Denier with crescent - Immobilization of Louis IV

The counts of Angoulême, like dozens of other French feudal lords, resolved their minting problem by freezing a royal type in place — in this case, a denier of Louis IV — and continuing to strike it essentially unchanged for generations after the king who inspired it had died. This practice of immobilization suited both the issuing authority, who gained the prestige of a royal-looking coin, and local merchants, who received a recognizable currency without the disruption of frequent type changes. The specific addition of the crescent distinguishes the Angoulême output from other regional immobilizations of the same prototype.