1 Penning - Olav Haraldsson / Imitating Cnut, 1016-1035

Norway had no indigenous coinage tradition before Olav Haraldsson established his mint, and the coins he produced were direct imitations of English penny types — specifically those of Cnut, who ruled England simultaneously and whose monetary system carried the prestige Olav needed domestically. The political dimension is pointed: Olav was imitating the coinage of a king who would eventually drive him into exile in 1028 and seize Norway itself.

Die-cutting was almost certainly done by English moneyers working abroad or Norwegians trained under them. Fabric and silver content vary considerably across the type.