In this first major review of the coinage of this period since the surge of finds from metal detecting, Naismith's objective is to offer coinage as a tool for historical research at two levels, the structural purpose of supporting governmental organization (chapters 2–5), and as a practical facilitator of transactions (chapters 6–9). He describes how by the middle of the eighth century the largely uninscribed and varied coinage of Southumbria was replaced by broader pennies inscribed for monarchs and moneyers. The reduction in types reflects an increase in regal control and a more structured political framework.

In Mercia, internal tension between kin factions resulted in external aggression, whereas Wessex benefitted from the greater stability of Ecgberht's dynasty. But kings were not as well placed as their Continental counterparts to make best use of the resources at their disposal. Naismith describes the various mechanisms—military exploits, the raising of tolls in wics, and the activity of town reeves, for instance—whereby the kings of the West Saxons and Mercia were able to strengthen their positions.

The Roman legacy of the bond between the ruler and his coinage, each lending credibility to the other, reemerged through the iconography and legends of the coinage. Taxation in gold was prevalent from the late fourth century, but by the late seventh, gold was in short supply and the upsurge in circulating medium was in silver. The extent to which the kings manipulated the coinage in the period under review is unclear as is the extent to which the patron of the coinage profited from mint seignorage.

While coins were the most widespread manifestation of royal names, design innovation was inhibited by the desire to instill confidence through familiar obverses derived from Roman busts and cruciform reverses. Symbolism and standardization were the guiding principles.

In a beautifully illustrated section, Naismith describes the growth of royal control, through partnership with the moneyers, a process that resulted in a decline of diversity in design and iconography. From close inspection of dies, obverse/reverse die combinations, and the continuity of moneyers as types change, conclusions can be drawn about the developing relationships of die cutters, moneyers, and patrons. Minting itself was devolved—rather than a single mint in a town, there was an agglomeration of individual moneyers each with a workshop.

As regards the status of moneyers, Naismith argues that while they had a direct relationship with the ruler, they were not dependent on any individual ruler. They were probably local artisans or merchants, possibly wealthy, and may have been thegns or clerics but were unlikely to be ealdormen or abbots.

The relationship of rulers and moneyers developed in two stages. First, the maintenance of standards was enforced by penalties, and foreign currencies were recoined or excluded. Second, as regards legends, designs, and die distribution, rulers handled coinage very differently, though with greater unification toward the end of the period.

The practical aspects of the coinage are also explored. Religious iconography and legends show that rulers adhered to “divine associations of fixed and consistent reckonings,” while the public's confidence in the coinage enabled coins of different intrinsic values to pass at the same face value (180). The main determinant of intrinsic value seems to have been the availability of silver bullion rather than manipulation. Similarly, change in the level of activity at mints, particularly the decline of London, was driven by trade not by royal control. Trade patterns also determined circulation, though there was royal influence over which coins were acceptable and at what standard, and also over who produced them and where.

Naismith argues that the high volume of coin produced by a small number of mints and the extent of the circulating mix show that coins were predominantly used for commercial transactions, though a limiting factor may have been the lack of diversity in the denomination and its relatively high value. Other forms of wealth were also used in exchange. However, it must be noted that as it is in the nature of coins to be used many times, quite probably for different purposes, it is not possible to be definitive about a coin's many uses from its find spot.

By comparison with the coinage of earlier and later periods in England and on the Continent, Naismith demonstrates that in the Southern Kingdoms in this period coinage was a major and dynamic resource, giving great power and income to whoever controlled it. He explores particularly the relationship of the king with the relatively independent local minting agencies—the moneyers and die cutters. Control was far more subtle than merely maximizing financial exploitation; social and ideological concerns weighed heavily.

This is a well-crafted, rigorously researched book, supported by an extensive bibliography. Naismith uses all of the evidence available to explore the relationship of money and power in the Southern Kingdom in the century between the reign of Offa and the arrival of the Viking Great Army.