Late Roman & Byzantine

Silver Coinage
From the Siliqua to the Aspron Trachy
c.330 – 1200
Mike Markowitz

Romanus III Argyrus AR Miliaresion. Constantinople. Struck

1030 AD
Possibly the highest price ever paid for a Byzan7ne silver coin
Key points

• The Empire ran on the Gold Standard

• Silver was mostly a secondary coinage
– Wide gap between gold coinage used by elite and
copper coinage used by urban working class
– O=en we don’t even know what a coin was called
• At @mes, silver almost ceased to circulate
• At the end of the Empire silver returns
– …but that’s a story for another day
Background
• Denarius – standard silver coin from 211 BC to mid 4th century
– Ini@ally 4.5g – 3.4g under Augustus – 3.4g under Nero – 3g by end of 3rd century
– Replaced by antoninianus – a bronze coin with a trace of silvering
• Argenteus – aRempt to re‐establish a high‐purity silver coin under Tetrarchy 294‐c. 310
– About 3g (1/96 of Roman pound)
• Siliqua – introduced under Constan@us II c. 340? Defined as 1/24 the value of a gold solidus –
2.2g silver equivalent to the weight of a carob seed (200mg) in gold
• Miliarense or Miliarensis – 1/72 of Roman pound = 4.55g – heavy and light versions were
struck varying from 6 to 3.8g
• Hexagram – Crudely struck on recycled church plate from 615‐ c.680. Last issued in 717. 6.84
grams (theore@cal) – wide varia@on
• Miliaresion – Influenced by Islamic dirham. 1/144 of Roman pound. 2.27 g, increased to 3.0g
under Theophilus 829‐842 (108/lb)
• 2/3 and 1/3 miliaresion – 11th century frac@ons, gradually debased to “billon” (<.500 fine)
Hexagram and miliaresion were mostly good silver: .925 (“sterling”) to .958 fine
• “Electrum” (pale gold alloy, mostly silver) Histamenon nomisma (4.3g) and tetarteron (~4.0g)
• “Electrum” Aspron Trachy (pale gold, gradually debased to poor silver) <4.0 to 4.7 g.
 Timeline
300 400 500 600 700 800 900 1000 1100 1200

Siliqua Hexagram Miliaresion

Miliarense EL Aspron Trachy

Constantine Justinian Justinian II

The Great The Great Basil II Alexius
Leo III
Comnenus
Hoxne Heraclius
Hoard Battle of
Manzikert
1071
Era of the Siliqua

Jovian. 363‐364 AD. AR Siliqua (2.02 gm).

Ceratonia siliqua, commonly known as the

Carob tree and St John's‐bread
 569 gold solidi
(exactly 8 Roman pounds)
the hoxne Hoard 60 miliarenses
14,212 siliquae,
struck between the reigns of
Constan@ne II
(337–40) and Honorius
24 bronze nummi
80% of siliquae are clipped
428 are local imita@ons,
a few fourée counterfeits

• Found November 1992, Suffolk, UK

• Deposited within 30 years a=er 407
• 14,865 Roman gold, silver and bronze coins
• 200 other objects
• Bri@sh Museum

slightly clipped heavily clipped

The Miliarense
Variable fineness, generally with a weight between
3.8 and 6.0 grams, and a diameter of c.23‐24mm.
The miliarense was struck first under Constan@ne I

Two kinds of miliarense: light and heavy. It took 14

heavy miliarensia and 18 light miliarensia to equal
one gold solidus Reverse of a Miliarense from
the Hoxne Hoard. TRPS
indicates the mint of Treveri.

Eudoxia († Oct. AD 404). AR light miliarense (4.47 gm).

