Byzantine Coins

By: Lise Deveau, Rebekah MacPherson, Kristine Morris & Sarah Wood

Thesis Statement
W hy did th e valu e of th e nomisma d ec lin e aft e r its valu e had r e main e d con stant for hundr e d s of y e ar s? T hrough our r ese ar c h , w e will disc uss that th e valu e of th e nomisma d ec lin e d du e to economi c hard ship in th e Byzantin e economy . A s a r es ult of th e economi c hard ship , E mp e ror A l e xiu s I was for ce d to c hange th e amount of gold pr ese nt in th e coin .

Secondary Sources
G e anakoplos, D e no John . Byzan t hium: Chur c h , Soc i e ty, and Civiliza t ion See n Through

Con t emporary Eyes. C hi c ago: Univ e r sity of C hi c ago Pr ess, 1984.

G ri e r son , Philip . Byzan t in e Coin s. London: M e thu e n & Co L td ., 1982. H au ssig, W . D . A H istory of Byzan t in e Civiliza t ion . N e w Yor k : Pra ege r Publi sh e r s In c ., 1971. H e ndy , M i c ha e l F . Th e E conomy, F isc al Administ ra t ion and Coinage of Byzan t ium . Northampton: V ariorum R e prints, 1989. Norwi c h , John Juliu s. Byzan t ium: Th e D ec lin e and F all . N e w Yor k : A lfr e d A . K nopf , 1996. Sh e r rard , Philip . Gr e a t Ages of Man: Byzan t ium . N e w Yor k : T im e In corporat e d , 1966.

Primary Sources
C anadian M int O nlin e . A ccess e d 25 M ar c h 2010. <http: //www . mint . c a/stor e/ mint/l e arn / c ir c ulation-c ur r e n c y 1100028?c at= C ir c ulation+ C ur r e n c y & nId=1100028& nod e G roup= L e arn> . E bay C anada . <www . e bay . c a> . Se ar c h T e rms : Byzantin e Nomis ma / Byzantin e Coin s. G ri e r son , Philip . Byzan t in e Coin s. London: M e thu e n & Co L td ., 1982. G ri e r son , Philip . Byzan t in e Coinage . W ashington: Dumbarton O ak s, 1999. Soc i e ty for th e Study of Numis mati cs and E conomi c H istory . A ccesse d 25 M ar c h 2010. <http: //www . lydialithos.gr /pages/hom e_e n . html> .

Perspectives
T h e majority of th e r e f e r e n ces u se d ar e s econdary sour ces, primarily book s . W hil e w e hav e tak e n th e tim e to di ssec t th e information , it is n ecessary to r e m e mb e r that th e p e r sp ec tiv es of th e author s ar e appar e nt in th e e vid e n ce sec tion . A lthough w e w e r e not abl e to physi c ally e xamin e th e nomisma , by looking at th e primary sour ce images of th e

nomisma , w e ar e abl e to see physi c al c hara c t e risti c c hanges that th e nomisma und e rw e nt
ov e r th e cour s e of Byzantium history .

Awareness of Perspectives Not Taken

T h e collaboration of information amongst all r e f e r e n ces has b ee n tak e n into con sid e ration; how e v e r , not all author s foc u se d primarily on Byzantium coin s and th e ir c ur r e n c y . T h e r e ar e many arti c l es, r esour ces, and p e r sp ec tiv es availabl e r egarding Byzantin e coin s and th e ir c ur r e n c y but th e u se d r esour ces ar e most r e fl ec tiv e of our hypoth esis. A s w e ll , th e r e ar e many w e b sit es publi sh e d about Byzantin e coin s, sp ec ifi c ally th e nomisma ; how e v e r , th ese sit es ar e writt e n by individuals out of int e r est and do not in c lud e r e f e r e n ces for th e information . It is diffi c ult to fully analyz e th e coin s simply from th e ir app e aran ce in photograph s. T h e sp ec ifi c images of th e c hose n coin s throughout this r e port show th e physi c al image ry c hang es that occ ur r e d ov e r th e cour s e of Byzantin e history , but it is diffi c ult to b e fully awar e of th e e xa c t c hanges in gold cont e nt .

