A History Of Gold In The Middle Ages

Posted on by Brian Colwell

Gold has captivated human civilization for millennia, but perhaps no period exemplified its transformative power quite like the Middle Ages (500-1500 CE). During this thousand-year span, gold transcended its role as mere precious metal to become the cornerstone of international trade, the symbol of divine authority, and the catalyst for exploration and conquest.

From the glittering Byzantine solidus that dominated Mediterranean commerce to the West African gold that fueled European prosperity, from Islamic dinars that connected continents to the Florentine florins that sparked the Renaissance, gold shaped the medieval world in profound ways.

This precious metal influenced religious art, diplomatic relations, monetary systems, and the rise and fall of empires. Understanding the history of gold during the Middle Ages reveals not just economic patterns, but the interconnected nature of medieval civilizations and the foundations of our modern global economy.

A History Of Gold In The Middle Ages (500 – 1500)

The medieval period witnessed an unprecedented circulation of gold across continents, with the precious metal serving as both currency and symbol of power. Trade routes spanning from Scandinavia to sub-Saharan Africa, from Ireland to China, carried not just gold coins but ideas, technologies, and cultural exchanges that would shape world history. The Byzantine Empire’s stable gold currency provided the economic foundation for a millennium of prosperity, while Islamic caliphates created sophisticated monetary systems that influenced global commerce. European kingdoms, initially starved of gold, eventually developed their own gold coinages that would finance the Renaissance and Age of Exploration. Throughout these centuries, the quest for gold drove technological innovation in mining and minting, sparked conflicts and crusades, and ultimately connected diverse civilizations in ways that laid the groundwork for our modern interconnected world.

