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The Byzantine World

Paul Stephenson

Money, Coins and the Economy

Publication details https://www.routledgehandbooks.com/doi/10.4324/9780203817254.ch3 Cécile Morrisson Published online on: 15 Feb 2010

How to cite :- Cécile Morrisson. 15 Feb 2010, Money, Coins and the Economy from: The Byzantine World Routledge Accessed on: 23 Sep 2021 https://www.routledgehandbooks.com/doi/10.4324/9780203817254.ch3

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.eBookstore.tandf.co.uk I S B N y , 2 4RN 0 11 . . Downloaded By: 10.3.98.104 At: 14:12 23 Sep 2021; For: 9780203817254, chapter3, 10.4324/9780203817254.ch3 Its pivotandcornerstonewasthegold remain thebasicformofmoneythroughninecenturiesconsideredinthisvolume. adaptations, themaincharacteristicsoflateRomancoinage,whichwasto and becameinitsturna the that hadexistedsincethe The coinageoftheseventhcenturyretainedthreetraditional golddenominations I scripula of thehexagramin monial piecesusedfordistributions wasrevivedunderHerakleioswiththecreation silver coinagewhichhadbeenlimitedinthesixthcentury tosmallissuesofcere- doms inthesouth. Francia, goldandsometimessilversurvivingintheVisigothic andLombardking- gradually evolvedintoseveraldivergingpatterns:monometallicsilvercoinagein the purpose.InformerprovincesofWestern empiretheRomantradition crisis oftheRomansilver come ofthereformsDiocletianandConstantinewhichcheckedthird-century derived fromanelaborate ing complexity,whichadaptedwelltoextremelyvariedexchanges.Coinedmoney some sixcenturies.Itwasamulti-metallicandmulti-denominationalschemeofvary- variations inmonetization. tion (mintsandimperial Roman period.We will contribution totheeconomicintegrationofahugeterritory,asithaddonein others reliedonbarter, ingotsorextraneouscoinstradedasmetalandoftencutfor n earlymedievalEuropesomelargeterritorieshadhardlyanymoneyatall,while The situationofByzantine bronze coinageinthemid-seventhcenturycannotbe semissis (scruples),butwhichdeclined swiftlyattheendofConstantineIV andthe (SIXTH TOFIFTEENTHCENTURIES) MONEY, COINSAND 1 616 Byzantiumwasaloneinmaintaining,albeitwiththenecessary tremissis whosenamewasderivedfrom itsweightofsix THE ECONOMY fi “ fi rst outlineitsevolution,thentheconditionsofproduc- ceremonial nances) beforeconsideringitsroleintheeconomyand the fi COINS ANDCOINAGE denarius 2 fth century:thesolidusstruckat fi CHAPTER THREE nancial and C , whichallremainedverypure( é cile Morrisson , thenewsystemremainedrelativelystableover ” coinagethatwasstruckwith solidusdies. solidus 34 fi scal organizationthatmadeapowerful / nomisma . Createdin 72 1 ofaRomanpound, c.

98 percent).The 312 grammata astheout- ’ s reign, 4 or 3 Downloaded By: 10.3.98.104 At: 14:12 23 Sep 2021; For: 9780203817254, chapter3, 10.4324/9780203817254.ch3 progressively untilitreached content andweight(from and copperwasembodiedinonedenominationonly. process asmuchsimpler, thoughstillpluri-metallic,whereeachmetal,gold,silver under ConstantineV; andthehalffollisdisappearedforgoodunderTheophilos. with onesingleexampleunderConstantineV; thedekanoummiondisappeared being struck:thelastknownexamplesofpentanoummiaareunderConstantineIV, dekanoummion, becomesincreasinglyrareasofthe disappearance ofitsfractionsinexcavation and thedeclineinpurchasingpoweroffollisisillustratedbyprogressive Herakleios 565 the eighthandninthcenturiesbuthavenotbeenstudiedindetail. 491 0 In termsofthe was duetothepresenceinalloyofmetalslessvaluableanddensethangold. gold solidushadfallenfromto (~ in Anastasius understood withoutashortglanceatmajormonetaryeventofthepreviousperiod. 2288 Copper 12 Silver Miliar 1 Solidus Nomisma Gold* miliaresion than affect theoverallqualityofmetropolitangoldwhichremainedalwayshigher the folliswhichhadremainedconstantat nummi, thehalf-follisof series ofmultiplesthisminutecoin(of an inscriptionthatcoversthewholeofoneface coinmayhavebeencopied to berelatedinseveralsources:Malalas,aSyriacchronicleandMarcellinusComes. until theeighthcentury.Thisinnovativereformstruckcontemporariesenoughforit bearing theirmarkofvalueandthenamemint,asystemwhichwastolast . Semissesandtremissesareveryrare after * 12 fl 4 Constantinopolitan goldsuffered,startinginthe The monetarysystemoftheIsauriansandMacedoniansemergedfromthis The coin The stabilizationofthesmallcurrencyhoweverdidnotlastforever. Theweightof ation inthesmallestdenomination, . , followingtheepisodeoflargefollesdatedbyregnalyearsXII – 50 gsavedon 90 668 g percent.Silverwasnowrepresentedbytheemblematic iconoclasticcoin,the Table 98 , to –– ’ ’ u ( % Au) createdin reformofthebronzecoinage(in reign.Thisin ’ s broad,thinfabric,tripleborderofdotsandusea 96 chapter 3: 3 . fi percentand 1 4 ne goldcontent,thesavingseffectedweresmall( . 32 The Byzantinemonetarysystemintheeighthtotenthcenturies g),butnotnegligible.Furtherslightvariationsareobservedin 721 20 . fl nummi,the ation wentoncontinuouslyduringtheseventhcentury 98 Money,coinsandtheeconomy 4 percentand 2 124 . 36 11 . 27 7 gonaverage).Onlyhalfoftheweightreduction – , gto 200 1 12 è inFollis sion 741 in gunderMauriceandinthe 3 dekanoummion . ThelastoneswerestruckunderBasil I( . 35 0 445 g 0 18 . 98 6 to 4 nummus – gfrom . g ( % Ag) 498 0 fi 41 . nds: thepentanoummion,like 5 16 g,whichprevailedintheperiod g,oreven ) putanendtoalongperiodof , 1 800 in 580 , whoserelativevaluetothe 680 512 andthe 498 s. Finallyfractionsceased s, areductioninitsgold to » 12

