Viking Coins Explained: What Money Did the Vikings Actually Use?
Viking Coins: What Money Did the Vikings Actually Use?
From Islamic dirhams and hacksilver to the pennies of Cnut the Great, the money of the Viking Age tells a story of trade, migration, and kingdoms stretching across continents.
When most people imagine Viking treasure, they picture silver piled inside a wooden chest: coins, arm rings, jewelry, and pieces of precious metal carried home after raids, trade, and voyages across Europe.
That image isn't entirely wrong. But Viking money was much more complicated than simply having a single "Viking coin."
For much of the Viking Age, conventionally dated from the late 8th through the 11th centuries, Scandinavian economies used silver both as coinage and as metal valued by weight. Coins could circulate as money, but they could also be cut apart, weighed, and treated simply as silver. This creates something unusual for collectors. A collection about the Vikings doesn't have to consist only of coins struck by Viking rulers. It can include Islamic silver carried across enormous trade networks, Anglo-Saxon pennies from Viking England, coins of York and Dublin, early Scandinavian royal issues, and the later pennies of kings such as Cnut the Great.
It can even help tell the stories of famous Vikings like Ragnar Lothbrok, Rollo, Bjorn Ironside, and Ivar the Boneless, even when no coin can securely be attributed directly to that person. The coins reveal just how enormous the Viking world really was.
So What Is a Viking Coin?
There is no single denomination called a "Viking coin." Collectors may use the term to describe coins struck by Scandinavian rulers during the Viking Age, coins produced in territories controlled by Scandinavian rulers, foreign money that circulated through Viking trade networks, coins discovered in Viking-Age hoards, or coins cut and modified for use in a weight-based silver economy.
Those distinctions matter. An Islamic dirham struck in Central Asia wasn't minted by Vikings. But enormous quantities of Islamic silver traveled north through trade networks connecting the Islamic world, eastern Europe, Russia, the Baltic, and Scandinavia. Likewise, an Anglo-Saxon penny could have been struck by an English king and later entered Scandinavian hands through trade, tribute, warfare, or settlement.
A coin made by Vikings, a coin used by Vikings, and a coin merely made during the Viking Age are not necessarily the same thing.
Can You Own Coins of Ragnar, Rollo, Bjorn Ironside, or Ivar the Boneless?
This is one of the most interesting questions for people entering the hobby through Viking history. Sometimes the answer is yes. Sometimes the better answer is: you can own a coin from their world.
Ragnar Lothbrok
Ragnar Lothbrok occupies an unusual place between history and legend. Later medieval traditions describe Ragnar as a famous Viking warrior and king and connect him with several figures who have stronger historical foundations. Separating a historical Ragnar from the Ragnar of later sagas, however, is extremely difficult. There is no securely attributable personal coinage of Ragnar Lothbrok. That doesn't mean you can't build a collection around the world associated with his story. Ninth-century Anglo-Saxon and Frankish coins, along with silver circulating through Scandinavian trade networks, can represent the monetary world of the period in which the Ragnar traditions are set.
Bjorn Ironside
Bjorn Ironside presents a similar challenge. Contemporary sources record Viking leaders whose names may correspond with Bjorn, while later traditions identify Bjorn Ironside as a son of Ragnar and attribute extensive campaigns to him. Connecting all of those traditions confidently to one historical individual is difficult. There is no securely attributable personal coinage of Bjorn Ironside. For collectors, the better approach is to collect coins representing the 9th-century Scandinavian and European world associated with Viking expansion.
Ivar the Boneless
Ivar the Boneless has a stronger foundation in the historical record and is associated with Viking leadership in Britain and Ireland during the 9th century and with the era of the Great Heathen Army. But collectors should still be skeptical of something casually marketed as a "coin of Ivar the Boneless." There is no normal, universally accepted personal coinage of Ivar comparable with the royal coinage of later rulers such as Cnut the Great. Instead, Anglo-Saxon, Anglo-Viking, and Irish coinage can provide physical connections to the world in which Ivar operated.
Rollo
Rollo offers an especially interesting collecting distinction. Rollo became the Scandinavian leader associated with the foundation of Normandy after reaching an agreement with the Frankish king Charles the Simple in the early 10th century. No known coin carries Rollo's name as issuing ruler. However, numismatists have identified early Norman coinage that was probably struck during Rollo's reign. That means a collector should distinguish between a "coin of Rollo" and a coin minted in Normandy under Rollo. The second description can be historically meaningful even though the first would overstate the evidence. Rollo's story eventually leads to one of the most consequential Viking legacies in European history: the Normans and, generations later, William the Conqueror and the Norman conquest of England in 1066.
