word fee , which originally meant an ox, as is shown not only by the German Vieh , which still retains its original meaning, and by such expressions in Anglo-Saxon as gangende feoh , is in itself a proof that cattle served as the most generally recognized form of money. It might be expected that much the same state of things existed among the Scandinavian peoples. Their chief media of exchange were cows, and woollen cloths, slaves, and gold ornaments. By the laws of Hakon the Good penalties could be paid in cows, provided that they were not too old, in slaves, provided they were not under fifteen years of age, in cloths, and in weapons.
Gold and silver were employed by the northern peoples in the form of rings.
This has led people to talk much about ring money as if it was a true currency, circulating like the stamped money of later times. The truer view seems to be that these rings, whether employed by the ancient Egyptians or the prehistoric inhabitants of Mycenae, the Kelts or Teutons, were nothing more than ornaments and passed in the ordinary way of barter, having a recognized distinct relation to other forms of property, such as cattle and slaves. It has been the custom in all countries for the person who desires to have an article of jewellery made to give to the goldsmith a certain weight of gold or silver, out of which the latter manufactures the desired ornament. Such is the practice at the present day in India; you give the goldsmith so many gold mohurs or sovereigns, or rupees, as the case may be; he squats down in your verandah, and with a few primitive tools quickly turns out the article you desire, which of course will weigh as many mohurs or sovereigns as you have given him (provided that you have stood by all the time, keeping a sharp look-out to prevent his abstracting any of the metal). That in like fashion gold ornaments for ordinary wearing purposes were regularly of known weights in ancient times is shown clearly by the account of the presents given to Rebekah by Abraham’s servant, ‘a gold earring of half a shekel