The Inscription
Athelstan used the title REX TOT(ius) BRIT(anniae) (King of all Britain) on his coins. This recognised that his authority was respected among Scottish and Welsh kings.
The reverse inscription, OTIC MONETA VVINCI, tells us that the coin was struck by the moneyer Otic at Winchester.
The first king of England
On the death of the Viking king Sihtric (921-927), Athelstan seized the opportunity to invade York and conquer Scandinavian Northumbria.
He thereby united the whole of England under one ruler for the first time, and the Scots and Welsh kings also submitted to him; hence the coin鈥檚 inscription REX TOT(ius) BRIT(anniae).
This was the first time that an English king was portrayed on the coinage wearing a crown - previously they had Roman-style diadems.
A regionalised currency
Although England was formally united, the old constituent kingdoms retained their identity. Coin designs and circulation were also to some extent regional.
Thus portrait coins such as this were used in southern and central England, while in the north-east the coins had an inscription in two lines and in the north-west a circular inscription around a rosette of pellets.
Coins from one region would probably not have circulated freely in another. A trader would probably have needed to change his coins at local mints or exchanges before doing business.
Athelstan's currency reforms
Athelstan鈥檚 Grately Law Code laid down that every borough was entitled to operate a mint with one moneyer, and larger towns were accorded two or more moneyers.
Not all the boroughs exercised this right, but we do know of at least 35 mints that operated during Athelstan鈥檚 reign.
The Code laid down strict guidelines for the minting of the coinage and any moneyer found defrauding the Crown was to have his hand cut off.
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