Andrei Gndil*

Heavy money, weightier problems: the Justinianic reform of 538 and its economic consequences
Summary In 538, at the peak of his imperial achievement, Justinian introduced an impressive coinage of unusual size and weight. Based on the evidence of hoards and single finds from the Balkans, Asia Minor and the Near East, the economic implications of Justinians heavy series (538-542) appear in a new light. Its prolonged circulation and important percentage among finds from the Balkans, in particular, changes our understanding of the role played by this coinage during the sixth century and adds new dimensions to the fiduciary nature of the early Byzantine bronze coinage. Keywords Justinian I, hoarding, circulation, Balkans, Asia Minor, Syria-Palaestina. Rsum En 538, lapoge de son rgne, Justinien introduit une monnaie dune taille vraiment impressionnante. Les implications conomiques de lmission lourde de Justinien (538-542) apparaissent dans une lumire nouvelle selon le rexamen du tmoignage des trsors et de trouvailles isoles des Balkans, dAsie Mineure et dOrient. La circulation prolonge de monnaies lourdes de Justinien et surtout leur pourcentage important dans les trouvailles des Balkans, nous permettent une nouvelle approche du rle jou par cette monnaie au cours du vie sicle et ajoutent de nouvelles dimensions la nature fiduciaire de la monnaie byzantine en bronze. Mots cls Justinien I, thsaurisation, circulation, Balkans, Asie Mineure, Syrie-Palestine.

I. The 538 reform and Justinians golden decade The monetary reform of Anastasius was undoubtedly a major achievement, one that restored the prestige and functionality of the early Byzantine monetary economy, left in tatters after an avalanche of internal and external crises in the fifth century. By 538 Justinian could look back on four decades of unprecedented stability following the major reform of 498. Nonetheless, the emperor would not only reform the iconography, but also operate a dramatic increase in the weight of the follis. What prompted such an ambitious reform? By necessity, the answer requires a certain degree of speculation. It has been suggested that the rapid reconquest of North Africa brought a large quantity of gold to the treasury, and with it an inflationary mechanism leading to the devaluation of the gold solidus

* University of Florida, History Department, 025 Keene-Flint Hall, Gainesvile, FL 32601, USA. Mail: andrei.gandila@ufl.edu.
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in relation to the copper follis.1 Although this might well be part of the answer, the true motivation seems to lie in the sphere of politics and the general conditions of the Empire around 538. After a swift and cost-effective campaign, Justinian reconquered Carthage and soon after that restored the Roman dominion in North Africa, erasing the memory of the catastrophic failure of Leo Is campaign of 468. The costs of that expedition have been calculated at 9.5 million solidi, nearly 40% of the massive treasury surplus left by Anastasius on his death in 518.2 By contrast, Justinian managed to reclaim Carthage after a bold and well-timed attack. Upon his return to Constantinople, Belisarius was awarded a full triumph reminiscent of Romes golden age and illustrative of current ambitions.3 Furthermore, in 535 Belisarius made his entry into Syracuse and secured Sicily, while in December 536 he reached Rome and sent the keys of the city to Justinian as a symbol of victory. By 538, although it had become clear that the scenario from North Africa would not be repeated in Italy, it still seemed possible to achieve a decisive victory against the Ostrogoths. In the East, an eternal peace came into effect in 532 after negotiations with the young king Khusro, who wanted peace with the Romans in order to secure his position. Justinians coinage dating from this decade is most abundant in the Syrian and Palaestinian provinces, which undoubtedly enjoyed a time of prosperity and consolidation.4 In fact, it is precisely this time of peace in the eastern provinces that offered Justinian the opportunity to direct his attention to the West. His ambitions were, however, more diverse and he concomitantly extended his interests to the East, establishing four provinces in Armenia in 536, after he had already secured the control over Lazica as part of the negotiations leading to the eternal peace.5 After more than 150 years, during which Rome had to fight within her own borders not for glory but for bare life6, the Empire was once again on the offensive north of the Danube, where Chilbudios led a series of successful campaigns until his death in 533.7 In addition, Justinian was devising a shrewd diplomacy aimed against the expansion of the Cutrigurs and Utigurs, which could have posed a threat to the security of the frontier provinces in the eastern

1. Morrisson 1989b, p.247; MIBE, p.11; Callegher 2006, p.131. However, given that Belisarius brought the treasures found in Carthage to Constantinople in 534, it remains unclear why would Justinian postpone for four or five years the adjustment of the rate of exchange between gold and copper. One possibility is that the emperor wanted to let the indiction cycle conclude in 537 before adjusting the exchange rate between gold and copper. 2. Carl 2009, p.330. 3. Evans 1996, p.132-133. 4. Bijovsky 2011, ch. 3.4.4a. 5. Adontz 1970, p.131-133. 6. Jerome, ep. 123.17. 7. Curta 2001, p.76.
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Balkans.8 For the same purpose of strengthening the provinces adjacent to the Lower Danube and the western Black Sea coast, Justinian created in 536 a new and unusual administrative unit, quaestura exercitus, which brought together five provinces linked by sea: Scythia, Moesia Secunda, Caria, Cyprus, and the Cyclades.9 In 538, the year of the monetary reform, Justinian could look back to five years of major achievements, spectacular military victories in the West and the hope of restoring the Mediterranean Empire, an administrative reorganization throughout the Empire, and the codification and reformation of civil law under the direction of Trebonian. The days of the Nika revolt were over, Hagia Sophia had been rebuilt into one of the greatest wonders of the ancient architectural record, and Justinian could proudly boast Solomon, I have outdone thee. To be sure, not everybody was happy and especially the imperial aristocracy felt threatened by Justinians autocratic measures. In addition, endemic religious dissension threatened the Empires unity. Nevertheless, the Empire witnessed the strongest example of rulership since the days of the Tetrarchy.10 It is precisely against this background that we must explain the decision to reform the currency in 538. Besides any possible economic motivations, the decision was above everything a political statement.11 Justinian wanted to stand out from his predecessors by introducing a more majestic iconography and a weight which had not be seen since the days of the Roman sestertius. The size of the follis, which often reached 42-45mm in diameter, was indeed unprecedented and made these coins exceptional in every way, bringing them closer to the stature of Roman medallions. It is not improbable that Justinian deliberately chose a wider flan instead of a thicker, bulkier coin, which would have been less appealing to the eye. Grandomania may also be recognized in the special gold medallions issued to celebrate his achievements. The 1/2 pound piece formerly in the Paris collection is not only the most famous of those medallions, but also possibly related to Justinians military victories from the 530s.12 The use of coins as vehicles for propaganda is well known and cannot be overestimated. Justinians reform should be seen along these lines: a direct attempt to portray his rule as outstanding and to appeal to the common people, hence the reduction in the number of folles to one solidus. That pierced folles are, more often than not, large folles also proves that the propaganda message was effective and

