's edge — a deliberate change from earlier "short cross" pennies where the cross stopped short of the rim. This design served a practical anti-fraud purpose: it made it far easier to detect clipping, the practice of shaving small amounts of silver from a coin's edge to sell separately while still passing the diminished coin at full face value. With the cross extending to the edge, any clipping would visibly cut into the design itself, making tampering immediately obvious. This is one of several examples of medieval mint authorities using coin design specifically to combat monetary fraud.
How do I authenticate a medieval coin?
Medieval coin authentication follows similar principles to ancient coin authentication — style consistency with known genuine examples, appropriate metal composition and weight for the claimed type, and natural wear and toning patterns consistent with genuine age. For higher-value pieces (generally over $200–$300), NGC Ancients certification (which also covers medieval issues) provides professional third-party authentication and grading. Buying from established dealers who are members of the American Numismatic Association, the International Association of Professional Numismatists, or similar organizations provides additional confidence. Medieval coin forgeries do exist but are generally less prevalent than in the ancient Greek and Roman markets, since medieval coins' typically lower per-piece values make forgery less economically attractive for all but the rarest types.
What is the difference between the florin and the ducat?
The florin was introduced by Florence in 1252 as the first major Western European gold coin since antiquity, featuring the city's lily emblem and St. John the Baptist. Its success led other states to strike their own "florins" — the term became a generic descriptor for gold coins of similar weight and purity, regardless of origin. The ducat was introduced by Venice in 1284, closely following the florin's success but with its own distinct design (the Doge kneeling before St. Mark, and Christ in a mandorla on the reverse). The Venetian ducat proved even more durable, maintaining an essentially unchanged design for nearly 500 years and becoming the preferred trade currency across the Mediterranean and into the Ottoman world. Both terms are still used today, sometimes interchangeably, to describe gold coins that emulated these two enormously influential medieval standards.
What are the best medieval coins for beginning collectors?
Edward I "New Coinage" pennies (1279–1307) are an excellent starting point — struck in large quantities and widely available today, well-preserved examples can be found for $30–$75, providing genuine 700-year-old English silver at very accessible prices. Later medieval French deniers and Italian city-state silver coins are similarly affordable entry points into continental medieval collecting. For those drawn to gold, common-date Venetian ducats from the coin's centuries-long production run are more available and affordable than the rarer early Florence florins. As with any specialized numismatic field, starting with a good reference book — Spink's catalogues cover English medieval coinage comprehensively — helps new collectors identify what they're looking at and avoid overpaying for common types.
Astronomical Symbols on Ancient and Medieval Coins - More than 550 figures and line drawings of coins, maps, and astronomical events
'