Harald Bluetooth: A Viking You Can Connect Directly to Coinage
Harald Bluetooth is where the story changes. Unlike Ragnar or Bjorn, Harald was a historical king of Denmark whose reign is directly connected with surviving coinage. Early Danish silver pennies attributed to Harald demonstrate an important transformation taking place within Scandinavia. Coinage wasn't simply useful money. It was becoming a symbol of royal authority. A king who controlled coin production could place his authority into the hands of the people who used it.
Harald's reign therefore helps bridge two different Viking monetary worlds: the older economy in which foreign silver and bullion circulated widely, and the emerging Scandinavian kingdoms that increasingly issued their own money.
Before Viking Kings Minted Their Own Coinage, Silver Was Money
One of the most important things to understand about Viking economics is that silver itself could function as money. Transactions did not always depend on the denomination or issuing authority of a coin. Silver could be weighed. Coins could be cut. Arm rings could be broken into pieces. Fragments of jewelry and ingots could be exchanged according to their weight and quality. These pieces of cut precious metal are commonly described as hacksilver.
This helps explain why Viking-Age hoards can look so unusual to modern collectors. Instead of containing only complete coins, they may contain whole coins, fragments, jewelry, ingots, and chopped silver. To us, cutting a medieval silver coin seems destructive. To someone using silver by weight, it could simply make change.
The Islamic Dirham: One of the Great Coins of the Viking World
One of the most fascinating coins associated with Viking history wasn't Scandinavian at all. It was the Islamic silver dirham. During the 9th and 10th centuries, enormous quantities of Islamic silver traveled northward through eastern European trade routes. Coins struck throughout the Islamic world, including mints far into Central Asia, could eventually reach Russia, the Baltic, and Scandinavia.
Scandinavian traders traveled along major river systems connecting the Baltic with the Black Sea and Caspian regions. Through these networks, Islamic silver entered northern Europe in extraordinary quantities. Islamic dirhams have been discovered in Viking-Age hoards throughout Scandinavia. Some survive whole. Others were deliberately cut into pieces.
One coin can tell two histories: the civilization that minted it, and the Viking trade network that carried it north.
For collectors, these coins provide a remarkable reminder that the Viking world was not isolated. A silver coin covered in Arabic inscriptions could travel thousands of miles before entering a Scandinavian economy.
Anglo-Saxon Coins and the Vikings
The Vikings also had a long and complicated relationship with England. Raiding eventually gave way to settlement, conquest, and government. Scandinavian armies gained control over large areas of England, particularly in regions traditionally associated with the Danelaw. English silver pennies became an important part of this world. Some entered Scandinavian hands through ordinary trade. Others arrived through warfare, tribute, and large payments traditionally associated with Danegeld.
Large numbers of English coins have been discovered in Scandinavian contexts, demonstrating just how closely connected England and the Viking world became. For collectors interested in Alfred the Great, Aethelred II, the Great Heathen Army, or the eventual rise of Cnut the Great, Anglo-Saxon coinage provides one of the strongest physical connections between English and Viking history.
Viking Coins of York
York became one of the most important political and commercial centers of Scandinavian-controlled England. Viking rulers at York issued silver coinage of their own. These coins provide something particularly valuable to collectors: money actually produced under Scandinavian political authority in England.
One fascinating example is coinage naming a ruler called Cnut, issued at York in the late 9th century. This Cnut should not be confused with Cnut the Great, who became king of England more than a century later. That distinction is a perfect example of why Viking numismatics can become complicated, and why careful attribution matters. The York issues demonstrate that Vikings were not simply raiders passing through England. They became rulers controlling cities, economies, and mints.
Viking Dublin and Ireland
Ireland provides another fascinating branch of Viking numismatics. Scandinavian settlement created major coastal centers, most famously Dublin, which became deeply connected with trade across the Irish Sea and the wider Viking world. By the late Viking Age, rulers in Dublin produced their own silver coinage, initially heavily influenced by contemporary English pennies. These Hiberno-Scandinavian coins document the transformation of Viking communities from raiders and settlers into established political and commercial powers. For someone fascinated by Viking Ireland, they can form an entire specialized collection.
Scandinavian Kings and the North Sea Empire
By around AD 1000, Scandinavian rulers were increasingly issuing coinage that represented royal authority directly. Sweyn Forkbeard, king of Denmark and later conqueror of England, is associated with extremely rare Danish royal coinage. These issues are important far beyond their rarity. They represent a Scandinavian ruler adopting one of medieval Europe's clearest symbols of kingship: money issued under royal authority. The transition from imported silver and bullion to increasingly controlled royal coinage reflects the political transformation of Scandinavia itself. Vikings were becoming kings.