8. Patoura 1997. 9. Torbatov 1997; Gkoutzioukostas, Moniaros 2009. 10. Sarris 2006, p.215. 11. Justinian could have simply raised the price of copper in relation to the solidus without increasing the weight of the follis. Indeed, the coins of 512-538, which had been struck 18 to the pound, were still allowed to circulate with a more pronounced fiduciary value in accordance to the new Justinianic exchange rate. 12. MIBE, p.42.
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outlived the emperor in whose name it had been produced.13 The monetary reform of 538 was perhaps the last major episode of an eventful decade marked by unchecked ambitions, reforming zeal, and momentous victories.14 II. Circulation and hoarding of the heavy series (538-542) Much of the attention devoted to Justinians monetary reforms focused on metrological issues, especially the relation between gold and copper, on one hand, and gold and coined copper, on the other hand. Despite the abundant literature on this topic, there is still no general consensus and some issues may forever remain obscure. The traditional interpretation of Justinians monetary policy relies chiefly on a rather vague and therefore much debated account of Procopius from his equally problematic Secret History, in which he criticizes Justinian for manipulating the exchange rate between the follis and the solidus, abusively reduced from 210:1 (or rather 216:1) to 180:1.15 Different readings of Procopius and of the Abydos tariff,16 led to various propositions regarding the legal standard of the heavy follis introduced in 538. They range from 21.65g (15 to the pound) to 24.95g (131/4 to the pound), with a correspondingly varying number of folles to one solidus.17 The average weight of the actual coins seems to be around 22.09g,18 which may in fact be slightly higher depending on the added percentage for wear. At any rate, weights above 23g and even higher are not at all uncommon. Since the average weight of sixth-century folles is, without exception, below the legal standard, there is sufficient reason to favor the hypothesis that the heavy follis was struck at least 14 to the pound (23.19g). To be sure, the actual weight of Justinians reformed follis was up to 35% above the weight of the coin introduced by Anastasius in 512 and maintained until 538. Aside from strictly metrological implications, which are not the concern of this article, a much more promising avenue for understanding the impact of the 538 reform is to study the actual circulation of the heavy series (538-542) through coin finds from the Balkans, Anatolia and Syria-Palestine. There is much to be gained from the examination of the ever-growing inventory of single finds and hoards, even more so since the exclusive reliance on a slender
13. Gndil 2009a, p.176-177. 14. Political motivations may also be attributed to similar reforms introduced by TiberiusII Constantine and, later, by Constantine IV. In addition to an attempt to restore the Justinianic standard, the latter even named his son after the sixth-century emperor. For the reforms, see MIBE, p.40 and MIB III, p.157-158. 15. For recent discussions, see Zuckerman 2004, p.80-81; Carl 2009, p.396-403. 16. Callu 1982. Formerly dated before the 498 reform, the Abydos tariff was recently given a terminus post quem of 528, for which see Zuckerman 2004, p.96. 17. Zuckerman 2004, p.83 (21.65g, 240:1 rate); Noeske 2000, p.152 (24.95g, 210:1 rate); MIBE, p.16-17 (24.07g, 210:1 rate); Morrisson 1989b, p.248, table2 (23.19g, 210:1 rate); Hendy 1985, p.478 (180:1 rate). 18. Morrisson 1989b, p.248, table2.
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body of written evidence has proved to be insufficient. As we shall see, the heavy coins survived in circulation until the end of the sixth century. This fact alone, once fully established, will shed much needed light on the mechanisms used by the Byzantine government to regulate the circulating mass and on its degree of flexibility in allowing for regional variation according to local circumstances. Previous interpretations of the numismatic material dated to 538-542 relied primarily on single finds resulting from excavations of major urban centers of the Empire (Athens, Corinth, Sardis, Gerasa, and Antioch), on hoards from the Near East, and to a lesser extent on a selection of hoards from the Balkans. In one of the earliest attempts at a comparative analysis, Michael Metcalf drew attention to differences in coin distribution in various parts of the early Byzantine Empire.19 Familiar with the material from several regions, he immediately recognized the extreme scarcity of heavy coins in hoards and site finds from Palestine. Since such coins were not in such short supply in towns like Athens or Sardis, he concluded that the post-reform coinage had not been introduced in the southern Levant.20 On the basis of hoards, Philip Grierson concluded that the large coins must have been withdrawn from circulation as soon as the weight of the follis was sufficiently low to make withdrawal worthwhile for the state. A decade later, Arnold Spaer used the Rafah hoard to illustrate the absence of the dated issues of Justinian from Palestine. He also pointed to their unusual size, which did not conform either to the pre-538 or to the post-565 standard.21 Spaer did not develop his argument any further, but it appeared to be the opposite of Greshams law: hoard owners preferred coins that did not deviate from the official standard of the day over good money. A historical interpretation was later advanced by Henri Pottier who suggested that wars and natural disasters such as the Justinianic plague could explain the scarcity of post-reform issues in the Near East22. This interpretation found additional support in the following decades.23 A different historical interpretation was proposed by John Casey after a reexamination of Procopius famous account in his Secret History referring to Justinians stop on the payments for the limitanei guarding the eastern frontier.24 The scarcity of Justinians post-reform
19. Metcalf 1960a. 20. Metcalf 1960b, p.216; Metcalf 1964, p.32. 21. Spaer 1978, p.66. 22. Pottier 1983, p.55. 23. Morrisson 1989a, p.192; Ariel 2002, p.299. 24. Casey 1996, p.114. To be sure, there is some truth in Procopius accusations. Archaeological research on the Limes Arabicus has revealed a total abandonment of military installations after the first decades of the sixth century, see Parker 2006, p.567-569; Harper 1995, p.17-20; Gichon 1993, p.25. It was in part the archaeological research in this region that prompted Caseys interpretation of the numismatic material in relation to the frontier.
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coinage in the East cannot be a direct consequence of Justinians measures regarding the limitanei, since much of the evidence comes from non-military sites, where the coins of his successors JustinII and Maurice, are found in abundance.25 Withdrawal due to unusual standard is, however, the preferred explanation in recent publications. In terms similar to Griersons interpretation, Wolfgang Hahn argued that the large folles disappeared from circulation once the weight standard was reduced.26 Moreover, he suggested that our understanding of the impact made by the heavy series is founded on the high occurrence of such pieces in public collections, which can be misleading due to collectors preference for such eye-catching specimens. To strengthen his case, Hahn pointed to the scarcity of heavy coins in hoards from the period. However, in Balkan hoards the heavy series is well represented, which completely undermines Hahns conclusion.27 Following a similar argument, Kenneth Harl and HansChristoph Noeske maintained that Justinians heavy coins had been struck in small numbers and were not meant for long-term circulation.28 Again, the evidence from the Balkans contradicts such a conclusion. In a recent article, Bruno Callegher compiled a catalogue of Justinians heavy series from single finds and hoards.29 It turned out to be a thin inventory of just 74 single finds, in sharp contrast with the far superior number of specimens from Balkan hoards. In light of this material his conclusion was sound: the heavy coins had little impact on the economy, and their outstanding size made them vulnerable to hoarding, according to Greshams law. Reconciling the evidence of hoards with the theory of a rapid withdrawal is arguably a most difficult task and cannot been done in a convincing manner. Regional variation adds to the difficulty of the problem and forbids any sweeping generalizations. 1. Hoards Most of the information about the hoarding of coins dated between 538 and 542 comes from the Balkans (figures1-2). A close analysis of the age structure of each hoard prompts a number of important observations regarding the circulation of these issues (table3).30 There are few hoards concealed during the
25. Bijovsky 2011, ch.3.5. 26. MIBE, p.57. 27. The full inventory of hoards from the Balkans (Trsors) was not yet published in 2000, but the majority of the available hoards had already been gathered by Florin Curta, see Curta 1996. Similarly ignoring the Balkan material, Michael Hendy (1985, p.319-320) reached the same conclusion. 28. Harl 1996, p.197; Noeske 2000, I, p.153. 29. Callegher 2006, p.134-141. 30. Small hoards whose structure did not have a statistical relevance have been excluded from table3 (appendix) and figure3.
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Oriens Asia

"Barbaricum"

Oriens Asia

"Barbaricum"

Thracia

Thracia

Illyricum

Illyricum

Figure1 - Number of hoards per diocese.

Figure2 - Number of heavy coins in hoards per diocese.

decade following the 538 reform, and the available list reveals that there were not that many large coins around. To be sure, they do appear in hoards with the latest coins struck during the reign of Justinian, but only in small numbers. In the Blagoevgrad hoard, they represent 7,3% of the total number of coins, while in most other hoards the percentage is never higher than 431. Surprisingly, higher percentages appear in later hoards with closing dates in the 570s: Dolno Sachrane (571/2 10,4%), Nicopolis ad Nestum (574/5 10,9%), Gropeni (577/8 16,7%), and Varna (578/9 - 28%). It is worth noting that the highest frequency of heavy coins occurs in hoards from the Diocese of Thracia, with a concentration in the last years of the decade, marked by the incursions of the Slavs in the Balkans and the Avaro-Byzantine counteroffensive north of the Danube32. Hoards dated to the 580s have fewer heavy coins, much like hoards dated to the first years after the reform. By the late 580s, heavy coins petered out. Seven out of ten statistically significant hoards without heavy issues Baba, Jambol, Heraclea Lyncestis, Priolithos, Stobi, Prilep, and Maoz Haim Synagogue have been closed after 58433. In fact, such coins become exceedingly rare in hoards of the last decade of the sixth and the first quarter of the seventh century: only 4 out of 45 hoards contain heavy coins of Justinian.

31.Another exception is the Godiachevo hoard (Trsors, no.89), concealed after 549, in which Justinians heavy series accounts for 1/3 of the hoard. However, the hoard has only 24 coins and was not included in the table. 32. Chiriac 1993. 33.For Baba, Jambol, Heraclea Lyncestis and Priolithos, see Trsors, nos.105, 19, 90, and 183. For Stobi and Prilep, see Hadji-Maneva 2011, nos.17 and 25. For Maoz Haim Synagogue, see Bijovsky 2011, no.8.
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This brief overview helps to elucidate the chronological trajectory of Justinians heavy series, which made a slow appearance in hoards closed during the emperors lifetime. Their number increased substantially in the 570s, during the reigns of JustinII and TiberiusII. After this moment of popularity, the proportion of heavy coins in hoards from the Balkans suddenly drops and reaches a level of insignificance toward the end of the sixth and the first decades of the seventh century. It becomes apparent that a number of major transformations came about during the reign of Maurice, especially in its second decade. Furthermore, the pre-538 coinage is almost absent in hoards from the 590s and the early 600s deposited in the Balkans (Histria III-VI, Bosman, Cariin Grad C, Rakita, Reselec, Unirea, Movileni, and Horgeti) and Asia Minor (Anemurium), all of which hardly contain any issues pre-dating the reign of JustinII. By contrast, contemporary hoards from the Near East have relatively large numbers of pre538 coins (Near East, Northern Syria, Cyrrhus, Amman, Khirbet deir Dassawi).34 Three issues need to be explained in more detail: the disappearance of the heavy series from Balkan hoards (figure3), its conspicuous scarcity in hoards from Syria-Palaestina, and the relation between the age structure of hoards and the general circulation of those unusually large coins. Historical sources offer some clues as to what might have caused the disappearance from circulation of the large coins. In 587, the soldiers wages were reduced by a quarter,35 while in 596 Maurice attempted to reform the donativum by paying one third in coin and the rest in military equipment.36 In addition, by 600, the Empire could no longer afford to ransom the prisoners taken by the Avars.37 These episodes suggest that the Empire had entered a profound financial crisis, no doubt as a long-term consequence of the wars fought on multiple fronts since the time of Justinian. An ever-increasing tribute paid to the Avars, a major Slavo-Avar campaign in 586 which devastated the Danubian provinces, and Maurices desperate measures to raise an army, while the Empire was also engaged in Persia all frame the picture of a deep crisis.38 Furthermore, as a result of intensive hoarding for two decades, copper was in shorter supply at the treasury, a phenomenon betrayed by the large number of overstruck folles dating from the 590s. Numismatists usually refer to the reigns of Phocas and Heraclius as

