Medieval Coins: History, Typology, and a Complete Guide to Understanding Their Value and Symbolism

What do coins tell you when you hold them up to the light? A medieval coin is not just chipped metal; it’s the footprint of power, the echo of a traveling market, and the amulet of a pact between rulers and subjects.

In this article, you will explore the birth, evolution, and social function of medieval coins. You will learn how they were regulated, why some pieces were worth more than others, what symbols they bore, and how to interpret their mint marks. You will also find a detailed chronology of Castile, technical comparisons between metals, and a selection of representative replicas to see how these images are preserved today.

Brief Overview: Why Coins Transformed the Middle Ages

Before coins, barter dominated; then, a metal piece with weight and fineness established trust. Medieval coins brought ease to trade, allowed for regular tax collection, and offered a platform for power propaganda. A bust, a shield, or a Latin legend certified authority and legitimacy.

Furthermore, the metallic composition (gold, silver, billon, or copper) established an intrinsic value that was often attempted to be regulated through pragmatics and ordinances. When the metallic content was altered or coinage multiplied uncontrollably, inflation, silver remittances abroad, or loss of confidence ensued.

Medieval Coins in Castile: Milestones and Monetary Transformation

The following table presents a chronological succession of relevant facts about coinage in the Iberian Peninsula, with special attention to Castile: coinages, reforms, crises, and changes in monetary standard from the end of the Roman Empire to the transition to the modern system after 1497 and relevant events until 1718.

