New interpretation of runic inscription reveals prices in Viking Age

A new interpretation of the runic inscription on the Forsa Ring (Forsaringen in Swedish) provides new insights into the Viking Age monetary system and is the oldest valuable document in Scandinavia. The inscription describes how the Vikings managed fines in a flexible and practical way. This is highlighted by a study from the Department of Economic History and International Relations at Stockholm University, recently published in the journal Scandinavian Economic History Review.

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

The Forsa Ring is an iron ring from Hälsingland, dated to the 9th or 10th century. The runic inscription on the ring describes fines for a specific offence, which were to be paid in the form of oxen and silver. The ring is believed to have been used as a doorknob and is currently the oldest known preserved legal text in Scandinavia.

By changing the translation of the word “penguin” from the previous interpretation “and” to the new interpretation “also”, the meaning changes so that fines could be paid either with an ox or with two silver öre. One öre was equivalent to about 25 grams of silver.

“This indicates a much more flexible system, where both oxen and money could be used as units of payment. If a person had easier access to oxen than money, he could pay his fines with one ox. Conversely, if someone had money but no oxen, he could pay with two öre of money,” says Edvinsson.

The new interpretation shows that the Vikings had a system in which oxen and money served as units of payment. This system allowed several types of units of account to be used simultaneously, thus reducing the complexity of transactions and facilitating the fulfillment of financial obligations.

The new interpretation also fits better with how the system worked later, under later regional laws, and is, Edvinsson says, important for our understanding of Scandinavian and European monetary history.

“As an economic historian, I am particularly interested in ensuring that historical data make economic sense, that is, that they fit into other contemporary or historical economic systems. The valuation of an ox at two öre, or 50 grams of silver, in 10th-century Sweden is similar to contemporary valuations in other parts of Europe, indicating a high degree of integration and exchange between different economies,” says Edvinsson.

He has already helped develop a historical consumer price index dating back to the 13th century, but this new interpretation provides insight into price levels even further back in history.

“The price level of silver in the Viking Age was much lower than in the early 14th and late 16th centuries, but about the same as in the late 15th and 12th centuries, when there was a shortage of silver,” says Edvinsson.

The study highlights the importance of using modern economic theories to interpret historical sources. By combining economic theory with archaeological and historical findings, new possibilities for interdisciplinary research and a deeper understanding of early economic systems are opened.

How much did things cost in the Viking Age?

According to the new interpretation, an ox was worth 2 silver ore in the Viking Age, or about 50 grams of silver. This corresponds to about 100,000 Swedish kronor today, if we compare it to the value of an hour’s work. The value of the Forsa ring was therefore quite high. One ore was probably equivalent to about nine Arab dirhams, a currency that circulated in large quantities among the Vikings.

The usual price for a slave was 12 silver ore, or about 600,000 Swedish kronor today. The wergild for a free man, or the fine paid to the victim’s family to prevent bloody revenge, was much higher, about 5 kilos of silver, or about 10 million Swedish kronor today. The significant difference in value between a slave and a free man reflects the power dynamics between free individuals and slaves in a slave society.

The relevant Forsa ring inscription translated into modern English: One ox and (also/or) two öre of silver to the staff for the restoration of a shrine to a valid state for the first time; two oxen and (also/or) four öre of silver for the second time; but for the third time four oxen and eight öre of silver.