An Etymological Dictionary of the German Language/Schatz
Schatz, m., ‘treasure, store; sweetheart,’ from MidHG. schaz (gen. -tzes), OHG. scaz, m.; its chief senses down to the 13th cent. are ‘money, property, wealth,’ and only later ‘valuables stored up’; OHG. scaz, m., is only ‘money, a definite coin.’ Comp. Goth. skatts, ‘coin, money,’ OIc. skattr, ‘tax, tribute,’ AS. sčęatt, ‘a certain small coin, money, property,’ OFris. sket, ‘money, cattle,’ OSax. scat, ‘piece of money, property.’ The early history of the cognates is unfortunately too obscure; opinions are divided whether the Teut. word shatta- is derived from OSlov. skotŭ, ‘cattle,’ or whether the latter comes from Teut. The variation in meaning, ‘cattle’ and ‘money,’ is analogous to Lat. pecunia from pecus, E. fee from AS. feoh, ‘cattle’ (see Vieh); in bartering, cattle played the part of money. Yet we cannot prove that the prim. meaning of OTeut. *skatta-, ‘money, coin,’ is ‘cattle.’ On the other land, the assumption that the word is primit. allied to Gr. σχέδη, ‘board, tablet,’ is certainly not satisfactory on account of the meanings of the Teut. words.