byzantine coins edited

7/28/2019 Byzantine Coins Edited

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Byzantine Coins

By:

Lise Deveau, RebekahMacPherson, Kristine Morris

& Sarah Wood


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Thesis StatementWhy did the value of thenomismadec line af ter its value had remained constant for

hundreds of years? Through our research, we will discuss that the value of thenomisma

dec lined due to economic hardship in the Byzantineeconomy. As a result of theeconomic

hardship , Emperor Alexius I was forced to change the amount of gold p resent in thecoin.

Secondary SourcesGeanakoplos, Deno John.Byzanthium: Church, Society, and Civilization Seen Through

Contemporary Eyes. Chicago: University of C hicago Press, 1984.

G rierson , Philip.Byzantine Coins. London: Methuen & Co Ltd., 1982.

Haussig, W .D .A H istory of Byzantine Civilization. New York: Praeger Publishers Inc., 1971.

Hendy, Michael F .The Economy, F iscal Administration and Coinage of Byzantium.

Northampton: Variorum Reprints, 1989.

Norwich, John Julius.Byzantium: The Decli ne and Fall. New York: Alfred A . Knopf, 1996.

Sherrard,

Philip.

GreatAgesof Man: Byzantium.

New York: Time Incorporated,

1966.

Primary SourcesCanadian Mint Online. Accessed 25 March 2010. .

Ebay Canada. . Search Terms: Byzantine Nomisma / Byzantine Coins.

G rierson , Philip.Byzantine Coins. London: Methuen & Co Ltd., 1982.

G rierson , Philip.Byzantine Coinage. Washington: Dumbar ton O aks, 1999.

Society for the Study of Numismatics and Economic History. Accessed 25 Ma rch 2010.

.


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PerspectivesThe majority of the references used aresecondary sources, pri marily books. While

we have ta ken the time to dissect the information , it is necessary to remember that the

perspecti ves of the authors are apparent in theevidencesec tion. Although we were not able

to physically examine thenomisma,by looking at the primary source images of the

nomisma, we are ab le to see physical characteristicchanges that thenomismaunderwent

over thecourse of Byzantium history.

Awareness of Perspectives Not TakenThecollabora tion of information amongst all references has been taken into

consideration; however , not all authors focused primarily on Byzantium coins and thei r

currency. There are many articles, resources, and perspec ti ves available regarding

Byzantinecoins and thei r currency but the used resources are most reflecti ve of our

hypothesis. As well , there are many websites published about Byzantinecoins,spec if ically

thenomisma; however , thesesites are written by individuals out of interest and do not

include references for the information . It is difficult to fully analyze thecoinssimply from

their appearance in photographs. Thespec if ic images of thechosen coins throughout this

report show the physical imagery changes that occurred over thecourse of Byzantine

history, but it is difficult to be fully aware of theexact changes in gold content.

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


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Argument /Discussion / EvidenceByzantium had many coins that wereci rculated in itseconomy; however , the

nomismawas the primary coin used in the Byzantine Empire for

hundreds of years. Thenomisma, the Byzantium gold coin, is a

long-standing monetary unit, being referenced in Greek

documents from the very beginning of the empire (Grierson 8).

Thenomismawassuch a stable form of currency for the

Byzantines that it still retains the record of the monetary unit that has held its value for the

longest period of time: [f]or over six hundred years, from the reign of Anastasius I to the

reign of Constantine I X in the mid-eleventh century, thenomisma remained completely

undepreciated, a record unique in history (Geanokopolos 297, Hendy I I:43).

L ike many economies, a Byzantinecoin valuesystem had to beestablished for

trading and commerce to occur . It was Emperor Anastasius I who established the

elaborate, long-standing currency values that allowed the Byzantineeconomy to thri ve and

that determined the importance of thenomisma. Thechart below illustrates the ratios

between thecoins, implemented by theemperor in 498 (58):

Table of relative Byzantinecoinage values(c. Fifth to Mid-eleventh Centuries)

1 gold pound = 72 nomismata

1 nomisma= 12 miliaresia(sil ver) = 24 keratia= 288folleis(copper)1 miliaresion = 2 keratia= 24 folleis1 keration= 12 folleis

(Geanokopolos 299).

Figure 2: A nomismamintedafter 395. Image on the coin is

Arcadius, who ruled from 383-

408.


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When these values were implemented, thenomismawas made prima rily of gold, naturally

pl acing it at the top of thecurrency exchange value. With only one pound of gold, the

Byzantines were ab le to create and ci rculateseventy-two nomisma.