Date / Era	Event
Between the Late Roman Empire and the Germanic World
Late 5th century	The copper nummus is minted in the Roman monetary system.
Early 5th century	The Roman army leaves Britain; the Roman monetary system ceases there, and Angles and Saxons appear.
After 476	Visigothic “pseudo-imperial” coinages imitate Byzantine imperial coinage after the fall of Rome.
507	The Visigoths move to the Iberian Peninsula and form the kingdom of Toledo, still minting in the name of the Eastern emperor.
Mid 6th century	Germanic princes begin to mint coins with their own names.
Late 6th century	In Italy, Frankish solidi are not accepted, and taxes cease to be paid in gold.
571–586 (Leovigild)	Leovigild issues coinage in his own name with imperial independence; exclusively gold coinages.
586–601 (Reccared)	Progressive depreciation of the fineness of Visigothic coinage; prototypical example: triens of Reccared.
685–705 (Abd al-Malik)	Arab reform: the mithqal is identified with the gold dinar (~4.25 g) and its standard is consolidated.
717	Byzantine maritime blockade (Leo III) that may have contributed to the Mediterranean trade crisis.
High Middle Ages	The amount of currency in circulation decreases so much that one can barely speak of a monetary economy.
8th century	One dinero of Aragon was equivalent to 20 dineros of Castile (significant regional proportion).
866–909 (Alphonse III)	In his will, he grants 500 metcales (mencales) of pure gold to the Bishop of Zamora.
First Castilian Coins (until the 12th century)
Second third of 10th century	Documentary mentions of coinage multiply in Galicia, León, and especially in Castile.
1010	Ramon Borrell III receives one hundred gold pieces daily as parias for his military aid.
1010–1050	The parias allow Ramon Borrell to consolidate hegemony in the Catalan counties.
Mid 11th century	Low quality of coinages in some Taifas due to Almoravid control over the Sudan gold route.
1060s	In León and Castile, parias began to be collected systematically.
Late 11th century	Introduction of the Almoravid gold dinar or maravedí into the peninsula.
1035–1065 (Ferdinand I)	The parias facilitate donations and annual census to the Cluny monastery.
1065–1109 (Alphonse VI)	Coinages of the Crown of Castile begin; he coins dirhams and then billon dineros at 30% following the Carolingian model.
1085	Capture of Toledo by Alphonse VI: a monetary turning point; transition to Christian billon.
1088	Purely Christian billon coins of Alphonse VI were already circulating.
1109–1126 (Urraca I)	Coinages in Carolingian billon continue; multiplication of royal mints and concessions of coinage to ecclesiastical institutions (1116).
1112	Bishop of Oviedo donates “Moorish” gold and silver to Urraca.
1117	One maravedí was equivalent to 4 sueldos of account (48 dineros).
Mid 12th century	Muslim gold (maravedí) crosses the Duero and introduces gold into the northern peninsula.
1126–1157 (Alphonse VII)	Billon types multiply (including IMPERATOR legend) and he controls most mints.
c.1130	In the kingdom of Toledo, one mencal was equivalent to half an Almoravid dinar.
1135	Alphonse VII is crowned totius Hispaniae Imperator.
1136–1145	Intrusion of the maravedí (Almoravid gold) into the northern peninsula.
1147	Alphonse VII mints a gold coin in Baeza with Arab typology but Castilian metric pattern.
1149 – ca.1150	Documents and Usatges establish equivalences: ~3.5 mencales/mancusos per maravedí.
1157	Separation of Castile and León: coinages of different dineros in each kingdom.
1157–1188 (Ferdinand II)	Emissions by coinage concession made by Urraca end.
1158–1214 (Alphonse VIII)	The first old gold maravedíes (alfonsíes) are minted; emission is systematized with a predominance of the castle and legends ANFUS REX / TOLLETA.
1172	The Almohad conquest of al-Andalus interrupts the parias; Alphonse VIII mints Castilian maravedíes with Arabic legend.
1179–1180	Fueros (Uclés, Cuenca) establish equivalences between mencales and maravedíes (3 to 4 mencales per maravedí according to texts).
1195	Defeat of Alarcos: a great collapse of billon coinage in Castile begins until 1212.
1197	Peter II of Aragon swore to maintain coinage; papal bulls exhort to restore weight and mention ratios against gold.
Monetary Problematic and “Monetary Revolution” in Castile (1170–1340)
1202	Cortes of Benavente: first forero coin after devaluation of dineros by Alphonse IX.
1205	Peter II fixes periodicity of the monedaje tax in Aragon and Catalonia (every 7 years).
1207–1208	Alphonse VIII is believed to establish the forero coin in Castile.
1210	Alphonse IX makes the last donations of royal coinage benefits.
1212	Creation in Catalonia of the cuaterno (billon); Foundation of the University of Palencia; Battle of Las Navas de Tolosa will mark upcoming stabilization.
1213–1276 (James I)	Creation of the billon jaquesa.
1214–1217 (Henry I)	Maintain coinages of old gold maravedíes.
1215	First explicit mention of the forero coin in Castile.
1217 (Treaty of Toro)	Exchange rate fixed: 90 Burgalese dineros = 1 maravedí; pepión dinero was worth half of the Burgalese.
1217–1219	Equivalences between dineros (pepión, Burgalese) fixed by Ferdinand III and Alphonse IX; fuero of Guadalajara establishes 3 mencales = 1 maravedí (1219).
1220s	Fueros (e.g., Brihuega) establish equivalences: 18 pepiones = 1 mencal.
1230–1252 (Ferdinand III)	Possible gold devaluations; the account maravedí is established; the pepión dinero circulates until 1265.
1231	Confiscation of goods for coin counterfeiting is established.
1236	James I legislates to simplify calculation of monedaje.
1251–1252	The good maravedí appears as a new coin of account, replacing the gold alfonsí maravedí; good maravedí = 180 silver dineros.
1252	Coinages of the florin and genovino begin in Italy, a European monetary milestone.
1252–1284 (Alphonse X)	Alphonse X attempts to rationalize types, homogenize weights, and transform the legal nature of the forero coin.
1253	Alphonse III of Portugal fixes equivalences: 1 maravedí = 112 Burgalese or 116 Leonese.
1258	Cortes of Barcelona: James I creates the ternal coin and prohibits the Megalona in Catalonia.
1259	First explicit notice of the collapse of Castilian-Leonese gold.
1261 and 1268	Alphonse X limits weights and measures according to the Toledan model; he mints a fine silver sueldo and modifies billon equivalences.
1264–1268	War against Granada: Alphonse X introduces the alfonsí dinero (blanca or blanquilla), a devalued silver coin; Granadan parias cease.
1265	The blanca displaces the Burgalese, Leonese, and pepión in circulation.
1266	France mints its first gold écus.
1268 (Cortes of Seville)	Nobility protests against inflation; Alphonse X separates the value of the account maravedí from the real value of the gold coin (dobla = 3 account maravedíes then).
