A rare silver coin minted for Saint Olaf, one of Norway’s most famous medieval kings, has been discovered among thousands of coins in the largest Viking Age hoard ever found in the country. It is the first coin of its type discovered in Norway in more than a century.
The coin was identified during the cataloguing of the Mørstad Hoard, discovered earlier this year in Rena, a town in eastern Norway. The enormous collection, which now contains approximately 5,500 coins, continues to produce remarkable finds as archaeologists examine its contents.
Archaeologist Anne Skogsfjord made the discovery while sorting through the coins. Initially, the piece appeared to be an Anglo-Saxon coin issued during the reign of Æthelred II. However, a closer examination of its inscription revealed something much rarer. “I could see that it read ONLAF R+ NORMANORV … could this really be a coin of Olaf Haraldsson that I was holding? And it was!” Skogsfjord recalls. “It was a very special moment. I realised that we had found a national treasure.”
A rare coin from Saint Olaf’s reign
The reverse depicts a double cross. The inscription reads +CE DVX DOMINNVS MEI—“My leader, my lord”. The final letters are not visible on this example, but they are known from other coins struck from the same die. Photo: Lill-Ann Chepstow-Lusty / Museum of Cultural History
Olaf Haraldsson, who ruled Norway from 1015 to 1028 and was later venerated as Saint Olaf, played a central role in the country’s conversion to Christianity. He was killed at the Battle of Stiklestad in 1030, and his subsequent sainthood made him one of the most important figures in medieval Norwegian history.
Coins issued during his reign are exceptionally rare. Fewer than 20 examples are known to survive, with most having been discovered outside Norway. Only four examples of the particular type found in the Mørstad Hoard had previously been identified, including one discovered in 1924 during restoration work at the church ruins at Stein.
The newly identified coin was struck around 1024–1028. Its obverse features a left-facing portrait of Olaf wearing a conical helmet, giving this type the nickname Pointed Helmet. The inscription, ONLAF R+ NORMANORV, identifies him as Olaf, King of the Norwegians.
On the reverse is a cross accompanied by a Christian acclamation. These images and inscriptions demonstrate how coinage could serve as an instrument of royal authority and religious communication.
“For those of us interested in Norway’s earliest monetary history, it hardly gets any better than this,” explains Svein H. Gullbekk, a professor at the University of Oslo. “Here we have a coin bearing the king’s portrait and a cross, with another cross on the reverse. It is a Christianisation coin on a grand scale. We can see how King Olaf used coinage to legitimise the new faith and to establish himself as a Christian king of European standing. This is branding.”
A coin that circulated during the Viking Age
Archaeologist Anne Skogsfjord identified the coin during the cataloguing process. Photo: Tea Kristiansen / Museum of Cultural History
Although the coin carried a powerful political and religious message, researchers have also found evidence that it was used in everyday economic transactions. Both sides contain numerous small knife cuts, apparently made to test the silver content. Such testing was an important part of transactions involving silver during the Viking Age.
“This was a way of testing the silver content during payments and other transactions,” explains Associate Professor Florent Audy. “On that basis, we may assume that the coin changed hands several times during the approximately 20 to 25 years between its production and its deposition in the Mørstad Hoard. That is yet another fascinating chapter in the coin’s history.”
The discovery is especially significant because relatively few surviving archaeological objects can be directly connected to Olaf Haraldsson himself. Unlike many other objects from the period, these coins were produced under his royal authority.
“Olaf Haraldsson himself decided what these coins should look like, and perhaps he was present when they were struck,” Gullbekk adds. “It is entirely possible that this very coin from Mørstad was once held in the king’s own hand.”
Norway’s largest Viking Age coin hoard continues to grow
Florent Audy leads the museum’s cataloguing work of the Mørstad hoard. Photo: Tea Kristiansen / Museum of Cultural History
The Mørstad Hoard was first discovered on 10 April 2026 by metal detectorists Vegard Sørlie and Rune Sætre in a field near Rena. Since then, archaeologists and heritage authorities have worked alongside the discoverers and landowner to investigate the site and recover additional material.
Further metal detecting and archaeological investigations this autumn have increased the number of recovered coins to approximately 5,500. Coin number 5,000 was recently discovered by landowner Ole Erik Hørstad, together with Sørlie and Sætre.
Researchers believe that many more coins may remain to be discovered. “I am beginning to think that the hoard may soon exceed 6,000 coins,” says Audy, who oversees the museum’s cataloguing work.
The Norwegian Institute for Cultural Heritage Research has also investigated the site using ground-penetrating radar, contributing additional information about the archaeological context of the discovery.
Three different types of pennies issued by Olaf Haraldsson are known, all based on Anglo-Saxon models and featuring slightly different designs. Only four examples of this particular type had previously been found: one is kept in the collections of the Oslo Coin Cabinet and three in Sweden. The example from the Mørstad Hoard is well preserved, making it possible to study details of its design. The coin has been assigned the collection number M152600/763. Photo: Lill-Ann Chepstow-Lusty / Museum of Cultural History
Meanwhile, cataloguing the thousands of coins will be a lengthy undertaking. Each coin must be examined, documented and prepared for inclusion in the Museum of Cultural History’s collection, with numismatists, archaeologists, conservators and photographers all contributing to the work.
The newly identified Saint Olaf coin will be displayed in an exhibition devoted to the Mørstad Hoard at the Historical Museum in Oslo, opening on 20 November 2026. The exhibition will provide the public with its first opportunity to see part of the enormous Viking Age treasure.
