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The coins of Ælfwald's reign are amongst the earliest that were minted in East Anglia.
The coinage of silver pennies known as sceattas expanded in his time and several types are attributed to East Anglian production.
Most of them fall into two main groups, known as the ' Q ' and ' R ' series.
Neither group bears a royal name or title and the authority by which they were issued cannot not established.
The ' Q ' series, which has some Northumbrian affinities, is most densely distributed in western East Anglia, along the Fen edge between the Wash and Cambridge.
The R series, with bust and standard, derived from earlier Kentish types, is more densely distributed in central and eastern East Anglia, including the Ipswich area.
According to Michael Metcalf, the ' R ' series was also East Anglian, being minted at Gipeswic.

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