14 . Anastasiuscreateda 0 538 gto . 2 pentanoummion g),the 2 andfrom . fi 3 7 gured typewith g) percent,being 6 Theydidnot – fi XV, declined rst yearsof –– follis 867 – 86 542 of ). , all to 40 5 Downloaded By: 10.3.98.104 At: 14:12 23 Sep 2021; For: 9780203817254, chapter3, 10.4324/9780203817254.ch3 Book ofthePrefect but thefundamentalratioof sion underTheophilusorBasilIandincreasedvaluesometimeinthetenthcentury, variations intherelativevaluesofcoins:improvementsweightmiliare- the reverse meaningless andwasreplacedunderTheophilosbyaninscriptioninseverallines and smallestbronzedenomination;itsmarkofvalueinnummi(Mfor former timesintofour. Fromthemid-eighthcenturyonwardfolliswasonly fi The hastewithwhichthepieceswerestruckbearswitnesstorapidin churches (asdidConstansIIinRome)andoccasionallyresortingtotheuseoflead. various measures,suchasmeltingdownstatues,seizingmetalfromtheroofsof number ofcoinsatatimewhencopperwasinshortsupply.Thisisdemonstratedby century thefollisfelltoitspreviouslowerweight,dueneedstrikeagrowing fi ( Gold experiencedadeclinefollowingthreephases.Inthe the debasementwhichaffectedgoldandsilver coinagesatdifferentdates. more varietyand of silverinthegoldcoinage byanannualaverageof 1030 abundant seriesofso-calledanonymousfolles,which continueduntil innovation whichisalsonotedinthechronicleofSkylitzes. Thuswasinitiatedthe inscription of Christwassubstitutedonthebronzecoinagefor theimperial tenth andeleventhcenturies.UndertheemperorJohn ITzimiskes( Iesus ChristusNika with thechoiceforinscriptionaroundcrossofinvocationConstantine: seals. ThisiconographyistypicaloftheIconoclasts from thecontemporaryArabdirhamaswellinspiredbyinscriptionsonearlier to KedrenosandZonaras,he issuedalaworderingthatitbepreferred,intransactions, earlier Justinianicweightof Herakleios tions ofthenomisma. record. Ithadbecometheintermediarycoinageparexcellence,replacingfrac- payments andprivatetransactionsasattestedinseveralsourcesorthearchaeological coinage soonexceededthisfunctionand,aswillbeseen,playedanactivepartintax in thenameof victorious Cross.Althoughoriginallyceremonialinnature,sinceitwasonlyissued profession offaithbytheChristianempire,underprotectionGodand intended tocompetewiththedirhamonpoliticallevel,byconfrontingita eron inrelationtothefull-weight standardnomisma,the called the certain accountsinthe century inthe 914 nds overstrikes,countermarksandblanksscissoredbycuttingthelargepiecesof rst phasethatNikephoros II Phokas(d. This simpletrimetallicstructureunderwentvarioustransformations inthelate The bronzefollisknewtwoshort-livedreinforcementsofitsweight:oneafter – s, fractionsof 59 ) toMichaelIV( tetarteron ’ fi “ victoryin eld similartothatonthesilvercoinage.Thereareonlysignsofpossible Jesus Christ,kingofthosewhorule Glossai nomikai fl exibility forincreasingmonetaryexchanges.Moreimportant was 3 2 8 and megas basileus andthe , whichwasreducedbyone-twelfth ( , 629 Book ofCeremonies “ Jesus ChristConquers. 1034 3 1 , theotherunderConstantineIV(d. ofthemiliaresionwereintroducedpresumablytoprovide –– 18 1 1 Palaia Logarike ofapound( nomisma – C 41 andotherscholiatothe é ), a cile Morrisson inassociationwithhissonandheir, thesilver “ creeping = 36

12 18 969 . 9 miliaresia g).However, bytheendofseventh , occursalsoattheendofeleventh ) introducedalightweight nomisma ” ” alterationincreasedtheproportion ” fortheimperialnameandtitle,an 7 Themiliaresionwasprobably ’ exclusiveinsistenceonthecross 0 . 04 –– =

