The Elder Futhark is the equivalent of the alphabet in runes. It was mainly used during the period 150 - 800CE in Scandinavia. The runes themselves are seen as possessing their own significance and magical power as they were won by Odin.
Around the outside is written the Rúnetal, Odin’s Rune song, the section from the Havamal describing how Odin won the runes and in the centre is the futhark itself.