The coin reform of the 12th century Eastern Roman Empire

[Simon]

In 1092 the Emperor Alexius I Comnenus reformed Eastern Roman coinage. This was done out of necessity because the coinage preceding this had been debased to a questionable state. When Alexius Comnenus did implement the reform, he created new denominations that would be used for well over a century and Eastern Roman coins were once again eye appealing and the denominations respected for their value.  This was the first major coin reform since Emperor Anastasius, almost 600 hundred years earlier.


The coins were minted in two locations primarily, Constantinople, the empires capital and in Thessalonica. The difference between the mints was the style used. The gold coins minted in Constantinople were thinner and Thessalonica they were thicker and smaller dies, sometimes  visually the same but in hand the difference becomes apparent.

The hyperpyrons were not used in everyday transactions, that is why they are normally found in nice condition. The way the system worked was simplistic, Taxes were paid in gold. Change for the taxes and everyday transactions were made in billion and copper denominations known as Billion Trachea and tetartera.

Since the common citizen was not paid in gold but in these lesser denominations, to pay tax they had to take their lesser denominations and bring them to the money changer, he for a profit would change the coin into gold coinage
The Hyperpyron was respected by all of the neighboring countries, its shape was very unique as was the other two denominations, El Aspron Trachea and Billion Trachea. These denominations were cup shaped for reasons unknown. Many theories have been shared by collectors through the years but until a written explanation is found and translated, we will never know for sure. One interesting feature is in the first century of the coin it was created by two strikes on a die and not just one, as most coins were.
The Hyperpyron is highest value denomination of the coin reform, a cup shaped coin that weighed in theory 4.45gm . The size was around 30mm Its purity fluctuated from about 19 to 21 carats. This changed by ruler, under Alexius I it was 20.5

The other form of gold during the time was the trikephalon, known today in the collecting world as the EL aspron ( white) trachy. It took 3 of these to equal a hyperpyron. It was a mixed metal coin made of gold, sliver and copper. The gold content on these coins fluctuated from 7 carats down to 2 carats, again the debasement was handled by each ruler. Under Alexius is was 7 under Alexius III it was down to 2.
Next is the billion aspron (White) trachy, a cup shaped coin that in the 12th century contained silver and had a nice silver wash on it. Most examples we see today lack the silver wash, it came of easily during circulation and during the centuries that passed from its original minting. It contained up to 8% (Some of John II’s billion trachea were as high as 11%) but like the gold coinage it eventually became debased as the century continued. This was also the coin most soldiers were paid in.

To continue would be the coin Michael Hendy called the Metropolitan Tetarteron. I would prefer to call it The City Tetarteron, It falls into the same family of the other mixed metal coins, It was a copper coin that also contained silver ( Up to 4%) and was also originally issued with a silver wash. To find one with a silver wash is extremely rare but they have been coming to market in more recent years. The reason I call it The City coin is because it seemed only to circulate in the city of Constantinople, they are  rarely found in Greece or Asia Minor.

All of these mixed metal coins were criticized during the time. The reason it was virtually impossible to determine what percentage of the metals were used so its true value was hidden.
The last two coins on the list are the tetarteron and its smaller sibling the half tetarteron (I personally believe they are three denominations but to avoid confusion we will stick with them as just being two.) These coins would have been used in everyday transactions.

This synopsis is for the 12th century coinage, the denominations do continue into the 13th century but the usage and value change greatly, the trachea lost their silver content, the tetarteron begins to disappear as newly minted coinage and other coins begin to take its place.  The rulers of the 12th century Eastern Roman Empire were Alexius I Comnenus, John II Comnenus, Manuel I Comnenus , Alexius II Comnenus ( No coins known) Andronicus I Comnenus , Isaac II Angelos, and Alexius III Angelos.

Bellow is part of my collection and it  is a complete set of John II coinage, from the hyperpyron’s to the half tetarteron. I have included two variations of tetartera not seen in Sear and for the sake of a perfect shape I left one hypepyron from Thessalonica out.
My collecting goal is to complete the century for all of the rulers, I am getting much closer but several of Alexius early post reform coins are being elusive.