percent.Itwasduringthis 288 fi Basilics histamenon “ rst, fromConstantineVII a smallquarter, folles,expressedinthe 685 ), whorestoredthe andisimpliedin 969 fi ). gure, andthe 40 10 1092 fl – According 76 ation; one ) wasnow ” ) abust . Inthe tetart- Downloaded By: 10.3.98.104 At: 14:12 23 Sep 2021; For: 9780203817254, chapter3, 10.4324/9780203817254.ch3 3 2 nomisma hadfallenfrom an increasebyone-thirdinmonetaryunitsoverthesethirtyyears).Thepurityofthe per year, probablyentailinganincreaseinmoneysupplytheorderof ( painful thanthosewhichfollowed.Inthesecondphase,fromConstantineIX onward, probablystillpayinginthempartiallyortotallythestate lightweight nomisma,evenperfectlydistinguishedintypeandfabricfrom the pricestoinferiorvalueofcoin.Hissuccessorscontinuedissue obvious fromthewhitishcolourofpieces. straits ofimperial appearance nomorethanasilvercoinage.Fromthispointchroniclesrefertothedire high to theolderandheaviercoin. hs eg ae % Dates Reign Phase of thecoinage,beginningwithcoronationhissonJohnin Minor, notablyafterhisvictoryatLebounionin demonstrated inafundamentalstudy, 1 the lasthistamenawithaslittle and thesubsequentremintingofthesedebasedmiliaresiaintonomismataresultedin thrown intothemeltingpot,inturnnewsilvercoinshadtobealloyedwithcopper, number ofcoinsstruck,andforcedrepeatedalterations:miliaresiahavingbeen from existingmiliaresia.Theprocessallowedforamuchsmallerincreaseinthe gold, moneyerswereresortingtoalloyingthenomismatawithsilvermainlyderived from 1042 dpaeMichaelVII rd phase dpaeConstantineIX nd phase tpaeConstantineVII st phase No sourcealludestothecreepingdebasement,whichwasmoderateandless In the Once AlexiosIhadsucceededinregainingcontroltheBalkansandpartsofAsia fi 35 – Table neness, the 55 . 8 fi ) toaround –– percentto nal anddramaticphasefrom Alexios I(pre-reform) Nikephoros III Romanos IV Michael IV Justinian IItoLeoVI 3 . chapter 3: 2 The principalstagesofgolddebasement( hyperpyron fi nances andthedebasementofnomisma,whichwasnow 1069 10 . c. 6 theamountofsilverinalloynowroseat percentunderAlexiosI,whose

90 Money,coinsandtheeconomy 11 ( Butthemanipulationfailedsincemarketadjusted percentto Data: Morrisson 1081 1078 1068 1034 1041 695 “fi 1071 914 18 re – 1 97 912 – – – – – – percentgold. 210 92 135 81 17 24 70 71 19 3 7 90 41 58 10 87 55 994 59 – 14 858 Alexiosmanagedtorestoreagoldcoinageof fi 1071 37 ned 70 Gold ” et al. percent( to . . . . . ), 672 856 137 31 44 12 fl

1091 1985 1092 Insteadofusingnativeunre anked byathird-hyperpyron,the Silver % 13 ...... 516 67 14 85 92 90 99 80 914 , hestagedamajorreordering , thegold 21 – Copper % 2 1 to 1092 ...... 9 6 81 2 10 7 70 “ 17 gold ): averagevalues 1092 carats). fi ’ neness fellrapidly s expenses. and copper Adding silver gold puri Adding non- debasement and processof Annual rate gold puri Adding non- ” . . . coinagewasin 6 4 04 . AsM.Hendy % % fi fi 1 % ed native ed native percent(or –– 0 . 4 percent 1005 fi ned Downloaded By: 10.3.98.104 At: 14:12 23 Sep 2021; For: 9780203817254, chapter3, 10.4324/9780203817254.ch3 for Egypt:the Macedonia, Nicomediafor Pontus, CyzicusforAsia,AntiochOriens,Alexandria a majorreorganization.Gone werethediocesanmintsforbronze(Thessalonika the distributionofmints,following theSlavinvasionandPersianwar, underwent stamena (nowpurecoppercoins)andafewtetartera. the stamenondecreasedfrom ations, hyperpyra,trikephala(nowpuresilvercoinsworth successor states.OnlytheempireofNicaeacouldissuewholeseriesdenomin- 1204 depended onthe tine weresomewhatalteredatthebeginningofseventh century. The mainfeaturesofmonetaryproductionestablished byDiocletianandConstan- the trikephalon,and basilikon petition fromwesterncoinagesbycreatingwestern-inspireddenominations,the in theKomneniantradition,buttheyhadtoadaptitpenetrationandcom- 20 called common usage)andtwosmallcoppercoins,the of whitegold,asilver-washedcopper( nomisma asprontrachy Byzantine monetarysystemproveditswiderangeand adaptabilitytothe in the exchanges. articulated astheearlyByzantinesystemandclearlyadaptedtoavariegatedscaleof curious standardschosenbythemintauthorities.TheKomneniansystemwasjustas silver inthelastphaseofdebasementandpaucitynewmetalexplain “ 60 silver) coinwashoweverdebasedanditsvaluefellto period to hyperpyron wasreducedfromaround big silvercoins,called hyperpyron hadanafterlifeasamoneyofaccountwhosevaluecouldbepaidbytwo gold coincreatedbyConstantineterminateditsthousand-yearhistory.Butthe differing silver-goldratiosintheEastandWest. Thusin that thiswasnotonlyduetothedirestraitsofimperial and economiccontext,towhichweturnnow. weight of the recentlydiscoveredhoardofConstantineXIdemonstrate. and by twofractionsofone-halfandone-quarter, andtwocoppersmallcoins( gold 2 1 percentsilverand After The hyperpyronremainedrelativelystableduringthetwelfthcentury,slidingonly caratsaverageofdebasedcoinsin follaro theByzantinemonetarytraditionwasmaintainedtovariousextentsby ” 1180 noumion coinsoftheperiod 1261 derivedfromtheVenetian silver fi c. ne metalinthelast s fromtheinitial ), andwerestruckthroughthelastyearsofempire astextsand

