Do not be misled by the title of this deeply researched and broad ranging monograph. It is not about how people got rich in the years between the end of Roman domination and the century or so after the first Christian millennium. Rather, “making money” refers to the eventual triumph of a moneyed economy--monetization--that, as Naismith tells the tale, can be read as a key to the development of political, social, and cultural aspects of early medieval Europe, as well as to the obvious economic one(s), and with attention paid to these developments in a diverse world stretching from Ireland and Scandinavia to Iberia and to the coinage of Byzantium. There is not much concern for the actual technology of minting, but there is much for the rise and triumph of the silver penny in its many forms and profiles and the ultimate winner in terms of usage and acceptance in a hierarchy of the media of transactions that at various times and places used bullion, gold coins, the silver penny (the denarius in its many guises), a multitude of base metal coins (including those that had been adulterated, clipped, or counterfeited), and finally, payments in kind or in commodities. The story of the ultimate triumph of money in the early medieval world is one that admits of much variation: when and why money came to be used, what kind of money, whose money, its relationship to political power and stability, its role in fostering economic and urban growth, its guide to ecclesiastical power and institutions, etc. And though the actual technology of mining the different ores is not of particular interest, the number, location, control of, and output of the hundreds of mints is an important part of the story--a link between place and the role of a particular coinage as a guide to so many forms of economic interaction and socio-political organization.
This is not an easy book to read nor to review. Rather than presenting its wealth of material in a single chronological and narrative flow, Naismith moves around from topic to topic, crossing boundaries of time, of place, of the different roles played by money, of the amounts that might be involved (using both documentary material and the evidence of countless hoards), and of other considerations, such as questions about the morality of a money economy that were raised from time to time. Accordingly, to highlight the value of this study, we turn to a few of its wide range of aspects of the subject and offer some indication of how the scattered data (in terms of chapters and pages) can be brought together. To choose from a number of competitors, minting (not mining) is a good topic to look at. Control of a mint and its coinage is a fair guide to the wealth and power of he who controlled the mint, and such figures ran from kings and emperors to local nobles and men (and perhaps a few women) of lesser power. The distribution of mints (and their dating) across the face of Europe, and, in some cases, of the volume of coin produced, gives us another test for wealth, power, and sometimes for local autonomy. The eight relevant maps of the sites of minting operations cover much ground: Merovingian Gaul (580-670), or the Carolingian Empire (864-923), or England (970-1066), among other places and times, nor do we neglect to note the lands held by such a minter as Hringwulf the moneyer in the time of Edward the Confessor (with a depiction of one of Hringwulf’s coins).
We can briefly touch on one of the book’s major themes: the actual use of the different kinds of money (before and after the triumph of the silver penny). With a direct relationship to how it was used and what that signified, there was a (fluctuating) pecking order for money. Gold was at the top, as it had been basic in Roman times, though later it tended to flow eastward as a medium of exchange with the Levant before enjoying a revival in the West (Chapter 7). Silver, in the form of the silver penny, as we have indicated, became the basic unit across most of the map, across boundaries and dynasties, and in both royal courts and urban markets. Taxes, gifts between high status parties, soldiers’ pay, fines, loans, the basic medium of exchange as markets and fairs grew in frequency and importance, and for land purchases: these were all apt to be conducted through the flow of the silver penny. The use of silver stood as a guide to social and personal boundaries, with rural tenants (serfs) more likely to pay their obligations in kind, in commodities, than in coin--though they too were not completely shut out of the world of monetarization. And as towns grew and markets became a regular part of this world, the common sense of accepting anyone’s silver, given its adequate level of purity, became an accepted part of most transactions.
Other themes and other areas of concern--all extremely well documented--could be offered to expand this review. The currency reform of the Carolingians in 864 is well worth noting. The limited extent to which Italy went along with the larger developments of the North can be read as a predecessor to its future of urban and papal power and of its banks and banking families. The checkered link between the location of mints and the larger holdings of various rulers is documented with the maps of numerous corners of Europe. And of course, the depiction of many coins is to be expected: depictions of pseudo-Roman coins, of those of “barbarian” kings, and of some with an ecclesiastical message, such as the silver denarius of Bishop Otbert and Henry IV depicting an investiture. Excavated coin hoards often yield great returns, and that from Ilanz in Switzerland produced an unusual mix of 138 coins, 5 gold ear-pendants, 2 gold earrings, 2 fragments of gold jewelry, and 2 small gold ingots. Lastly, and as an unexpected add-on, in Chapter 5 (“Money, Metal, and Commodities”), among the various case studies Naismith offers a section on practices in Tan and Song China (618-1127). This is coverage beyond the call of duty.
In summary, this is a book that presents a treasure chest of data, with a wide coverage that few can match. Many aspects of the rather important issue of the rise of a money economy in the early Middle Ages are treated, thoroughly documented, and often enhanced by way of a visual aid (a map, a coin, a manuscript illumination of relevance, like “avarice” or Sarai and Joseph being sold into servitude). It is not easy reading but apt to be a go-to book on the subject for many years.