34. For Histria III-VI, Bosman, Cariin Grad C, Rakita, Reselec, Unirea, Movileni, Horgeti, and Anemurium, see Trsors, nos.71-74, 217, 238, 239, 366, 358, 355, and 339. For the Near East, see Pottier 1983, Mansfield 1995a and 1995b, and Noeske 2000, II, p.453-468, 682-688, and 632-634. As a matter of fact, as late as the 630s hoards still included pre-538 issues, such as the ones from Tell Biss, Baalbek, a hoard from Lebanon/Syria, and the group of coins from the Grazel B shipwreck, for which see Noeske 2000, II, p.541-562 and 564-573; Kruszyski 1999; Morrisson 1981, p.35-52. 35. Theophanes Confessor, Chronographia, AM 6079, Theophylact Simocatta, Historia, 7,1,1. 36. Theophylact Simocatta, Historia, 3,1. 37. Theophanes Confessor, Chronographia, AM 6092. 38. For the general conditions see Whitby 1988, p.140-165.
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371

Hoards without heavy coins Total number of hoards

25

20

15

10

538-550

550-560

560-570

570-580

580-590

590-600

600-610

610-620

620-630

Figure3 - The gradual disappearance of heavy coins in hoards concealed in the decades following the 538 reform.

a time of massive overstriking, aimed at reducing the costs of remelting and preparing new flans, but in fact this practice was already under way during the reign of Maurice. Overstruck coins appear in public collections,39 catalogues of site finds,40 and published hoards.41 Full illustration of published coins would probably reveal the true scale of this phenomenon. More significantly, overstriking often occurred on the large coins of Justinian, whose wide flans were subsequently trimmed to meet the current weight standard of 13.53g. The large collection of the American Numismatic Society contains fourteen overstruck coins from this period, of which ten clearly display Justinianic undertypes, with their unmistakably larger M. It is not mere coincidence that the large coins disappeared from hoards precisely at the time of overstriking. Justinians heavy series was the first victim of the process of withdrawal and re-striking, quickly followed by pre-538 folles, probably still 16-17 g heavy, and by other dated folles of Justinian (542-565), all of which were far heavier than Maurices own issues of 11.55g on average.42
39. Sommer 2003, p.59, no.288; DOC I, p.307, no.33e2; BNCByz, p.185, no.16; BMCByz, p.160-161, nos. 138-139; Ratto 1930, p.51, no.1105; Althoff 1998, p.111, no.823. 40. Viminacium: Ivanievi 1988, p.94, no.56. Sardis: Bates 1971, p.68, no.562. Caesarea Maritima: Ariel 1986, p.143, no.67; Evans 2006, p.193, no.2472. South-Eastern Bulgaria: T enchova 2011, pl. 115/2079, 2082; pl. 117/2131; pl. 118/ 2145; pl. 119/2162, 2173, 2176; pl. 120/2188. 41. Tell Biss hoard: Leuthold 1952-1953, p.39. Qazrin hoard: Ariel 1996, p.75, no.6. 42. Morrisson 1989b, p.248, table2.
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The much-discussed absence of heavy folles from Syrian and Palaestinian hoards is only apparently surprising. Given that beginning with the 580s, Justinians coins were withdrawn in great numbers from the Balkans, it is possible to explain to some extent the absence of such coins from hoards in the Near East, many of which have a closing date after 600. Unlike hoards in the Balkans, the majority of which may be dated between 570 and 590, hoards from the Near East are simply much later and as a consequence do not lend themselves to easy comparison with hoards 30-50 years younger, which had been collected from a very different coin pool. The hoard of Rafah (573/574) along with two small hoards from Beth Shean, which await publication, are the only hoards so far known in the Near East for the 570s.43 To be sure, the Rafah hoard contains no heavy coins, but a North Syrian hoard concealed after 585 has a large number of Justinianic dated issues (25%) of which one belongs to the heaviest standard. On the other hand, no dated issues of Justinian could be found in the large hoard from Amman concealed after 590.44 The Khirbet Marus hoard discussed elsewhere has three heavy coins and also a significant number of dated issues,45 while a hoard recently found at Beth Shean in PalaestinaII contains only heavy coins dated 538-542.46 The unprecedented output of the Antioch mint during the reign of Maurice may be related to a process of withdrawal of older issues, although that process may have started earlier in the Near East, as will be discussed below in relation to single finds. The evidence is so far inconclusive for hoards found outside the Balkans, as published hoards from Anatolia are even fewer than in Syria or Palaestina, while most of the available material from Cyprus is dated to the seventh century and is not very relevant to our question.47 There is only one small hoard found in Mazotos near Larnaca, with a closing date of 574/575, which indeed contains 11 dated coins of Justinian, more than half of the entire hoard. Three of them belong to the heavier standard.48 It remains to be seen whether the prolonged circulation of heavy Justinianic issues in Cyprus has anything to do with the fact that Cyprus

43. Spaer 1978; Bijovsky 2011, nos.46-47. Four hoards from Berytus have a closing date related to the 551 earthquake and do not include any heavy coins. However, the circulating medium of the Lebanese coast is entirely peculiar, with a predominance of Anastasian small module coins, which makes it appear like a very regionalized monetary economy. For the hoards, see Abou Diwan 2008; Belin 2005; Butcher 2003, p.283-286; Arguelles 1976. 44. Noeske 2000, II, p.682-683. 45. Gndil 2009a, p.176, and forthcoming in Bijovsky 2011. 46. Bijovsky 2011, no. 9. The coins have been found piled in a row and not detached but seem to belong to the same weight standard. The only visible date is 538/539. The only known hoard to contain only coins belonging to the heavy series was found at Radingrad in MoesiaII (Trsors, no.53). The fact that all coins belong to the same mint and officina (NIC, B) suggests that they had been recently brought from the mint. 47. Noeske 2000, II, p.426-440, 445-448. 48. Pitsillides 2000-2001.
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was part of quaestura exercitus along with provinces such as Scythia and MoesiaII in which such coins have been found in great numbers.49 If the heavy coins of Justinian appear in hoards until the last decade of the sixth century, what does that tell us about the circulation of those coins between 538 and ca. 590? The idea of a rapid withdrawal from circulation, immediately after the reduction in 542 of the legal weight standard, cannot be sustained. Those coins were still available for hoarding 50 years after they had been issued and there is no reason to believe that small collections of five to ten coins, which appear so often in the Balkans, are the result of long-term savings. In fact, the level of prices and wages, as well as the general standard of living suggest that the typical Balkan hoards were closer to the concept of pocket money rather than a true fortune.50 Greshams law applies mostly to silver and gold. With copper, although the intrinsic value of Justinians dated series is clearly higher than that of any coins of the 570s, it remains unclear how generalized the tendency was to withdraw them for the purpose of hoarding. For heavy coins of Justinian, there is no significant statistical difference in proportion between hoards and single finds. While there might have been a certain tendency to hoard larger pieces, that was not the main reason for their disappearance from circulation. There can be no doubt that in the Balkans the large coins were still in use in the 580s. At least in theory, the Byzantine government must have had an interest in calling in those unusually large coins, especially after Justinians death when the weight of the follis was lowered by some 30%. It is well known that taxation offered the ideal opportunity to regulate the circulating mass. Copper coins were either exchanged for solidi or were used for payment at the current exchange rate. Whether coins were weighed or numbered is ultimately a matter of how fiduciary was the early Byzantine coinage, a question on which the scholarly community is still divided.51 Indeed, if coins were counted, owners may have been inclined to keep the heavier coins for as long as possible, and to use the lighter ones for payments. If, on the other hand, coins were weighed rather than numbered, it was much more profitable to dispose of the heavier specimens through taxation and to gain a few folles in the process, coins which could be used at face value during daily market transactions. However, taxation did not always go smooth in the Balkans and arrears seem to have been common

49. Mihailov 2010, p.111, fig.1; Gndil 2008, p.306, table2. 50. Morrisson 1989b, p.252-256; A.H.M Jones (1964, p.447) advanced the sum of 1.5 solidi/ year for the common man. Even with the advantageous exchange rate of the years following the 538 reform, that still means ca. 315 folles/year, and more than twice that much with the exchange rate from the peak decades of hoarding in the Balkans (570-590). 51. For the concept, see Morrisson 1979; Salamon 1979; Pottier 1983, p.124-126; Y annopoulos 1987, p.126-128; MIBE, p.8; Banaji 2001, p.70; Zuckerman 2004, p.82-83; Carl 2009, p.336-340.
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especially under JustinII and TiberiusII, exactly at the time when Justinians heavy coins appear in great numbers in hoards. Difficulties in collecting taxes from the frontier provinces received particular mention in the legislation of 566 and 575.52 Such hypotheses aside, we should not dismiss the possibility of a regional pattern of circulation in the Balkans, where the heavy series remained in circulation for many decades, in the same way in which the Lebanese coast is characterized by small-module coins of Anastasius, in mass circulation long after they had disappeared from other regions. 2. Single finds We now need to turn to single finds for a broader understanding of the economic consequences of Justinians ambitious reform. In his recent article Bruno Callegher gathered 74 single finds from various parts of the Empire and concluded that the heavy coins of Justinian did not make a significant impact on the circulating mass.53 In reality, there are more than 800 single finds dated between 538 and 542, many still awaiting publication, while others have been published in less accessible journals, although this is not always the case (table2).54 Despite the best efforts to gather as much material as possible, it is very likely that this number is itself only a fraction of the total number of coins still unresearched in museums from the Balkans and especially Turkey. Adding an impressive number of coins to what has so far been considered a very slender body of evidence is not a sufficient reason to conclude that the heavy coins made a significant impact on the sixth-century monetary economy. It may well be that researching any given period one is bound to reveal a great number of yet unknown specimens and simply create a larger inventory for use. The real test is to calculate the proportion of heavy coins from 538-542 in the total number of early Byzantine coins found during excavations in ancient settlements, or from regional museums in which coins are clearly provenanced. In many cases, no statistical calculations are possible because of the small number of coins available for study. Fortunately, over 50 samples are large enough to