11 thePalaiologoiwereonlyrulerswhopursuedtrimetallicsystem fi carats( rst threeclosedin . Thehyperpyronwasnot MONEY ANDIMPERIALFINANCES comes sacrarumlargitionum 10 45 stavrati or percentcopper, stemmedfromtheremintingofdebased percent)inaround trikephalon 1070 politikon –– 87 hyperpyra 48 C 1 inthesources.Thesecoins,equivalenttotwice percentto in – é 91 630 cile Morrisson 1136 . Metallurgicalconstraints,thedisappearanceof copiedfromthebillon , thelasttwoin ( 1028 “ 17 ata “ to 38 three-headed coin, billon asprontrachy doukaton carats( 82 120 “ – 1 1 hyper-pure 56 percentin : in wasnowunderthe 1310 9 gold:silverratio,wereaccompanied , whileits 1190 tetarteron 70 andonward.We willseebelow (ducat, 16 percent)duringtheNicaean 610 4 1 –– and , thento ” and 1204 butcorrespondedtothe 3 1 ” fi , with 184 grosso alsoapunonitsvalue) anditshalf,probably 1 nances butalsotothe in denier tournois ” 646 . Theelectrum(gold- 12 1 called 6 1 1353 17 ofthegoldone), hyperpyron,while 1199 Till theend, ). Constantinople 30 ), whichreplaced 18 vestiarion Mintingwhich percentgold, theByzantine . stamenon 15 Following tournesion fi nancial , 19 . The and in Downloaded By: 10.3.98.104 At: 14:12 23 Sep 2021; For: 9780203817254, chapter3, 10.4324/9780203817254.ch3 per cent emperor cation. intended asawayofsavingtheenergyrequiredforstriking,thusacceleratingfabri- solidi werecharacterizedbyacuriousglobularandthickformwhichmayhavebeen coinage withanabundantgoldproductiondatedbyregnalorindictionyears.These continued toissueirregularlythrough rule. DowntotheArabconquest( issued from Lombards, mintingwasmuchfragmented.Goldcoins,whichareratherdif ninth century,andmarginallybyChersonwherespeci supplemented temporarilybyThessalonikawherecopperstrikingresumedinthe of theempire,withgold,silverandcoppercoins.Thiscentralizedmintingwas only wassupplyingtheeasternthemes,whichconstitutedfromnowoncore roughly producedtracheabearing theef nomisma andhadhisname engravedonit. according toNiketasChoniates,Theodore Mankaphas( where theGabradesstruck follesatthetimeofAlexiosI,orinPhiladelphiawhere, century, thereappearedmints ofamoreorlessephemeralnaturesuchasinTrebizond Due totheincreaseinparticularismandprovincial rebellions duringthetwelfth gold, beginningin Constantinople, thistimeintwoseparatemints(a ( provincial mints,Thessalonika,PhilippopolisinMacedonia, IsacceainParistrion or intendedformilitarypaybeingrobbedseizedby enemies orrebels. used tothisendotherthanscatteredmentionsinsources ofsumsfromtaxcollecting provide fortheneedsofalargeterritorybutnoinformation isavailableonthemeans much cashtopossiblerebelliousleaders.Itisclearthat thecentralmintwasableto nople andnoprovincialmintwasinstalled,presumablyforfearofprovidingtoo Apulia wasreconqueredinthetenthcentury,coinswereprovidedfromConstanti- near completecentralizationofimperialmintsfromtheninthcenturyonward.When loss ofmostItalianpossessions,exceptforCalabriaandpartApulia,resultedina CONOB ( identify sincewherevertheywereproducedalwaysboretheuniforminscription island, untilasecondand stabilized underLeoIII,followinghiscon gold oftheotherItalianmints, the nomismaintoacointhatwashalfcopper. Acomparabledebasementaffectedthe precious metalcoinsanda Syracuse in standards untiltheydisappeared:Romein which explainswhyfromthe and Ravenna,NaplesSyracuse. limited itselftoissuingtetarteraandnoumiadestined fortheGreekterritory. “ beside the[lower]Danube In thewesternByzantinepossessions,oncontrary,regionalizationwas In theKomnenianperiod,afteraninitialproductionof reformedcoinsinseveral The provincialmintswereautonomousandlooselysupportedbythecapital, 20 fi ’ InItaly,whereByzantinepossessionswereisolatedfromeachotherbythe s ef neness untiltheywerereplacedby –– “ re 879 842 fi chapter 3: fi gy andthemonogramofpopes,whichfellfrom ned goldoftheConstantinopolitanstandard anditsreplacementReggioin to 989 695 forlocaluseinthisByzantineoutpost. atSyracusewherethe fi nal devaluationbetween Money,coinsandtheeconomy moneta publica ” 690 ), mintingseemstohavebeencentralizedagainin 22 aswellthelittleRomansilvercoinswith s theydivergedmoreandfrommetropolitan 695 720 ), whenitwastransferredtoCagliariand 39 fi gy ofTheodore,havebeen foundinAsia ” , theCarthagemintissuedatrimetallic denarii forsmallchange),whileThessalonika fi Butnosilvercoinsofthisperiod, only 776 scation ofthepapalrevenues 912 fi , Ravennain neness fellto . moneta imperialis 21 inCarolingianstyle Theywereforcedintodebasing c.