1269	The king obtains an extraordinary service equivalent to six forero coins.
1270–1300	Successive appearance of four new devalued coins; episodes of revolts and fiscal tensions.
1271	Introduction of the prieto (dark dinero), nominal value 6 blancas but with lower intrinsic value.
1272	Nobiliary revolts partly due to discontent with coinage.
1278	Second war with Granada: coinage of new blanca coin (with less silver) and classification of previous emissions as blanquillas.
1282–1288	Sancho IV promises stability; in 1286, collapse of billon, appearance of the coronado (cornado) and the miaja; 1288 Cortes of Haro with royal commitment against new alterations.
1295	Death of Sancho IV: intentions of stability fail; proliferation of novenes of lower fineness and false Aragonese coinage.
1298–1299	French mints provide a large part of Philip IV’s royal income (example of international circulation).
1300	Founding of the University of Lleida.
1302–1303	James II regulates collection of monedaje; Ferdinand IV orders equivalences between novenes and coronados.
1310	Gold/silver ratio rises to 1:12.5 (25% increase over 1268).
1312 (minority of Alphonse XI)	Difficulties increase: false coinages, fraudulent export of metals, and circulation of foreign currency at borders.
c.1313	Guiu Terrena discusses the common good versus coinage alteration.
1326 (Barcelona)	The city issues bonds with interest (censales and violari) to finance itself and avoid devaluations.
1331	Alphonse XI orders bellon to be minted with the same fineness as Ferdinand IV to seek stability; seizes exchange tables for one year.
1334	Alphonse XI mints coronados according to previous equivalences, generating inflation and coin extraction.
1340 (Battle of Salado)	Monetary improvement due to greater abundance of gold; the dobla comes to be worth 35 account maravedíes.
1342	Cortes: Alphonse XI obtains extraordinary services and implements the alcabala generally.
1345	Alphonse XI mints new gold coin equivalent to 20 account maravedíes.
1346	Aragonese florin minted in imitation of the Florentine.
1348	The Black Death initiates a great crisis that will affect the economy and coinage at the end of the Middle Ages.
The Castilian Monetary System in the Late Middle Ages (mid-14th century to Catholic Monarchs)
1351 (Peter I)	Introduction of the silver real with a fineness of 11 dineros and 4 grains (~930 thousandths). Equivalent to 3 maravedíes; it becomes the Castilian law of reference.
1354	Peter I devalues billon currency to pay troops.
1358	Nicholas Oresme publishes De moneta, a key work on medieval monetary theories.
1368–1369 (Henry II)	Possible authorization of censales; coinage of lower fineness coins with the same legal value to finance wars.
c.1370	Billon situation of Alphonse XI’s time is recovered; silver reales are worth 3 maravedíes and doblas 35 maravedíes.
1371	Creation of the Audiencia in Castile (administrative organization linked to finance and justice).
1385 (Aljubarrota)	Portuguese defeat, financial crisis of John I: gold withdrawal and coinage of the Agnus Dei white (a broken coin whose nominal and real value evolve).
1385	Creation of the Royal Council in Castile to manage the fiscal and monetary crisis.
1387	Pragmatic against extractors and facilitators of metal extraction.
1391	Regents of Henry III heavily devalue the white; new pieces appear (blanca cinquén) and the dinero of 1/10 of a maravedí is abandoned.
1395–1415	Extraordinary scarcity of currency in Europe and Asia Minor; its effects persist for much of the 15th century.
1398–1404 (Henry III)	Navigation Act, extension of the alcabala; prohibition of exit of terrestrial merchants and pragmatic against coin extraction (1404).
1408	Founding of the Bank of San Giorgio in Genoa (emerging international financial context).
1430 (John II with Álvaro de Luna)	The dobla de la banda is minted (gold of lower fineness but high nominal value) to equalize fineness with neighboring kingdoms and combat gold extraction.
c.1430	Four active mints in Castile: Segovia, Toledo, Burgos, and La Coruña.
1435–1442	Several issues of lower fineness blancas; ordinances to strengthen billon and re-mint coinage; fluctuations in the value of the dobla de banda and the real.
1454–1462	Relative period of stability under Henry IV.
1455	Henry IV mints lower fineness blancas, fixes common value, and devalues the dobla de banda, which increases its nominal valuation.
1461–1463	Period of optimism and brief political stability.
1462–1468	Monetary reforms of Henry IV (and subsequent anarchies): coinages of lower fineness, new pieces, and pragmatics against extraction; from 1463, monetary anarchy begins.
1465–1470	Fall in the value of the maravedí and the system; around 1470, there are ~20 active mints and proliferation of low-fineness blancas and cuartos, with a return to barter.
1471	The gold dobla reaches a quotation of 420 maravedíes in the midst of a monetary crisis.
1473	Slow recovery process begins: Enrique = 400 maravedíes; dobla banda = 300; real = 30.
1474–1475	Death of Henry IV (1474); Isabella is proclaimed queen (1474). Royal Decree of Seville (1475): do not issue new billon coinage and reinforce official character of mints; the gold castellano (23.75 carats) appears, replacing the Enrique.
1479–1483	Ferdinand inherits Aragon (1479); severe measures against fraudulent extraction (death penalty for large looting in 1480); in 1483, the blanca is reduced to 1/4 of a maravedí; the castellano and the dobla maintain high quotations in maravedíes.
The Reform of 1497 and the End of the Medieval Monetary System
1493 (Nov 4)	Ferdinand orders the minting of the gold Principiat in Barcelona and Perpignan (steps towards monetary reordering).
1497 (Jun 13, Pragmatic Sanction)	Culminating reordering of the monetary system in Castile: the ducado/excelente de la granada (23.75 carats, 375 maravedíes) is imposed as the base gold; the real improves fineness and is worth 34 maravedíes; coinage of lower quality blancas is limited. This act is considered the abandonment of the Castilian medieval monetary system.
1510 and 1513	Ferdinand creates the billon dobler or doblenga.
1537 (Cortes of Valladolid)	The first multiples of the silver real are minted: the reales de a ocho, which will become a global reference for circulating silver.
1543	The gold escudos replaces the ducado in physical circulation; the ducado remains as a coin of account at 375 maravedíes.
1640	The practice of endorsement and discounting bills of exchange begins; in Catalonia, coins called principats are minted during the uprising.
1694	Appearance of checks or bank notes at the Bank of England (emerging modern financial context).
1718	The dinerillos of the cross of Aragon are abolished by royal order (last vestiges of old local types).

