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Byzantine currency, money used in the Eastern Roman Empire after the fall of the West, consisted of mainly two types of coins: the gold solidus and a variety of clearly valued bronze coins. By the end of the empire the currency was issued only in silver stavrata and minor copper coins with no gold issue.
The East Roman or Byzantine Empire established and operated several mints throughout its history. Aside from the main metropolitan mint in the capital, Constantinople, a varying number of provincial mints were also established in other urban centres, especially during the 6th century. Most provincial mints except for Syracuse were closed or lost to invasions by the mid-7th century. After the loss of Syracuse in 878, Constantinople became the sole mint for gold and silver coinage until the late 11th century, when major provincial mints began to re-appear. Many mints, both imperial and, as the Byzantine world fragmented, belonging to autonomous local rulers, were operated in the 12th to 14th centuries. Constantinople and Trebizond, the seat of the independent Empire of Trebizond (1204–1461), survived until their conquest by the Ottoman Turks in the mid-15th century.
Early Byzantine coins continue the late Roman conventions: on the obverse the head of the Emperor, now full face rather than in profile, and on the reverse, usually a Christian symbol such as the cross, or a Victory or an angel (the two tending to merge into one another). The gold coins of Justinian II departed from these stable conventions by putting a bust of Christ on the obverse,and a half or full-length portrait of the Emperor on the reverse. These innovations incidentally had the effect of leading the Islamic Caliph Abd al-Malik, who had previously copied Byzantine styles but replacing Christian symbols with Islamic equivalents, finally to develop a distinctive Islamic style, with only lettering on both sides. This was then used on nearly all Islamic coinage until the modern period.
The type of Justinian II was revived after the end of Iconoclasm, and with variations remained the norm until the end of the Empire.
In the 10th century, so-called "anonymous folles" were struck instead of the earlier coins depicting the emperor. The anonymous folles featured the bust of Jesus on the obverse and the inscription "XRISTUS/bASILEU/bASILE", which translates to "Christ, Emperor of Emperors"
Byzantine coins followed, and took to the furthest extreme, the tendency of precious metal coinage to get thinner and wider as time goes on. Late Byzantine gold coins became thin wafers that could be bent by hand.
The Byzantine coinage had a prestige that lasted until near the end of the Empire. European rulers, once they again started issuing their own coins, tended to follow a simplified version of Byzantine patterns, with full face ruler portraits on the obverse.
The start of what is viewed as Byzantine currency by numismatics began with the monetary reform of Anastasius in 498, who reformed the late Roman Empire coinage system which consisted of the gold solidus and the bronze nummi. The nummus was an extremely small bronze coin, at about 8–10 mm, weight of 0.56 g making it at 576 to the Roman pound which was inconvenient because a large number of them were required even for small transactions.
New bronze coins, multiples of the nummus were introduced, such as the 40 nummi (also known as the follis ), 20 nummi (also known as the semifollis), 10 nummi (also known as the decanummium, and 5 nummi coins (also known as the pentanummium); other denominations were occasionally produced. The obverse (front) of these coins featured a highly stylized portrait of the emperor while the reverse (back) featured the value of the denomination represented according to the Greek numbering system (M=40, Λ=30, K=20, I=10, E=5). Silver coins were rarely produced.
The only regularly issued silver coin was the Hexagram first issued by Heraclius in 615 which lasted until the end of the 7th century, grams. It was succeeded by the initially ceremonial miliaresion established by Leo III the Isaurian in ca. 720, which became standard issue from ca. 830 on and until the late 11th century, when it was discontinued after being severely debased. Small transactions were conducted with bronze coinage throughout this period.minted in varying fineness with a weight generally between 7.5 and 8.5
The gold solidus or nomisma remained a standard of international commerce until the 11th century, when it began to be debased under successive emperors beginning in the 1030s under the emperor Romanos Argyros (1028–1034). Until that time, the fineness of the gold remained consistent at about 0.955–0.980.
The Byzantine monetary system changed during the 7th century when the 40 nummi (also known as the follis ), now significantly smaller, became the only bronze coin to be regularly issued. Although Justinian II (685–695 and 705–711) attempted a restoration of the follis size of Justinian I, the follis continued to slowly decrease in size.
