Byzantine coins, 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.
There is disagreement as to when the Byzantine period
officially began - some place it with the move of the capital of the Roman
empire from Rome to Constantinople
by Constantine the Great in 330. Others contend it began during the reign of
Anastasius in 491. Personally, I use the coinage reform of Anastasius as the
beginning, since it is radically different from the Roman Imperial coinage.
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 making it at 276 to the Roman pound
which was inconvenient because a large number of them were required even for small transactions.
Justinian I half-follis, 20
nummi.
K stands for 20
New bronze coins, multiples of the
nummus were introduced, such as the 40
nummi (also known as the
follis), 20
nummi, 10
nummi, and 5
nummi
coins (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, 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,
minted in varying fineness with a weight generally between 7.5 and 8.5 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.
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.
Histamenon nomisma by Constantine VIII.
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.
By the time of the Emperor Romanos Diogenis (1067–1071) the solidus had been debased to only roughly 15% gold content. Under Alexius I Comnenus
(1081–1118) the debased solidus 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
stamenon valued 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.
Manuel I Comnenus scyphate hyperpyron
Billon trachy of Andronicus I, 12th century
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.
Half stavraton issued by Manuel II Palaeologus in 1391–1423.
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, a half, an eighth
and a 16th of its value.
Also issued were the copper follaro and tornesse.
Relative values at the end of 5th-beginning of 6th century
|
|
Solidi |
Folles |
Half folles |
Decanummia |
Pentanummia |
Nummi |
|---|
| Solidus |
1 |
420 |
840 |
1680 |
3360 |
16,800 |
| Follis |
⅟420 |
1 |
2 |
4 |
8 |
40 |
| Half follis |
⅟840 |
½ |
1 |
2 |
4 |
20 |
| Decanummium |
⅟1680 |
¼ |
½ |
1 |
2 |
10 |
| Pentanummium |
⅟3360 |
⅛ |
¼ |
½ |
1 |
5 |
| Nummus |
⅟16,800 |
⅟40 |
⅟20 |
⅟10 |
⅕ |
1 |
Early Byzantine coins continue the late Roman conventions, with some differences: 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, King of Kings"
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.