820 fi 1188 c cast-bronzecoinswere ” and ), werestruckinRome – 751 c. 90 886

80 ) 95 , Naplesin “ responsiblefor percent.This , whichturned percentto struck asilver –– 796 fi . cult to 23 842 The 30 24 , Downloaded By: 10.3.98.104 At: 14:12 23 Sep 2021; For: 9780203817254, chapter3, 10.4324/9780203817254.ch3 with thedirestraitsand contextualized inthe three phasesofdebasementthetenthandeleventhcenturies outlinedabovecanbe mon meansofmultiplyingmonetaryunitswhenmetal supplywasshort.Infact,the including their Bringing togetherinthesamedevelopmentbudget andtheproductionofcoins, Supervision ofthemintanditspossiblepro of mintingrightstolocalauthorities(counts,bishops,religiousestablishments). of and is shownbytheclaimmadein onwards. by privateindividualsandwasprobablyfarmedoutfromthemid-fourteenthcentury managed imperialworkshopintoonewhichcouldacceptbullionorcoinsbrought struck avariedandabundantcoinageinallmetalsexceptgold. Cyprus, whereIsaacKomnenos( Minor, BulgariaandnorthernGreece.Themostimportantofthesemintswas remained activetill trimestrial, basis)yieldingseignoragepro 1204 mint. Theextremevarietyincointypesofcoppercoinage,characteristicpost- charge. speculation thatcannotyetbeproven.Manyofthemalsodesignatedthemoneyersin renovationes Minor asalreadyanalysedby thecontemporarychroniclerNikephorosBryennios: bullion andhis quantities struck,theirmetalcontentandnominalvalue,tobothhisresourcesin meaning ofthetermcouldbeenvisaged,itisclearthatemperoradapt Although itwouldbeanachronistictoconsiderthatamonetarypolicyinthemodern could controltheoutputofnewissues,animportantelementmoneysupply. the Pechenegsthanwithhis lavishexpenditureonbuildings, ros IIandBasilII,thesecondmorewithprotracted war ofConstantineIXagainst coincides withthemilitaryoffensivesandreconquestsconducted byJohnI,Nikepho- were struckinMonemvasiaorMistra. Chronographia At thispointofoursurveyitisimportanttostressthatevenwithlaterepisode In thePalaiologanperiodConstantinopolitanmint(s)changedfromadirectly “ eddntgattehgethnust h otntbe...temltr .but . .themilitary . He didnotgrantthehighest honourstothemostnotable. understood everydetailof of abalance,excessesandde much eachpaidbacktothetreasury;productionofcoinsandequilibrium agement, howmuchthetreasury( of stampedgoldcontained. worked; andhowmanymeasuresofpuremetal( mint-farming, khryseps issues,pointsalsotopossibleregularchanges(onanannualorpluri-annual, 27 Thessalonika,whichhadresumedmintingundertheKomnenoi-Doukai, 26 Thattherevenuesofmintwereconsideredimportantbystate . Thenumerousprivymarksonthehyperpyrahavealsoledtosimilar è teion fi referringtohowMichaelVII fi neness, highlightstheconscioususeofdebasementas mostcom- nancial needs,asclearlystatedinthefamouspassagePsellos ” therewereneverinByzantiumastheWest anyconcessions (gold-smeltingandmintinginstallation)oftheConstantinople 1370 fi nancial needsoftheexpandingempireatthattime: fi andunderManuelII( nancial needscausedbythe advanceoftheSeljuksinAsia –– C fi 29 1258 nance ( é fi cile Morrisson ciencies ofweight,howthetouchstone( 1184 byMichaelVIIItoashareinthe 28 – synteleia ta d 40 91 fi fi ), drawingonthewealthofisland, t onforcedexchange,likethewestern è ts alwaysbelongedtotheemperor, who mosia ) exactly:itsorganisationandman- 1391 ) paidtoeachpersonandhow kathara hyl –– – 1425 30 ) somepoor thethirdandlastone 25 è ) eachofthepieces kommerkion khrysit torneselli fi rst one è s ) ’ Downloaded By: 10.3.98.104 At: 14:12 23 Sep 2021; For: 9780203817254, chapter3, 10.4324/9780203817254.ch3 that Byzantiumbene some degreeofeconomicdevelopment. Untilthetwelfthcentury,thereisnodoubt ure ofsocialjusticecould be assured,thefavourableandnecessaryconditionsfor transactions, and practiceonpropertyrights, credit,justpriceandpro to commercialneeds,togetherwiththeenforcement of theelaborateRomanlaw able and This bringsustothebehaviourandroleofmoneyin Byzantineeconomy.Thedur- instruments forpaymentswhoseshortagewouldhave otherwise stalledgrowth. an expandingeconomywithincreasedmonetaryexchanges withthenecessary On thecontrary, This isobviouslya these earlierdebasements.Ade the sameperiodexcludesthatde expansion ofthetime.Theevidence,thoughslight,whichpointstopricestabilityin number ofmonetizedtransactionsduetotheterritorial,demographicandeconomic less inthelongrun,from unre have anegativeimpactontheeconomy.Theincreasewhichtheirprocess(adding termed pyron in thethirdcentury. to ariseofpricesashappenedinthelateeleventhcentury andhadearlierhappened nomisma wasdebased .moneywaslacking, . enue byseveraltimes.Andso,forthisreason. Byzantines] called to allthosewhoaskedforthem.HedidthesamewithwhatRomans[i.e. brought toanend.Forthein a carat,sothatthetotaloftwenty-fourunits[carats]felltoratio .reducedthemeasureofgoldby . least withregardtotheItalians,he[Michael]. [VIII], aftertherecoveryofCity,becauseexpensesthennecessary,not carats], andthissituationcontinuedunderhissuccessor. Then,underMichael re The greatest wantofmoney. because ofitsill-usebyearlieremperors,theimperialtreasuryfounditselfin sion oftheTurks, andsincethatderivingfromEuropealsodecreaseddrastically, went tosupplythetreasuryceasedbecausewholeofAsiafellintoposses- fourteen [ofgold]comparedwithtenalloy],andnow[ nine [ofalloy].Later, whenhewassucceeded[byAndronikosII],itamountedto said tobemixedbyhalf[i.e.twelveofgoldcomparedwithalloy]. fi ned gold)permittedinthenumberofgoldcoinsstruckwasmatchedmoreor fi “ ned goldof because ofneed “ nomisma expansion debasements. fl –– exible monetarysystem,whichwasresponsivenotonly to 34 chapter 3: provided,atleastwhenpeace, politicalstabilityandarelativemeas- wasdebasedbecauseofneed.At “ nomismata crisis debasement, fi 33 MONEY INTHEECONOMY fi ted fromahighermonetization oftheagrarianeconomy,a of ” Onthecontraryearliertwodebasementsprovided rst twophasesoftheeleventh-centurydebasementcanbe likewiselucidlyanalysedbyGeorgePachymeres: fi kia adtegfso oe tahd...toof . andthegiftsofmoneyattached. Money,coinsandtheeconomy 31 sothatasaconsequence,expenditureexceededrev- 950 amountedtotwo-thirdsoftheirweight[i.e.sixteen fi cit-driven debasementwouldhavemechanicallyled fl s tothe ” ux ofmoneywhichderivedfromAsiaand Whatevertheirimmediatecause,theydidnot fi cit ofthetreasurycouldbeonlyreasonfor ” aswasalsothatofthePalaiologanhyper- 41 1060 s, byacorrespondingincreaseinthe fi rst, underJohn[III]Doukasthe fi ts, honestmeasuresand c.