Figure 1: All of the nomisma images are photos between the periods 820-912 (Grierson, Byzantine Coins, plate 42).

Argument /Discussion / Evidence

Byzantium had many coin s that w e r e c ir c ulat e d in its economy; how e v e r , th e

nomisma was th e primary coin use d in th e Byzantin e E mpir e for

hundr e d s of y e ar s. T h e nomisma , th e Byzantium gold coin , is a long-standingmonetaryunit,beingreferencedinGreek
Figure 2: A nomisma minted after 395. Image on the coin is Arcadius, who ruled from 383408.

documentsfromtheverybeginningoftheempire(Grierson8). T h e nomisma was su c h a stabl e form of c ur r e n c y for th e

Byzantin es that it still r e tains th e r ecord of th e mon e tary unit that has h e ld its valu e for th e longestperiodoftime:[f]oroversixhundredyears,fromthereignofAnastasiusItothe r e ign of Constantin e I X in th e mid-e l e v e nth ce ntury , th e nomisma r e main e d compl e t e ly undepreciated,arecorduniqueinhistory(Geanokopolos297, H e ndy I I:43). L ik e many economi es, a Byzantin e coin valu e syst e m had to b e establish e d for trading and comm e r ce to occ ur . It was E mp e ror A nastasiu s I who establish e d th e e laborat e , long-standing c ur r e n c y valu es that allow e d th e Byzantin e economy to thriv e and that d e t e rmin e d th e importan ce of th e nomisma . T h e c hart b e low illu strat es th e ratios b e tw ee n th e coin s, impl e m e nt e d by th e e mp e ror in 498 (58):

T abl e of r e lativ e Byzantin e coinage valu es (c . F ifth to M id-e l e v e nth C e nturi es) 1 gold pound = 72 nomisma t a 1 nomisma = 12 miliar esia (silv e r) = 24 k e ra t ia = 288 foll e is (copp e r) 1 miliar esion = 2 k e ra t ia = 24 foll e is 1 k e ra t ion = 12 foll e is (G e anokopolos 299).

W h e n th ese valu es w e r e impl e m e nt e d , th e nomisma was mad e primarily of gold , naturally pla c ing it at th e top of th e c ur r e n c y e x c hange valu e . W ith only on e pound of gold , th e Byzantin es w e r e abl e to c r e at e and c ir c ulat e se v e nty-two nomi sma . T h e Byzantin e E mpir e was a strong economi c for ce b ec au se of th e nomi sma and th e establish e d coinage valu es. Byzantium b ec am e a primary trad e for ce in th e world and was abl e to trad e with many countri es. T h e high l e v e ls of trading r esult e d in a stabl e Byzantin e economy and th e nomi sma b e ing adopt e d by oth e r countri es as an a cce pt e d form of c ur r e n c y (G e anokopolos 4). T h e high l e v e ls of trad e continu e d for hundr e d s of y e ar s in Byzantin e history , only to b e low e r e d on ce oth e r countri es b egan to lose faith in th e

nomisma . W hil e th e nomisma r e tain e d its valu e for a long p e riod of tim e , oth e r countri es
lost faith in th e nomisma du e to thr ee major fa c tor s. T h e thr ee major fa c tor s c au sing th e d ec lin e w e r e war , economi c d ec lin e and c hange in th e base m e tals u se d to c r e at e th e

nomisma . H aussig disc usses that ,

A s a r esult of n e v e r-e nding war s, consid e rabl e strain had b ee n put upontheEmpireseconomy,andthisledtoadeclineingoldreserves and th e r e for e in th e c ir c ulation of mon e y . A s e xport trad e did not e arn th e E mpir e suffi c i e nt gold to cov e r all th e n ee d s of th e stat e , th e c ir c ulation of mon e y was in e vitably r estri c t e d (100). T h e n e v e r-e nding war s w e r e a large finan c ial cost for Byzantium , a cost that was unabl e to b e r ec up e rat e d . T h e E mpir e did not hav e th e fund s to buy th e gold that was n ee d e d to c r e at e ad e quat e amounts of c ur r e n c y to b e c ir c ulat e d to r e viv e th e ir economy . A solution wasnotimmediatelydeterminedandByzantiumsamountofcurrency , primarily th e

nomisma , in c ir c ulation b egan to d ec r e ase .

