The Miliaresion's Role in Daily Life

While the Byzantine Empire's gold solidus dazzled as a symbol of imperial power and religious authority, the humble miliaresion-a silver coin-was the backbone of everyday commerce. Minted from the 8th to the 11th century, this small denomination enabled transactions that gold coins could not: purchasing bread, paying artisans, or funding local market exchanges. Smaller still were the bronze follis and its fractions, which handled even pettier transactions. Together, these coins formed the economic circulatory system of Byzantine society, reaching far beyond the grandeur of gold.

Bronze vs. Gold: Coins for the Masses

The contrast between Byzantine bronze and gold coins reveals much about the empire's social and economic priorities. Gold solidi were reserved for large-scale state expenditures, international trade, and ceremonial gifts, often adorned with intricate imagery of emperors or Christ to reinforce legitimacy. In contrast, bronze and silver fractions like the follis and miliaresion were struck in vast quantities for domestic use. Their designs were simpler-often featuring crosses, imperial busts in basic relief, or symbolic motifs-reflecting their utilitarian purpose. These coins circulated widely, touching the hands of ordinary citizens far more frequently than their golden counterparts.

The Miliaresion: A Silver Compromise

Emerging in the 9th century under Emperor Constantine VI, the miliaresion bridged the gap between bronze and gold. It was the first regular silver coin since the early Byzantine period, typically valued at 12 to 24 bronze folles. Weighing around 2-3 grams, its smaller size and silver content made it ideal for mid-level transactions, such as hiring laborers or paying taxes. Unlike the solidus, which was hoarded or exported, miliaresia remained embedded in the local economy, ensuring liquidity and stability.

Bronze Fractions: The Lowest Denominations

Even the miliaresion was too valuable for the smallest exchanges. For purchases equivalent to a few eggs or a day's bread, the follis (a large bronze coin) and its smaller denominations-like the half-follis and quarter-follis-were indispensable. These coins were often crudely struck, with worn dies and abbreviated inscriptions, signaling their limited status. Yet their ubiquity in archaeological finds attests to their critical role in sustaining daily trade, especially in rural areas and provincial markets.

The Evolution of Fractional Coins

The proliferation of bronze and silver fractions was not accidental. Byzantine monetary policy actively adjusted denominations to address inflation, debasement, and regional needs. During the 10th and 11th centuries, as the economy expanded, the miliaresion's weight and fineness fluctuated, while bronze coins became increasingly lightweight-a sign of their transition to token money. This adaptability ensured that small change remained accessible, even as gold coins continued to serve as political propaganda.

Why Collect These Coins Today?

For modern numismatists, Byzantine bronze and silver fractions offer a tangible connection to the lives of ordinary Byzantines. Their worn surfaces and repetitive designs may lack the allure of gold, but they encapsulate stories of merchants, farmers, and soldiers navigating daily existence. Collectors value rare miliaresia with clear imperial portraits or scarce inscriptions, while even common folles provide insights into the empire's economic heartbeat.

Conclusion

The Byzantine monetary system's reliance on small change underscores a fundamental truth: an empire's survival depended less on the splendor of gold and more on the quiet efficiency of bronze and silver. The miliaresion and its fractions were not just currency-they were the lifeblood of markets, households, and workshops. By studying these often-overlooked coins, we glimpse the resilience and ingenuity of a civilization that thrived for over a millennium.