Editing Carolingian Renaissance (section)

==Carolingian currency==
{{See also|Denier (coin)|label 1=Denier|Solidus (coin)|label 2=Solidus|French livre|label 3=Livre|English currency}}
Around AD&nbsp;755, Charlemagne's father [[Pepin the Short]] reformed the [[French livre|currency]] of the [[Francia|Frankish Kingdom]].<ref name=surfingwiththeallen>{{harvp|Allen|2009}}.</ref> A variety of local systems was standardized. Minor [[Mint (facility)|mints]] were closed and royal control over the remaining bigger mints strengthened,<ref name=surfingwiththeallen/> increasing purity.<ref name=chown/> In place of the gold [[Roman currency|Roman]] and [[Byzantine currency|Byzantine]] [[solidus (coin)|solidus]] then common, he established a system based on a new .940-fine [[silver coin|silver]] [[denier (coin)|penny]] ({{langx|la|denarius}}; {{langx|fr|denier}}) weighing 1/240 of a [[Units of measurement in France before the French Revolution#Mass|pound]] (''{{lang|la|librum}}'', ''{{lang|la|libra}}'', or ''{{lang|la|lira}}''; ''{{lang|fr|livre}}'').<ref name=chown/> (The [[Carolingian pound]] seems to have been about 489.5&nbsp;[[gram]]s,{{sfnp|Ferguson|1974|loc="[https://books.google.com/books?id=nfsFPrla1QEC&lpg=PA328 Pound]"}}{{sfnp|Munro|2012|p=[https://books.google.com/books?id=eLk6CgAAQBAJ&pg=PT31 31]}} making each penny about 2&nbsp;[[gram]]s.) As the debased solidus was then roughly equivalent to 11 of these pennies, the [[Solidus (coin)#France|shilling]] (''{{lang|la|solidus}}''; ''{{lang|fr|sol}}'') was established at that value, making it 1/22 of the silver pound.<ref name=stannis/> This was later adjusted to 12 and 1/20, respectively. During the Carolingian period, however, neither shillings or [[French livre|pounds]] were minted, being instead used as notional [[unit of account|units of account]].<ref name=chown>{{harvp|Chown|1994|p=[https://books.google.com/books?id=E4OGAgAAQBAJ&pg=PA23 23] }}.</ref> (For instance, a "shilling" or "solidus" of grain was a measure equivalent to the amount of grain that 12 pennies could purchase.){{sfnp|Scott|1964|p=40}} Despite the purity and quality of the new pennies, however, they were repeatedly rejected by traders throughout the Carolingian period in favor of the gold coins used elsewhere, a situation that led to repeated legislation against such refusal to accept the king's currency.<ref name=stannis>{{harvp|Suchodolski|1983}}.</ref>

The [[Carolingian system]] was imported to [[Saxon England|England]] by [[Offa of Mercia]] and other kings, where it formed the basis of [[Pound sterling#History|English currency]] until the late 20th century.<ref name=chown/>