https://www.independent.co.uk/news/uk/essex-braintree-anglosaxon-english-london-b2500429.html
Nice little earner...
A question for any mathematicians/economic historians among us. Was 12 shillings in silver pennies in 1066 equivalent to £325,000 today?
Gawd knows
It's tricky to calculate, because you need to be able to compare some equivalents e.g. days pay for a labourer. And we don't have figures for that for 1066 (and such a figure may not have existed anyway). Bit later in the middle ages we find a day labourer rate of 2d a day. If we assume a 10 hour day for simplicity, the equivalent at National Minimum Wage would be £104.20. A penny therefore would be worth £52.10. 12 shillings is 144 pence, so would be equivalent to £7502.40. This is a wildly inaccurate way of doing the calculation - e.g. purchasing power (what could I buy for 12 shillings?) would give a different answer - but think it shows nowhere near the equivalent of £325k.
Hmmm. That is an impressive calculation, for which much thanks. I will see if my friendly economist can shed any other light.
Yes, impressive deduction, Anthony.
If only we had price indexes back to 1066. As noted, your estimate may vary significantly from purchasing power. Indeed, even purchasing power is only one of the factors in assessing value. While equivalent labor rates may be roughly £7,500, purchasing power, numismatic value (quality, rarity, demand), provenance, and historical significance of the find must also be considered. Since the sale price was almost double the expected sale price, even experts under-estimated these other factors.
QuoteWhile equivalent labor rates may be roughly £7,500, purchasing power, numismatic value (quality, rarity, demand), provenance, and historical significance of the find must also be considered.
I did assume that the money would only have its negotiable value in 1066. There are medieval purchasing power figures online. In the 14th century, you could get two cows for 144 pence. You could get a much bigger herd with £325k today. The other factors (numismatics, provenance, history) I think we'd need to acknowledge are both more modern and the true driver of the value increase.
Objet d'art
...I thought it was just the way you walked. ;D