F igur e 3: A figur e of th e Gold nomisma of A na sta sius I , Constantinopl e , c a . 492-507 A D .

F igur e 4: A figur e of th e gold nomisma of Constantin e I X , c a . 1042-55 A D .

Figure 3 and 4 show the differences in the amount of gold that was used in the creation of the nomism a between the years 492 and 1055. Figure 3 shows a coin that is lustrous, precise in shape, and that radiates a glowing gold tone. Figure 4 is less precise in the shape of the coin and the colour is flat and dull; it is evident from these figures that the latter lacks the same golden lustre that occurs when a higher content of gold is used to create the coin.

O n e solution that was r e a c h e d in an att e mpt to r e viv e th e Byzantin e economy was to low e r th e amount of gold put into th e

nomisma . T his was th e solution r e a c h e d b ec ause of th e diffi c ultly

obtaining th e quantity of gold r e quir e d . T h e Byzantin e coinage valu es establi sh e d by E mp e ror A nastasiu s I , whi c h last e d from th e fifth to mid-e l e v e nth ce ntury , d e t e rmin e d that th e on e -pound of gold could c r e at e s e v e nty-two nomisma and th e original coin had approximat e ly 65 grain s of gold (Sh e r rard 118) . It was E mp e ror
F igur e 5: A n image of A l e xius I .

A l e xiu s I , in 1092, who d ec id e d to low e r th e amount of gold in e a c h

nomisma and d ec r e ase d th e valu e to a ratio of 1:4 (H au ssig 309); th e r e by , m e aning that
e a c h coin th e n contain e d approximat e ly 16 grain s of gold . M any false ly b e li e v e that th e d ec lin e of th e nomisma r esult e d from th e a ccession of A l e xiu s. In a c tuality , thevalueofthe gold nomisma hadalreadyfallen25percent(Norwich51)inthetwentyyearspriortothe b eginning of his ruling b ec au se of th e n e v e r-e nding war s and th e economi c hards hip of th e cost of war .AspertheTableofrelativeByzantinecoinagevalues,thenomisma was e qual to 120 miliar esia ,but,atthetimeofAlexiusaccession,thenomisma d ec lin e d to on equart e r its original valu e , 4 miliar esia (G e anokopolos 299). A l e xiu s, r e alizing th e stat e of th e Byzantin e economy , mad e att e mpts to r e viv e th e economy . O n e of th e mos t impa c ting ways that A l e xiu s saw to c hange th e stat e of th e Byzantin e economy was to c hange th e m e tal base of th e nomisma; it had b ecom e too costly to c r e at e only se v e nty-two nomisma from on e-pound of gold . A lthough th e mint r esi st e d c hanging th e amount of gold in e a c h

nomisma , A l e xiu s had th e mint c r e at e six diff e r e nt nomisma , e a c h on e containing a

diff e r e nt base m e tal (51) and a small e r quantity of gold .

T h e d ec r e ase in gold cont e nt mad e oth e r countri es l ee ry about u sing th e nomisma as th e ir form of c ur r e n c y and tru st was furth e r lost in trading with th e Byzantin es . Geanakopolosdescribeshow,priortoloweringthecontentofgold,the nomisma (c all e d bezantintheWest)...hadbecomethestandardgoldcoinina large part of th e world andwasusedtosomeextentevenintheFarEast(3).Theothercountriessawthe diminishing u se of gold in th e c ur r e n c y as an e xp e rim e nt and ce ase d trading with th e Byzantin e mar k e t (H au ssig 309). Du e to th e la c k of tru st in th e Byzantin e economy , in th e mid-thirt ee nth ce ntury , n e w mints w e r e found e d around th e world to r e pla ce th e Byzantin e c ur r e n c y . T h ese n e w mints in c lud e d a mint in F lor e n ce , V e ni ce , and G e noa (G e anakopolos 299) and countri es b egan to d e v e lop th e ir own prop e r c ur r e n c y . W h e r e th e r e was no longe r a n ee d for oth e r countri es to use th e nomisma as th e ir form of c ur r e n c y , th e valu e of th e coin plumm e t e d . T h e nomisma was no longe r u se d in th e world mar k e t .

