A reinterpretation of the runic inscription on the Forsa Ring, an ancient Viking artifact, has shed new light on the monetary systems of the Viking Age. This discovery represents the oldest documented record of value in Scandinavia and reveals how Vikings managed fines in a surprisingly flexible and practical manner.
The Forsa Ring, an iron ring from Hälsingland dated to the 9th or 10th century, bears a runic inscription that outlines a system of fines for specific offenses. Previously, scholars believed these fines were to be paid using a combination of oxen and silver ore. However, Rodney Edvinsson, a Professor of Economic History at Stockholm University, has proposed a new interpretation that transforms our understanding of Viking-era economics.
The key to this new interpretation lies in the translation of a single word: “auk”. Originally thought to mean “and”, Edvinsson suggests it should be read as “or”. This small change has significant implications. Instead of requiring payment in both oxen and silver, the fines could be paid using either commodity. This flexibility would have made the system much more practical for the diverse Viking society.
Under this new interpretation, Vikings could choose to pay fines with either an ox or two öre of silver (about 50 grams). This system allowed individuals to use whichever form of payment was more readily available to them, whether they were farmers with livestock or traders with access to silver. Such flexibility would have greatly simplified transactions and made it easier for people to meet their financial obligations.
The values described in the Forsa Ring inscription provide fascinating insights into the Viking economy. An ox was valued at two öre of silver, which translates to roughly $9,400 in today’s terms when compared to the value of an hour’s work. This valuation aligns with contemporary prices in other parts of Europe, suggesting a high degree of economic integration and exchange across different regions.
The inscription also sheds light on the severity of certain crimes in Viking society. The fines mentioned are substantial, indicating that the offense in question was considered serious. For context, the price of a slave during this period was about 12 öre of silver, equivalent to approximately $56,000 today. Even more striking is the wergild – the compensation paid to a free man’s family to avoid blood revenge in case of murder – which amounted to about 5 kilograms of silver, or roughly $940,000 in modern terms.
These valuations offer a glimpse into the social structure of Viking society. The vast difference in value between a slave and a free man reflects the power dynamics in a slave-owning society and underscores the importance placed on the lives of free individuals.
Edvinsson’s research also provides insights into historical price levels. He notes that silver prices during the Viking Age were much lower than in the early 14th and late 16th centuries, but similar to levels seen in the late 15th and 12th centuries when silver was scarce.
The study highlights the sophistication of Viking-era economic systems, challenging preconceptions about early medieval societies. It reveals a flexible, practical approach to monetary transactions that could accommodate different forms of wealth and facilitate trade across diverse communities.
SOURCES
Edvinsson, R. (2024). Applying a transaction cost perspective to decode viking Scandinavia’s earliest recorded value relation: insights from the forsa ring’s runic inscription. Scandinavian Economic History Review, 1–16. doi.org/10.1080/03585522.2024.2378465
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