In the early 9th century, a three-fourths-weight solidus was issued in parallel with a full-weight solidus, both preserving the standard of fineness, under a failed plan to force the market to accept the underweight coins at the value of the full weight coins. The 11⁄12 weight coin was called a tetarteron (a Greek comparative adjective, literally "fourth-er"), and the full weight solidus was called the histamenon . The tetarteron was unpopular and was only sporadically reissued during the 10th century. The full weight solidus was struck at 72 to the Roman pound, roughly 4.48 grams in weight. There were also solidi of weight reduced by one siliqua issued for trade with the Near East. These reduced solidi, with a star both on obverse and reverse, weighed about 4.25 g.
The Byzantine solidus was valued in Western Europe, where it became known as the bezant , a corruption of Byzantium. The term bezant then became the name for the heraldic symbol of a roundel, tincture or - i.e. a gold disc.
Former money changer Michael IV the Paphlagonian (1034–41) assumed the throne of Byzantium in 1034 and began the slow process of debasing both the tetarteron nomisma and the histamenon nomisma. The debasement was gradual at first, but then accelerated rapidly. about 21 carats (87.5% pure) during the reign of Constantine IX (1042–1055), 18 carats (75%) under Constantine X (1059–1067), 16 carats (66.7%) under Romanus IV (1068–1071), 14 carats (58%) under Michael VII (1071–1078), 8 carats (33%) under Nicephorus III (1078–1081) and 0 to 8 carats during the first eleven years of the reign of Alexius I (1081–1118). Under Alexius I Comnenus (1081–1118) the debased solidus (tetarteron and histamenon) was discontinued and a gold coinage of higher fineness (generally .900-.950) was established, commonly called the hyperpyron at 4.45 grs. The hyperpyron was slightly smaller than the solidus.
It was introduced along with the electrum aspron trachy worth a third of a hyperpyron and about 25% gold and 75% silver, the billon aspron trachy or stamenonvalued at 48 to the hyperpyron and with 7% silver wash and the copper tetarteron and noummion worth 18 and 36 to the billon aspron trachy.
During Andronicus II's reign he instituted a some new coinage based on the hyperpyron. They were the silver miliaresion or basilika at 12 to the hyperpyron and the billon politika at 96 per hyperpyron.along with the copper assaria, tournesia and follara The basilikon was a copy of the Venetian ducat and circulated since 1304 for fifty years.
The hyperpyron remained in regular issue and circulation until the 1350s, remaining in use thereafter only as a money of account. After 1400, Byzantine coinage became insignificant, as Italian money became the predominant circulating coinage.
These scyphate (cup-shaped) coins known as trachy were issued in both electrum (debased gold) and billon (debased silver). The exact reason for such coins is not known, although it is usually theorized that they were shaped for easier stacking.
During this last phase of Byzantine coinage gold issues were discontinued and a regular silver issue was commenced. The denomination was the Stavraton issued in 1, 1⁄2, 1⁄8 and 1⁄16 stavraton. Also issued were the copper follaro and tornesse.
It is possible to get some small snapshots in time, specific to region, culture and local inflation. The literary world is littered with references to prices from different time frames. A good portion of them may be inaccurate or tainted by translation.
At Jerusalem in the sixth century a building worker received 1⁄20 solidus per day, that is 9 folles. 1⁄23 solidus was earned by a casual labourer at Alexandria in the early seventh century. A family's vegetable allowance for one day cost 5 folles. A pound of fish 6 folles, a loaf of bread was 3 folles worth at a time of shortage. The cheapest blanket was worth 1⁄4 solidus, a second-hand cloak 1 solidus, and a donkey 3 or 4 solidi.
The as, occasionally assarius was a bronze, and later copper, coin used during the Roman Republic and Roman Empire.
Roman currency for most of Roman history consisted of gold, silver, bronze, orichalcum and copper coinage. From its introduction to the Republic, during the third century BC, well into Imperial times, Roman currency saw many changes in form, denomination, and composition. A persistent feature was the inflationary debasement and replacement of coins over the centuries. Notable examples of this followed the reforms of Diocletian. This trend continued into Byzantine times.