52. Nov. CXLVIII and CLXIII. 53.Callegher 2006 (p.104) chose to disregard museum collections such as the ones in Amasya, Amasra, and Zagreb on the grounds that exact provenance is not always known. His skepticism is not entirely warranted since museum records specifically indicate a local provenance for most pieces. In addition, many museum collections, such as in Constana, Yalva, Isparta, Malatya, or Amasya, contain large numbers of coins resulting from archaeological excavations in the region. At the same time, museum records differentiate between single finds and hoards, especially when more homogeneous groups of coins were acquired. Indeed, non-stratigraphic finds need to be treated with a grain of salt, but not automatically dismissed. 54. See for instance 36 coins of the heavy series from the collection of the museum in Constana (ancient Tomis) published in the Moneta series, Poenaru et alii 2004. For a statistical analysis, see Poenaru 1981, p.369.
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lend themselves to a relevant statistical analysis (table2). It is not unusual for sites to yield a few hundred early Byzantine coins and even when the numbers are too low to be relevant, they still have some use for our understanding of geographic distribution and levels of monetization (figures9-11).55 A first observation needs to be made about the rhythm of mint output during this short reform period of four years (figure4, table1). Again, the comparison between major public collections, single finds, and hoards proves to be a fruitful exercise.56 The correlation between public collections and single finds is particularly striking and offers the image of a high output in 539/540 followed by a drop in 540/541 and a new peak in the last year of this cycle. The activity of the mints of Carthage and Antioch in 539/540 can partly explain these fluctuations. Unfortunately, we are still woefully ignorant of some of the most basic mechanisms which determined the level of mint output, although we can speculate that issues related to taxation and military payments constituted the main rationale behind the decision to release a certain quantity of coin into circulation.

40 %

35 %

Public collections Single finds Hoards

30 %

25 %

20 %

15 %

10 %

5%

0% 538-539 539-540 540-541 541-542

Figure4 - Annual fluctuations in coin supply (538-542).

55. The numbers on the maps are those from Table2 (appendix). 56. The major collections under discussion are DOC, BMCByz, BNCByz, American Numismatic Society, and Duisburg Museum (Althoff 1998). For detailed comparisons, see Gndil 2009a.
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To take the comparison even further, the breakdown by denomination shows in all cases a prevalence of the follis, with over 70%, and higher proportions, as expected, in the case of hoards (figure5). Lower denominations were struck in much smaller numbers and we should not be misled by their higher proportion in major urban centers such as Constantinople, Antioch, Sardis or Tomis. The theory that smaller coins are found more frequently because they were more easily lost was founded precisely on such coin inventories from major cities, where the monetary economy was more sophisticated and required a large quantity of small denominations to be used in frequent daily transactions.57 A clear dichotomy was immediately established between hoards which contained almost exclusively folles and half-folles, purposefully selected to be hoarded, and site finds which abounded in small change. Most military sites from the Balkans and much of the evidence from Anatolia contradict this image. The higher percent of folles in hoards cannot be disputed, but site finds contain no significant numbers of decanummia and pentanummia. On the same sites dozens or hundreds of smaller fourth-to-fifth century coins have been retrieved and therefore excavators cannot be blamed for lack of care. Equally questionable in the light of the Balkan finds is the argument that the bigger the coin, the higher the chance the owner would retrieve it, or not even lose it in the first place.58 In regions where the monetary economy was less developed, and this was certainly the case of many frontier fortresses or rural areas, the availability of folles and half-folles sufficed to adjust the payment of taxes at levels below the gold tremissis and to offer a means of exchange for occasional market transactions. As for the mints responsible for striking the heavy series of 538-542 (figure6), the important role of Constantinople comes as no surprise and is especially true for the Balkans, where the metropolitan mint covers more than 70% of the finds. Since major public collections acquired coins from every region of the Empire, the mints of Antioch and Carthage have a higher percentage. In the Balkans the scarcity of coins minted in Antioch during this four-year period can be ascribed to the fact that that mint issued the heavy standard only in 539/540, after which it was shut down for almost three years because of the Persian invasion. Surprisingly, the mint of Carthage has a higher presence in the Balkans, and the majority of finds are not folles, as expected, but half-folles and decanummia.59

57. Grierson 1986, p.42. 58. The argument is still used (Sheedy 2001, p.5) but it clearly needs further empirical validation. For a brief discussion, see Callegher 2006, p.140. 59. Iurukova 1964; Gndil 2008, p.319, table1; Tenchova 2011; Mihailov 2012. Interestingly, the dated issues of Carthage seem to be more abundant in the eastern Balkans than in the western part of the peninsula, just a few specimens being so far published from Serbia, Albania, and Croatia.
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90 %

377

80 %

Public collections Single finds Hoards

70 %

60 %

50 %

40 %

30 %

20 %

10 %

0% M K I E

Figure5 - Denominations (538-542).

90 %

80 %

Public collections Single finds Hoards

70 %

60 %

50 %

40 %

30 %

20 %

10 %

0% CON NIC CYZ ANT CAR

Figure6 - Mints (538-542).

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The presence of Carthaginian coins in the Balkans was ascribed to the movement of troops,60 but commerce and the movement of civilians is also to be taken into consideration given the number of coins found in coastal towns, such as Histria, Tomis, Pitiunt, Antioch, and Caesarea Maritima. Returning to the proportion of heavy coins in finds of early Byzantine coins, it should be remembered that numbers can be misleading if they are not fully explained. After comparing the number of heavy coins from 538-542 to the other three periods of Justinians reign, Bruno Callegher concluded that it represents only 9% on average, which substantiated the claim that such coins witnessed a limited circulation.61 In reality, this is anything but a small percentage if we take into account the fact that the four years under discussion (538-542) themselves represent only a little over 10% of Justinians long reign and in all probability will compare unfavorably to the last reform period of Justinian which covers fifteen years (550-565).62 Keeping this methodological rule in mind is a crucial step toward a correct interpretation of the proportion of heavy coins in the entire group of early Byzantine coins. The short period when such heavy coins were being issued represents only a little over 3% of the entire chronological frame, which covers more than a century. The most striking feature of the geographical distribution is the concentration of such coins in the diocese of Thracia (figures7-8). Almost 70% of all single finds in the entire Empire come from the eastern half of the Balkans, and the highest percentages are those of the frontier provinces of Scythia and Moesia Secunda. The heavy series of Justinian accounts for more than 10% of all early Byzantine coin finds in Turgovishte, Shumen, Gabrovo, and Sucidava, the Byzantine bridge-head on the left bank of the Danube. Such coins are also found more frequently in northern Illyricum, which enlarges the picture of a significant concentration of heavy coins in the frontier region, directly related to the presence of troops. In southern Illyricum, especially the diocese of Macedonia, the heavy influence of the mint of Thessalonica probably prevented an intense circulation of Justinianic heavy folles. These are the areas where the peculiar 16-nummia pieces were predominant, and later replaced by half-folles issued in great numbers by the Macedonian mint. Justinian supplemented his building program with an able diplomacy aimed at reducing the danger at the Danube frontier. We do not know how well he was able to man his network of fortresses in the Balkans, but if we are to take Agathias at face value, it seemed

60. Morrisson 2003, p.82. With many coins found in the Danube region, the association with the movement of troops is inescapable, especially since, according to Procopius, the army which recaptured Carthage was mainly recruited from the Balkans, see Procopius, Wars, 3.11.10. 61. Callegher 2006, p.140. 62. Gabriela Bijovsky has recently concluded that the heavy series of Justinian actually represents the highest percentage of dated coins of Justinian found in Palestine, see Bijovsky 2011, p.229.
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"Barbaricum" Oriens Asia Pontus Asia

Oriens Thracia

Illyricum Thracia Pontus Illyricum

Figure7 - Single finds of heavy coins per diocese.

Figure8 - Average percentage of heavy coins per diocese.

that by 559, in the absence of a mobile army, the defense system of the Balkans had a diminished efficiency against an invading force, since Zabergan, the leader of the invading Cutrigurs advanced unopposed toward the walls of Constantinople itself.63 The Empires policy at the Danube changed after Justinians death and JustinIIs decision to discontinue payments to various barbarians tribes as a means of securing the peace. The defense of the frontier had to rely almost exclusively on permanent garrisons and mobile troops, as far as the Empire could afford to deploy troops in the Balkans at a time when the conflict with Persia taxed the Empires already diminished resources. It seems that JustinII continued to use the heavy coinage of his predecessor as a form of payment for the troops defending the Danube border. Their pervasive presence in Balkan hoards concealed during his reign, as well as the massive presence of such coins among single finds testify to the importance of this coinage in the second half of the sixth century. Until the 590s, when a deep financial crisis forced the administration to recall the heavy coinage of Justinian in order to gain the much needed raw material for striking fresh coins, the heavy series circulated side by side with the pre-538 coinage, which still included small-module coins of Anastasius,64 and with the coinage of Justinians successors, JustinII, TiberiusII, and Maurice.