An image of the hype rpyron, from Byzant ine Coins. The hype rpyron images are not as clear of those of the nomisma shown in Figures 3 and 4. At this point in Byzantine history, the amount of gold being used in the coin was very sparse. The coin no longer has a golden lustre and the coin has lost its radiance.

To r egain economi c standing in th e world mar k e t , th e Byzantin es r e nam e d th e

nomisma . T h e Byzantin es b e li e v e d that r e naming th e nomisma would h e lp to all e viat e th e

n egativ e stigma sur rounding th e coin . It was in th e mid-14th ce ntury that th e coin was

r e nam e d th e hype rpyron . T h e hype rpyron contain e d th e sam e amount of gold as th e

nomisma c r e at e d by A l e xiu s in 1092, with a ratio of 1:4. Unfortunat e ly th e c hange did not
aid in improving th e Byzantin e s standing in th e world mar k e t as, by th e lat e -14th ce ntury , th e hype rpyron no longe r had a fix e d mon e tary valu e (G e anakopolos 299).

F igur e 6: Gold nomisma of A na sta siu s I , Constantinopl e , c a . 492-507 A D

F igur e 7: Gold hype rpyron of A l e xiu s I , Constantinopl e , c a . 1081-1118

Figure 6 and Figure 7 provide a comparison between an early nomisma, containing a higher amount of gold, and a hype rpyron, containing around 25% the amount of gold found in the nomisma . Looking at the coins, the nomisma appears more precise in its shape and the images are more detailed. The hype rpyron has a flat and dull appearance and the image of Alexius is not as integrate as that of Anastasius.

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Relation / Significance for Contemporary Society or Education

T h e Byzantin e nomisma is int e r esting for stud e nts to r ese ar c h and r e fl ec t upon as a r esult of th e qu estionabl e economi c situation in our nation . T his s ubj ec t matt e r c an b e easilyrelatedtoeconomicconditionsandcriticallyanalyzedinrelationtoByzantiums struggling c ur r e n c y . T hinking about th e Byzantin e economy allow s stud e nts to r e fl ec t on th e r esili e n c y of th e C anadian economy and its ability to surviv e num e rou s r ecession s. Stud e nts c an inv estigat e th e e volution of a c ivilization and how it use d th e raw r esour ces found in th e ir e nvironm e nt to c r e at e a sophisti c at e d form of c ur r e n c y that was u se d worldwid e , giving stud e nts th e opportunity to r e fl ec t on th e processes and r esour ces th e C anadian M int uses to c r e at e our c ur r e n c y . T h e r ecord th e nomisma hold s as th e c ur r e n c y that has h e ld its valu e for th e longest p e riod of tim e is lik e ly to r e main , du e to un stabl e economi c c limat es. Und e r standing that compl e x trading of c ur r e n c y has e xist e d for thou sand s of y e ar s is a con ce pt that stud e nts c an r e lat e to, as mon e tary trading is found in th e ir e nvironm e nt on a daily basis. Stud e nts c an r e fl ec t on th e un ce rtainty of mod e rn economi es to fully und e r stand th e uniqu e n ess and importan ce of th e Byzantin e nomisma .

Byzantine Nomisma and Canadian Quarter Comparison

F igur e 8: A byzantin e nomisma from th e c . 780.

F igur e 9: A C anadian quart e r .

