Currency

Depiction of a gold dragon of King Jaehaerys I Targaryen, by Tom Maringer © Shire Post Mint

Depiction of a silver stag of King Aegon I Targaryen, by Tom Maringer © Shire Post Mint

Currency is a system of money in a form used a medium of exchange. Most societies use currency in the form of coins made from precious metals such as gold, silver, or copper. (A notable exception is the iron coins used in Braavos.) Coins are used by merchants, nobles, and also smallfolk. The poorest of the smallfolk, or those without access to currency, may resort to barter instead.

Thus far, no society in the known world has been described as using paper currency (though the currency of every region has not been described in detail). Contracts written on parchment or paper can be accepted as payment, though these are not "currency" as such: for example, the brotherhood without banners gives notes in exchange for the goods and coins they take, which are promises to pay back the holder after the War of the Five Kings ends. Similarly, Tyrion Lannister draws up contracts promising to pay the Second Sons with gold from Casterly Rock in return for their aid in restoring him to his lordship of the castle.

George R. R. Martin has compared the Westerosi coinage to medieval coinage, saying that "Westerosi coinage is probably more complex than actual British medieval coinage", despite some similarities.

Westeros

The Seven Kingdoms

Depiction of the gold coins of House Gardener, by Tom Maringer © Shire Post Mint

Depiction of a silver stag of King Aerys II Targaryen, by Tom Maringer © Shire Post Mint

Depiction of a copper star of King Robert I Baratheon, by Tom Maringer © Shire Post Mint
It was initially designed as a copper penny, but George R. R. Martin felt the coin was too large and heavy for a penny, and changed it to a star.

The current currency system of Westeros was established shortly after the unification of the Seven Kingdoms following Aegon's Conquest. It was used through the whole Targaryen dynasty, and continued after Robert's Rebellion. In order from high to low value, respectively, these are golden dragons, silver stags, and copper stars, pennies, half-pennies, and groats. Golden dragons bear the face of the king in whose time they were minted, as well as his name. The other side of the gold coin displays the three-headed Targaryen dragon sigil. Silver stags have the king's head on one side, a stag on the other. According to a semi-canon source, copper stars bear the face of the king on one side, and on the other, the seven-pointed star of the Faith of the Seven.

Prior to Aegon's Conquest, each of the Seven Kingdoms had their own coinage minted by their respective kings. The Kingdom of the Reach had gold coins known as "hands", which featured the hand-shaped sigil of House Gardener on one side, and the face of a king on the other. Gold hand coins are smaller and thinner than gold dragons, roughly half their weight and value. According to a semi-canon source, some of the Seven Kingdoms' coins were co-opted by the Targaryens as denominations within their new unified currency system. Silver stags were used in the Kingdom of the Storm, and the silver moon, larger than the stag, was used in the Vale of Arryn. Another semi-canon source, the licensed Shire Post Mint, created a silver moon of King Tommen II Lannister of the Westerlands.

Golden dragons are more frequently used by rich merchants and noble lords and ladies, whereas smallfolk, who do not have such riches, tend to exchange copper and silver coins, or use barter. Coins can be debased by clipping or shaving. In an exchange, if a someone notices the gold dragon they receive has been shaved, another few silvers and a fistful of coppers can make up for the lost weight.

The king's coinage is one of the most visible manifestations of royal authority. The master of coin oversees the minting of coins, exchange rates, and like matters. King Viserys II Targaryen introduced a new royal mint during his reign. During the First Blackfyre Rebellion, Daemon I Blackfyre had his own coins minted, depicting his own face on one side, and a three-headed dragon on the other. The officers of three mints were appointed by the master of coin, Petyr Baelish. White Harbor in the north contains the Old Mint. During the War of the Five Kings, Lord Wyman Manderly suggests his seat of White Harbor as a location where King Robb Stark could mint his own coinage.

The Bank of Oldtown was founded in 136 AC by House Hightower. During the reign of King Aerys I Targaryen, it was treason to own a Blackfyre gold dragon coin, and twice as treasonous to pass it to another, but someone who acquired one could melt it down to recover the gold.

Denominations

Specific exchange rates between each denomination of Westerosi currency have not yet been mentioned in any of the canon works of A Song of Ice and Fire. Green Ronin's A Song of Ice and Fire Roleplaying game, which contains some canon material but did not receive information directly from George R.R. Martin, listed the relative values of the coins per the following table. The values are somewhat supported by statements by Shire Post Mint, which did receive information from Martin and is considered "semi-canon". The RPG cautions to use these values as a rule of thumb, because exchange rates between different metals might vary over time.