1308 fi ] thepurityis scal butalso –– fi fi ces were fteen to 32 the Downloaded By: 10.3.98.104 At: 14:12 23 Sep 2021; For: 9780203817254, chapter3, 10.4324/9780203817254.ch3 the tetarteraandnoumiadistributed tothe trachea worth from thehyperpyron,electrum trikephala, distributions, providescompleteevidenceforallknown Komneniandenominations detailed listofsalaries(andrelatedcashandfoodallowances), suppliesandcoin excavation evidence. and socialstatus,numerousexamplescanbeproduced fromtexts,hoardsand turies. transactions concludedpartlyorwhollyinkindthethirteenthandfourteenthcen- exchange drawnfromsaints We mustbewaryofsubjectivegeneralizationsandcontrastingexamplesmonetary ary economyofaverylimitedkindonly, or intheotherseveralexamplescitedbyHendytobolsterhis seasonal andviscosecirculationofchangeasinthecasethirteenth-centuryEpiros, of theirinlandlocation,wererelativelydemonetizedor, atbest,knewofaslow, “fl This pictureofamonetizedeconomymustnothoweverbeidealized:eveninthe the MiddleAges, in theWest. Byzantiumhadtwocomparativeadvantages:itsgoldcoin,the The roleoftradeandthestandardlivingwerebothobviouslysuperiortothose greater urbanizationandconsequentlyadivisionoflabourthanintheWest. and certainlyalsotothegreateravailabilityofcashin capital. Constantinople, thankstotheagreementthathadbeen concludedwithManuelI, staminum for the ThirdCrusades,when,accordingtoOdoofDeuil,Frenchtroopschangeda problems ofpaymentandexchangeencounteredbythearmiesSecond obtained inthemoreremoteurbansitesandcountryside.Thisexplainsrecurring and provincialcitiesonthemainseaorlandrouteswasverydifferentfromthatwhich or togivea counting onlyhisbeans,unabletobuyhimselfsomecaviar, ifonlyforatetarteron, prodromos contrastthe mentions thesilver all therelevantfactorsof economy mayhavelookedlikeinthemid-twelfthcenturywasproposedintegrating and analysescollectedinthe costs inalargerterritorythanthesmallerstatesofWest. Onthebasisofdata or tothepooroncommemorations oftheimperialfounders. e Thetaxburdenonmonetizednon-agriculturalproductis (e) Thetaxburdenontotalagriculturalproductis (d) Agriculturerepresents (a) parameters: my opinionisalsovalidforthesixthcentury,givesfollowinginterdependent c Monetizationofthenon-agriculturalsectoris (c) Monetizationofagricultureis (b) ourishing Levels ofmonetizationvariedaccordingtoahierarchy re 40 Asinallotherpre-industrialcountries,thelevelofmonetizationcapital ” “ sixthortwelfthcenturytherewerealwaysareaswhich,mainlybecause follis fi 48 1 ve deniersintheBalkans, ofthehyperpyronusedfor allowancesoflesserpersonnel,downto ” 36 ” anditsuni (i.e.astamenon)inalms. stavrati 42 Contemporarytextslikethetwelfth-centurysatireofPtocho- higoumenos fi scality andmonetization.Thisplausiblepicture,whichin 75 –– and ’ livesoftheeighthtoeleventhcenturieswiththose Economic HistoryofByzantium percentofdomesticproduction. C fi é ed monetarysystemwhichreducedthetransaction duchatelli cile Morrisson 35 percent. countinghishyperpyraandthepoormonk ” fi 42 inferiortothatofAnglo-SaxonEngland. ve orsixinAsiaMinorandforonlytwoat fi , thelatterpaidtoporters carryingor fty patientsfortheirdailyrefreshments theotokia 43 ThePantokratorTypikon, withits 80 23 percent. percent. –– or hagiogeorgata “ fl suggestion ofamonet- ecting thatofincomes 20 , amodelofwhatthe percent. 