Medieval money was commonly referred to as coins, with specific names varying by region and period. The most used coins in medieval Europe included the penny, florin, and ducat, each representing different values and standards in trade.
In the early Middle Ages, varied forms of money were utilized, from coins minted by local authorities to barter systems. As trade expanded, the demand for a standardized currency grew. Kings and rulers began to mint their own coins, ensuring a level of trust and stability in the economy.
The penny was particularly significant in England, derived from the silver denarius of Rome. Its value remained consistent over centuries, earning it a reputation as a reliable form of money. In Italy, the florin became synonymous with trade, especially during the Renaissance, representing gold content that was universally recognized.
Throughout the medieval period, the introduction of banking and the rise of trade fairs further facilitated the evolution of currency. Bills of exchange and promissory notes emerged, paving the way for the more complex financial systems we recognize today.