Chronology

  • 312 CE – Emperor Constantine I introduces the gold solidus coin in the Eastern Roman Empire, weighing 4.4 grams of pure gold, establishing the standard for Byzantine currency that would last 700 years [1, 2]
  • 330 CE – Constantinople is founded as the “New Rome” by Constantine I, becoming the center of Byzantine gold trade and commerce [3]
  • 491-518 CE – Emperor Anastasius I reforms Byzantine coinage, marking the true beginning of Byzantine monetary system with the gold nomisma as the primary currency [4, 5]
  • 500-550 CE – Byzantine gold solidi accumulate in the Baltic region as payment for furs, demonstrating the reach of Byzantine trade networks [6]
  • 527-565 CE – Emperor Justinian I uses Byzantine gold wealth to expand the empire through conquest, with gold funding military campaigns [7]
  • 600-700 CE – Byzantine gold solidi are hoarded across France, Low Countries, Scandinavia, Germany, the Balkans, Russia, the Levant, and northern Africa [6]
  • 602-610 CE – Emperor Phocas issues gold solidi showing the emperor holding a cross, establishing Christian iconography on Byzantine gold coins [8]
  • 615 CE – Emperor Heraclius introduces the gold hexagram alongside the solidus, though it lasts only until the end of the 7th century [4]
  • 696-697 CE – Caliph Abd al-Malik ibn Marwan issues the first Islamic gold dinar weighing 4.25 grams, establishing a new standard for Islamic coinage [9, 5]
  • 698 CE – The Umayyad Caliphate strikes gold dinars with purely epigraphic designs, removing figural images and establishing the Islamic coin pattern [9]
  • 720 CE – Byzantine Emperor Leo III establishes the ceremonial miliaresion, which becomes standard issue from 830 CE [4]
  • 750-969 CE – Under Abbasid rule, Jerusalem prospers with significant gold trade, though the city doesn’t achieve the status of major capitals [10]
  • 755 CE – Frankish King Pepin the Short introduces the silver denier, marking the shift from gold to silver coinage in northern Europe [11, 12]
  • 765-814 CE – Charlemagne’s silver denier dominates European coinage, with gold virtually disappearing from Western European minting [13]
  • 774 CE – King Offa of Mercia mints a gold coin copying an Abbasid dinar, including Arabic inscriptions and the Islamic declaration of faith [14]
  • 793-794 CE – Charlemagne carries out major currency reform, establishing the Carolingian monetary system based on silver rather than gold [12]
  • 800 CE – Pope Leo III crowns Charlemagne as Roman Emperor on Christmas Day, solidifying the silver-based monetary system in Western Europe [11]
  • 813-840 CE – Louis the Pious issues rare Carolingian gold solidi, among the last Byzantine-style gold coins struck in the West [13]
  • 830 CE – The Byzantine miliaresion becomes standard silver issue, with 12 miliaresion equal to one gold nomisma [2]
  • 909-1171 CE – The Fatimid Caliphate produces exceptionally high-quality gold dinars that become the most widespread trade coins of the Mediterranean [15, 16]
  • 946-977 CE – Gisulf I of Salerno mints the gold tari closely imitating Fatimid dinars for Mediterranean trade [14]
  • 953 CE – Fatimid Caliph al-Mu’izz issues dinars with clear Shi’i messages and distinctive concentric circular designs [15]
  • 960s CE – Byzantine Emperor Nikephoros II Phokas introduces the lighter tetarteron gold coin alongside the full-weight histamenon [1, 17]
  • 960s CE – Holy Roman Emperor Otto I opens new silver mines, particularly at Rammelsberg near Goslar, increasing European metal production [18]
  • 969 CE – Fatimid general Jawhar conquers Egypt and begins minting extremely pure “red” gold dinars to establish Fatimid monetary authority [16]
  • 973 CE – Caliph al-Mu’izz arrives in Egypt with one hundred camel-loads of gold bars to establish Fatimid currency dominance [16]
  • 1000-1100 CE – Byzantine Empire projects image of luxury with gold accumulated in Constantinople impressing travelers [19]
