Early Medieval Bracteates
Silver bracteates are different from the migration period bracteates and were the main type of coin minted in German-speaking areas, with the exception of the Rhineland, beginning at around 1130 in Saxony and Thuringia and were taken out of circulation at about 1520. In some cantons of Switzerland, bracteate-like rappen, heller, and angster were produced during the 18th century.
The term bracteate for these coins was not used contemporarily. It was first used in the 17th century.
The bracteates were usually called back regularly, about one or twice a year, and could be exchanged for new coins with a deduction (Renovatio Monetae). This system worked like a demurrage: People wouldn't hoard their coins, because they lost their value. So this money was used more as a medium of exchange than for storing value. This increased the velocity of money and stimulated the economy.
Medieval silver bracteates may be large, but most are about 15 millimeters across and weigh about 1 gram. Sometimes the coins could be divided to pay smaller amounts.
The town leagues were not interested in such a system and introduced in 1413 the Ewiger Pfennig (perpetual penny) without this decay.
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