The Byzantine Empire was a strong economic force because of thenomismaand the

established coinage values. Byzantium became a primary trade force in the world and was

ab le to trade with many countries. The high levels of trading resulted in a stable Byzantine

economy and thenomismabeing adopted by other countries as an accepted form of

currency ( Geanokopolos 4). The high levels of tradecontinued for hundreds of years in

Byzantine

his

tory,

only to be

lowe

re

d once

othe

rc

ountries

be

gan to lose

faith in the

nomisma.While thenomisma retained i ts value for a long period of time, other countries

lost faith in thenomismadue to three major factors. The th ree major factorscausing the

dec line were war ,economic dec li ne and change in the base meta ls used to create the

nomisma. Haussig discusses that,

As a result of never-ending wars,considerablestrain had been putupon the Empires economy, and this led to a decline in gold reserves

and therefore in theci rculation of money. Asexport trade did notearn the Empiresufficient gold to cover all the needs of thesta te, theci rculation of money was inevitably restricted (100).

The never-ending wars were a large financia l cost for Byzantium, a cost that was unable to

be recuperated. The Empire did not have the funds to buy the gold that was needed to

create adequate amounts of currency to beci rculated to revive thei r economy. A solution

was not immediately determined and Byzantiums amount of currency , primarily the

nomisma, in ci rculation began to dec rease.


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Figure 3: A figure of the Gold nomismaof AnastasiusI, Constantinople,ca. 492-507 AD .

Figure 4: A figure of the gold nomismaofConstantine I X ,ca. 1042-55 AD .

Figure 3 and 4 show the differences in the amount of gold that was used in the

creation of the nomismabetween 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.


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Onesolution that was reached in an attempt torevi ve the

Byzantineeconomy was to lower the amount of gold put into the

nomisma. This was thesolution reached because of the difficultly

obtaining the quanti ty of gold required. The Byzantinecoinage

valuesestablished by Emperor Anastasius I , which l asted from the

fifth to mid-eleventh century, determined that the one-pound of gold

could createseventy-two nomismaand the original coin had

approximately 65 gra ins of gold (Sherr ard 118). It was Emperor

A le

xius

I,

in 1092,

who dec

ide

d to lowe

r the

amount of gold ine

ac

h

nomismaand dec reased the value to a rat io of 1:4 (H aussig 309); thereby, meaning that

each coin then contained approximately 16 gra ins of gold. Many falsely believe that the

dec line of thenomisma resulted from the accession of A lexius. In actuality,the value of the

gold nomismahad already fallen 25 percent (Norwich 51) in the twenty years prior to the

beginning of his ruling because of the never-ending wars and theeconomic hardship of the

cost of war. As per the Table of relative Byzantine coinage values, the nomismawas

equa l to 120 miliaresia, but, at the time of Alexius accession, the nomismadec li ned to one-

quarter its original value, 4 miliaresia(Geanokopolos 299). Alexius, realizing thesta te of

the Byzantineeconomy, made attempts to revi ve theeconomy. One of the most impacting

ways that Alexiussaw to change thesta te of the Byzantineeconomy was to change the

metal base of thenomisma;it had become too costly to create only seventy-two nomisma

from one-pound of gold. Although the mint resisted changing the amount of gold in each

nomisma, Alexius had the mint createsix different nomisma,each onecontaining a

different base metal (51) and a smaller quantity of gold.

Figure 5: A n image ofA lexius I .


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The dec rease in gold content made other countries lee ry about using thenomismaas

their form of cur rency and trust was further lost in trad ing with the Byzantines.

Geanakopolos describes how, prior to lowering the content of gold, the nomisma(called

bezant in the West) . . . had become the standard gold coin in a large par t of the world

and was used to some extent even in the Far East (3). The other countries saw the

diminishing use of gold in thecurrency as an experiment and ceased trading with the

Byzantine market (Haussig 309). Due to the lack of trust in the Byzantineeconomy, in the

mid-thirteenth century, new mints were founded around the world to replace the Byzantine

c

urre

nc

y.

These

ne

w mints

inc

lude

d a mint in F lore

nce ,

Ve

nice ,

and Ge

noa (Ge

anakopolos

299) and countries began to develop their own proper currency. Where there was no longer

a need for other countries to use thenomismaas their form of currency, the value of the

coin plummeted. Thenomismawas no longer used in the world mar ket.

To r egain economicstanding in the world mar ket, the Byzantines renamed the

nomisma. The Byzantines believed that renaming thenomismawould help to alleviate the

negativestigma sur rounding thecoin. It was in the mid-14thcentury that thecoin was

An image of the hyperpyron, from Byzantine Coins. The hyperpyronimages arenot as clear of those of the nomismashown in Figures 3 and 4. At this point inByzantine 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.


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renamed thehyperpyron. Thehyperpyroncontained thesame amount of gold as the

nomismacreated by Alexius in 1092, with a ratio of 1:4. Unfortunately thechange did not

aid in improving the Byzantinesstanding in the world market as, by the la te-14thcentury,

thehyperpyronno longer had a fixed monetary value (Geanakopolos 299).