  • 1023 CE – Spanish banker Bonnom produces gold mancuso for Ramon Berenguer I, Count of Barcelona, imitating Islamic dinars [5]
  • 1028-1034 CE – Byzantine Emperor Romanos Argyros begins the debasement of the gold nomisma/solidus [4]
  • 1034-1041 CE – Byzantine Emperor Michael IV the Paphlagonian takes the unprecedented step of debasing the gold solidus [1, 20]
  • 1042-1055 CE – Emperor Constantine IX introduces the scyphate (cup-shaped) form for Byzantine gold coins [20]
  • 1048-1077 CE – Fatimid Caliph al-Mustansir adopts the three-circle coin type, maintaining high gold quality [15]
  • 1071-1078 CE – The purity of Byzantine gold coins drops to 14 carats (58%) under Emperor Michael VII Doukas [1]
  • 1078-1081 CE – Gold purity falls to 8 carats (33%) under Emperor Nikephoros III Botaneiates [1]
  • 1081-1092 CE – Byzantine gold coins range from 0 to 8 carats during the first eleven years of Alexios I Komnenos’s reign [1]
  • 1092 CE – Emperor Alexios I Komnenos reforms Byzantine coinage, replacing the solidus with the hyperpyron at 20.5k fine gold (85%) [1, 20]
  • 1094-1171 CE – Fatimid experimental dinars introduce Naskhi script on Egyptian coins for the first time [15]
  • 1096-1099 CE – First Crusade captures Jerusalem, bringing European forces into contact with Byzantine and Islamic gold coinage systems [21, 22]
  • 1099 CE – Crusaders capture Jerusalem and encounter sophisticated Islamic and Byzantine monetary systems based on gold [23, 24]
  • 1100-1200 CE – During the 12th century, 60% of gold in Europe originates from West African sources [25]
  • 1110 CE – Bethlehem becomes seat of a Western Christian bishop, with Crusaders controlling holy sites and their gold offerings [21]
  • 1123 CE – Baldwin II of Jerusalem is captured and ransomed for 80,000 gold pieces, demonstrating gold’s role in medieval diplomacy [22]
  • 1140 CE – King Roger II of Sicily issues scyphate billon coins modeled on Byzantine trachea as part of the Assizes of Ariano [26]
  • 1142 CE – Almoravid gold dinar issued by Tashfin ibn ‘Ali in Spain signals independence from the Abbasid Caliphate [5]
  • 1150 CE – Byzantine Empire’s annual revenue reaches 5,600,000 hyperpyra (gold coins) at its 12th-century peak [19]
  • 1171 CE – Compensation of 108,000 hyperpyra (1,500 pounds of gold) agreed for Venetian losses in Constantinople [19]
  • 1184 CE – Venetian embassy negotiates gold compensation with Byzantine Empire for trade losses [19]
  • 1187 CE – Saladin captures Jerusalem from the Crusaders, disrupting European access to Eastern gold trade routes [27]
  • 1192 CE – Treaty of Jaffa between Richard the Lionheart and Saladin allows Christian pilgrimages but limits European gold influence [27]
  • 1200 CE – Rum Seljuk Turks issue gold dinars depicting Turkish cavalrymen, blending Islamic monetary tradition with figural imagery [5]
  • 1204 CE – Fourth Crusade sacks Constantinople, dispersing Byzantine gold treasures across Western Europe [19, 28]
  • 1205-1229 CE – Venetian Doge Pietro Ziani issues silver grosso coins in response to Byzantine economic decline [29]
  • 1229 CE – Holy Roman Emperor Frederick II negotiates return of Jerusalem through diplomacy rather than military action [27]
  • 1244 CE – Khwarazmian forces capture Jerusalem, ending significant European control over Eastern gold trade routes [27, 10]
  • 1250 CE – European gold circulation remains limited, with goldsmiths recycling coins and jewelry to obtain precious metal [25]
  • 1252 CE – Florence mints the first gold florin weighing 3.5 grams of 98.6% pure gold, revolutionizing European commerce [26, 30, 31]
  • 1252 CE – Genoa simultaneously introduces the gold genovino, competing with Florence for monetary dominance [26, 32]
  • 1257 CE – England issues its first gold penny under Henry III, designed for alms-giving rather than regular commerce [33, 34]
  • 1266 CE – France issues the gold écu under Louis IX as part of major monetary reform [35]