Few rulers demonstrate that transformation better than Cnut the Great. Cnut became king of England in 1016 and ultimately ruled a political realm encompassing England, Denmark, and Norway, often called the North Sea Empire. His English silver pennies belong to a highly organized monetary system and survive in multiple types and mints. A coin of Cnut represents a very different Viking world from the chopped dirhams and hacksilver of earlier centuries. Scandinavian rulers were no longer simply threatening the kingdoms of western Europe. They had become the kings of them. For collectors, Cnut's English pennies provide one of the clearest and most obtainable ways to own a coin issued directly under one of the Viking Age's greatest rulers.
What Did Vikings Actually Carry?
There was no single Viking wallet filled with one standardized currency. Depending on the century and location, people in the Viking world might encounter Islamic dirhams from the Islamic world, Anglo-Saxon pennies from England, Frankish and other European silver coins, Scandinavian royal coinage, Anglo-Viking coins from York and elsewhere, Hiberno-Scandinavian coins from Ireland, silver jewelry and ingots, and hacksilver and cut coins. That diversity is part of what makes the subject so interesting. A Viking-Age hoard can resemble a map of the medieval world.
The same river systems that carried Islamic dirhams north also carried other eastern silver. Sasanian drachms from Persia, struck before the rise of the Islamic caliphates, circulated widely along these routes and appear in early medieval hoards alongside the dirhams that followed them, another example of eastern silver reaching the Viking world through trade.
Why Were Viking-Age Coins Cut?
Collectors occasionally encounter Viking-associated coins that have been cut into halves, quarters, or irregular fragments. That does not necessarily mean the coin was accidentally damaged. In an economy where silver could be valued by weight, cutting a coin created a smaller amount of spendable silver. A merchant could weigh the fragment just as another piece of silver might be weighed. From a modern collecting perspective, a cut coin may look less desirable than a complete example. Historically, however, the cut can actually be part of the story. It may be evidence of the bullion economy in which that silver participated.
Were Vikings Using Ancient Roman Coins?
Roman coins have been found throughout northern Europe, but collectors should be cautious about assuming every ancient coin discovered in Scandinavia remained in normal monetary circulation during the Viking Age. Roman coins could survive for centuries and might be reused, collected, pierced, deposited, or incorporated into jewelry. But the major monetary flows associated with the Viking Age involved contemporary medieval silver, particularly Islamic, Anglo-Saxon, Frankish, and eventually Scandinavian coinages. For a historically focused Viking collection, those coins generally provide much stronger monetary connections than an ancient Roman coin simply found in northern Europe.
What Are the Best Viking Coins for a Beginner?
The answer depends on what part of Viking history interests you. An Islamic dirham is a fascinating starting point for someone interested in Viking trade and exploration; the attraction is the journey, a coin struck deep within the Islamic world representing the networks connecting Scandinavia with eastern Europe and Central Asia. An Anglo-Saxon penny is excellent for collectors interested in Viking England, connecting directly with the kingdoms that fought, traded with, paid, and were eventually conquered by Scandinavian forces.
A coin of Cnut the Great is one of the clearest direct connections to a famous Viking ruler, linking England, Denmark, Norway, and the transformation of Scandinavian power into medieval monarchy. A Viking York penny is a more specialized direct connection to Scandinavian rule in England; these can be difficult and expensive, but historically they are extraordinary. A Hiberno-Scandinavian coin of Dublin is an excellent choice for Viking Ireland and the Irish Sea trade network. And an early Scandinavian royal coin, associated with rulers such as Harald Bluetooth and Sweyn Forkbeard, provides some of the most literal answers to the question, "Can I own a real Viking coin?" Yes. But rarity and price can vary enormously.
How Much Do Viking Coins Cost?
There is no single price range, because "Viking coin" covers many different categories. A common foreign silver coin connected broadly with Viking-Age trade can be considerably more affordable than a rare coin actually issued under a Scandinavian king. Price depends on the ruler, mint, type, rarity, condition, historical importance, provenance, whether the coin is whole or cut, and the strength of the coin's actual connection to Viking history.
Foreign coins that circulated extensively in the Viking world can provide accessible entry points. Coins of rulers such as Cnut the Great vary significantly by type and condition. Early Scandinavian royal issues and desirable Anglo-Viking coinages can become substantially more expensive. The important thing is to understand what connection the coin actually has to Viking history before paying a premium simply because someone calls it "Viking."
Be Careful With the Word "Viking"
This may be the single most important collecting lesson in this guide. The word Viking sells. Because of that, it can be applied very loosely. An Islamic dirham struck during the Viking Age is not automatically a Viking coin. An Anglo-Saxon penny does not become a personal coin of a Viking leader simply because Vikings were active when it was struck. And a 9th-century coin does not become a "Ragnar Lothbrok coin" simply because a seller places Ragnar's name in the listing.