Coins		Dragon	Moon	Stag	Star	Groat	Halfgroat	Penny
Golden coins	Dragon	1
Silver coins	Moon	30	1
	Stag	210	7	1
Copper coins	Star	1470	49	7	1
	Groat	2940	98	14	2	1
	Halfgroat	5880	196	28	4	2	1
	Penny	11760	392	56	8	4	2	1
	Halfpenny	23520	784	112	16	8	4	2

The one time that any of these exchange rates was ever somewhat confirmed in the books was in The Hedge Knight, when Duncan the Tall sold a horse for the price of 750 silver stags, and was paid in the form of 3 gold dragons, the rest in silvers (3 x 210 = 630, but 4 x 210 = 840).

Also note that a copper star, which bears the Seven-Pointed Star, is not named such because it is worth seven regular copper pennies, but because it is one seventh of a silver stag. 56 divided by 7 is 8, thus a copper star is worth eight copper pennies.

Examples of currency values

The relative value of the gold dragon coin and its denominations has changed over time, due to various economic fluctuations of inflation and deflation (e.g., war-time versus times of peace, failed harvests, etc.). For example, when House Tyrell had cut off the food supply to King's Landing from the Reach during the War of the Five Kings, food prices in the city rose steeply. Another example is that in 209 AC, a time of peace and plenty, Duncan the Tall received more than three gold dragons for his palfrey, but during the War of the Five Kings, both Brienne of Tarth and Tom of Sevenstreams consider one gold dragon to be a fair price for a horse in the war-struck riverlands.

During the Targaryen Dynasty:

• King Maegor I Targaryen, during his war against the Faith of the Seven, paid one golden dragon for the head of any unrepentant Warrior's Son, and a silver stag for the scalp of a Poor Fellow.
• At the beginning of his reign, King Jaehaerys I Targaryen introduced luxury taxes on foreign spices and silks, to address the crown's debt after Maegor's wars. Jaehaerys noted that no man could say they were oppressive, as to avoid them all he had to do was forgo these non-essential luxuries, and thus "he need not pay a groat". This indicates that the "groat" denomination was being used at least as early as this point.
• In 120 AC, Lord Corlys Velaryon offered a reward of 10,000 gold dragons to any man who could lead him to Ser Qarl Correy, who had killed Corlys's heir, Laenor Velaryon, in a quarrel.
• At the time of The Hedge Knight (209 AC), a plain yet complete set of good steel armor, with greaves, gorget, and greathelm, could cost eight hundred stags, which equals almost four golden dragons.
• In 209 AC, Duncan the Tall sold his palfrey Sweetfoot to Henly for 750 silver stags, and was paid in the form of three gold dragons, the rest in silvers.
• In 209 AC, a smallfolk man could live well for a year on three gold dragons.
• In 212 AC, a tent could be bought for 10 pennies.
• During the wedding tourney at Whitewalls in 212 AC, only 30 dragons were promised for whoever came in second.

Recent Events:

• At the beginning of A Game of Thrones, the Iron Throne is more than six million dragons in debt, which represents a colossal sum. The biggest part of this debt, three million dragons, is owed to House Lannister, the rest to Mace Tyrell, the Iron Bank of Braavos, several Tyroshi trading cartels, and to the Faith of the Seven. By 300 AC the Crown’s debt to the Faith was established to be a total of 900,674 golden dragons.
• King Robert I Baratheon is a prodigious spender, and sets the rewards for the Hand's tourney in 298 AC at 40,000 golden dragons to the winner of the joust, 20,000 golden dragons to the runner-up, 20,000 dragons to the winner of the melee, and 10,000 dragons to the winner of the archery competition. These prizes are exceptionally high, due to Robert's generous nature.
• Right at the end of Robert's reign, as Arya Stark goes to view what ultimately becomes her father's public execution, she passes a street vendor who is selling fresh-baked fruit-filled tarts for three copper pennies each.
• During the War of the Five Kings, prices soar in the capital, King's Landing. Six coppers for a melon, a silver stag for a bushel of corn, and a gold dragon for a side of beef or six skinny piglets are all shockingly high prices.
• The Lysene pirate Salladhor Saan, who has two dozen ships under his command, demands thirty thousand gold dragons a month for his service as a sellsail to Stannis Baratheon.
• Edmure Tully promises one thousand gold dragons to whoever would capture Jaime Lannister, after Jaime escapes from captivity in Riverrun.
• Three hundred gold dragons represent a formidable ransom for a knight, even if he belongs to a large noble house, while 100 gold dragons represent a reasonable ransom for a younger son of a noble family.
• According to Chett, Westerosi maesters paid a penny for twelve leeches before he came to the Wall.
• In 300 AC, the maidenhead of a serving girl, Rosey, is priced at one dragon.
• Also in 300 AC, a baker who mixes sawdust into his flour might be fined fifty silver stags.

