By the later middle ages wax had become an indispensable element in Christian religious observance, used throughout churches, liturgical services and lifecycle events. Wax was therefore both essential and ubiquitous. It was also valuable and easily re-cycled. This paper analyses the use, reuse and barter of wax in circular economies within cathedrals, monasteries and professional guilds in England and Italy. It further considers how the circulation of wax within and outside these institutions could act as a mechanism to cut expenses and potentially increase profits or provide opportunities for religious participation among even the very poor.