If you care to comment or If you have coins from the 12th century  you would like to share , please feel free.

[Obryzum]

Thanks Simon.  This reminds me of a matter I have been chewing on for some time.

Hard money gold advocates typically refer to the debasement of the denarius and the fall of Rome, and suggest that these were somehow connected.  But were they?  Didn't the debasement of the denarius coincide with a transition from a silver-based economy to a gold-based economy?  Wasn't it all just a wash?

Why don't the hard money advocates ever talk about the debasement of the histamenon in the 12th century?  Did that lead to the fall of Constantinople?  Not at all.  The debasement got worse and worse, and then finally Alexius hit the reset button, and the system reset.  What happened?  The imperial mint was so overwhelmed that it had to add branches in Philippopolis and elsewhere keep up with demand.  Everyone brought in their debased coins to be re-minted under the new standard.  And that standard continued for another 100+ years until Constantinople fell for other reasons.  The point being that the gold never really disappeared from the system.  And the reset was not so difficult to pull off after all.  But nobody ever talks about that.  Why?

Anyway, thanks for your post about the monetary reform. 

[Simon]

Why don't the hard money advocates ever talk about the debasement of the histamenon in the 12th century?  Did that lead to the fall of Constantinople?  Not at all.  The debasement got worse and worse, and then finally Alexius hit the reset button, and the system reset. 

I think the answer was Prestige of the Empire, when the value of the currency comes into question then trade becomes difficult, other cultures questioning the value of their currency versus the Empires. It needed to be uniform and noticeable different in appearance. The Alexius coin reform was a complete success under those goals, in fact as debasement did occur as the Empire financially weakened throughout the century, however after the fall to the Latins  John III Ducas copied John II Comenus coinage, he duplicated the exact same hyperpyron including the legends "Born in the Purple" . John III was not born in the purple ( born to rule.). The coinage of John II , son of Alexius and father of Manuel was considered to he of the highest grade during the century, he basically raised his fathers standards. The prestige of his coinage must have lived on  because a century after his rule it was copied. 

As for the fall of the Eastern Roman empire, it was the fault of Alexius I Comnenus, he gave away trade rights to the Venetians for their assistance, it ended up financially killing the Empire.

I was very happy with my virtual coin tray until this morning I saw I included one coin type twice. A City Tetarteron SBCV-1946, I should have double checked.  The coin I left out is this one .

JOHN II HYPERPYRON NOMISMA IV DOC 1 Thessalonica First Coinage SBCV-1947

[Simon]

Not beautiful but a needed coin for my collection. The coin is important because it actually helps dates the coin reform as 1092, this and an electrum Trachy ( I don't have yet) and the lead tetartera commemorate the coronation of Alexius young son John II.

Here is additional info on the coin.

Alexius I Comnenus, with Irene and John II, 1081-1118. Aspron Trachy (Billon, 26 mm, 3.63 g, 6 h), Post reform coinage, coronation issue, Thessalonica, 1092-1093. [K]E POHΘEI Iω Δ[ECΠT] / IC XC John II, on left, standing facing, holding labarum in right hand and globus cruciger in left, and Christ, on right, crowning the emperor with right hand and holding Gospels in left. Rev. AΛEZIω ΔE [EIRHN AVΓЧ] Alexius I, on left, holding akakia in right hand, and Irene, on right, standing facing, together holding patriarchal cross between them. DOC 24. SB 1916. Extremely rare. Some encrustations, otherwise, very fine.

The coronation coinage of Alexius I commemorates the coronation of Alexius' and Irene's infant son, John II. There are two denominations, both sharing the types seen here; an electrum aspron trachy, SB 1914, and this billon aspron trachy. The coronation of John occurred only once he had been baptized, and most authorities place the event on 1 September 1092. This date of his coronation not only coincided with a new indictional (financial) cycle but with the new indictional year as well. These coronation coins are all extremely rare, with just a handful known of both denominations.