cost 12d. So even the smallest gold coin, the quarter-noble of 20d (with 1.7g fine gold), was of little use for domestic trade.

Every day, economic activities were therefore conducted with silver as the standard of value and with silver serving as a medium of exchange for local, domestic, and even regional trade. Gold functioned as a medium for international trade and high-value transactions, but it generally fluctuated in price versus everyday silver money. Gold as the sole standard of value would not occur until after various developments