Hyperpyron

The ''hyperpyron'' (, ''nómisma hypérpyron'' ) was a Byzantine coin in use during the late Middle Ages, replacing the '' solidus'' as the Byzantine Empire's standard gold coinage in the 11th century. It was introduced by emperor Alexios I Komnenos.

History

The traditional gold currency of the Byzantine Empire had been the '' solidus'' or '' nomisma'', whose gold content had remained steady at 24 carats for seven centuries and was consequently highly prized. From the 1030s, however, the coin was increasingly debased, until in the 1080s, following the military disasters and civil wars of the previous decade, its gold content was reduced to almost zero. Consequently, in 1092, Emperor Alexios I Komnenos ( 1081–1118) undertook a drastic overhaul of the Byzantine coinage system and introduced a new gold coin, the ''hyperpyron'' (meaning "super-refined"). This was of the same standard weight (4.45 grams) as the ''solidus'', but only 20.5 carat purity (0.854 fineness) instead of the standard 24 carat, resulting in a reduced gold content of only 4.1 grams instead of 4.8 grams. The lower purity was due to melting down and inclusion of earlier debased coins.

The ''hyperpyron'' remained the standard gold coin until gold coins ceased to be minted by the Byzantines in the mid-14th century. It too, however, was subject to gradual debasement: under the Empire of Nicaea (1204–1261), its gold content fell gradually to 18 carats, under Michael VIII Palaiologos ( 1259–1282) to 15 and under his son and successor Andronikos II Palaiologos ( 1282–1328) to 12 carats. At the same time, the quality of the coins declined as well, and in the 14th century, their weight was far from uniform. The last ''hyperpyra'', and thus the last Byzantine gold coins, were struck by Emperor John VI Kantakouzenos ( 1347–1352). The name remained in use thereafter solely as a money of account, divided into 24 .

The name was adopted in various forms by Western Europeans (, ) and the Slavic countries of the Balkans (''perper'', ''iperpero'', etc.) designating various coins, usually silver, as well as moneys of account. More often in the West the ''hyperpyron'' was called the '' bezant'', especially among Italian merchants.

In the early Komnenian period, the ''hyperpyron'' was the equivalent of three electrum ''trachea'', 48 billon ''trachea'' or 864 copper , although with the debasement of the ''trachea'' it eventually came to rate 12 electrum ''trachea'' and 288 to 384 billon ''trachea''. In the 14th century, the ''hyperpyron'' equalled 12 of the new silver '' basilika'', 96 , 384 copper ''trachea'' and 768 copper '' assaria''..

See also

* Medieval Bulgarian coinage
* Montenegrin perper
* Ragusan perpera
* Serbian perper

Citations

General and cited sources

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Further reading

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External links

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{{Portal bar, Money, Byzantine Empire

Alexios I Komnenos
Coins of the Byzantine Empire
Gold coins