63. Agathias, Historiarum Libri V, V, 11. 64. The latest hoard in the Balkans to include small module issues of Anastasius is Cariin Grad C, concealed after 595 (Trsors, no.217), while in the East, the hoard from Baalbek hidden after 630 still contained two small-module folles (Noeske 2000, II, p.564).
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Figure9 - Thracia, Illyricum and Barbaricum.

Figure10 - Asia, Pontus, Armenia and Lazica.

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Figure 11 - Oriens.
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The circulation of Justinians heavy coinage was by no means restricted to the Balkans.65 Although much reduced in numbers, these coins appear throughout the dioceses of Asia and Pontus, with a concentration next to the Aegean coast, although no definitive conclusion can be drawn in this respect until the publication of the Byzantine coins from various local museums in central and eastern Turkey and from excavations in important centers such as Amorium.66 Judging from the coin inventory from Malatya (Melitene), it seems that the coins of Justinian made a lesser impact on the eastern frontier compared to the Danube region. To be sure, such coins reached as far as Lazica in Transcaucasia and a connection with a military presence related to the Byzantine control of the region after the eternal peace cannot be ruled out. The small number of sixth century hoards from Anatolia may be ascribed to a relatively peaceful century,67 but the connection between hoards and military events is not always warranted. The lack of any Syrian hoards from the troubled 540s is a possible warning in this respect. An increasing inventory of finds from Syria-Palestine substantiates the claim that the heavy coins of Justinian did circulate in the diocese of Oriens, albeit at a much smaller scale than in the Balkans or in Asia Minor.68 There is a wide geographical distribution of finds with a concentration on the coast of Phoenice and in Palaestina I. Presumably, the circulating mass was under closer control in highly urbanized regions such as Syria and Palaestina and the heavy coins of Justinian could have been withdrawn at an earlier date. Nevertheless, the case of Berytus with its peculiar circulating medium prevents us from seeing the Near Eastern provinces as a more standardized area in terms of coin circulation. The coinage of Constantinople and Nicomedia is abundant in Syria-Palestine, despite the presence of Antioch in the region, and there is no reason to believe that heavier specimens were not accepted. However, with a much smaller loss rate than in the Balkans we must take into consideration an earlier withdrawal, perhaps as soon as JustinII reduced the size of the follis or at the latest when the war with Persia was resumed in 572. We can also envisage a delayed arrival of Justinians new coinage in his eastern provinces affected by the Persian invasion of 540 and a devastating plague in 542. To be sure, with the exception of Antioch, there are no single finds in the provinces of Syria and Euphratensis which can be attributed to this particular coinage. Indeed, the small number of publications may be misleading, but the well-published catalogues of finds from Hama, Apamea, Dhs, and Barbalissus nonetheless have no large coins of Justinian.69

65. Such coins are seldom found in Egypt and Italy (Callegher 2006, p.134-139, and no.104), but it should come as no surprise given the different patterns of coin circulation in those regions. 66. For the general situation of Byzantine coins in Anatolia, see Lightfoot 2002; Culerrier 2006. 67. Culerrier 2006, p.110. 68. Gndil 2009a, p.173-176; Bijovsky 2011, ch.3.4.7. 69.Hama: Thomsen 1986. Apamea: Balty 1984. Dhs: Morrisson 1980. Barbalissus: Hennequin, Ab-l-Faraj 1978.
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The heavy series of Justinian traveled far outside the Empires borders, and although most of the coins are found in the near barbaricum, in todays Romania, Austria, Georgia, Ukraine and Armenia, and to the west, in France and Spain, there are finds reported as far as the Czech Republic, Poland, and Russia.70 This is another testimony of the wide circulation of those pieces, as well as of Justinians own policy of controlling the populations living in the shadow of the Empire. Once outside the frontier, the Empire had no control over their circulation and this is one of the reasons why such coins are found in greater numbers north of the Danube, where they were highly valued for their intrinsic value.71 Conclusion Both the evidence of hoards and single finds point to a normal circulation of the heavy coinage introduced by Justinian in 538 and reformed in 542. If imperial propaganda had a major role in the decision to introduce an unusually large coinage, the decision to return gradually to the pre-538 standard was prompted by the new political and economic conditions of the early 540s, when a series of military and natural disasters brought the age of prosperity to an abrupt end. Nevertheless, the heavy coins continued to circulate, as did the previous issues back to the 498 reform of Anastasius. Although there might have been a tendency to withdraw heavier specimens through taxation, the Empire did not embark on a full-scale policy of calling in Justinians coinage until a severe crisis demanded it. There was no standardized policy across the Empire and local conditions decided what measures needed to be taken. We should remember that disaster struck much earlier in Syria-Palaestina. A devastating Persian invasion created chaos in Syria and Antioch stopped minting coins exactly at the time when Justinians reform was being implemented. The plague was most virulent in urban areas with high-population density and spread more rapidly in coastal regions where seaborne trade was a major component of the local economy. Finally, a serious earthquake in 551 left many cities in ruin. Anatolia and the provinces of the Balkans did not share that fate in the 540s. Despite some incursions, which indeed exposed the fragility of Justinians otherwise impressive fortification program, the Emperors savvy diplomatic maneuvers insured a period of relative peace for the Balkans. The most destructive invasion took place only in 559, when the Cutrigurs led by Zabergan reached the province of

70. Romania: Butnariu 1983-1985. Austria: Winter 2009; Georgia: Abramishvili 1965 and 1989. Ukraine: Stoljarik 1993. Armenia: Mousheghian et alii 2000. France: Lafaurie, PiletLemire 2003. Spain: Marot 1997. Czech Rep.: Militk 2009. Poland: Wooszyn 2009. Russia: Kropotkin 1962. 71. Gndil 2009b, p.458.
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Europa and the walls of Constantinople. By then, Justinians new coinage was fully integrated into the monetary economy of the Balkans and would naturally remain so for the following decades, as problems in taxation, on one hand, and an increasingly militarized frontier, on the other hand, shaped the peculiar character of the coin circulation in the region. The prolonged circulation of Justinians large folles side by side with the pre-538 coinage and the much lighter issues of his successors presents us with a picture of a very diverse monetary landscape, which invites us to give proper consideration to the fiduciary nature of the early Byzantine bronze coinage.72 The larger pieces may have been preferred for hoarding in some cases, although this is generally not the rule, but the hoarding phenomenon affected the entire pool of coins in circulation. In statistically relevant hoards, this coinage of Justinian accounts for some 6% of the total number of coins, which clearly shows that in most cases the issues closer to the time of concealment were most affected by hoarding. The intensive hoarding phenomenon documented for the period 570-590 was probably behind Maurices decision to recall the heavier issues, in order to gain much needed metal to continue striking his own coinage in the quantity required by the high demands of waging war on multiple fronts. In this light, the early Byzantine monetary economy appears to have been less rigid than previously envisaged, since it allowed for the coexistence of issues having the same face value but different weights, as well as of older Roman coins having no legal face value but similar weight to the official denominations of the day. As documented by hoards from the Balkans, the coexistence of halffolles of Justinian from 538-542 with folles of JustinII or Maurice, all having roughly the same weight, can only be explained by regarding them as Kreditmnzen in daily transactions. Without adopting a primitivist stance, such a flexibility seems inescapable in a monetary economy which could not implement a standardized coinage typical of the modern age and had to deal with a fragile balance between metals and its own capability to amass sufficient raw material to cope with the economic needs of the administration, as well as with the attrition rate involving both hoarding and casual loss. For all intents and purposes, the attractive coins of Justinian seem to be more important to modern numismatists and collectors than they were to the Byzantine economic policies. Acknowledgments I wish to express my gratitude to Georges Abou Diwan for information regarding the Lebanese coast; Gabriela Bijovsky, Stoyan Mihailov, and Alena Tenchova, for allowing me to study their unpublished dissertations containing
72. The fiduciary nature of the early Byzantine bronze coinage was recently defended by Filippo Carl (2009, p.336-340). For an equally erudite rejection of the concept, see Zuckerman 2004, p.111-114.
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valuable unpublished material from Israel and Bulgaria; Zeliha Demirel Gkalp for her unpublished dissertation and for additional catalogues of Byzantine coins from Turkish museums and excavations; and Maja Hadji-Maneva for information regarding a number of unpublished hoards from Macedonia. Without their generosity and advice this article would not have been possible. Abbreviations BSNR Trsors Bibliography Primary Sources Agathias, Historiae, Rudolf Keydell (ed.), J. D. Frendo (transl.), Corpus Fontium Historiae Byzantinae, Seria Berolinensis 2, Berlin/New-York, 1967. Corpus Iuris Civilis, P. Krueger, R. Schoell, T. Mommsen, W. Kroll (eds.), 5thed., Berlin, 1928-1929. Jerome, Letters and Select Works, in A Select Library of the Nicene and postNicene Fathers of the Christian Church. Second Series, vol. VI, Ph. Schaff (ed.), W. H. Fremantle (transl.), Peabody, 1994. Procopius, Opera Omnia, J. Haury (ed.), H. B. Dewing (transl.), 7 vols, Cambridge, 1914-1928. Theophanes Confessor, Chronographia, Carl de Boor (ed.), Leipzig, 1883. Theophylact Simocatta, Historia, Carl de Boor and Peter Wirth (eds.), Stuttgart, 1972. Secondary sources Abou Diwan 2008: G.Abou Diwan, Un trsor montaire de Beyrouth. propos de la circulation des monnaies dAnastase au vie sicle, NC, 168, 2008, p.303-320. Abramishvili 1965: T. Abramishvili, Byzantine Coins in the State Georgian Museum (in Georgian), Tbilisi, 1965. Abramishvili 1989: T. Abramishvili, Byzantine Coins in the State Georgian Museum 1966-1984 (in Georgian), Tbilisi, 1989. Adontz 1970: N. Adontz, Armenia in the Period of Justinian, Lisbon, 1970. Althoff 1998: R. Althoff, Sammlung Khler-Osbahr. Band V/1. Byzantinische Mnzen und ihr Umfeld, Duisburg, 1998. Amitai-Preiss 2006: N. Amitai-Preiss, Coins from Shiqmona, Atiqot, 51, 2006, p.163-171.
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Buletinul Societii Numismatice Romne. C. Morrisson, V. Popovi, V. Ivanievi (d.), Les Trsors montaires byzantins des Balkans et dAsie Mineure (491-713), Paris, 2006.