44 41 SimilarlyBadoer , theaspra 37 “ dollar of 35 39 38 Downloaded By: 10.3.98.104 At: 14:12 23 Sep 2021; For: 9780203817254, chapter3, 10.4324/9780203817254.ch3 the hyperpyronand from Athens,Corinthandothersites,includingruralones, accelerated inthetenthcenturyareillustratednotonlygraphsofcoin of theByzantinepopulationandeconomyfromeighthcenturyonwardwhich the taxpayerreceivingchange( for two-thirdsnomisma,twonomismataoneandnomismata,etc.), superior nomismaonceitamountedtomorethaneightmiliaresia(i.e.one Logarike expenses, orupwardtopayone whether downwardfromgoldorsilvertoprocuresmallchangeforalmseveryday small copperdenominationcalled transporting goodstoandfromthedockyardsBadoer dominated bytheItalian merchants ledtoacompletereversaloftheprevious evidenced, forexample,inVenetian documentsoftheperiod. Komnenian hyperpyronenjoyedanevenwidercirculation inMediterraneantradeas time. Thecrisisdebasementoftheperiodfrom the West theByzantinecoin,hadbecomeacommonwordforanygoldcoinof Besantius, bisantius,besant those ofthegreatestexpansionByzantinemoney intheempireandbeyond. more commonmetalwork,allobjectsofanactivetrade. the manufactureofglazedceramics,silktextilesall qualities,glass,preciousor settlements andpopulation,inagriculturalinvestments andsurplusproductions,in derived fromarchaeologyandarchivaldocumentswhich depicttheincreasein Balkans. Naturally,theyarethemostfrequentlyrepresentedinstray sixth andearlyseventhcenturiesrelatedtothepenetrationofSlavsin coins, thoughlesshoarded,neverthelessfeatureinnumerousdepositsofthelate occasional presenceinarchaeologicalstray was themetalhoardedpreferentially,silverhasleftfewerdeposits.However, its and theirpossiblewrongdoings(cheatingonweightorcoins)severelypunished. of everycityandtemporarymarkets.Theiractivitywastightlycontrolledbythestate This impliedtheubiquitouspresenceofmoneychangersinsquares,foraandstreets analysis. ing themarkedincreaseinnumberofgoldcoinsissued,asderivedfromdie-study purchasing power, “ dinar dramatic decreaseintheperiod lated onarchaeologicalsites,andtheirannualfrequency,whichshowsageneral tury Bithynia andSicily the sea,coinsarestillfoundinsomenumbers:Constantinople demonetization ofthetime.Inafewcitiesorregions,mostlybutnotallsituatednear Balkans andAsiaMinor, providesaroughindexofthede-urbanisationand dollars oftheMiddleAges, Several textshowevershowhowonehadtopassfrommetalanother, After Unsurprisingly, afterthesixthcentury,eleventh and twelfthcenturiesare While goldwastheinstrumentofbigpaymentsandamongallmovableassets, – intheEastandAlmoravid ( andalsoCalabria,AlbaniaAmorion. 50 1204 , whichfromLeoIIIonwarddemandedthatthe –– Themonetaryevidenceisoneimportantelementintheoverallpicture chapter 3: and 52 1261 – withastablequalitysupported byapowerfuleconomy. 384 anexceptionalcentreofeconomicresilienceintheeighthcen- 1 ofthe theintegrationofByzantium intoaninternationalmarket ” Money,coinsandtheeconomy , whichfromthetenthcenturyonwarddesignatedin aninternationalcurrencywith highintrinsicvalueand stavrato ’ antistrophe 668 s taxesaccordingtotheprinciplesof tornexe . – 45 829 morabitino 43 whichhereckonsat or fi nds documentsitscurrentuse.Copper ) insmallchange(miliaresiaorfolles). 886 1059 48 The ) intheWest, itwasoneofthe onmostsitesexcavatedinthe to “ take off 1092 49 ’ s merchanthouseanda butalsointhoseshow- wasforgottenandthe kanon ” 51 8 1 andseculargrowth carat,thatis With theFatimid bepaidinthe fi fi nds accumu- rst instance, –– 53 Palaia 192 fi 1 47 nds of 46 Downloaded By: 10.3.98.104 At: 14:12 23 Sep 2021; For: 9780203817254, chapter3, 10.4324/9780203817254.ch3 inverted withwhathadbeentheruleinearlyperiod:insteadofalargeuni the products likewoollencloth.Inthemonetary exporting rawmaterialsandagriculturalproductsimportingmanufactured value totheWest, ByzantiumandtheeasternMediterraneanatlargewerenow situation anddivisionoflabour:insteadexportingcommoditieswithahighadded Scripulum/ Solidus/ Uncia/unggia 1 Ounce Libra/litra Pound ( end ofaprestigiousandin was nowopentoandsometimesdominatedbywesternorTurkish currenciesatthe monetary marketwithawideareaofpenetration,Byzantium which contributed,togetherwithByzantium brought westernsilvercoinstotheEastanddrovegoldWest, aphenomenon pyron andthedinar. Thatwastheoutcomeofdifferinggold gold hyperpyron andByzantium » 8 1 5 4 3 2 7 6 pound

