If one marks on the map of Europe the location of finds of coins dating from the period between 950 and 1075, a clear demarcation line is evident running southwards from the North Sea, roughly following the Elbe and its tributary, the Saale, and then turning eastwards. To the East and North of this line finds are many and rich. To the West and South they are few and meagre. Strangely enough scarcely any of the coins comprising these hoards were minted in eastern or northern Europe where most of the finds have been made, but originated in the West and South where few such hoards have been discovered. What is the explanation of this seemingly absurd state of affairs?