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- King Mangrai of the Lanna Kingdom (present day Northern Thailand, Shan State and Xishuangbanna Dai Autonomous Prefecture) founds the city of Chiang Rai, as the kingdom's capital.
- King Mindaugas of Lithuania renounces Christianity, returning to his pagan roots, and reverting to Grand Duke of Lithuania.
- The Icelandic Commonwealth enters into the Old Covenant (Gissurarsáttmáli), establishing a union with Norway, and acknowledges King Haakon IV of Norway as its ruler.
- 8 March: Battle of Hausbergen. Strasbourg becomes an Imperial Free City of the Holy Roman Empire.
Arts and culture
- The Venetian Senate starts consolidating all of the city's outstanding debt into a single fund, later known as the Monte Vecchio. The holders of the newly created prestiti are promised a 5% annual coupon. These claims can be sold, and quickly (before 1320) give rise to the first recorded secondary market for financial assets, in medieval Europe.
- Richard of Chichester is canonized as a saint; he is best known for authoring the prayer later adapted into the song Day by Day, in the musical Godspell.
- August 5 – Ladislaus IV of Hungary (d. 1290)
- probable – Elizabeth of Carinthia, Queen of Germany (d. 1312)
- April 23 – Aegidius of Assisi, companion of Saint Francis of Assisi
- July 14 – Richard de Clare, 6th Earl of Gloucester, English soldier (b. 1222)
- date unknown – Matilda II, Countess of Nevers, French vassal (b. c. 1235)
- Munro, John H. (2003). "The Medieval Origins of the Financial Revolution". The International History Review. 15 (3): 506–562.