Top Image: The obverse features the king’s portrait: a left-facing bust wearing a conical battle helmet. This has given the coin the nickname “Pointed Helmet”. The inscription reads ONLAF R+ NORMANORV—“Olaf, King of the Norwegians”.
The design was modelled on Anglo-Saxon pennies struck under Cnut the Great around 1024–1030. In front of the portrait is a cross on three steps, inspired by Byzantine coinage: a so-called Golgotha cross. Photo: Lill-Ann Chepstow-Lusty / Museum of Cultural History
A rare silver coin minted for Saint Olaf, one of Norway’s most famous medieval kings, has been discovered among thousands of coins in the largest Viking Age hoard ever found in the country. It is the first coin of its type discovered in Norway in more than a century.
The coin was identified during the cataloguing of the Mørstad Hoard, discovered earlier this year in Rena, a town in eastern Norway. The enormous collection, which now contains approximately 5,500 coins, continues to produce remarkable finds as archaeologists examine its contents.
Archaeologist Anne Skogsfjord made the discovery while sorting through the coins. Initially, the piece appeared to be an Anglo-Saxon coin issued during the reign of Æthelred II. However, a closer examination of its inscription revealed something much rarer. “I could see that it read ONLAF R+ NORMANORV … could this really be a coin of Olaf Haraldsson that I was holding? And it was!” Skogsfjord recalls. “It was a very special moment. I realised that we had found a national treasure.”
A rare coin from Saint Olaf’s reign
Olaf Haraldsson, who ruled Norway from 1015 to 1028 and was later venerated as Saint Olaf, played a central role in the country’s conversion to Christianity. He was killed at the Battle of Stiklestad in 1030, and his subsequent sainthood made him one of the most important figures in medieval Norwegian history.
Coins issued during his reign are exceptionally rare. Fewer than 20 examples are known to survive, with most having been discovered outside Norway. Only four examples of the particular type found in the Mørstad Hoard had previously been identified, including one discovered in 1924 during restoration work at the church ruins at Stein.
The newly identified coin was struck around 1024–1028. Its obverse features a left-facing portrait of Olaf wearing a conical helmet, giving this type the nickname Pointed Helmet. The inscription, ONLAF R+ NORMANORV, identifies him as Olaf, King of the Norwegians.
On the reverse is a cross accompanied by a Christian acclamation. These images and inscriptions demonstrate how coinage could serve as an instrument of royal authority and religious communication.
“For those of us interested in Norway’s earliest monetary history, it hardly gets any better than this,” explains Svein H. Gullbekk, a professor at the University of Oslo. “Here we have a coin bearing the king’s portrait and a cross, with another cross on the reverse. It is a Christianisation coin on a grand scale. We can see how King Olaf used coinage to legitimise the new faith and to establish himself as a Christian king of European standing. This is branding.”
A coin that circulated during the Viking Age
Although the coin carried a powerful political and religious message, researchers have also found evidence that it was used in everyday economic transactions. Both sides contain numerous small knife cuts, apparently made to test the silver content. Such testing was an important part of transactions involving silver during the Viking Age.
“This was a way of testing the silver content during payments and other transactions,” explains Associate Professor Florent Audy. “On that basis, we may assume that the coin changed hands several times during the approximately 20 to 25 years between its production and its deposition in the Mørstad Hoard. That is yet another fascinating chapter in the coin’s history.”
The discovery is especially significant because relatively few surviving archaeological objects can be directly connected to Olaf Haraldsson himself. Unlike many other objects from the period, these coins were produced under his royal authority.
“Olaf Haraldsson himself decided what these coins should look like, and perhaps he was present when they were struck,” Gullbekk adds. “It is entirely possible that this very coin from Mørstad was once held in the king’s own hand.”
Norway’s largest Viking Age coin hoard continues to grow
The Mørstad Hoard was first discovered on 10 April 2026 by metal detectorists Vegard Sørlie and Rune Sætre in a field near Rena. Since then, archaeologists and heritage authorities have worked alongside the discoverers and landowner to investigate the site and recover additional material.
Further metal detecting and archaeological investigations this autumn have increased the number of recovered coins to approximately 5,500. Coin number 5,000 was recently discovered by landowner Ole Erik Hørstad, together with Sørlie and Sætre.
Researchers believe that many more coins may remain to be discovered. “I am beginning to think that the hoard may soon exceed 6,000 coins,” says Audy, who oversees the museum’s cataloguing work.
The Norwegian Institute for Cultural Heritage Research has also investigated the site using ground-penetrating radar, contributing additional information about the archaeological context of the discovery.
Meanwhile, cataloguing the thousands of coins will be a lengthy undertaking. Each coin must be examined, documented and prepared for inclusion in the Museum of Cultural History’s collection, with numismatists, archaeologists, conservators and photographers all contributing to the work.
The newly identified Saint Olaf coin will be displayed in an exhibition devoted to the Mørstad Hoard at the Historical Museum in Oslo, opening on 20 November 2026. The exhibition will provide the public with its first opportunity to see part of the enormous Viking Age treasure.
Top Image: The obverse features the king’s portrait: a left-facing bust wearing a conical battle helmet. This has given the coin the nickname “Pointed Helmet”. The inscription reads ONLAF R+ NORMANORV—“Olaf, King of the Norwegians”.
The design was modelled on Anglo-Saxon pennies struck under Cnut the Great around 1024–1030. In front of the portrait is a cross on three steps, inspired by Byzantine coinage: a so-called Golgotha cross. Photo: Lill-Ann Chepstow-Lusty / Museum of Cultural History
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