Circulation of Byzantine Coins between Danube and Stara Planina Mountain in 13th and 14th Centuries

Despite the continuous political fluctuations on the Balkan Peninsula during the 13th and 14th centuries, the territory situated between the Danube River and the Balkan Mountains remained largely within the borders of the Second Bulgarian Empire. Consequently, monetary circulation within this geographical and chronological framework can be regarded as primarily determined by the monetary policy of this medieval state. During the first half of the 13th century, circulation was dominated by the so-called “Bulgarian imitations” and “Latin imitations”; From the second half of the 13th century onward, a regular coinage of copper denominations was established in the names of the respective Bulgarian monarchs. Silver coinage commenced no later than the beginning of the 14th century. It is noteworthy that, despite the existence of indigenous Bulgarian coinage, Byzantine coins continued to circulate in comparable quantities within the aforementioned territory until 1341. In contrast, the presence of other foreign currencies remained sporadic. The significant share of Byzantine coinage in the central regions of the Bulgarian state can be attributed to the fact that the Bulgarian copper denomination was effectively identical to the Byzantine stamina. It is highly probable that the financial authorities of the Second Bulgarian Empire maintained a uniform approach toward these coins, irrespective of their political provenance. Throughout the period under review, the Byzantine hyperpyron, despite its progressive debasement, remained the dominant gold denomination in the coin circulation and served as the official unit of account.