
The Economic and Political History Podcast Making Money in the Early Middle Ages | Rory Naismith with Javier Mejia
Mar 22, 2025
In this insightful discussion, Rory Naismith, a professor specializing in early medieval history, delves into the significance of coined money during the tumultuous period after the Roman Empire. He reveals how scarce coins functioned as social and economic tools, connecting individuals to broader structures. Challenging the notion of a complete collapse, Naismith emphasizes the complex interplay between economy, state, and society. He also discusses the moral implications of coinage, the role of landholding elites, and contrasts Western Europe's monetary evolution with that of Byzantium and the Islamic world.
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Childhood Coin Sparked Lifelong Interest
- Rory Naismith recalls buying an ancient coin as a child and being struck by how tangible coins connect you to the past.
- He uses coins in teaching to create a direct link between students and historical actors.
Early Middle Ages: Collapse Is Oversimplified
- The early Middle Ages (5th–~11th c.) is often framed as collapse, but lived experience was more complex and varied over time and place.
- Naismith treats the period as a sandbox to observe monetary creativity and social responses to scarcity.
Monetary Thinking Without Many Coins
- Coin scarcity mainly removed low-value change, leaving only precious-metal coins which served special transactional roles.
- People applied monetary units as a pricing framework to barter and commodity exchange even when coins were rarely used.

