Counterfeiting: A crime against the king

In 1910, road workers found a treasure hoard consisting of approximately 1,800 coins hidden in a stone pile in Kalfarlien in Bergen. These were pennies minted by King Eirik Magnusson. All were struck with the same stamp and had no traces of wear. Upon closer examination, however, they proved to be counterfeits with almost no silver. The penny was the most common monetary unit. The idea was probably to put them in circulation in small quantities and over a long time span. During the reign of King Eirik, it might have become uncommon to weigh and test small coins, since genuine coins also had a low silver content.

In the Laws of the Land, counterfeiting is mentioned among the inexpiable crimes, i.e. offences considered so serious that they could not be expiated with a fine. The punishment was outlawry and confiscation of one’s entire property. Why was there such a harsh punishment? Coins were minted in the name of the king and bore his portrait, name, and coat of arms. The coin economy gradually gained a foothold based on trust in the value of monetary transactions. The right to mint coins was also profitable for the king because of the difference between a coin’s nominal value and the actual value of its silver content.

Were those coins left behind because the counterfeiter was revealed, or did this person simply get cold feet? Perhaps they lay hidden for so long that they became useless. Medieval coins circulated for rather short periods because new kings demanded that their predecessors’ coins be recalled, so as to change the silver content, as King Eirik did.