Ask what the connection actually is. Was the coin issued by a Scandinavian ruler? Was it produced under Scandinavian political control? Is that coin type commonly found in Scandinavian hoards? Is there archaeological evidence connecting the type to Viking trade? Or was it merely produced during the same century? A knowledgeable seller should be able to distinguish between a coin made under Viking authority, a coin demonstrably associated with the Viking economy, and a coin that merely dates from the Viking Age. Those are not always the same thing.
Are Viking Coins Faked?
Anything rare, valuable, and historically famous can attract forgery. Early Scandinavian royal coins, Anglo-Viking issues, and other desirable medieval silver deserve careful authentication. Collectors should consider weight and diameter, metal, style, letter forms, die characteristics, surface appearance, provenance, and comparison with established examples. Be particularly skeptical of spectacular "Viking coins" offered cheaply through marketplaces where sellers provide little attribution or provenance. It is better to own a modest, correctly identified coin than a dramatic object with a questionable story attached to it.
Building a Viking Coin Collection
One of the best ways to collect Viking history is not to chase only coins bearing the names of Scandinavian kings. Instead, build a collection around the world the Vikings touched.
- Islamic dirham for the eastern trade routes
- Anglo-Saxon penny for Viking England
- Frankish coin for raids, tribute, and western Europe
- Viking York penny for Scandinavian government in England
- Hiberno-Scandinavian coin for Viking Ireland
- Cnut the Great penny for the North Sea Empire
- Early Scandinavian royal issue for the emergence of Denmark, Norway, or Sweden
Seven coins could tell a story stretching from the Islamic world to Ireland. And someone fascinated specifically by Ragnar, Ivar, Bjorn, or Rollo can build a collection around the historical world connected with that figure without pretending to own a personal coin that doesn't exist.
You don't always need the famous person's portrait or name. Sometimes the coin that paid his enemy, crossed his trade route, or was struck by his descendants tells an even better story.
Final Thoughts
The most surprising thing about Viking coins may be that the Vikings did not need to mint a coin themselves for that coin to become part of Viking history. Silver traveled. Coins traveled. People traveled. An Islamic dirham could leave the Islamic world, move through trading networks across eastern Europe, and eventually reach Scandinavia. An English penny could cross the North Sea. A Viking ruler in York could issue money under Scandinavian authority. Rollo could establish a Scandinavian dynasty in Normandy without leaving us a convenient named "Rollo coin." And eventually rulers such as Harald Bluetooth, Sweyn Forkbeard, and Cnut the Great could use coinage as part of a new kind of Scandinavian royal power.
Together, these coins show that the Viking Age was not simply a story of raids and longships. It was also a story of trade, migration, silver, kingdoms, and connections stretching across continents. For someone who already loves Viking history, collecting the coins associated with that world provides a way to move beyond the screen or page. You can hold evidence of those connections in your own hands.
Dean KinzerKinzer Coins
History wasn't just written. It was minted.
Frequently Asked Questions
Is there really no single "Viking coin"?
Correct. The term covers coins struck by Scandinavian rulers, coins made under Scandinavian control, and foreign money that circulated through Viking trade networks. A dirham, an Anglo-Saxon penny, and a coin of Cnut the Great can all belong to a Viking collection for very different reasons.
Can I buy a coin of Ragnar Lothbrok or Ivar the Boneless?
No securely attributable personal coinage exists for Ragnar, Bjorn Ironside, or Ivar. What you can own is a coin from their world, the 9th-century Anglo-Saxon, Frankish, Anglo-Viking, and trade silver of the era their stories are set in. Be cautious of any listing that puts one of those names directly on a coin.
Why are some Viking-Age coins cut into pieces?
In an economy where silver was often valued by weight rather than face value, cutting a coin simply created a smaller amount of spendable silver. A cut coin, or hacksilver, is evidence of that bullion economy rather than damage.
What is the easiest genuine Viking-world coin to start with?
An Islamic dirham of the type that traveled north through the trade routes, or a curated Viking-Age silver set, is an accessible and historically honest starting point. Royal issues of rulers like Cnut are the most direct connection to a named Viking king, though prices vary by type and condition.
Are Viking coins authenticated?
The rare and famous issues attract forgery, so authentication matters. Every coin from Kinzer Coins is guaranteed authentic, and we are glad to explain exactly what a coin's connection to Viking history actually is before you buy.
Start Your Viking Collection
Authentic silver from the world the Vikings touched, guaranteed genuine, with the honest attribution to know exactly what you own.
Start Here