1,000-year-old iron ring reveals how Vikings handled medieval money

STOCKHOLM, Sweden — Paying a fine in Viking-age Sweden could cost you an ox. Or, if you prefer, it’s equivalent in silver. A new analysis of a thousand-year-old iron ring from Sweden is changing our understanding of how these ancient societies handled their monetary systems.

This ancient ring bears runic inscriptions that are helping researchers from Stockholm University better understand how Vikings handled economic transactions. The study, published in the Scandinavian Economic History Review, analyzes the Forsa Ring, found in Sweden and dating to around 900-950 CE. Researchers have proposed a new interpretation of what may be Scandinavia’s earliest recorded price relationship between silver and livestock.

“The Forsaringen inscription ‘uksa … auk aura tua’ was previously interpreted to mean that fines had to be paid with both an ox and two ore of silver. This would imply that the guilty party had to pay with two different types of goods, which would have been both impractical and time-consuming,” says study author Rodney Edvinsson, professor of economic history at Stockholm University, in a statement.

Making sense of ancient monetary systems requires understanding both language and practical economics. Consider paying a bill today that requires both cash and a specific gift card. If you only had cash, you’d first need to find somewhere selling that exact gift card, creating unnecessary hassle. Vikings faced similar practical challenges, which makes the traditional interpretation of the ring’s requirements questionable.

At the heart of this reinterpretation is the Old Norse word “auk.” While traditionally translated as simply meaning “and,” research suggests it originally carried the meaning of “also” or “alternatively.” This linguistic detail proves crucial. Instead of demanding payment in “ox and silver,” the inscription may have meant “an ox, also (equivalent to) two öre of silver,” where öre was a weight measurement for silver equivalent to about 25 grams.

To put these values in modern perspective, an ox worth two öre (about 50 grams of silver) during the Viking Age would be worth approximately 100,000 Swedish kronor today when compared to the value of an hour’s work. The fines described in the Forsa Ring were substantial, and they doubled with each repeat offense. For context, one öre could be exchanged for about nine Arabic dirhams, a currency that circulated widely among Vikings.

“As an economic historian, I particularly look for historical data to be economically logical, that is, to fit into other contemporary or historical economic systems,” says Edvinsson. “The valuation of an ox at two ore, or 50 grams of silver, in 10th-century Sweden resembles contemporary valuations in other parts of Europe, indicating a high degree of integration and exchange between different economies.”

The study reveals fascinating details about Viking-age economic hierarchies. While an ox was valued at two öre, a thrall (enslaved person) typically cost 12 öre of silver, equivalent to roughly 600,000 Swedish kronor today. The wergild (compensation paid to a murdered person’s family) for a free person was even higher: about 5 kilos of silver or approximately 10 million Swedish kronor. These stark differences in human valuation reflect the harsh social stratification of Viking society.

“The price level during the Viking Age in silver was much lower than in the early 14th century and late 16th century, but approximately at the same level as in the late 15th century and the 12th century, when there was a silver shortage,” notes Edvinsson.

This practical approach to payments wasn’t unique to the Forsa Ring. Later medieval Scandinavian legal codes suggest that payments in either goods or silver were sometimes permitted, indicating that the system documented on the Forsa Ring may have reflected an established economic tradition rather than an isolated case.

While few of us keep oxen as backup currency today, we do maintain multiple ways to pay, from cash to credit cards to payment apps. The Forsa Ring suggests this isn’t just a modern convenience. While we’ve moved from oxen and silver to cards and clicks, the need for flexible payment systems remains as relevant today as it was in Viking times.