  • 1279 CE – England introduces the silver groat worth 4 pence and the half-groat worth 2 pence [33]
  • 1280-1340 CE – Mansa Musa rules Mali Empire, controlling vast West African gold resources [25]
  • 1284 CE – Venice introduces the gold ducat weighing 3.545 grams of 99.47% pure gold, the highest purity achievable in medieval metallurgy [26, 35]
  • 1285-1797 CE – Venetian ducat maintains consistent weight and purity for over 500 years, becoming the most stable medieval currency [35]
  • 1300-1500 CE – Hungarian gold mines produce 500,000 kg of gold, approximately 30% of world production in this period [36]
  • 1303 CE – Byzantine Empire’s annual revenue drops to less than 1,800,000 hyperpyra under Andronikos II Palaiologos [19]
  • 1304 CE – Byzantine Empire introduces the basilikon, a pure silver coin modeled on the Venetian ducat [19]
  • 1311 CE – Charles I of Hungary begins gold coinage exploiting ancient gold mines after Amadeus Aba’s assassination [26]
  • 1321 CE – Byzantine Emperor Andronikos II struggles to raise even 1,000,000 hyperpyra in annual revenue [19]
  • 1324 CE – Mansa Musa’s pilgrimage to Mecca floods Cairo with gold, causing 20% devaluation of the gold dinar for 12 years [37]
  • 1343 CE – Byzantine Empress Anna of Savoy pawns the crown jewels for 30,000 Venetian ducats (60,000 hyperpyra) [19]
  • 1344 CE – England issues the gold leopard worth 72 silver pence, beginning regular gold coinage [33, 34, 17]
  • 1346-1353 CE – Knights of Saint John strike ducats with Grand Master Dieudonné de Gozon at Rhodes [26]
  • 1348 CE – Constantinople’s annual revenue falls to 30,000 hyperpyra while Genoese Galata generates 200,000 hyperpyra [19]
  • 1350s CE – Byzantine hyperpyron ceases regular circulation, remaining only as money of account [4]
  • 1350-1439 CE – Roman Senate strikes gold zecchino imitating Venetian designs [29]
  • 1354 CE – Rhenish florin (gulden) established in Rhine valley, though debased from 3.43g to 2.76g by 1419 [26]
  • 1360 CE – France introduces the gold franc, the first coin to represent exactly one pound in value [12]
  • 1367 CE – Byzantine monetary system reorganizes around the silver stavraton rather than gold [19]
  • 1375 CE – Catalan Atlas depicts Mansa Musa holding gold, spreading knowledge of West African wealth to Europe [25]
  • 1380-1422 CE – French King Charles VI issues gold écu d’or during Hundred Years’ War [13, 29]
  • 1400 CE – Byzantine gold coinage becomes insignificant as Italian money dominates Eastern Mediterranean [4]
  • 1415 CE – Portuguese begin exploiting West African coastal gold resources [37]
  • 1420 CE – Gold from Venice flows to Mamluk Sultanate through Fondaco dei Tedeschi [38]
  • 1432 CE – Papal mint begins issuing ducats of Venetian origin alongside florins [32]
  • 1435 CE – Florentine florin restored to original full weight after minor 14th-century reductions [35]
  • 1453 CE – Ottoman conquest of Constantinople ends Byzantine Empire and its thousand-year gold currency tradition [3, 1]
  • 1457-1464 CE – Great Bullion Famine strikes Europe, with severe shortage of precious metals [38]
  • 1465 CE – England creates the gold rose noble worth 120 pence and the angel worth 80 pence [33, 17]
  • 1489 CE – England mints first gold sovereign, the first English £1 coin [12]
  • 1492 CE – Discovery of Americas begins to redirect European attention from African to New World gold sources [37, 38]
  • 1500s CE – Portuguese handle 400-550 kilos of West African gold annually [37]
  • 1524 CE – Holy Roman Emperor Charles V recognizes Venetian ducat standard as 39% more valuable than debased gulden [26]
  • 1526 CE – Ferdinand I brings ducat system to Hungary, maintaining pure gold standard of 3.53133 grams [26]
  • 1531 CE – Papal States replace the florin with the scudo of French origin [32]
  • 1533 CE – Florence ceases production of the gold florin after 281 years of continuous minting [30, 35]