The Iron Islands

Among the ironborn culture, while women are allowed to buy ornaments with coin, a warrior does not, but only takes jewelry off the corpses of the enemies he has slain. It is called paying "the iron price", whereas paying with coin is called paying "the gold price". Even acquiring such items as food and water through paying the gold price is considered shameful.

Beyond the Wall

The lands north of The Wall are harsh lands, and the free folk inhabiting those lands usually barter for goods amongst themselves based upon the needs of the parties involved.^{[citation needed]} The free folk have been known to trade with the brothers of the Night's Watch as well, and with smugglers, with whom they exchange goods in the little coves on the eastern coast along the Shivering Sea. They take steel weapons and armor in return for furs, ivory, amber, and obsidian, and have little use for coins.

Essos

Dothraki

The Dothraki neither buy nor sell and do not really comprehend it. Buying and selling is considered to be unmanly. Trade is allowed in the sacred city Vaes Dothrak, where, by the leave of the dosh khaleen, merchants and traders gather to exchange goods and gold, though they mostly trade with each other, and little with the Dothraki themselves.

Despite the common saying that Dothraki do not sell, the Dothraki do sell their captives on occasion to the Slaver Cities. They call these slaves "gifts", and in return the Dothraki receive gifts from the slavers. Giving and receiving gifts is the common way for Dothraki to do trade. However, giving a gift in return might not always occur immediately upon receiving a gift.

Cities of Essos

Coins of the Free Cities, as depicted by Nutchapol Thitinunthakorn in The World of Ice & Fire:
Top (left to right): Braavos, Pentos, Lys, Myr, Tyrosh
Bottom (left to right): Volantis (front and back), Norvos, Qohor, Lorath.

Each of the Nine Free Cities has its own bank, and some have more than one. The Iron Bank of Braavos is richer and more powerful than all the rest combined.

For Astapor, Yunkai, and Meereen, the three Slaver Cities located in Slaver's Bay, slaves are their main trade as well. Slaves are bred and trained to perform all the work of daily life. As such, the economy of these cities is based on this slave labor. In many of the Free Cities, slave trade is also a large part of the economy. The Free City of Lys, for example, is well-known for training bed slaves for pillow houses. The major exception is Braavos, where slavery is forbidden.

Each of these cities use their own coinage. It is unknown how they relate to one another in value. Braavosi use square iron coins,, while Lyseni coins are oval in shape and have a naked woman stamped on them. Volantis employs honors, which are little coins no larger than a penny. These coins have a crown on one side, and a skull on the other.

From the Slaver Cities, Meereenese coins include honors, while the Yunkai'i use golden marks which are stamped with a stepped pyramid on one side and the harpy of Ghis on the other. Astapor uses silver marks. At the slave auction held by the Yunkai'i outside the walls of Meereen, the prices are determined in silver pieces.

Other coins, for which no region is specified, have ships, elephants, or goats depicted on them.

Examples of currency values

• Unsullied still in training are tasked to slay a slave infant in front of its mother's eyes to complete their training. They pay the child's owner with a silver mark to compensate for the loss of his slave.
• The Spotted Cat, a slave trained to fight in the fighting pits of Meereen, was sold for three hundred thousand honors before Daenerys Targaryen arrived in the city.
• In Meereen, a price of a hundred honors is set for information regarding the Sons of the Harpy. This reward is eventually raised to a thousand honors.
• At the slave auction held by Yunkai near Meereen, seasoned slave-sailors, considered a valuable commodity, sell for 500 to 900 silver pieces. The dwarfs Tyrion Lannister and Penny, plus her dog and pig, receive the starting bid of three hundred silvers. A bidding competition drives up the price to five thousand silvers. It is unknown for how much they are eventually sold.

Quotes

I am fond of coins. Is there any sound as sweet as the clink of gold on gold?

—Illyrio Mopatis to Tyrion Lannister

The heft of all that coin in his pouch made him feel queer; almost giddy on one hand, and anxious on the other. The old man had never trusted him with more than a coin or two at a time.

—thoughts of Duncan the Tall

Half the lords in the realm could not tell taxation from tyranny, and would bolt to the nearest usurper in a heartbeat if it would save them a clipped copper.

—thoughts of Kevan Lannister

See also

• Images of currency

Trivia

• In the episode "The Wolf and the Lion" of the television series Game of Thrones, Petyr Baelish, during the Hand's tourney, says that he could buy twelve barrels of expensive Dornish wine with a hundred golden dragons.