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Arguelles 1976: M.R. Arguelles, A Hoard of Small Module Post Reform Coinage of Anastasius from Sarafand, M.A. Thesis, American University of Beirut, 1976. Ariel 1986: D.T. Ariel, The Coins, in Excavations at Caesarea Maritima 1975, 1976, 1979 Final Report, L. I. Levine, E. Netzer (eds.), Jerusalem, 1986, p.137-148. Ariel 1996: D.T. Ariel, A Hoard of Byzantine folles from Qazrin, Atiqot, 29, 1996, p.69-76. Ashton et alii 2000: R. Ashton, C. Lightfoot, A. zme, Ancient and Medieval Coins in Bolvadin (Turkey), Anatolia Antiqua, 8, 2000, p.171-195. Atlan 1976: S. Atlan, 1947-1967 yllar Side kazlar srasnda elde edilen sikkeler, Ankara, 1976. Balty 1984: J. Balty, Monnaies byzantines des maisons dApame: tude comparative, in Apame de Syrie: bilan des recherches archologiques 19731979: aspects de larchitecture domestique dApame: actes du colloque tenu Bruxelles les 29, 30 et 31 mai 1980, J. Balty (ed.), Bruxelles, p.239-248. Banaji 2001: J. Banaji, Agrarian Change in Late Antiquity: Gold, Labour, and Aristocratic Dominance, Oxford/New York, 2001. Barkay 2000: R. Barkay, The Coins of Horvat Eleq, in Y. Hirschfeld, Ramat Hanadiv Excavations. Final Report of the 1984-1998 Seasons, Jerusalem, 2000, p.377-419. Bates 1971: G.E. Bates, Byzantine Coins, Cambridge, 1971. Belin 2005: P.Belin, A Hoard of Byzantine folles from Beirut, NC, 165, 2005, p.314-322. Bell, 1916: H.W. Bell, Sardis XI, part I, 1910-1914: Coins, Leiden/Boston, 1916, p.76-95. Bellinger 1962: A.R. Bellinger, Coins, in Excavations at Nessana, H.D. Colt (ed.), London, 1962, p.70-75. Bijovsky 2011: G. Bijovsky, Monetary Circulation in Palestine during the Byzantine Period (Fifth - Seventh Centuries CE), Ph.D. Dissertation, Hebrew University Jerusalem, 2011. Butcher 2003: K. Butcher, Archaeology of the Beirut Souks 1. Small Change in Ancient Beirut: the Coin Finds from BEY 006 and BEY 045: Iron Age, Hellenistic, Roman and Byzantine Periods, Berytus 45-46, 2001-2002, Beirut, 2003. Butnariu 1983-1985: V. Butnariu, Rspndirea monedelor bizantine din secolele VI-VII n teritoriile carpato-dunrene, BSNR, 77-79, 1983-1985, p.199-235. Callegher 2006: B. Callegher, La riforma della moneta di rame del 538 (Giustiniano I) e il ruolo della c.d. legge di Gresham, in I ritrovamenti monetali e la legge di Gresham. Atti del III Congresso Internazionale di Numismatica e di Storia Monetaria, Padova, 28-29 ottobre 2005, M. Asolati and G. Gorini (eds.), Padova, 2006, p.129-154. Callegher 2007: B. Callegher, Cafarnao IX. Monete dallarea urbana di Cafarnao (1968-2003), Jerusalem, 2007.
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Callot 2004: O. Callot, Salamine de Chypre. XVI, Les monnaies. Fouilles de la ville 1964-1974, Paris, 2004. Callu 1982: J.-P.Callu, Le tarif dAbydos et la reforme montaire dAnastase, in Actes du IXe Congrs International de Numismatique, Berne, septembre 1979, T. Hackens, R. Weiller (eds.), vol.2, Louvain-la-Neuve, 1982, p.731-740. Camilleri 2010: V.G. Camilleri, Monete bizantine, in Hierapolis di Frigia. Le monete. Campagne di scavo 1957-2004, A. Travaglini, V. G. Camilleri (ed.), Istanbul, 2010, p.37-46, 133-151. Carl 2009: F. Carl, Loro nella tarda antichit: aspetti economici e sociali, Torino, 2009. Casey 1996: P.J. Casey, Justinian, the limitanei, and Arab-Byzantine Relations in the 6th c., Journal of Roman Archaeology, 9, 1996, p.214-222. Casey 2010: P.J. Casey, A Catalogue of the Greek, Roman and Byzantine Coins in Sinop Museum (Turkey) and Related Historical and Numismatic Studies, London, 2010. Chiriac 1993: C. Chiriac, Expediia avar din 578-579 i evidena numismatic, Arheologia Moldovei, 16, 1993, p.191-203. Coulston, Gough 1985: J. Coulston, M. Gough, The Coins and Small Finds at Alahan, in Alahan: an Early Christian Monastery in Southern Turkey, M. Gough (ed.), Toronto, 1985, p.62-71. Culerrier 2006: P.Culerrier, Les trsors dAsie Mineure, in Trsors, p.105110. Curta 1996: F. Curta, Invasion or Inflation? Sixth to Seventh Century Byzantine Coin Hoards in Eastern and Southeastern Europe, Annali di Istituto Italiano di Numismatica, 43, 1996, p.65-224. Curta 2001: F. Curta, The Making of the Slavs: History and Archaeology of the Lower Danube Region, c. 500-700, New York, 2001. Custurea 2000-2001: G. Custurea, Descoperiri arheologice i numismatice pe raza localitii Satu Nou (com. Oltina, jud. Constana), Pontica, 33-34, 20002001, p.583-593. Custurea 2004-2005: G. Custurea, Date noi privind circulaia monedei bizantine n Dobrogea (sec. V-VII), Pontica, 37-38, 2004-2005, p.491-536. Custurea 2007: G. Custurea, Noi descoperiri monetare bizantine din Dobrogea (sec. V-VII), Pontica, 40, 2007, p.533-562. Custurea 2009: G. Custurea, Noi descoperiri monetare bizantine din aezarea de la Capul Dealului - Oltina, Pontica, 42, 2009, p.415-421. Custurea, Cliante 2008: G. Custurea, T. Cliante, Noi descoperiri monetare bizantine din Dobrogea (sec. V-VII), Pontica, 41, 2008, p.533-561. Custurea, Papasima 1992: G. Custurea, T. Papasima, Monede bizantine descoperite la Pcuiul lui Soare, Pontica, 25, 1992, p.363-380. Custurea et alii 1997: G. Custurea, A. Vertan, G. Talmachi, Descoperiri monetare n Dobrogea (XI), Pontica, 30, 1997, p.371-383. Dimitrov 1998: K. Dimitrov, Pnorzymskie i wczesnobizantyjskie monety z odcinka iv w Novae z lat 294-612, Novensia, 11, 1998, p.99-112.
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Appendix
Table1 - Number of coins/year in single finds and hoards.
Year 538/9 539/0 540/1 541/2 Total Hoards 39M/9K 87M/18K 79M/21K 103M/45K/11I 167M/45K/9I 76M/15K/8I 122M/30K/2I Balkans Single finds Asia Minor 16M/12K 5M/4K 11M Near East Total 163M/70K/11I 280M/87K/10I 148M/20K/10I 229M/57K/3I 820M/234K/34I

46M/4K/1I 251M/52K/1I

18M/8K/1I 15M/1K/1I 18M/5K/1I 67M/26K/3I

8M/16K 10M/1K

468M/135K/30I

34M/21K

M = follis; K = 1/2 follis; I = 1/4 follis; E = 1/8 follis.

