Thepenning was the dominant currency of theNorwegiancoin system in the period 995–1387.[1]
Minted inNorway by thekings of Norway fromOlaf Tryggvason (995-1000) and up toOlaf Haakonsson (1380-1387), it remained as a unit of account in the kingdom until 1513. It was introduced the year 995 in the image of theAnglo-Saxon coinage, and was the first and oldestcurrency of Norway. The coin system was later adapted in bothSweden andDenmark.[1]
The name lives on in theNorth Germanic languages in the contracted form of the plural,penger/pengar, which means money.
In the old Norwegian weight system it entered into units as ertog,øre andmark. Penning amended standard on several occasions through theMiddle Ages. Both coin image, inscriptions, size, weight, and the silver content could vary considerably.[1]
The penning wasminted in imitation of thepennies,pfennig anddeniers issued elsewhere in Europe. However, although based on these coins, the accounting system was distinct, with different systems operating in different regions. All used theöre which was worth 1/8 of a mark or 3örtugs.[1]
Value Relations between mark, øre, örtug og penning:[1]
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