http://www.tulane.edu/~august/H303/currency/Justinian.

htm

History/Medieval Studies
303

Early
Medieval
and
Byzantine
Civilization:
Constantin
e to
Crusades
Index

CURRENCY IN THE AGE OF JUSTINIAN AND HERACLIUS:

Syllabus
Readings:
Book List
Iconoclasm
Discussion Topics
Chronologies:
Imperial Crisis
Later Roman
Emperors, 306-395
Fall of Western
Empire
Age of Justinian
Islamic Caliphs
Byzantine Dark Age

Imperial currency was based on a gold SOLIDUS (in Greek nomisma), struck at
72 to the Roman pound (4.48 grs.) and 99-99.5% fine. Gold fractions of SEMIS
(1/2 solidus) and TREMISSIS (1/3 solidus) were minted. Each soldius was
reckoned as composing 24 carats (siliquae), divisions by weight against which
ceremonial silver denominations were struck. In 615 Heraclius reintroduced a
large silver coin, the HEXAGRAM (6.75 grs.), exchanged at 12 to the solidus,
when he coined ecclesiastical plate during the Persian War

In 395 fractional bronze currency consisted a single, tiny denomination

called a NUMMUS (in Greek nummia), measuring 15 mm. in diameter
and minted at 216 to the pound (1.50 grs.). This coin, the wretched
suvivor of the numerous abortive currency reforms of the fourth century,
was reckoned by the thousands to the solidus. Nummi were usually
traded in bags of the hundreds or thousands. In 445 the nummus (at 288

Triumph of
Christianity
Macedonian
Resurgence
Crusades
Restoration and
Ottoman Advance

to the Roman pound or 1.12 grs.) was fixed at 7,200 to the solidus. The
rate doubled to 14,400 nummi to the solidus when Leo I (457-473)
halved the weight of the nummus (0.56 grs. or 576 to the Roman pound).

In 498 Anastasius (491-518) recoined nummi into large bronze multiples

based on the FOLLIS (called in Greek slang an obol), which was tariffed
at forty nummiae. The follis headed a chain of denominations bearing on
the reverse Greek numerals as value marks. The FOLLIS was struck at
Handouts:
36 to the Roman pound (8.5 grs.) so that the exchange was 1 SOLIDUS
Population
= 420 FOLLES = 16,800 NUMMIAE. The fractions of HALF-FOLLIS
Finances under
(20 nummia), DECANUMMIA (10 nummiae) and PENTANUMMIA (5
Justinian
nummiae) were also minted. In 512, Anastasius doubled the weights of
Byzantium c.850A.D. the follis (17.5 grs.) and its fractions; the new exchange was 1 SOLIDUS
= 210 FOLLES = 8,400 NUMMIAE. Coins of 498-512 circulated at half
Currency charts:
their face value so that the follis of 40 nummiae passed as a piece of 20
Diocletian and
nummiae. In 539, Justinian (527-565) again increased the weight of the
Constantine
follis (22.0 grs) and set the exchange at 1 SOLIDUS = 180 FOLLES =
Justinian and Heraclius 7,200 NUMMIAE, the rate imposed in the Law of 445. War and
Isaurian, Amorian, inflation in 542-578 compelled emperors to lower the weight of the follis
and Macedonian Ages to half its Justinianic weight and to fix the exchange at 1 SOLIDUS =
Comnenian and
288 FOLLES = 11,520 NUMMIAE.
Palaeogian Ages
WEIGHT & VALUE OF FOLLIS, 498-641
Links

Period

Folles
per
Pound

Average
Weight

Exchange:
Exchange: Folles Nummiae per
per Solidus
Solidus

498512

36.0

8.5 grams

420

16,800

512539

18.0

17.5 grams

210

8,400

539542

14.5

22.0 grams

180

7,200

542547

16.0

20.0 grams

180

7,200

548-

18.0

18.0 grams

180

7,200

551
551565

19.0

17.0 grams

180

7,200

565570

21.5

15.0 grams

240

9.600

570578

25.0

13.0 grams

288

11,520

578615

29.0

11.0 grams

288

11,520

615624

36.0

9.00 grams

352*

14,080*

624629

54.0

6.00 grams

532*

21,280*

629631

32.0

10.0 grams

288

11,520*

631639

56.0

5.5 grams

576*

23,040*

639641

72.0

4.5 grams

704*

28,160*

*Values surmised; coins were usually trade by weight at rates such as 10

pounds of folles to the solidus.
The emperors Constans II (641-668) and Constantine IV (668-685)
minted folles that averaged 3.5 to 5.0 grs. during the Arabic, Avar, and
Lombard wars. In 668-674, Constantine IV briefly revived large sized
bronze denominations, striking a heavy follis (17.5 grs.) probably
tariffed at the standard of 512 of 210 folles = 1 solidus. Wars and
inflation ruined this reform too, and the follis fell to 25% of this value.
Many heavy folles of Constantine IV were quartered and restruck as
folles (4.5 grs.) in the reign of Justinian II (686-695).

