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Byzantine currency, money used in theEastern Roman Empire after the fall of the West, consisted of mainly two types ofcoins:goldsolidi andhyperpyra and a variety of clearly valuedbronze coins. By the 15th century, the currency was issued only in debased silverstavrata and minor copper coins with no gold issue.^[1] TheByzantine Empire established and operated severalmints 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 forSyracuse were closed or lost toArab Muslim invasions in theMediterranean Region by the mid-7th century onwards. After the loss of Syracuse in 878, Constantinople became the sole mint forgold andsilver coinage until the late 11th century, when major provincial mints began to re-appear. Many mints, both imperial and,as the Byzantine Empire fragmented, belonging to autonomous local rulers, were operated in the 12th to 14th centuries. Constantinople andTrebizond, capital of the independentEmpire of Trebizond (1204–1461), survived until theinvasion of Anatolia by theOttoman Turks in the mid-15th century.

Early Byzantine coins continue the lateGreco-Roman conventions: on theobverse the head of theRoman Emperor, now full face rather than in profile;^{[note 1]} on the reverse, usually aChristian symbol such asthe cross or anangel (the two tending to merge into one another).Justin I replaced the pagan depictions of Roman goddessVictoria on the reverse of his gold coinage with theArchangel Michael, showing the growing devotion towards him and Christianity in the 6th century Roman world.^[2] The gold coins ofJustinian II departed from these stable conventions by putting abust of Christ on the obverse,^{[note 2]} and a half or full-length portrait of the Emperor on the reverse. These innovations incidentally had the effect of leading theUmayyad caliphʿAbd al-Malik, who had previously copied Byzantine styles but replacing Christian symbols with Islamic equivalents, finally to develop adistinctive 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 oficonoclasm, 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 thebust of Christ 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 themonetary reform ofAnastasius I in 498, who reformed the late Roman Empire coinage system which consisted of the goldsolidus and the bronzenummi. Thenummus was an extremely small bronze coin, at about 8–10 mm, weight of 0.56 g making it at 576 to theRoman pound^[4] which was inconvenient because a large number of them were required even for small transactions.

New bronze coins, multiples of thenummus were introduced, such as the 40nummi (also known as thefollis), 20nummi (also known as a half-follis), 10nummi (also known as thedecanummium, and 5nummi coins (also known as thepentanummium); 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 theGreek numbering system (M=40, Λ=30, K=20, I=10, E=5). Silver coins were rarely produced.

The only regularly issued silver coin was thehexagram first issued byHeraclius in 615 which lasted until the end of the 7th century,^[5][6] minted in varying fineness with a weight generally between 7.5 and 8.5 grams. It was succeeded by the initially ceremonialmiliaresion established byLeo 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 goldsolidus ornomisma 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 emperorRomanos III 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 40nummi (also known as thefollis), now significantly smaller, became the only bronze coin to be regularly issued. AlthoughJustinian II (685–695 and 705–711) attempted a restoration of thefollis size ofJustinian I, thefollis 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. The¹¹⁄₁₂ weight coin was called atetarteron (aGreek comparative adjective, literally "fourth-er"), and the full weight solidus was called thehistamenon. Thetetarteron 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 onesiliqua 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 thebezant, a corruption ofByzantium. The termbezant then became the name for the heraldic symbol of aroundel, tinctureor – i.e. a gold disc.

Former money changerMichael IV the Paphlagonian (1034–41) assumed the throne of Byzantium in 1034 and began the slow process of debasing both thetetarteron nomisma and thehistamenon 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). UnderAlexius I Comnenus (1081–1118) the debased solidus (tetarteron andhistamenon) was discontinued and a gold coinage of higher fineness (generally .900-.950) was established, in 1092, commonly called thehyperpyron at 4.45 grs. Thehyperpyron was slightly smaller than the solidus.

It was introduced along with the electrumaspron trachy worth a third of ahyperpyron and about 25% gold and 75% silver, thebillonaspron trachy orstamenon^[7] valued at 48 to the hyperpyron and with 7% silver wash and the coppertetarteron andnoummion worth 18 and 36 to the billonaspron trachy.^[8]

DuringAndronicus II's reign he instituted new denominations based on the hyperpyron. They were the silver miliaresion or basilika at 12 to the hyperpyron and the billon politika at 96 per hyperpyron,^[8]along with the copper assaria, tournesia and follara.^[9]Thebasilikon was a copy of theVenetian ducat and circulated from 1304 for fifty years.^[10]

Thehyperpyron remained in regular issue and circulation until the 1350s, remaining in use thereafter only as amoney of account. After 1400, Byzantine coinage became insignificant, as Italian money became the predominant circulating coinage.

Thesescyphate (cup-shaped) coins known astrachy were issued in bothelectrum (debased gold) andbillon (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^[1] and1⁄16 stavraton.^[10][11] Also issued were the copper follaro and tornesse.^[12]

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 received1⁄20 solidus per day, that is 21 folles. A casual labourer at Alexandria in the early seventh century earned1⁄23 solidus. 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 worth1⁄4 solidus, a second-hand cloak 1 solidus, and a donkey 3 or 4 solidi.^[13]

Byzantine culture
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• Bezant
• Economic history of Greece and the Greek world
• Grosso
• Japanesemon
• Medieval Bulgarian coinage
• Medieval Serbian coinage
• Roman currency
• Sasanian coinage

• Grierson, Philip (1982),Byzantine coins, Taylor & Francis,ISBN 978-0-416-71360-2
• Grierson, Philip (1999),Byzantine coinage(PDF), Dumbarton Oaks,ISBN 978-0-88402-274-9
• Hendy, Michael F. (1985),Studies in the Byzantine Monetary Economy c.300–1450, Cambridge University Press,ISBN 0-521-24715-2
• Kazhdan, Alexander, ed. (1991),Oxford Dictionary of Byzantium, Oxford University Press,ISBN 978-0-19-504652-6

Wikimedia Commons has media related toByzantine currency.

• Byzantine coinage by rulers
• Byzantine coinage by Sear numbers
• Digital Library Numis (DLN)Archived 5 July 2018 at theWayback Machine Online books and articles on Byzantine coins
• Talking about Ancient and Byzantine Coins: Interview with Yannis StoyasArchived 6 December 2017 at theWayback Machine An informative October 2015 interview on the Byzantine coinage with a leading Greek numismatist

• Economy of the Byzantine Empire
• Coins of ancient Rome
• Numismatics
• Coins of the Byzantine Empire

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