A hoard of 5,248 silver pennies discovered at Lenborough in Buckinghamshire in December 2015 is one of the largest hoards of Anglo-Saxon coins ever found. Although the deposition of the hoard cannot be precisely dated, it must have been buried in the latter part of the reign of Cnut (1016–35). The hoard was wrapped in lead sheet, establishing without doubt that it represents a single deposit, but contains distinct parcels of coins from the reigns of Æthelred II (978–1016) and the latter part of the reign of Cnut, with a clear gap in between. The cataloguing of the hoard is ongoing, but this paper provides a preliminary description and interpretation of the hoard. While the hoard contains few coins of particular numismatic interest, it is argued that the hoard potentially provides important information for the administration of the late Anglo-Saxon coinage, and for changing patterns of monetary circulation in the reign of Cnut.