Byzantine Coinage - Denominations

Denominations

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.

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.

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.