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Author Topic: Problems with Coinage of Leo VI  (Read 831 times)

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Offline Obryzum

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Problems with Coinage of Leo VI
« on: May 04, 2017, 06:57:48 am »
Recently I have been reading up on the coinage of Leo VI.  Unfortunately there are still many unanswered questions about Leo's coinage.  For example, why is the gold so rare when gold coins of his immediate predecessor (Basil I) and successor (Constantine VII) are so common?  This is hard to explain given that his reign lasted more than 25 years. Also hard to explain considering his strained relationship with Basil I.  And why are the solidi depicting Leo VI and Constantine VII, which were presumably struck only after Constantine VII became co-emperor in 908, so much more common (though still rare) than the coins depicting Leo VI alone (with the long beard)?

My theory, which I have not heard anyone suggest before, was that Leo's policies effectively pulled in all the gold from circulation and somehow incentivized people to hold bronze instead. It can be no accident that Leo's gold is so rare, but the bronze is so common.  In fact, Sear even suggested that the Leo VI follis may be the most common of all Byzantine bronze coins.  Leo's bronze is far more common than Basil's.  And though much bronze was struck under Constantine VII, most of this seems to have come later in the reign.   So I think the scarcity of the gold must be explained in part by the abundance of the bronze, but I have not seen anyone develop this theory before.   

As evidence that gold ceased to circulate, consider that most Basil I solidi are in quite good condition, showing minimal wear.  If Leo had simply suspended new minting while the old coinage continued to circulate, more Basil I solidi would show considerably more wear.

I want to study this in more depth, but the primary references are quite superficial . . . 

As part of my study into Leo's gold coinage, I have started my own personal die study to see how many die links I can find in S. 1725.  I found one curious and ghastly finding yesterday when comparing the following obverse die matches.  Here is a cringe-worthy example of a poorly tooled gold coin.  Can you spot it?  Note that only the faces are tooled, and on both sides . . .


Offline joma-tk

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Re: Problems with Coinage of Leo VI
« Reply #1 on: May 06, 2017, 01:23:32 am »
Interesting thoughts....

tk

Offline Obryzum

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Re: Problems with Coinage of Leo VI
« Reply #2 on: May 28, 2017, 07:58:13 pm »
Yes, Thomas, that's the one.

Since my post about Leo VI, I purchased Fueg's Corpus of the Nomismata.  What a fascinating reference book.  For those who have not seen it, a brief summary:  It covers only the gold solidi.  It covers only the Constantinople mint.  It covers the period from Anastasius II to John I (though volume II, which I did not yet purchase, goes up to Eudocia).  It identifies more sub-types than DOC.  It focuses on die links and identifies every coin in the major collections and that sold in auctions up to December 2005.  Fueg counts all the known obverse and reverse dies, and extrapolates the likely number of dies for an entire reign, as well as the number of dies in use per year.  He also shows through statistics how the reverse dies wore out faster than the obverse dies.

As regards Leo's reign, he also argues that gold was hoarded during this period of low mintage.  Minting activity remained quite limited early in Constantine VII's reign before it picked up with Romanus I and then took off with Constantine VII and Romanus II.

   

Offline joma-tk

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Re: Problems with Coinage of Leo VI
« Reply #3 on: May 29, 2017, 04:46:46 am »
Thanks for the hint.

I put in my "to do" list the a.m. book!

tk

 

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