Final Thoughts

The history of gold in the Middle Ages reveals far more than economic transactions—it illuminates the interconnected nature of medieval civilization itself. From the stable Byzantine solidus that anchored Mediterranean trade for seven centuries to the revolutionary Florentine florin that financed the Renaissance, gold coins served as both practical currency and powerful symbols of authority. The flow of West African gold to Europe, the Islamic world’s sophisticated monetary systems, and the European bullion famines all demonstrate how profoundly the availability or scarcity of gold shaped political power, artistic achievement, and technological innovation.

The quest for gold drove exploration, sparked conflicts, and ultimately connected diverse cultures in ways that prefigured our modern global economy. As medieval rulers debased their currencies and merchants developed complex exchange systems, they established patterns of international finance that resonate today.

The Middle Ages thus transformed gold from ancient treasure into the foundation of international commerce, leaving a golden legacy that would shape the modern world.

Thanks for reading!

References

[1] Solidus (coin) – https://en.wikipedia.org/wiki/Solidus_(coin)

[2] Byzantine Coinage – https://www.worldhistory.org/Byzantine_Coinage/

[3] Byzantine Empire | History, Geography, Maps, & Facts – https://www.britannica.com/place/Byzantine-Empire

[4] Byzantine coinage – https://en.wikipedia.org/wiki/Byzantine_coinage

[5] Medieval Byzantine and Islamic Empires – https://numismatics.org/exhibits/medieval-byzantine-and-islamic-empires/

[6] coin: Coinage in the Byzantine Empire – https://www.britannica.com/money/coin/Coinage-in-the-Byzantine-Empire

[7] Understanding Byzantine Economy: The Collapse of a Medieval Powerhouse – https://www.thecollector.com/byzantine-economy-collapse-medieval-times/

[8] Solidus | Early Byzantine – https://www.metmuseum.org/art/collection/search/462769

[9] Gold dinar – https://en.wikipedia.org/wiki/Gold_dinar

[10] Medieval Jerusalem – https://en.wikipedia.org/wiki/Medieval_Jerusalem

[11] coin: Charlemagne and the Carolingian coinages – https://www.britannica.com/money/coin/Charlemagne-and-the-Carolingian-coinages

[12] Carolingian monetary system – https://en.wikipedia.org/wiki/Carolingian_monetary_system

[13] The Medieval West – https://numismatics.org/exhibits/the-medieval-west/

[14] How Islamic coins became gold standard of medieval world – https://www.turkiyetoday.com/culture/how-islamic-coins-became-gold-standard-of-the-medieval-world-3201956

[15] Fatimid Coins 909-1171CE – https://muslimheritage.com/fatimid-coins/

[16] Fatimid coinage – https://en.wikipedia.org/wiki/Fatimid_coinage

[17] List of Medieval Coins (150+ Terms with Photos!) – https://timothyrjeveland.com/list-of-medieval-coins/

[18] Mining and metallurgy in medieval Europe – https://en.wikipedia.org/wiki/Mining_and_metallurgy_in_medieval_Europe

[19] Byzantine economy – https://en.wikipedia.org/wiki/Byzantine_economy

[20] The Changing Iconography of Byzantine Gold Coinage – https://numismatics.org/pocketchange/byzantine-iconography/

[21] The Crusades (1095–1291) – https://www.metmuseum.org/essays/the-crusades-1095-1291

[22] Crusades – https://en.wikipedia.org/wiki/Crusades

[23] Kingdom of Jerusalem – https://en.wikipedia.org/wiki/Kingdom_of_Jerusalem

[24] Siege of Jerusalem (1099) – https://en.wikipedia.org/wiki/Siege_of_Jerusalem_(1099)

[25] Hidden Histories: West African Gold – https://colchester.cimuseums.org.uk/westafricangold/

[26] Ducat – https://en.wikipedia.org/wiki/Ducat

[27] History of Jerusalem during the Kingdom of Jerusalem – https://en.wikipedia.org/wiki/History_of_Jerusalem_during_the_Kingdom_of_Jerusalem

[28] Material culture of the Crusades – https://smarthistory.org/reframing-art-history/material-culture-of-the-crusades/

[29] The Medieval West – https://numismatics.org/exhibits/the-medieval-west/

[30] Florin – https://en.wikipedia.org/wiki/Florin

[31] Florin Coins: Medieval Gold that Shaped European Trade and Power – https://axiombullion.org/florin-coins-the-medieval-european-currency-of-royalty-and-trade/

[32] History of coins in Italy – https://en.wikipedia.org/wiki/History_of_coins_in_Italy

[33] Medieval money – https://castellogy.com/history/medieval-money

[34] Medieval money – https://castellogy.com/history/medieval-money

[35] Money and Coinage in Late Medieval and Early Modern Europe – https://www.economics.utoronto.ca/munro5/MONEYLEC.htm

[36] Where did Medieval Europe’s gold come from? – https://history.stackexchange.com/questions/14961/where-did-medieval-europes-gold-come-from

[37] The Gold Trade of Ancient & Medieval West Africa – https://www.worldhistory.org/article/1383/the-gold-trade-of-ancient–medieval-west-africa/

[38] Great Bullion Famine – https://en.wikipedia.org/wiki/Great_Bullion_Famine