How they were made, what symbols they had, and what they tell us today

Medieval coinage combined technique and ritual: the metal disc was cut, placed between dies, and struck with a hammer. The result was a piece with legends, effigies, and marks that served to:

• Identify authority: royal busts, religious symbols, or Latin legends reinforced legitimacy.

• Define value: the reverse showed the nominal value or had official equivalences.

• Allow auditing: mint marks and control signals served to verify origin and fineness.

Not all coins were intended for the same use: gold pieces facilitated international trade and reserves; silver ones covered important transactions; billon and copper ones fueled daily exchange. When the crown needed to raise funds quickly, it issued pieces of lower fineness or increased seigniorage: distrust impoverished circulation and triggered metal extraction.

Materials and characteristics: technical comparison

Metal	Typical Purity	Common Use	Advantage
Gold	High (ducats/shields 22–24 carats)	Reserves, international trade, payments to mercenaries	Stable intrinsic value and political prestige
Silver	Variable (reales with fineness between 900–930 thousandths)	Commercial and fiscal payments of certain amount	Good divisibility and wide use in markets
Billon (alloy)	Low to medium	Small transactions, everyday currency	Cheap to produce in times of precious metal scarcity
Copper	Low	Very small coins, local trocales	Allows issuing pieces for daily change

Gold

• Typical Purity: 22–24 carats
• Use: International trade
• Risk: Extraction and export

Silver

• Typical Purity: 900–930 thousandths
• Use: Reales and dobles
• Risk: Devaluation by mixing

Types and Denominations: How to Understand Coins

In Castile, as in other medieval entities, multiple denominations coexisted: maravedíes, reales, doblas, escudos, morabetinos, blancas, and more. Each denomination could vary in real value depending on metallic conditions and royal reforms.