Constan@nople. AEL EVDO—XIA AVG, diademed and draped
bust of empress right, wearing pendant earring and necklace,
being crowned by manus Dei / Draped empress enthroned
facing, wearing diadem and earrings, being crowned by
manus Dei above, crosses in upper fields, CON in exergue.
Unpublished in the major works of reference, but cf. Gemini
IV (8 January 2008), lot 521 for another specimen of the same
dies. Apparently the second known specimen. A liRle weakly
struck. A few scaRered marks. Unevenly toned on reverse.
Nearly extremely fine Ex NAC 33 (6 April 2006), lot 617.
Es@mate: $8,000
Light Miliarense

Jus@nian I, 527‐565. AR Light

Miliarense (3.02g), Constan@nople.
Diad. bust l. Rev. GLORIA
Emperor Constan@ne I ROMANORVM, Emperor, nimbate, stg.
Sirmium l., raising r. hand and holding globe in
320 ‐ 337 A.D. l., star in r. field, COB in ex. DOC 26;
Weight (g): 3.63 MIB 47; Sear 154. Good very flan and
Diameter (mm): 24 rare, some flatness at edge.
Goldberg Coins & Collec@bles
Auc@on 53 – Unsold (est $1250)
 Heavy Miliarense
Constan@us II AR Heavy Miliarense. Sirmium, AD
359‐61. D N CONSTANTIVS P F AVG, pearl‐diademed,
draped and cuirassed bust right / GAVDIVM POPVLI
ROMANI around wreath, within which VOTIS XXXV
MVLTIS XXXX in four lines; SIRM in ex. RSC ‐; Gnecchi
‐; RIC ‐; cf. Lanz 106, November 2001, lot 764.
Unpublished in the standard references, and
apparently only the second known example. 5.22g,
26mm, 1h.
Es@mate: 10000 GBP ‐‐ Unsold Roma Numisma@cs
Ltd Auc@on IV
Double siliqua or heavy miliarense 491‐518,
AR 5.22 g. D N ANASTA – SIVS P P AVG Pearl‐
diademed, draped and cuirassed bust r. Rev.
GLORIA RO – MANORVM Emperor, nimbate
and in military a{re, standing facing, head l.,
holding spear and leaning hand on shield set
on ground; in r. field, star and in exergue COB.
DO 12 var (COR). MIB 16. Sear 10.
Extremely rare and in excep@onal condi@on
for this difficult issue, possibly the finest
specimen known. Numisma@ca Ars Classica
Auc@on 52 Price realized: 13,000 CHF
Silver Medallion
Valen@nian I, AD 364‐375. Silver Mul@ple of 24 Miliaresia
(48 Siliquae) 104.3 g. 66 mm., minted at An@och, AD 369.
Diademed, cuirassed and draped bust right of Valen@nian.
Reverse: Legend in four lines within laurel wreath; below,
"AN" (mintmark for An@och). Unpublished, and
apparently unique; cf. Kent, RIC X, p. 139 discussing the
Priscus ARalus medallion of quarter‐pound weight. Some
light porosity and displaying stray marks. Minimal wear
results in the net grade of Extremely Fine.
This, the largest silver coin known of
the Roman Empire, is a silver mul@ple
weighing one‐third of a Roman pound
of silver. Remarkably thick in
comparison to contemporary silver
coins, it was struck at a @me when
silver, as a metal, was scarce. The
normal silver unit of account was the
siliqua; 24 siliquae equaled a gold
solidus. The siliqua, the silver
miliarense and the gold solidus were
introduced during the monetary
reforms of Constan@ne the Great.
During Constan@ne's reign, gold was
valued at about 14 @mes the worth of
an equal weight of silver. Modern
numisma@sts use the terms "siliqua"
and "miliarense"as denomina@on
names; however, they have no basis in
fact as having been used in ancient
@mes to refer to a specific coin.
Era of The Hexagram

• An Emergency Coinage of Heraclius (c.615)

• Crudely struck on recycled “Church Plate”
• Over‐valued at 12 to the solidus?
• Later struck with solidus dies (Jus@nian II)
• By c.700 became a rare “ceremonial” coinage
‐ we really don’t know what it was for
‐ Easter dona@ves?
“Church Plate” Where the silver went

