A rectangular silver ingot cut from a rod found in Torksey, Lincolnshire
This silver ingot was made by melting down worked silver cast into a rod and cut into sections. 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.