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 coinageThe
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.