To complement the link John provided, here's a paper discussing the age of consent in pre-modern times:
http://www.tandfonline.com/doi/abs/10.1
6v16n02_03
You probably won't have access to the paper unless you're at a subscribing academic institution (I don't have access to it myself), but the abstract can be freely viewed and contains some interesting information. The main point seems to be that the age of consent (although that term might not have been used) was set in the early teens (12-14) in Western societies until fairly recently, when it tended to be raised at least slightly.
In general, the assumption in the past seems to have been that people were ready for sex as soon as they had gone through puberty and were biologically capable of engaging in intercourse and (in the case of girls) becoming pregnant. The abstract of the paper I linked to says that the reasons for raising the age of consent beyond this level "have not always been clear", but among the current arguments for keeping the age of consent relatively high are that adolescents may not be psychologically ready to engage in sex in a responsible way and that they need to be legally protected from being pressured into sexual activity by adults.
There are also risks associated with early teenage pregnancies, so it could be argued that there are straightforward public health reasons to prevent adolescent girls from having sex. The added risks might not have been clear in pre-modern times, when pregnancy was somewhat dangerous and infant mortality relatively high regardless of the age of the mother.