Byzantine coinage evolved over 1,000 years, with early coins depicting emperors and later coins showing religious symbols. Emperor Constantine created a solid gold coin, the solidus, which was later mixed with silver. Silver coins re-emerged before the end of the Byzantine period, while bronze coins were mainly used for local trade and later depicted religious imagery.
Byzantine coinage represents the monetary system used during the Byzantine Empire from 498 to 1453. Five phases of Byzantine coinage evolved over 1,000 years in medieval Eastern Roman history. Most early period coins depicted the busts of the emperors who ruled at the time. Byzantine coinage minted during the later stages began showing images of Jesus and other religious symbols.
The best-known Byzantine coinage emerged in the 3rd century, when Emperor Constantine the Great was relocated to Byzantium, later named Constantinople in his honour. He is credited with creating a monetary system based on solid gold coins, which determined the value of all other coins based on their weight and the material used to mint them.
The solid gold coin weighed 24 carats and was marked with the symbol “OB” to indicate that it was minted in pure gold. Each coin was also identified by the mint that produced it. The solidus remained the coin for large transactions until its value began to decline in the 6th century when silver was added to its minting process. One silver coin and five copper coins also existed in this period.
Silver was rare because there was no local source for the precious metal. Silver coins were minted in the 4th century, but were eventually withdrawn from circulation. The first coins of gold mixed with silver were known as billions, a roughly formed coin that was worth less than solid gold solidus.
When the Roman Empire fell, gold coins disappeared and were replaced by silver and copper coins. New sources of silver made it the most valuable metal after the production of gold coins ceased. Silver coins re-emerged between 1350 and 1453, just before the end of the Byzantine period.
Bronze Byzantine coinage was the least valuable, with one coin being worth 7,200 gold pieces. Called nummus, this type of coin was mainly used in local trade for daily needs. It was large and flat, with crudely typed numbers.
Between 796 and 1025, a series of bronze coins called the anonymous follies began to depict religious imagery instead of replicas of emperors. Images of Jesus, depicting a bust or seated on a throne, marked these coins in different sizes. Some displayed a bust of the Virgin Mary and various styles of crosses. Many of the anonymous follies show evidence of many excessive bashing.
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