A recent reinterpretation of the runic inscription on the Forsa Ring (known as Forsaringen in Swedish) sheds new light on the Viking Age economic system, revealing it as the earliest known record of values in Scandinavia. The inscription illustrates how the Vikings managed fines in a practical and adaptable fashion. This groundbreaking research comes from the Department of Economic History and International Relations at Stockholm University and was recently featured in the Scandinavian Economic History Review.
“Previously, the Forsaringen inscription was thought to state that fines had to be paid using both an ox and two ore of silver. This would suggest that the individual held accountable had to provide two distinct types of compensation, which would be quite cumbersome and impractical,” explains Rodney Edvinsson, a Professor of Economic History at Stockholm University who spearheaded the research.
The Forsa Ring, an iron artifact discovered in Hälsingland, is dated to the 9th or 10th century. The runic detail on the ring outlines the fines associated with a particular offense, allowing payment to be made in the form of oxen and silver. The ring is believed to have served as a door handle and is recognized as the oldest known preserved legal text in Scandinavia. By revising the translation of the word “auk” from “and” to “also,” the interpretation shifts to indicate that fines could be settled with either an ox or two ore of silver. An ore roughly corresponded to 25 grams of silver.
“This suggests a much more adaptable system, permitting payments in both oxen and silver. If someone had greater access to oxen rather than silver, they could settle their fines with an ox. Conversely, if an individual had silver but lacked oxen, they could opt to pay two ore of silver,” Rodney Edvinsson affirms.
The new interpretation reveals that the Vikings utilized both oxen and silver as valid units of payment, enabling them to use various types of currency synchronously. This arrangement simplified transactions, allowing individuals to more easily fulfill their financial responsibilities. Additionally, this finding more accurately reflects later regional legal systems and has significant implications for our understanding of monetary history in Scandinavia and Europe as a whole.
“As an economic historian, I aim to find historical data that holds economic logic, ensuring it aligns with other contemporary or historical economic frameworks. Valuing an ox at two ore, or approximately 50 grams of silver, in 10th-century Sweden resembles assessments in other European regions, suggesting a significant degree of exchange and integration among different economies,” says Rodney Edvinsson.
Edvinsson has previously worked on creating a historical consumer price index that traces back to the 13th century; however, this new interpretation offers insights into price levels from even earlier periods.
“The price level for silver during the Viking Age was considerably lower than in the early 14th century and the late 16th century, yet it was comparable to levels seen in the late 15th century and the 12th century, a period typified by a scarcity of silver,” he notes.
This research underscores the value of applying modern economic theories to interpret historical records. By merging economic theory with archaeological and historical evidence, this study paves the way for deeper interdisciplinary exploration and comprehension of early economic systems.
What Were Prices Like in the Viking Age?
Based on the new interpretation, an ox during the Viking Age would cost 2 öre of silver, which is about 50 grams of silver. When adjusted for contemporary value, this would amount to roughly 100,000 Swedish kronor, assuming a comparison to an hour’s worth of labor. The fine associated with the Forsa Ring was thus quite substantial. One öre likely equated to approximately nine Arabic dirhams, a currency widely used by the Vikings. The price of a thrall would be set at 12 öre of silver, translating to about 600,000 Swedish kronor today. In contrast, the wergild for a free man—the compensation paid to the family of a murdered individual to prevent blood vengeance—was significantly higher, around 5 kilos of silver or about 10 million Swedish kronor today. This stark disparity in value between a thrall and a free man highlights the social hierarchies within a slave society.
Here is the translation of the relevant inscription from the Forsa Ring into modern English: One ox and [also/or] two öre of silver to restore a sanctuary in a legally valid condition 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.
