National Treasure Discovered: Viking Coin of Saint Olaf

Archaeologists sorting through thousands of Viking Age coins discovered in Norway came across a silver coin so rare that researchers are calling it a national treasure. The coin was found among approximately 5,500 silver pieces discovered in eastern Norway in April. The massive collection, known as the Mørstad Hoard, is believed to be the largest Viking Age cache ever uncovered in the country. 

When researchers began examining the coins individually, they realized one was especially unusual. This coin bears an inscription identifying King Olaf II Haraldsson, who ruled Norway roughly 1,000 years ago. Fewer than 20 coins minted during Olaf’s reign have ever been discovered, and most were found outside Norway. The newly identified coin is even rarer because only four other examples of its particular design were previously known. Just one had been found in Norway, during the restoration of church ruins in 1924.

The coin bears an inscription that translates to “Olaf, King of the Norwegians,” along with a left-facing bust of the ruler wearing a pointed helmet. On the opposite side is a double cross and another inscription meaning “My leader, my lord.” The imagery offers clues about how Olaf wanted to be perceived during his reign, particularly as he worked to establish Christianity in Norway. Researchers believe the king may have been closely involved in the design of his coins.

The Olaf coin was struck around 1024-28, toward the end of the Viking Age. Although minting the coin was itself a political act, it is clear that the coin was also used for economic purposes. Both sides bear numerous small cuts made with a knife. “This was a way of testing the silver content during payments and other transactions,” says University of Oslo Associate Professor Florent Audy. “On that basis, we may assume that the coin changed hands several times during the approximately 20 to 25 years between its production and its deposition in the Mørstad Hoard. That is yet another fascinating chapter in the coin’s history.”

The discovery is especially remarkable given that coin production was still relatively limited in Norway at the time. Rather than simply serving as currency, the silver pieces may have helped Olaf demonstrate his power and position himself alongside other European rulers. The rare Olaf coin adds another layer of significance to an already extraordinary find. It will be displayed in an upcoming exhibition on the Mørstad Hoard, opening at the University of Oslo’s Historical Museum on November 20. Meanwhile, the museum will continue to catalog each piece in the hoard.