Part of a hoard of medieval coins found in Norfolk was struck from the same die as coins found amid the treasures of an ancient king's burial site.
Others came from as far away as northern Holland and areas across France, a treasure trove inquest in Norwich heard.
Area coroner Yvonne Blake said some 151 gold coins and four gold objects were found at an undisclosed site in west Norfolk.
The court heard they were discovered by metal detectorists between 2014 and 2020.
Mrs Blake read extracts from a report into the finds by Ian Richardson, senior treasure registrar at the British Museum in London.
He said that the coins had been scattered over a wide area, probably by ploughing.
Some had been struck with the same die as coins found at Sutton Hoo in Suffolk, where an ancient ruler was buried with his treasures in a ship.
Others came from across Frisia (now northern Holland), Austrasia (now parts of Germany and Austria) and the French regions of Aquitaine, Burgundy and Provence.
In his report, Mr Richardson said most could not be reliably dated with absolute certainty. Some may have been minted between the 570s and 630s - the early medieval period.
Mr Richardson said the most likely explanation was that they belonged to a travelling merchant. All of the items came from a single hoard, but no container had been found.
Gold items included a small ingot of gold and silver alloy and a fragment of gold sheet.
The coins were found scattered across a rectangular area of land stretching for around a quarter of a mile, the inquest heard. There was no suggestion they may have come from a grave.
Mrs Blake concluded that the coins came from a deliberately-deposited hoard. She said she was satisfied the items were treasure trove.
That means the items become the property of the Crown but could be purchased by a museum wishing to put them on display.
The finders, who have not been named, will receive an undisclosed finder's fee.
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