Silver chalice from the Kaper Koraon

treasure
The Sion treasure, Dumbarton Oaks
Byzan@ne, early 7th century AD
Probably made in An@och; Found at
Stuma, northern Syria
Bri@sh Museum
Heraclian Hexagrams
Hexagram 632 – 635 Constan@nople. 6.40
g. : dd NN hERACLIVS ET hERA CON,
Heraclius & Heraclius Constan@ne
enthroned Rx: dEVS AdIVTA ROMANIS,
Cross over globe on three steps, r. in field
Monogram DOC 65; MIB 143; Sear 799.
Common
Hexagram 638 – 641 Konstan@nopel.
6.67 g: Heraclonas, Heraclius &
Heraclius Constan@nus, standing
crowned. Rv: dEVS AdIVTA ROmANIS,
Cross over globe on three steps. DOC
68; MIB 146; Sear 803.
Rare!
Middle Hexagrams
Constans II. 641‐668 AD. Hexagram, 6.55g. (6h).
Constan@nople. Obv: D N CONSTANTINuS PP AV
Bust facing, beardless, wearing crown, chlamys
and holding globus cruciger. Rx: DEuS ADIuTA
ROMAINS Cross potent on globe above three
steps. DOC 48.1. MIB 42. Sear 988. These coins,
though rather common, are almost never seen
in this condi@on. Toned Choice EF.
Ex Gorny & Mosch 151, 9 October 2006, lot 534.
Es@mate: 3500 USD
Constan@ne IV Pogonatus (668‐685) with Heraclius
and Tiberius. AR‐Hexagram, 5.51 g., 20 mm.
Constan@nople, 674 – 681 Obv.: d N CON‐T‐NVS P
Bust facing, spear, shild. Rev.: AdIVT A NS
Cross potent, three steps; Heraclius l. and Tiberius r.
each wearing crown and chlamys and holding
globus cruciger.
MIB 67; DOC 26; Sear 1172. Usual striking
weakness. Good extremely fine
Late Hexagrams
Jus@nian II, first reign 685 – 695 Hexagram 692‐695, AR
6.64 g. IhSCRIStDSREX – RESNANtIYM Bust of Christ facing,
with cross behind head; wearing pallium over colobium,
with r. hand raised in benedic@on and l. holding book of
Gospels. Rev. DIYStINIANYS – SERYSChIStI Δ Jus@nian,
wearing crown and loros, standing facing, holding cross
potent set on two steps, and akakia; beneath, CONOB. DO
17. MIB 40. Sear 1259. Very rare and excep@onally
complete for the issue. Lightly toned and good very fine
NAC 64, 17 May 2012 – PR 8500 ChF
Struck with solidus dies of the famous
Christ portrait issue
Leo III. 717‐741 AD. Hexagram, 2.67g. (6h).
Constan@nople, 717‐720 AD. Obv: DNO LEO ‐ N ‐ P A
MUL Bust facing, with short beard, wearing plumed
helmet and cuirassed, holding spear and shield. Rx:
VICTORIA ‐ AVSYS Cross potent on three steps,
CONOB beneath. MIB 23, new officina S=6. Cf. DO 20
and Sear 1511. Extremely beau@ful and rare. EF.
Gemini VIII 14 Apr 2011. Es@mate: US$3500
Unsold
The very last hexagram – Grierson
considered it as fake
 “Ceremonial” Silver
Heraclius (610‐641). Ceremonial Siliqua.
Constan@nople, 610‐613. d N ЄRA[CLI] Ч[S P P AVC].
Diademed, draped and cuirassed bust r. Rv. Cross
potent between palms. AR 1.10 grams, 6h. DOC
(56); MIB 132; Sear 794. Extremely rare. Very Fine.
Ex Hunt Collec@on (Sotheby's New York, December
1990, lot 243).
Stacks, Jan 2009 PR $1600
CONSTANS II. 641‐668 AD. AR Half Miliaresion or Siliqua
(2.07 g, 6h). Constan@nople mint. Struck 652‐654 AD. d N
CONSTAN TINUS PP AV, Constans, crowned and wearing
chlamys, standing facing, holding globus cruciger / Cross
potent on three steps, flanked by palm fronds. S. Bendall. "A
New Silver Ceremonial Coin of Constans II," NumCirc
October 2005, p. 306; DOC ‐; MIB ‐; SB ‐. EF, toned. The
second and finest known specimen.
Triton IX, 10 Jan 2006 $22,000
Era of the Miliaresion