The solidus, nomisma, or bezant was originally a relatively pure gold coin issued in the Late Roman Empire. Under Constantine, who introduced it on a wide scale, it had a weight of about 4.5 grams. It was largely replaced in Western Europe by Pepin the Short's currency reform, which introduced the silver-based pound/shilling/penny system, under which the shilling functioned as a unit of account equivalent to 12 pence, eventually developing into the French sou. In Eastern Europe, the nomisma was gradually debased by the Byzantine emperors until it was abolished by Alexius I in 1092, who replaced it with the hyperpyron, which also came to be known as a "bezant". The Byzantine solidus also inspired the originally slightly less pure dinar issued by the Muslim Caliphate.
The aureus was a gold coin of ancient Rome originally valued at 25 pure silver denarii. The aureus was regularly issued from the 1st century BC to the beginning of the 4th century AD, when it was replaced by the solidus. The aureus was about the same size as the denarius, but heavier due to the higher density of gold
The follis was a type of coin in the Roman and Byzantine traditions.
The ducat was a gold or silver coin used as a trade coin in Europe from the later Middle Ages until as late as the 20th century. Many types of ducats had various metallic content and purchasing power throughout the period. The gold ducat of Venice gained wide international acceptance, like the medieval Byzantine hyperpyron and the Florentine florin, or the modern British Pound sterling and the United States dollar.
In the Middle Ages, the term bezant was used in Western Europe to describe several gold coins of the east, all derived ultimately from the Roman solidus. The word itself comes from the Greek Byzantion, ancient name of Constantinople, the capital of the Byzantine Empire.
The hyperpyron was a Byzantine coin in use during the late Middle Ages, replacing the solidus as the Byzantine Empire's gold coinage.
The tremissis or tremis was a small solid gold coin of Late Antiquity. Its name, meaning "a third of a unit", formed by analogy with semissis, indicated its value relative to the solidus. It was introduced into Roman currency in the 380s by the Emperor Theodosius I and initially weighed 8 siliquae.
Histamenon was the name given to the gold Byzantine solidus when the slightly lighter tetarteron was introduced in the 960s. To distinguish the two, the histamenon was changed in form from the original solidus, becoming wider and thinner, as well as concave (scyphate) in form. Later usually shortened to stamenon, it was discontinued after 1092. In the 12th and 13th centuries, the name stamenon came to be applied to the concave billon and copper trachea coins.
The Venetian grosso is a silver coin first introduced in Venice in 1193 under doge Enrico Dandolo. It originally weighed 2.18 grams, was composed of 98.5% pure silver, and was valued at 26 dinarii. Its name is from the same root as groschen and the English groat, all deriving ultimately from the denaro grosso.
Medieval Bulgarian coinage are the coins minted by the Bulgarian Emperors during the Middle Ages at the time of the Second Bulgarian Empire.
The gold dinar is an Islamic medieval gold coin first issued in AH 77 (696–697 CE) by Caliph Abd al-Malik ibn Marwan. The weight of the dinar is 1 mithqal.
Nummus, plural nummi (νοῦμμοι) is a Latin term meaning "coin", but used technically by modern writers for a range of low-value copper coins issued by the Roman and Byzantine empires during Late Antiquity. It comes from the Greek nomos via its Western Doric form noummos, which was used to describe a coin in some parts of southern Italy. The word was also used during the later years of the Roman Republic and the early Empire, either as a general word for a coin, or to describe the sestertius, which was the standard unit for keeping accounts.
The miliaresion, was a name used for a number of Byzantine silver coins. In its most specific sense, it refers to a type of silver coin struck in the 8th–11th centuries.
The stavraton or stauraton was a type of silver coin used during the last century of the Byzantine Empire.
The basilikon, commonly also referred to as the doukaton, was a widely circulated Byzantine silver coin of the first half of the 14th century. Its introduction marked the return to a wide-scale use of silver coinage in the Byzantine Empire, and presaged the total abandonment of the gold coins around the middle of the century.
The tetarteron was a Byzantine term applied to two different coins, one gold circulating from the 960s to 1092 in parallel to the histamenon, and one copper used from 1092 to the second half of the 13th century.
The politikon coinage is a series of Byzantine billon coins, struck around the middle of the 14th century, which are distinguished by the Greek inscription +ΠΟΛΙΤΙΚΟΝ.
The aspron, from Latin asper, was a late Byzantine name for silver or silver-alloy coins.
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