WAGES AND PRICES IN THE AGE OF JUSTINIAN (527-565)

MILITARY WAGES. Between the joint reign of Valentinian I (364375) and Valens (364-378) and Heraclius (610-641), annual wages of 9
solidi were paid to each cavalryman and 5 solidi to each infantryman, but
salaries were a fraction of military costs. Salary and provisioning of a
soldier was perhaps reckoned annually at 30 solidi and another 6 solidi
were added to cover clothing and equipment. War horses were reckoned
as costing 20 to 25 solidi per year; their initial purchase price at 7 to 10
solidi. Soldiers received most of their pay in bronze folles at the
following rates:
MILITARY SALARIES, 498-542

Year

Cavalryman

Infantryman

Annual Wage

Annual Wage

(in folles):

(in folles)

498

3,780

2,100

512

1,890

1,050

539

1,620

900

Daily Wage

Daily Wage

(in folles)

(in folles) :

498

10.5

6.0

512

5.25

3.0

539

4.5

2.5

Laborers at Constantinople and in Levantine cities during the sixth and

early seventh century received daily wages of 3 to 5 folles, the price of 1
modius of wheat. Since most work was seasonal, many laborers worked
for wages only 4 months per year, earning 360 to 600 folles. Sometimes
laborers could demand higher wages. In 506, when Anastasius rushed
construction on the fortress of Daras, he offered daily wages of 35 folles
per man and 70 folles (= 1 gold tremissis) for each man with a draft
animal (Zach. Myt., Chron. VII. 6).
PRICES. The best index of purchasing power is the price of wheat; 48
modii of wheat represented two-thirds of the annual caloric intake of an
adult male. In markets commodities were priced in the numbers of modii
or sextarii per solidus, and then small purchases were priced based on the
exchange rate of the follis to the solidus. In 365-600, the imperial
government fixed the rate of 1 solidus per 30 modii of wheat in tax
collection, but in markets prices ranged between 40 and 60 modii per
solidus.
In 498-542, 1 modius of wheat cost between 2.5 and 6 folles (depending
on the rate of exchange) or the equivalent of a soldier's daily wage. The
modius of wheat was baked into 15 to 18 loaves of 1 pound each.
Debasement and inflation produced higher prices. The Paschale
Chronicle in 578-618 records that 1 modius of wheat cost between 10
and 12 folles (weighing 11.00 grs.). Therefore, the minimum annual
allotment of wheat for an adult male cost 120-144 heavy folles
(weighing 18 to 22 grs.) during the early sixth century. During the later
sixth and early seventh century, prices rose to 450-540 folles (weighing
merely 11.0 grs.). The prices suggest that the annual cost of wheat of an
adult male rose from 1/2 solidus to nearly 1-1/4 solidi during the period
498-615.
In the early sixth century, a follis (weighing 18 to 22 grs.) purchased the
daily subsistence of an adult male (bread, oil, and vegetables); ascetics
needed a half-follis. In 600 inflation raised the price to 2 folles (weighing
11.0 grs.); after 615 it rose to 5 folles (weighing 3.5 to 5 grs.). In Nisibis
of the mid-sixth century, the Sassanid silver dirhem (4 grs. and
exchanged at 12 to 14 folles at the rate of 539) bought daily subsistence
for two adult males (bread, oil, and fish).
Prices of the early Byzantine age reveal a remarkable similarity to the
stable pricing of the high Roman Empire (31 B.C.-235 A.D.). The
Justinianic follis of 538-542 (22.0 grs.) approximated the purchasing
power of the Augustan sestertius (a brass coin weighing 25.0 grs.). The
lighter follis of 578-615 (11.0 grs.) had roughly the same purchasing
power as the Augustan as (a copper coin weighing 10.5 grs.).

Prices, however, often soared to prohibitive levels during times of

famine. In the Mesopotamian city of Edessa during the famine of 499500, the price of 1 modius of wheat in the first year jumped to the
catastrophic price of 105 folles or 1/4 solidus; this was 7.5 to 8 times
greater than the average price. In the second year of the famine, the price
rose to 130 folles per modius. Prices of other commodities soared. One
pound of meat sold for 2.5 folles and one egg sold for 1 follis--prices that
were many times in excess of customary rates.

Dr. Kenneth W. Harl

Office: History 211 (504)862-8621
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