N. Location 1 Mangalia

Table2 - Single finds of heavy coins dated 538-542 and their percentage from the total number of early Byzantine coins (c. 498-616).73
Province Scythia Heavy Coins Denomination 6 4M/2K 16 10 12 19 5 5 18 3 2 3 2 4 2 2 2 2 5 4 10M/5K/1I 8M/2K 2M/2K 12M/5K/2I 4M/1K 2M/2K/1E 10M/7K/1I 1M/2K 1M/1K 3M 3M 1M/3K 2M 2M 1M/4K 9.8 Poenaru et alii 1998 7.6 5.6 5 % Reference Custurea 2004-2005; Gmureac 2009

2 Adamclisi 3 Capidava 4 Dinogetia 6 Histria 7 Halmyris 8 Odurtsi 9 Tomis 10 Kaliakra 11 Sacidava 5 Slava Rus

Scythia Scythia Scythia Scythia Scythia Scythia Scythia Scythia Scythia Scythia Scythia Scythia Scythia Scythia Scythia Scythia Scythia Scythia

5.5 Mitrea 1974 Iacob 2009 4.5

Gndil 2006-2007; Custurea, Cliante 2008

4.4 Poenaru 2003 3.4 3

Nubar 1973; Poenaru, Dima 2007

3.6 Torbatov 2002

3.3 Parushev 1991 2.2 1.6 -

Poenaru et alii 2004; Isvoranu, Poenaru 2003 Custurea 2007

12 Troesmis 13 Noviodunum 15 Balchik 17 Oltina 14 Cernavoda 16 Niculiel 18 Pecineaga

Oberlnder-Trnoveanu 1980; Custurea, Cliante 2008 Poenaru et alii 1995; Custurea 2004-2005 Poenaru et alii 1989 Dimitrov 1982

1M/1I 1M/1K

Poenaru, Dicu 1994-1995 Custurea 2009 Poenaru et alii 2004

19 Ulmetum

Vertan, Custurea 1995-1996

73. The steady flow of new coin to the Balkan provinces came to an abrupt end c. 616, and although sporadic coin finds are attested throughout the seventh century, their number is insignificant and would only distort the statistical analysis which relies on the steady supply of coin in the period 498-616.
RN 2012, p. 363-402

Heavy money, weightier problems

N. Location Province Scythia Scythia Scythia Heavy Coins Denomination 1 1 2 1K 1K 1M/1K % Reference

397

21 Enisala

20 Unknown locations

Poenaru et alii 2004 Poenaru et alii 2004 Matei 1983-1985

23 Nvodari 24 Ovidiu

22 Medgidia

Scythia Scythia Scythia Scythia Scythia

1 1 1 1 1 8

1M 1K

Vertan, Custurea 1986

25 Poarta Alb 26 Seimeni 27 Topalu

1M 1M 1M 7M/1I

Vertan, Custurea 1981 Custurea 2004-2005 Papasima, Vertan 1994-1995 Custurea, Cliante 2008

28 Turgovishte region74 Moesia II 29 Shumen region 31 Sucidava 30 Gabrovo region 32 Varna region 33 Ruse region 34 Novae 35 Silistra 36 Dobrich region 37 Veliko Turnovo 38 Razgrad region 39 Lovech region Moesia II Moesia II Moesia II Moesia II Moesia II Moesia II Moesia II Moesia II Moesia II Moesia II Moesia II Moesia II Moesia II Moesia II Moesia II Moesia II Moesia II Moesia II Moesia II Moesia II Haemimontus Haemimontus Haemimontus Haemimontus Haemimontus Haemimontus Haemimontus Haemimontus Haemimontus Haemimontus Haemimontus

36 11 7 8

19M/11K/6I 8M/3K 4M/3K 7M/1K

12.5 Mihailov 2012 11.7 Zhekova 2006 11.2 Mihailov 2012 9 8 6.5 4.5 2 Mihailov 2012 Mihailov 2012

Moesia Secunda

55 19 43 18 3 2 2 2 1 1 1 1 1 1 48 3 6 4 1 1 1 1 1 1 1 1 1 12

42M/12K/1I 15M/3K/1I 29M/10K/3I/1E 11M/5K/2I 6M/5K/1I 3M 2M 1M/1K 2M 1M 1M 1M 1M 1M 1M 1M 42M/5K/1I 1M/1I/1E 4M/2K 4M 1M 1M 1K 1M 1M 1M 1M 1K

11.1 Butnariu 1983-1985

Mihailov 2012; Dimitrov 1998

4.3 Mihailov 2012 Mihailov 2012 Mihailov 2012 Mihailov 2012

National History Museum of Romania

40 Pcuiul lui Soare 41 Iatrus 42 Pleven region 44 Satu Nou 45 Madara 47 Obzor 48 Ruen 46 Lozarevo 43 Izvoarele

Poenaru et alii 2004; Custurea, Papasima 1992 Schnert-Geiss 1989 Mihailov 2012

Custurea et alii 1997 Custurea 2000-2001 Iordanov 1992 Tenchova 2011 Tenchova 2011 Tenchova 2011 Mihailov 2012

49 Unknown locations 50 Pomorie 51 Mesembria 53 Aitos

6.3 Tenchova 2011 Tenchova 2011 Tenchova 2011 Tenchova 2011 Tenchova 2011 Tenchova 2011 Tenchova 2011 Tenchova 2011 Tenchova 2011 Tenchova 2011

52 Malko Turnovo 54 Burgas 56 Bata

Theoklieva-Stoytcheva 2001

55 Karnobat 57 Vizitsa

58 Goliamo Bukovo 59 Zidarovo 60 Izvorishte

74. The precise location of the single finds from Moesia II will be published with full details by Stoyan Mihailov in his forthcoming dissertation.
RN 2012, p. 363-402

398
N. Location Province

Andrei Gndil
Heavy Coins Denomination 1 1 6 7 3 6 4 2 1 1 1 1 1 1 1 1 1 1 1 1 43 1 1 1 10 3 1 5 5 1 2 1 1 5 13 19 1 1 1 6 7 7 1 2 1I 1M/1K % Reference

62 Bakadjitsite 63 Malenovo 64 Sliven 65 Hissaria 67 Kabile 69 Sopot

61 Karavelovo

Haemimontus Haemimontus Thracia Thracia Thracia Thracia Thracia Thracia Thracia Thracia Thracia Thracia Thracia Thracia Thracia Thracia Thracia Thracia Thracia Thracia Thrace Rhodopa Rhodopa Europa

Haemimontus

Tenchova 2011 Tenchova 2011 Tenchova 2011

1M 6M 5M/2K 1K/2E 4M 1M 1M 1M 1M 1K 1M 1M 1M 1K 1M 1M 1M 1M 1M 1K 1E 35M/7K/1I 4M/2K 1M/1I

6.7 Tenchova 2011 6.6 Tenchova 2011 5.8 Tenchova 2011 2.7 Tenchova 2011 Tenchova 2011 Tenchova 2011 Tenchova 2011 Tenchova 2011 Tenchova 2011 Tenchova 2011 Tenchova 2011 Tenchova 2011 Tenchova 2011 Tenchova 2011 Tenchova 2011 Tenchova 2011 Tenchova 2011 Tenchova 2011 Tenchova 2011 Tenchova 2011 Tenchova 2011 Yaiz 1998

66 Perperikon 68 Gabritsa 70 Septemvri 71 Izvorovo 72 Devin 73 Boshulia

74 Stara Zagora 75 Harmanli 76 Goliam Manastir 78 Gabranlovo 79 Iunatsite 81 Kralevo 80 Orlov Dom 82 Kalugerovo 84 Smolyan 85 Aianos

77 Goliamo Shivachevo Thracia

83 Unknown locations

86 Constantinople 87 Sadovets 88 Aquis

Dacia Ripensis Dacia Ripensis Moesia I Moesia I/ Pannonia (?) Dacia Mediterranea Praevalitana Epirus Nova? Epirus Nova Epirus Nova Epirus Nova Epirus Nova Hellas

6M/1K 19M/4K/1I 3M 1M

0.2 Hendy 1986

7.3 Mackensen 1992 4.5 Jankovi 1981 7.9 Radi, Ivanievi 2006 Ivanievi 1988

89 Belgrade Museum 90 Viminacium 92 Shkodr 94 Dimal 95 Berat 96 Dajti 97 Lin 91 Cariin Grad 93 Tirana Museum

24

4M/1K 4M/1I 1M 2M 1M 1M 5M 6M/6K/1E 5M/1K/1I 1K 1E 18M/1K

2.2 Ivanievi 1990

Spahiu 1979-1980 Spahiu 1979-1980 Spahiu 1979-1980 Spahiu 1979-1980 Spahiu 1979-1980 Spahiu 1979-1980

98 Nemea

5.5 Mac Isaac 2005 5.3

99 Corinth / Kenchreai Hellas 100 Athens 101 Zagreb Museum 102 Suuk-Su 103 Cyzicus Hellas Pannonia/Dalmatia Bosporus Asia Asia Hellespontus

1.5 Thompson 1954 3

Edwards 1933; Hohlfelder 1978; Fisher 1984

3.3 Mirnic, emrov 1997-1998 Kropotkin 1962 Kker 2007

104 Pergamum 105 Ephesus

1M 4M/2K

Karwiese 1983, 1987; Vetters 1980, 1982

Morrisson 1993

RN 2012, p. 363-402

Heavy money, weightier problems

N. Location Province Lydia Caria Lycia Asia Heavy Coins Denomination 14 1 1 9M/4K/1I 1M 1K % Reference

399

107 Sardis 108 Iasos 109 Fethiye75

106 Izmir

1.4 Bell 1916; Bates 1971 Pennestr 2003-2004 -

nal 2004

110 Hierapolis 112 Isparta 111 Aezanitis

Phrygia Pacatiana Pisidia Pisidia Pisidia Pamphilia Pamphilia Bithynia Paphlagonia Helenopontus Galatia II