Figure 6: Gold nomismaof Anastasius I , Constantinople,ca. 492-507 AD

Figure 7: Gold hyperpyronof Alexius I , Constantinople,ca. 1081-1118

Figure 6 and Figure 7 provide a comparison between an early nomisma,containing a higher amount of gold, and a hyperpyron, containing around

25% the amount of gold found in the nom

ism

a.

Looking at the coins, thenomismaappears more precise in its shape and the images are moredetailed. The hyperpyronhas a flat and dull appearance and the image ofAlexius is not as integrate as that of Anastasius.


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Relation / Significance for Contemporary Society or EducationThe Byzantinenomisma is in teresting for students to research and reflect upon as a

result of the questionableeconomicsituation in our nation. Thissub ject matter can be

easily related to economic conditions and critically analyzed in relation to Byzantiums

struggling currency. Thin king about the Byzantineeconomy allowsstudents to reflect on

the resil iency of the Canadian economy and its ability to survive numerous recessions.

Studentscan investigate theevolution of a civilization and how it used the raw resources

found in thei r environment to create a sophisticated form of cur rency that was used

worldwide, giving students the opportun ity to reflect on the processes and resources the

Canadian Mint uses to create our cur rency.

The record thenomismaholds as thecurrency that has held its value for the longest

period of time is li kely to remain, due to unstableeconomicclimates. Understanding that

complex trading of currency hasexisted for thousands of years is a concept that students

can rela te to,

as monetar y trading is found in thei r environment on a daily basis.

Students

can reflect on the unce rta inty of modern economies to fully understand the uniqueness and

importance of the Byzantinenomisma.

Byzantine Nomisma and Canadian Quarter Comparison

Figure 9: ACanadian quarter .

Figure 8: A byzantinenomisma from thec. 780.


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Comparing a Canadian Qua rter ,something that iscommon to school-aged children,

to the Byzantinenomismaallowsstudents to reflect on the differences between the two

coins. The imagery of thecoins hassignificantly changed, where thecraftsmanship of the

quarter is more polished and theci rcular shape is more prec ise. A similarity exists between

both of thecoins as they both display iconic imagery. The image on thenomismawould

change to display thecurrent ruler , while the Canadian quarters have also changed to

reflect thecurrent monarch throughout Canadian history.

By comparing thenomismaand the quarter ,students are able to rela te to thei r

c

urre

nc

y and the

diffe

re

nces

thate

xis

t among the

c

oins.

The

dis

tinc

ti ve

c

harac

te

r is

tic

differences are imagery, value, and physical appearance that are found between the penny,

nickel, dime, quarter, loonie, and toonie that ci rculate in the Canadian economy. Reflecting

on thesechanges between thecoins provides the opportunity for students to expand thei r

critical think ing towards a global and h istorical level, for example: thechanges in the

nomisma.

Figure 10: Canadian M int (http://www.mint.ca/store/mint/learn/ci rculation-cur rency-

1100028?c

at=Circ

ulation+Curre

nc

y&nId=1100028&node

Group=Le

arn).


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Suggestions for EducationEven though the Byzantinenomisma is a par t of history, thesecoinscurrently

ci rculate through society by the means of online marketplaces; the most virtually

prominent shop known as E-bay. To enhancestudent engagement and knowledge,

educatorscan purchase these historical coins in mint condition; therefore, providing

students the opportunity to examine fi rsthand thesimilarities and differences of these

coins. An example of the quality of coins that educatorscan purchase through online

marketplaces isshown below , which is an image of the gold nomismaof Michael III (842-

67).

Figure 11: Image from Ebay.ca,search term:Byzantinenomisma.


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ConclusionIn conclusion , the dec line in the value of thenomismawas a direct result of

economic hardship of the never-ending wars. To try to alleviate theeconomicstrain and

improve global ci rculation of thenomisma, Emperor Alexius I changed the amount of gold

within the physical coin and created six new nomisma,each containing a different base

metal and a small amount of gold . After A lexiuschanged the base meta ls, the ra tio of gold

present in the new nomismawas 1:4, whereas the original ratio was 1:16. Other countries

lost faith in the Byzantium nomismaand, as a result , lowered further trading with the

Byzantine market. Other countrieschose to create their own mints and thenomismawas

no longer needed as a global currency. Looking at the images of thenomisma throughout

history, it iseasy to see the degradation of the gold in thecoin as the lustre and shape are

diminished; therefore, the market value of thecoin was dec reased by the appearance and

physicality of the newly created coins. Theeconomicsta te of the Byzantinecurrency can be

analyzed in comparison to our economy, which p resents a historical topic relatable to

students. Though Byzantinecoins are a par t of history, they arestill found today in online

marketplaces. The Byzantinenomismaand hyperpyronno longer have a monetary value as

it was lost hundreds of years ago; however, the value has been altered to become that of

historical relevance and importance .

byzantine coins edited

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