As a quick guide, here is a reference table with approximate values in maravedíes of account according to different historical moments:

Coin	Approximate Value (maravedíes of account)	Use
Morabetino	Variable (high value, equivalent to mencales)	Trade with al-Andalus and reserves
Real	34 maravedíes (after 1497 reforms)	Common silver unit
Real de a 8	Multiple for international trade	Payment on Atlantic routes
Maravedí	Unit of account and everyday currency (varies)	Local payments and salaries

Iconography and Marks: Reading a Coin like a Book

Coins are brief documents. A bust indicates sovereignty; a castle or lion speaks of the kingdom; a cross recalls divine protection. Mint marks identified the minting site and served as a seal of quality. Alongside them, Latin legends (sometimes abbreviated) set royal titles and formulas of legitimation.

Knowing how to identify these signs allows one to track circulation, detect imitations, and historically contextualize the piece.

Counterfeits, Manipulation, and Control: When Currency is Altered

The temptation to obtain liquidity led to the issuance of pieces of lower fineness, cutting thinner discs, or redoing legends. Royal pragmatics and penalties against metal extraction attempted to curb abuses; however, when the State had to finance wars or pay contingents, cuts in fineness were common coinage.

In this dynamic, trust plummeted, and barter reappeared in local markets. The reform of 1497 in Castile was a milestone for stabilizing the system and re-establishing confidence in the real and the ducado/excelente.

Representative Products and Popular Replicas

Today, replicas allow us to hold in our hands the aesthetics and sizes of ancient pieces without the restrictions of the originals. Some replicas that illustrate medieval typologies:

The replica of a real or an 8-real piece offers the sensation of relief, approximate weight, and typical iconography of the reign. They are perfect for teachers, re-enactors, and collectors who seek to see the proportion and design without handling original numismatic pieces.

Gold replica pieces show how escudos and doblas looked in high relief; they serve to compare iconographic styles between reigns and mints.

Denominations and Practical Examples

For centuries, copper coins (maravedíes), silver (reales), and gold (escudos) coexisted. Denominations were articulated in multiples and submultiples: 1, 2, 4, 8, 16 maravedíes; 1/2, 1, 2, 4, 8 reales; 1/2, 1, 2, 4, 8 escudos. Understanding these relationships facilitates reading contracts, accounts, and chronicles.

Iconography usually included legends such as HISPANIARVM REX on hammered gold pieces, ensuring the link between authority and currency. Images today help identify reigns and mints, as well as understand the propaganda that accompanied each issue.

How to Verify a Coin (Guide for Enthusiasts)

If you have an ancient coin or a replica and want to contrast it:

• Observe the iconography: compare busts, shields, and legends with reliable catalogs.

• Measure diameter and weight: many pieces have standard measures that allow verifying authenticity or fidelity of the replica.

• Review mint marks: identify them to track origin.

• Consult experts: appraisers and numismatists can provide metallurgical analyses if necessary.

Coins as Historical Sources: What They Tell Us

A coin can reveal economy, commercial relations, political changes, and aesthetic preferences. The flow of money shows trade routes, the presence of foreign currency indicates exchanges, and the appearance of new mints reflects the need for fiscal control.

Reading medieval coins is reading structures of power. From the maravedíes that crossed the Duero to the reales and doblones that would finance expeditions, each piece is a page of economic history.

Tables and Resources: Practical References

Below is a quick comparative table summarizing the risks and uses of each metal in the Middle Ages:

Metal	Main Risk	Most Frequent Use
Gold	Extraction by individuals and export	Reserves and foreign trade
Silver	Mixing with copper, devaluations	Payment of wages and regional trade
Billon	Devaluation due to over-issuance	Everyday transactions

Stories and Anecdotes Illustrating Their Impact

In times of war, courts minted pieces of lower fineness to pay armies; the result was rising prices and a loss of monetization in rural markets. In other cases, the discovery of treasures with mixed coins reveals wider trade networks than a momentary political map might suggest.

Clarifying Doubts About Medieval Coins

What were the main differences between gold and silver coins in the Middle Ages?

The main differences between gold and silver coins in the Middle Ages were their intrinsic value, function, and economic use.