• Thin spread fabric copying Islamic dirham

• Many overstruck on dirhams (c.800)
• “Aniconic” (Cross & inscrip@on)
• In@ally issued in name of emperor and son
• 2.27 grams, briefly increased to 3g under
Theophilus (829‐842)
• Nominally worth 1/12th of solidus – heavily
overvalued!
Early Miliaresia

Leo III the Isaurian, with Constan@ne V, 717‐741
AR‐Miliaresion, 1.52 g., 21 mm.
Constan@nople, 720‐741.
Obv.: IhSчS XRISTчS nICA
Cross potent on three steps.
Rev.: LЄOn / S COnSt / an tInЄ Є / C ΘЄч bA / SILIS
DOC 22; Sear 1512;
Artavasdus (742‐743) with his son Nicéphorus, AR
miliaresion, Constan@nople. : Cross potent on three
steps. Rev : Inscrip@on in six lines. Ref.: Sear, 1545; B.N.
1; D.O. 6. 1,76g. Très Rare. Coup au centre.
NAC, vente 3, Zurich, 17 septembre 1990, 78.
Elsen 113, 2,400 EUR 16 June 2012
Middle Miliaresia

CONSTANTINE VII, Porphyrogenitus, with Romanus I

Theophilus. 829‐842. AR Miliaresion (27mm, 3.44
and Christopher. 913‐959 AD. AR Miliaresion (2.86
g, 12h). Constan@nople mint. Struck 830/1‐circa
gm, 12h). Constan@nople mint. Struck 921‐931 AD.
838. Cross potent on three steps / +ΘЄOFI/LOS
. IhSUS XRI STUS nICA, cross potent on three steps;
δЧLOS/XRISτЧS PIS/τOS ЄҺ AVτO/BASILЄЧ RO/
globus below / + ROMAnO, XPISTOFOR, CE
MAIOҺ in six lines within triple border. DOC 10; SB
COnSTAn, En X'W EVSE b' bASIL' R' in four lines;
1661. EF
triple doRed border with eight spaced pellets. DOC
CNG 85, Sept 2010 PR $850
III 18; SB 1754. EF, From the Malcolm W. Heckman
Collec@on.
This remarkable coin puts the legi@mate emperor,
Constan@ne VII, son of Leo VI in third place, behind
the regent Romanus Lecapenus and his son
Christopher. Triton VIII, 11 Jan 2005, PR $440
Late Miliaresia
Basil II Bulgaroktonos, with Constan@ne VIII.
976‐1025. AR Miliaresion (22mm, 2.84 g, 12h).
Constan@nople mint. Struck AD 977‐989. Cross
crosslet with central X set on globus atop four
steps, between crowned facing busts of Basil
and Constan@ne / Legend in five lines. DOC
18a.2; SB 1811. HD Rauch Sept 2012 380 EUR
Romanus IV Diogenes, 1068‐1071
One‐third Miliaresion (Silver, 0.66g 7),
1068‐1071. / ‐ / Nimbate, facing bust of the
Virgin, orans, wearing tunic and maphorion.
Rev. Crowned facing bust of RomanusIV,
holding cross on globe in his le= hand and
patriarchal cross in his right. DOC7. S.1865A.
Very rare. ARrac@vely toned. Nearly
extremely fine.
From the collec@ons of W.J. Conte, Baldwin’s
2, 5 October 1994, 170 and W.H. Hunt,
Sotheby’s New York, 5December 1990, 848,
Leu 83, May 2002, PR 1100 ChF
Silver as “Electrum”