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Comparing a C anadian Q uart e r , som e thing that is common to sc hool-age d c hildr e n , to th e Byzantin e nomisma allow s stud e nts to r e fl ec t on th e diff e r e n ces b e tw ee n th e two coin s. T h e image ry of th e coin s has signifi c antly c hange d , wh e r e th e c raftsman ship of th e quart e r is mor e poli sh e d and th e c ir c ular shap e is mor e pr ec ise . A similarity e xists b e tw ee n both of th e coin s a s th e y both display i coni c image ry . T h e image on th e nomisma would c hange to display th e c ur r e nt rul e r , whil e th e C anadian quart e r s hav e also c hange d to r e fl ec t th e c ur r e nt monar c h throughout C anadian history . By comparing th e nomisma and th e quart e r , stud e nts ar e abl e to r e lat e to th e ir c ur r e n c y and th e diff e r e n ces that e xist among th e coin s. T h e distin c tiv e c hara c t e risti c diff e r e n ces ar e image ry , valu e , and physi c al app e aran ce that ar e found b e tw ee n th e p e nny , ni c k e l , dim e , quart e r , looni e , and tooni e that c ir c ulat e in th e C anadian economy . R e fl ec ting on th ese c hanges b e tw ee n th e coin s provid es th e opportunity for stud e nts to e xpand th e ir c riti c al thinking towards a global and histori c al l e v e l , for e xampl e : th e c hanges in th e

nomisma .

F igur e 10: C anadian M int (http: //www . mint . c a /stor e/ mint/l e arn/c ir c ulation-c ur r e n c y1100028?c at= C ir c ulation+ C ur r e n c y & nId=1100028& nod e G roup= L e arn).

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Suggestions for Education

E v e n though th e Byzantin e nomi sma is a part of history , th ese coin s c ur r e ntly c ir c ulat e through soc i e ty by th e m e an s of onlin e mar k e tpla ces ; th e most virtually promin e nt shop known as E-bay . To e nhan ce stud e nt e ngage m e nt and knowl e dge , e du c ator s c an pur c hase th ese histori c al coin s in mint condition; th e r e for e , providing stud e nts th e opportunity to e xamin e fir sthand th e similariti es and diff e r e n ces of th ese coin s. A n e xampl e of th e quality of coin s that e du c ator s c an pur c hase through onlin e mar k e tpla ces is s hown b e low , whi c h is an image of th e gold nomisma of M i c ha e l I I I (84267).

F igur e 11: Image from E bay . c a , se ar c h t e rm: Byzantin e nomisma .

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Conclusion
In con c lu sion , th e d ec lin e in th e valu e of th e nomisma was a dir ec t r esult of economi c hardship of th e n e v e r-e nding war s. To try to all e viat e th e economi c s train and improv e global c ir c ulation of th e nomi sma , E mp e ror A l e xiu s I c hange d th e amount of gold within th e physi c al coin and c r e at e d six n e w nomisma , e a c h containing a diff e r e nt base m e tal and a small amount of gold . Aft e r A l e xiu s c hange d th e base m e tals, th e ratio of gold pr ese nt in th e n e w nomisma was 1:4, wh e r e as th e original ratio was 1:16 . O th e r countri es lost faith in th e Byzantium nomisma and , as a r esult , low e r e d furth e r trading with th e Byzantin e mar k e t . O th e r countri es c hose to c r e at e th e ir own mints and th e nomisma was no longe r n ee d e d as a global c ur r e n c y . Looking at th e images of th e nomisma throughout history , it is e asy to see th e d egradation of th e gold in th e coin as th e lustr e and shap e ar e diminish e d; th e r e for e , th e mar k e t valu e of th e coin was d ec r e ase d by th e app e aran ce and physi c ality of th e n e wly c r e at e d coin s. T h e economi c s tat e of th e Byzantin e c ur r e n c y c an b e analyz e d in comparison to our economy , whi c h pr ese nts a hi stori c al topi c r e latabl e to stud e nts. T hough Byzantin e coin s ar e a part of history , th e y ar e still found today in onlin e mar k e tpla ces. T h e Byzantin e nomisma and hype rpyron no longe r hav e a mon e tary valu e as it was lost hundr e d s of y e ar s ago; how e v e r , th e valu e has b ee n alt e r e d to b ecom e that of histori c al r e l e van ce and importan ce .