Monetarisation of Central Balkans from the 6th to the 12th Century

In the second half of the 5th century, central Illyricum was affected by a significant decline in monetary circulation, particularly bronze coins, as a result of the destruction of the limes and towns by the Huns, followed by depopulation and the settlement of various barbarian groups. The Byzantine reconquest, from Anastasius I to Justinian I, was accompanied by a restoration of urban centres, which led to growth in trade and the reestablishment of the monetary economy. This is reflected in numerous coin finds in cities, as well as in many settlements, mainly hilltop fortifications. Further changes, caused by frequent invasions by the Kutirgurs, Slavs, and Avars, had a significant impact on monetary circulation. The decline in coin circulation, initially in rural areas, reflects the depopulation that had a significant impact on the supply of cities and the army. These events led to the withdrawal of the Byzantine administration and army in the early 7th century, followed by the disappearance of Byzantine coins in central Illyricum. The renewal of monetary circulation was established late with the coins of Leo VI. Finally, the Byzantine conquests of this region during the reign of Basil II led to the establishment of a monetary economy, which flourished under the reigns of John II and Manuel I, extending to small settlements. Byzantine coins played an important role in the central Balkans despite the appearance of small silver coins, particularly those of the Hungarian kingdom.