Phrygia Pacatiana

113 Yalva 115 Perge 116 Side 117 Bolu

114 Sagalassos

17 2 3 3 4 4 1

3M/3E 5M 2M 3M 1K/1E

5.6 Camilleri 2010 5.2 Demirel-Gkalp 2007 4.7 Demirel-Gkalp 2007 5 Scheers 2000 Erol 2005 Nash 1988

11M/5K/1I 2M/1K 3M/1K 1M

0.9 Atlan 1976 -

118 Amasra

121 Alahan 122 Sinope 123 Satala

120 Amasya

119 Bolvadin

2M/1K/1I 5M/6K

3.7 Demirel-Gkalp 2007 Ashton et alii 2000

Ireland, Ateoullar 1996

Isauria

11 1 2 1 1 1 1 10 4 1 1 5 1 1 2 1 1 1 1 3 5 3 6 1

Helenopontus Armenia I Armenia I ? Armenia III Cilicia I Cyprus Syria I

1M 2M 1M 1M 1M 1M 1M 4M 1M 1M 5M 1M 1M 2M 1M 1M 1M 1K

3.5 Ireland 2000 2.9 Casey 2010 -

Coulston, Gough 1985 Lightfoot 1996 zyurt 2006 Tekin 1998

124 Erzurum 125 Malatya 127 Salamis 129 Beirut 126 Yumuktepe 128 Antioch 130 Paneas 132 Qastra 133 Haifa 135 Atlit

0.4 Demirel-Gkalp 2007 Callot 2004

Phoenice Phoenice Phoenice Phoenice Phoenice Phoenice Palaestina II Phoenice

2M/8K

1.1 Waage 1952 -

1.5 Butcher 2001-2002 Bijovsky 2011 Bijovsky 2011 Bijovsky 2011 Bijovsky 2011 Metcalf et alii 1999 Bijovsky 2011 Bijovsky 2011 Amitai-Preiss 2006

131 Shiqmona

134 Tel Hefer 136 Pella

137 Gesher

138 Capernaum 139 Sepphoris 141 Jerusalem 142 Jerusalem region 143 Caesarea Maritima 140 Horvat Eleq

Palaestina II Palaestina II Palaestina II Palaestina I Palaestina I Palaestina I? Palaestina I

2.3 Sheedy 2001

Callegher 2007

2M/1K 2M/3K 2M/1K 2M/4K

1.5 Barkay 200076

2.2 Metcalf, Payne 1965. -

Fitzgerald 1929; Bijovsky 2011

Ariel 1986; Peleg, Reich 1992; Evans 2006; Bijovsky 2011

75. The important collection of Byzantine coins in the Fethiye Museum is awaiting publication. For a brief synopsis, see Casey 2010, p.141. 76. The two folles (both dated 541/2) appear to be too light for the heavy series, weighing 9,54g and 10,9g, respectively, which makes their dating rather dubious, see Barkay 2000, p.392, nos.248-249.
RN 2012, p. 363-402

400
N. Location 144 Samaria 145 Lod (el-Khirbe) 146 Batia 147 Shoham Province Palaestina I Palaestina I Palaestina I Palaestina I Palaestina I Palaestina III

Andrei Gndil
Heavy Coins Denomination 2 1 1 1 1 1 2 2 2 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 Total 1 4 1 2M/1K 1K 1M 1M 1M 1M 1M/1K 1M/1K 1M/1K 1K 1M 1M 1M 1M 1M 1M 1M 1M 1M 1M 1M 1M 1M 1M 1K 1M 1M 1M 1M 1M 1K 3M/1I 1M % Reference

Kirkman 1957; Bijovsky 2011 Bijovsky 2011 Bijovsky 2011 Bijovsky 2011 Bijovsky 2011

148 Tel Qitan 149 Nessana 150 Cmpeni 151 Colibai 152 Bucharest 153 Biceni 154 Dumitreti Glii 155 Fuzuca 156 Hui 157 Lopatna 158 pala 159 ibucanii de Sus 160 Vasilevka 161 Orlea 162 Otopeni 163 Novaci 164 igneti 165 Ghindeni 167 Simeria 168 Caracal 169 Rmnicu Vlcea 171 Herepeia 172 Rifnik 173 Majaki 174 Vldeni 176 Pitiunt 177 Ani 175 Tbilisi Museum 170 Cherson 166 Ostrovu mare

Barbaricum Barbaricum Barbaricum Barbaricum Barbaricum Barbaricum Barbaricum Barbaricum Barbaricum Barbaricum Barbaricum Barbaricum Barbaricum Barbaricum Barbaricum Barbaricum Barbaricum Barbaricum Barbaricum Barbaricum Barbaricum Barbaricum Barbaricum Barbaricum Barbaricum Barbaricum Barbaricum Barbaricum

0.8 Bellinger 1962

Butnariu 1983-1985; Stoljarik 1993 Butnariu 1983-1985 Butnariu 1983-1985 Butnariu 1983-1985 Butnariu 1983-1985 Butnariu 1983-1985 Butnariu 1983-1985 Butnariu 1983-1985 Butnariu 1983-1985 Stoljarik 1993 Butnariu 1983-1985 Butnariu 1983-1985 Butnariu 1983-1985 Butnariu 1983-1985 Butnariu 1983-1985 Butnariu 1983-1985 Butnariu 1983-1985 Oberlnder-Trnoveanu 2004b Oberlnder-Trnoveanu 2004b Stoljarik 1993 Lakatos 2002 Kos 1986

Butnariu 1983-1985

Stoljarik 1993

1.4 Abramishvili 1965, 1989 Tsuhishvili 1977

Oberlnder-Trnoveanu 2004a

806

561M/181K/32I/12E

1M

Mousheghian et alii 2000

RN 2012, p. 363-402

Heavy money, weightier problems

401

Location Grnar Constana Diulino Selce

Table3 - The percentage of heavy coins (538-542) in hoards.

Province Dardania Scythia Heavy coins 2 7 4 3 7 5 5 % of total 2.2 5.3 7.3 3.7 3.3 5.4 2.5 Last coin 541/2 545/6 549/50 553/62 557/8 563/4 551/2 546/7

Bibliography Trsors, n. 66 Trsors, n. 87

Trsors, n. 253

Blagoevgrad

Macedonia I Moesia II Macedonia II Dacia Mediterranea Scythia Macedonia II

Tenchova 2011 Lili, Adzievski 1999 Torbatov 2002-2003 Tenchova 2011 Trsors, n. 99 Trsors, n. 14 Trsors, n. 24 Trsors, n. 6 Trsors, n. 80 Trsors, n. 231 Trsors, n. 110

Carea

Zelenigrad Topalu

Skachinci

Scythia

Kamen vruh Thasos Dolno Sachrane Nova Mahala Vojnica

Haemimontus Macedonia I Thracia Thracia

4 1

2.9 1

7.3 8.4 2

569/78 570/1 571/2 571/2 571/2 572/3 574/5 574/5 574/5

10 5 1 15 4 1 6

10.4 7.3 2.8

Nicopolis ad Nestum Rhodopa Skala Gabrovo Thebes

Macedonia II Moesia II Hellas

10.9 9.3 28

Trsors, n. 112a Mihailov 2012 Trsors, n. 204

Moesia II Moesia II

Varna

Gropeni

Sadovets

Barbaricum Scythia Hellas Hellas Hellas Macedonia II Syria Macedonia II

14 16 7 3 3 8 7 8 1 4 8

11

4.7

575/6 578/9 577/8 579

Tenchova 2011

Capidava Athens

Dacia Ripensis Moesia II

16.7 13.7 7.5 2.4 3.8 3.1 1.7 1.1 3 9.9

Trsors, n. 59

Koprivets Eleusis

579/82 582/3 583/4 583/4 584/5 584/5 584/5 584/5

Trsors, n. 240 Gndil 2011 Trsors, n. 47

Oberlnder-Trnoveanu 2004b

Trsors, n. 131 Trsors, n. 152 Trsors, n. 176 Hadji-Maneva 2011 Todd 1987 Trsors, n. 63 Trsors, n. 61 Trsors, n. 106

Pellene Stobi

Bargala Northern Syria Adamclisi Zhalad

Scythia

Ohrid

Veliki Gradac Cyrrhus Thasos Khirbet Marus

Epirus Novus Euphratensis Palaestina II Macedonia I

Moesia II

5 1

10.2 1.2 0.9 6.5 1.4 1.3

584/5 585/6

Dacia Ripensis

1 7 7

586/7 594/5 603/4

Trsors, n. 208 Noeske 2000 Trsors, n. 251

1.1

609/10 617/8

Bijovsky 2011

Galani-Krikou 2002

RN 2012, p. 363-402

402

Andrei Gndil

JustinianI follis (527-538)

JustinianI follis (538-539)

JustinianI 1/2follis (538-539)

JustinII follis (575-576)

Maurice Tiberius overstruck follis (591-592)

Figure12 - Late sixth-century circulation pool (Photo courtesy of Classical Numismatic Group, Inc).
RN 2012, p. 363-402