A piece of hacksilver cut from an arm ring found at Torksey, Lincolnshire
This piece of hacksilver was cut from a square section of a Scandinavian arm ring. This piece was probably cut from the arm ring to pay for goods. The Vikings arriving in England had a bullion economy where they paid for goods with silver that was weighed to an amount agreed between the buyer and the seller. Hacksilver and silver ingots are the most common evidence for their bullion economy. It took some time for the Scandinavian settlers to adopt a monetary economy like that of the Anglo-Saxons, and both systems were used simultaneously for a while before they fully adopted the new system. They were familiar with monetary economies but they treated coins as just another form of silver before adoption of a monetary economy.