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Europe in the eighth and ninth centuries can be divided into two broad regions, the coin-producing areas in the west and south where coinage circulated in specie, being normally counted out in transactions, and the areas to the north and east with their bullion economies in which imported coinage and other forms of precious metal were used together by weight. The boundary between the two regions remained remarkably static between the eighth and eleventh centuries, although by the end of the twelfth century most of Europe had some form of regulated currency system. During the first two centuries following the collapse of the western empire, the currencies of the new barbarian kingdoms were based largely on locally produced gold coins. After the reconquest of the Danelaw in the middle of the tenth century, the new unified kingdom devised perhaps the most sophisticated fiscal currency system medieval Europe would see.
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