1. Value and prestige: Gold coins had a much higher value per unit due to the higher price of gold, so they were mainly used for large transactions, international trade, and as a store of value. In contrast, silver coins had a lower value and circulated more widely in daily transactions and local economies.
2. Monetary function: Gold functioned as commodity money, meaning its value depended primarily on its actual precious metal content. Because of this, it was common for merchants to weigh coins to verify their actual purity and weight. Silver also had intrinsic value, but its use was more frequent for smaller payments and internal circulation.
3. Emission and circulation: During the Middle Ages, silver coins were more abundant and frequent, supporting local trade. Gold coin emissions such as the florin or the ducat emerged especially in the 13th century, with the boom in international trade and a more complex monetary economy.
4. Regulation and weight: Both gold and silver followed strict standards of weight and purity to maintain their acceptance, but in practice, coins could be altered or deteriorated, affecting their value in circulation.

In summary, gold coins represented higher values, were scarcer, and used in larger-scale trade, while silver coins played a key role in the daily and local economy, both defined by their weight and metallic fineness but with different uses and economic roles.

How did monetary unification influence the economy of medieval kingdoms?

Monetary unification in medieval kingdoms facilitated economic stability, improved internal and external trade, and allowed greater state control over the issuance and circulation of currency. This contributed to reducing fraud, increasing confidence in the currency, and strengthening the economic and political power of monarchs.

More specifically, unification allowed for:

• Standardizing currency, which simplified commercial transactions between kingdoms and within them, improving the circulation of goods and facilitating economic integration.
• Controlling the quality and metallic content of currency, limiting counterfeiting and devaluation, which generated greater confidence in official coins.
• Centralizing the production and issuance of currency, which passed into the hands of the State or the monarch, reducing dispersed baronial issuance and increasing royal revenues.
• Adapting currencies to international patterns, such as the adoption of the Venetian gold ducat in Castile, facilitating European trade and State financing.
• Driving monetary reforms at key moments, such as that carried out by the Catholic Monarchs, who abandoned fragmented medieval systems and established a unified currency with advanced techniques.

These actions had a notable impact on economic organization, allowing medieval states to consolidate and better finance their political and military structures and activities. They also favored the development of broader trade networks and economic integration in Europe.

What did mint marks symbolize on medieval coins?

Mint marks on medieval coins symbolized the location where the coin was minted, meaning the mint or coinage house. These marks served to identify the origin and guarantee the authenticity and quality of the coin. Furthermore, they facilitated merchants and users in recognizing the provenance and historical value of the piece. Over time, they also became a symbol of prestige and official control over coinage.

How did medieval coins evolve throughout the 15th century?

Medieval coins evolved throughout the 15th century primarily towards an increase in coinage in less noble metals, especially billon (an alloy of silver and copper) due to the reduction of available silver and gold. There were multiple attempts at monetary reforms to stabilize the currency, including the expansion of the billon money supply and the depreciation of the pieces, which caused instability and devaluations. Mints also multiplied, and counterfeiting increased, especially during periods of financial crisis and civil wars, such as that of 1465 in Castile. Gold and silver began to be reserved for foreign trade, while billon currency mainly circulated for internal trade, although without achieving the desired stability. Furthermore, during this century, problems arose in maintaining monetary value and authority, reflecting the complex political and economic dynamics of the time. In the Castilian system, coins such as the maravedí and the dobla remained basic, although with variations in their value and composition. In general, the stylistic and functional evolution of coinage also reflected a greater presence of symbols of power and changes in coinage according to the prevailing political authority.

What role did the ‘excelente’ play in the medieval economy?

The excelente in the medieval economy was a gold coin used in certain kingdoms to facilitate trade and transactions, playing an important role as a medium of payment and monetary reference in markets where the use of different types of coins and barter predominated. Its value and quality reflected economic stability and confidence, contributing to monetary circulation in a system principally marked by rural and feudal economy.

In context, the medieval economy was largely based on agriculture and feudalism, where money had a limited role and was often used in specific regions or situations for payments, trade, or financing of the crown and officials. The “excelente” and other similar coins helped this process by facilitating complex transactions in an environment of growing institutionalization and commerce, especially from the 13th century onwards, when the need for money in circulation increased. However, the monetary economy was intermittent and coexisted with systems based on barter and the exchange of goods, until modernity and global expansion definitely reinforced the use of money.

Final Reflection and Call to Curiosity

Medieval coins are pieces that condense economy, politics, and art. Studying them allows us to understand structural changes, crises, and institutional solutions that shaped the transition to modern monetary systems. If their world attracts you, observe the marks, compare measurements, and consult catalogs: each piece has a story waiting to be read.

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