325 one twenty-fourobols ated andnotcounterfeitedmiliaresion havingtheimperialstampbutshouldacceptequallyforeach α)τ λαµβαν&τωσαν βολο( χαρακτ %χον βασιλικν the follis,oringeneralforsmaller bronzeunit. though withdifferentwords( ten, § these fontsforuseinscholarlypublications. of DumbartonOaks(Washington, DC).TheauthorisverygratefultoDOforgraciouslyreleasing Grierson andBlackburn Commentary andreferencesinMorrisson Grierson For asummaryoftheRomanmetrologyscale,seeTable In whatfollowsIhaveoftenreliedonmymoredetailedassessment, Morrisson Oikonomides in The specialfontsusedhereforcoinsinscriptionswere See datacollectedinMorrisson “ 3 ducat return togold . g ( g) 3 ” , ed.Koder anallusiontotheclippingpractices denouncedinotherparagraphsofthe . Thelatterbecamethecommoncurrencyoftrade,inplacehyper- 1968 ; Morrissonforthcominga. 1986 1991 Table » ”

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0 . genovino 18 .  κβδηλον τν κβδηλον g) as é ration “ beschnit- and fi ed , Downloaded By: 10.3.98.104 At: 14:12 23 Sep 2021; For: 9780203817254, chapter3, 10.4324/9780203817254.ch3 14 21 20 17 16 15 19 18 48 13 12 11 27 26 23 22 10 25 24 47 46 45 44 43 42 41 40 39 38 37 36 32 31 30 29 28 35 34 33 9 precious metalwassmeltedinthe Hendy earlier data. Grierson Delamare Schreiner Hendy Hendy χρυσοεψητ- Brandes IV For theadministrativebasisofcoinageproduction,seeHendy See Morrisson forthcoming c. Morrisson See Hendy Kedrenos Grierson Matschke Grierson andBlackburn Morrisson andBarrandon Morrisson Syracuse byPrigentandMorrissonforthcoming. Grierson References inGrierson Hendy According toarecentrevisionofavailableevidencebyPapadopoulou Book oftheEparch Hendy Badoer Gautier Ptochoprodromos For thesixthandseventhcenturiesseePatlagean Laiou As assembledrespectivelybyOikonomides Hendy Laiou 948 Laiou European currencies. A termcoinedbyR.S.Lopez Pachymeres Bryennios trans.byHendy Kaplanis Psellos According totherecentidenti changes havebeenproposedinseveralarticlesbyS.Bendall. 2006 Ideology text andinPegolotticompareexactlywiththeactualvaluesfromanalyses,seeMorrisson limits oftheEuropeanGDPintwelfthcentury,seeLuitenVan Zanden For acomparisonarguingthattheByzantineempirewasrichestpartofEurope,andatupper See thevariouscontributionson without properrecognizanceofthemonetary the For thedetailsofargument,relyingonFisher – VIII. fi – rst tohighlighttheeconomicexpansionofeleventhcentury,lateranalysedbyHarvey 50 . 2001 2001 2002 1969 1999 1969 1985 1969 1985 1926 . 1956 –– 1974 ” 2002 1973 2003 1999 1973 1991 inLaiou 1838 et al. 1997 et al. 1985 a (AppendixbyC.Morrisson: b. et al. b: chapter 3: 1984 . . . : , : : II, , . 438 60 297 (goldre passim . In : . 2002 : 1146 canbeupdatedforRomebyRovelli ; Grierson

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1 : 235 – – : II, – 1991 540 9 ; Hendy 304 1985 , 2002 899 3 , andMorrissonforthcomingb. ; BendallandMorrisson – . ThetranslationinsertedinMorrisson 231 , . ; seeMorrisson 7 3 369 ; PrigentandMorrissonforthcoming. 37 fi . Foracomparativeassessment,seeGoldsmith ; trans.inLaiouandMorrisson . , s.v. 1973 the ner andassayer).SeeOikonomides : hastraceelementanalysesexplainingtheprocessesandreferencesto ; Hendy 1986 b: – 4 ; Zonaras 1999 8 . 5 , 1985 1059 1985 1988 καταλλα . 708 . α 85 , fi : χν τ ρχων Money,coinsandtheeconomy ; Morrisson cation byBaker 55 – 1951 – : – : 96 . OnLombard,earlyPapalandCarolingiancoinagesinItaly,see 10 1120 235 1999 – 285 “ 73 χρυσοχε . 1841 ; Hendy ´ Legal AspectsoftheEconomy κτη 2001 intheafter-wartimeof , . – η ˆ 210 , 7 : 1123 ; Morrisson

112 – χαραγ , . 97 193 , τραπεζτη 1996 1994 259 ιον ˆ – 1985 : III, 1994 – 21 fi – 44 45 ndings. thatwaspartofthe 2006 6 η – ˆ . Various estimatesofthepossiblerhythmthese ; Bendall ). andSaradi ’ 66 . 1977 s equation,seeMorrisson 507 : belongedtothevestiarionwhilenecessary . 507 . . 1979 . ; DagroninLaiou : 2007 – 342 2001 9 , withreferences. : 1991 442 1972 – 2002 . The 1995 409 andArslanMorrisson – . 3 : . : fl . fi 315 1985 a. 917 ation andfragmentationofweak gures fordebasementgiveninthis ” eidikon and – isfaulty. 2007 17 : 1984 371 . 2002 “ , 2005 1976 Economic Thoughtand whereisalsofoundthe – contra 447 andMorrisson b: . SeealsoMilanovi , astudywhichwas 407 andHendy Hendy – –– 12 2002 ; Morrisson 2002 1999 : 1989 2002 1989 fi , for . g. 4 ç : : , . Downloaded By: 10.3.98.104 At: 14:12 23 Sep 2021; For: 9780203817254, chapter3, 10.4324/9780203817254.ch3 54 53 50 49 52 51 Day Cipolla power comparabletothatofthe Venetian nomisma wasworth wheat ( F For graphsofcoin A Laiou ü nomisma eg 2002 2007 2001 38 1967 grosso , withreferences;Bertel kg).ForotherreferencesandlistsseeMorrissonCheynet . a. couldbuysometenlambsorsixsheep, : 24 of . fi 12 nds, seeMorrisson 120 d,attheendoftwelfthcentury,West hadnocoinwithapurchasing

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