Alexius I Comnenus. 1081‐1118. AR

Alexius I Comnenus 1081 – 1118, with colleagues Tertarteron Nomisma (17mm, 3.75 g, 6h).
from 1092 Constan@nople mint. Struck 1081‐1087.
Pre‐reform coinage, 1081‐1092. Histamenon Facing bust of Christ Pantokrator / Crowned
nomisma, Thessalonica circa 1082‐1087, AR 4.36 facing bust of Alexius I, holding cruciform
g. Facing bust of Christ with crossed nimbus, scepter and globus cruciger. DOC 6c; SB 1895.
raising r. hand in blessing and holding Book of VF, graffito on reverse.
Gospels in l.; in field, IC – XC. Rev. St. Demetrius, CNG 212 – June 2009 $361
nimbate and in military a{re, on l. and Alexius,
on r., wearing crown and loros, both holding
patriarchal cross on globe between them. DO 5a.
Sear 1905.
NAC 64 – 17 May 2012 – 1100 ChF
“Electrum” Aspron Trachy
About 5.5 kt
Manuel I, 1143‐1180. Electrum Aspron Trachy
Nomisma (3.98g), Constan@nople. 1152‐67. Christ
seated facing on backless throne, wearing nimbus
cr., raising r. hand in benedic@on and holding book
of Gospels. Rev. The Virgin, nimbate, on r., and
Manuel, crowned and wearing jeweled loros and
holding akakia, on l., both stg. facing, holding
between them long patriarchal cross with small
globus at base. DOC 3a; Hendy pl. 13, 3‐4; Sear
1958. Extremely Fine, the emperor's face weakly
struck, double‐striking on obverse.
Christov Family Collec@on Kress auc@on (1968), lot
1031.
Goldberg 53, 24 May 2009 ‐ $190
Silver alloy ‐ “no gold at all”
Alexius III Angelus‐Comnenus. 1195‐1203. EL
Aspron Trachy (29mm, 4.69 g, 6h).
Constan@nople mint. Christ Pantokrator
enthroned facing / Alexius and St. Constan@ne
standing facing, holding labarum between them.
Cf. DOC 2; cf. SB 2009 or 2010; Berk 361.1 (this
coin). Good VF, obverse misalignment.
Property of Princeton Economics acquired by
Mar@n Armstrong. Ex Sotheby’s (2 November
1998), lot 589.
CNG 275 – 7 March 2012 ‐ $425
Key points
• The Empire ran on the Gold Standard
• Silver was mostly a secondary coinage
– Wide gap between gold coinage used by elite and
copper coinage used by urban working class
– O=en, we don’t even know what a coin was called
• At @mes, silver almost ceased to circulate
• At the end of the Empire (1300‐1453) silver
returns
– …but that’s a story for another day
Bibliography
• A. R. Bellinger and P. Grierson, eds., Catalogue of the Byzan7ne Coins in the Dumbarton Oaks Collec7on
and in the WhiMemore Collec7on (Washington, 1966‐ ).
• I. Anastasius I‐Maurice Tiberius (Bellinger, 1966, repr. 1992)
• II. Phocas‐Theodosius III (Grierson, 1968, repr. 1993)
• III. Leo III‐Nicephorus III (Grierson, 1973, repr. 1993)
• IV. Alexius I‐Michael VIII (M. F. Hendy, 1999)
• V. Michael VIII‐Constan@ne XI (Grierson, 1999)
• W. Hahn, Moneta Imperii Byzan7ni (Denkschri=en der Oesterreichischen Akademie der Wissenscha=en,
Phil.‐hist. Klasse 109, 119, 148, Vienna, 1973, 1975, and 1981). The three volumes cover the period
491‐717; Vandalic and Ostrogothic coinages are also included
• J. Saba@er, Descrip7on générale des monnaies byzan7nes frappées sous l'empereurs d'orient (Paris, 1862).
P. Grierson, Byzan7ne Coins (London and Berkeley, 1982).
• Yannopoulos, P., L’Hexagramme (Louvain,1978)
• D. R. Sear, Byzan7ne Coins and their Values (London, 1975). Far the best of the Seaby series.
• P. D. Whi{ng, Byzan7ne Coins (London and New York, 1975).
• M. F. Hendy, Coinage and Money in the Byzan7ne Empire 1081‐1261 (DOStudies 12, Washington, 1969).
• ──, Studies in the Byzan7ne Monetary Economy c. 300‐1450 (Cambridge, 1985). Brilliant but eccentric.