Bannerlord Early-Game Money: Smithing & Alternatives

Short answer: smithing is still a strong money source in Mount & Blade II: Bannerlord v1.4.8, but the old routine of buying one cheap item in bulk and smelting it for guaranteed profit no longer works. In v1.4.5 TaleWorlds cut the smelting output of the Highland Dagger, Tribesman Throwing Daggers, Wooden Hammer and Pitchfork, and no later patch up to v1.4.8 has reversed that. Treat smithing as a skill you grow, and pair it with tournaments, loot and mercenary contracts.

Applies to: the stable PC build v1.4.8 (War Sails v1.2.8) as of October 31, 2026. The v1.4.6, v1.4.7 and v1.4.8 patch notes list no changes to smithing, smelting or the economy. The v1.5.0 beta includes changes to prisoners and ransoms, but this guide covers the stable build. Console versions and modded games can behave differently, so check the version on the main menu.

The short version: chain several income sources

A sound sequence: collect seed money and loot from fights and tournaments, smelt surplus weapons to train Smithing, then take smithing orders whose requirements you can meet. Smithing stamina recovers while you wait in a town or at a bandit camp, so combine it with fighting and tournaments before and after the rest.

Is smithing still worth it in v1.4.8?

Yes, but the fixed routes are weaker. The v1.4.5 patch notes state: "Reduced smelting outputs for Highland Dagger, Tribesman Throwing Daggers, Wooden Hammer, and Pitchfork." Guides that tell you to buy up Tribesman Throwing Daggers and smelt them are out of date for the current build.

Smithing pays off because, as skill and unlocked parts grow, you can fulfil orders and craft strong weapons at the same time. Early on you must invest in hardwood, charcoal, materials and stamina, and your sale price depends on the town's gold and market prices. No fixed profit can be promised.

The current smithing route

1. Build seed money first

Do not spend your starting gold on bulk goods. Use tournament prizes, bandit loot and nearby quests. Sell items that fetch a good price and keep cheap, material-rich weapons as smelting candidates.

2. Refine hardwood into charcoal

Compare hardwood prices between the producing villages and nearby towns. At Smithing 25 the perk Efficient Charcoal Maker is a strong pick if you smith continuously. Perk names and effects can change between versions, so read the in-game description before choosing.

Charcoal is refined from hardwood at 2 hardwood per charcoal, and Efficient Charcoal Maker improves that to 3 charcoal per 2 hardwood. Every smithing action except refining charcoal itself uses one charcoal. Smelting costs 10 stamina per item and refining 6 per item, and your maximum stamina is 100 plus half your Smithing skill, rounded down (Fandom: Weapon crafting; no version given).

3. Choose what to smelt by purchase price and returned materials

Do not buy yesterday's favourite item blindly. Check the purchase price in that town against the materials shown on the smelting screen. Smelting loot keeps your cost low. The Pugio can still be a candidate depending on price and stock, but it does not always turn a profit. Tribesman Throwing Daggers had their smelting output cut in v1.4.5, so avoid buying them in bulk.

4. Split part unlocking and material refining

Your main character does not need to do every step. Add a companion who can smith to refine charcoal and metal while you unlock parts by smelting and forging. If you smelt a lot early, favour the smelting perks that help you discover parts.

5. Take smithing orders first, sell your own weapons with spare capacity

For each order, compare the required stats, the reward and the parts and materials you hold. An order you can complete gives a more predictable income than throwing finished weapons at the market. The sale value of your own weapons depends on the parts and stats. Two-handed swords and polearms are often high-value candidates, but check what you have unlocked and the market first.

Attributes and growth

If smithing is your core, put attribute points into Endurance and focus points into Smithing. Putting every point into Smithing from the start slows your combat, movement and party growth, so adjust the split depending on whether you smith full time or alongside fighting.

• Smithing specialist: raise Endurance and Smithing early and let companions share refining.
• Fighter who also smiths: smith only as much as charcoal and orders require, and keep your weapon skills and party management on track.
• Companions: check a candidate's actual Smithing level and perks. Do not rely on a title such as "the Smith" alone.

Alternatives to smithing

Tournaments

Winning gives a prize item, and before each round you can bet up to 150 denars (300 with the Roguery perk Deep Pockets). Prices fluctuate, but with little troop upkeep early on it is a good way to build seed money. Smithing stamina recovers while you wait in a town, so entering a tournament and resting in the same town wastes little time.

Bandit hunting, quests and mercenary work

Bandit hunting yields loot, prisoners and experience at once. Once your clan tier is higher, serving a kingdom as a mercenary turns influence into income while you gather loot. Watch out for the equipment and troops you lose when you are defeated.

Trade

Use the price gap between village goods and nearby towns. With the War Sails DLC, sea trade and coastal economies are options, but conditions depend on whether you own it. Check the on-screen prices and your carrying capacity, and do not put all your gold into one good.

Workshops and caravans

Both suit the mid game, when spare funds can become continuing income, rather than the first days. Keep a reserve for troop upkeep.

• Workshops: the purchase price depends on the town's prosperity. There are 11 production types (input to output: brewery, grain to beer; velvet weavery, raw silk to velvet; linen weavery, flax to linen; wine press, grapes to wine; olive press, olives to oil; pottery shop, clay to pottery; wool weavery, wool to garments; tannery, hides to leather and light armor; wood workshop, hardwood to bows, arrows, shields and planks; smithy, iron ore to weapons, armor and tools; silversmith, silver ore to jewelry), and changing the type costs 2,000 denars. Pick the type that matches what the nearby villages produce. Raw materials follow supply and demand, so not every workshop turns a profit. Two workshops of the same type in one town compete and both earn less. The number of workshops you can own is capped by clan tier (Fandom: Workshop; no version given).
• Caravans: they depend on war and raids. No purchase price or daily income figure is given here because no source could be confirmed.

Common mistakes

• Buying Tribesman Throwing Daggers in bulk because an old guide said so.
• Judging a finished weapon by its listed price while ignoring the town's gold and demand.
• Putting all your gold into smithing and being unable to pay troop wages.
• Waiting for stamina to recover and missing other income and clan renown.
• Applying PC v1.4.8 numbers to a modded game or to the console version.

Summary

Smithing still works in v1.4.8, but the best early route is not smithing alone. Build seed money from fights and tournaments, train Smithing by smelting loot and refining charcoal, then move on to orders you can complete. Widen to selling your own weapons once you have funds and parts, and spend waiting time on mercenary work or trade.

Sources

• Fandom: Workshop (volunteer-run wiki; workshop types and rules)
• Fandom: Weapon crafting, Tournaments (Bannerlord) (same wiki; charcoal, stamina, betting)
• Steam announcement: Patch Notes - WS v1.2.5 / BL v1.4.5 (smelting output cuts)
• Steam announcement: Patch Notes - WS v1.2.6 / BL v1.4.6
• Steam announcement: Patch Notes - WS v1.2.7 / BL v1.4.7
• Steam announcement: War Sails Modding Kit Release & Patch WS v1.2.8 / BL v1.4.8
• Steam announcement: Beta Patch Notes - WS v1.3.0 / BL v1.5.0 (beta)