Currency in the Western and Eastern Medieval Worlds

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Plan of the 2nd floor of Ilios Melathros

In the West, the Peoples of the Great Invasions minted coins in the 5th century following late Roman and Byzantine models. In the mid-8th century, the foundations of the Western European monetary system were laid, which until the 12th century was characterized by the dominance of silver. From the 13th century onwards, the stable structure of the new European states, the development of trade networks and the internationalisation of trade led to a commonly accepted monetary system, dominated by the gold and silver coins of the Italian cities. At the same time, coins of the Frankish states were also produced and circulated in Greece. In the East, in the 7th century, the first Arab coins succeeded the silver coinage of the Persian Sassanid kingdom. Initially, they adopted Sassanid and Byzantine patterns, but they quickly became non-pictorial, bearing inscriptions with religious and political content. From the mid-8th century onwards, caliphates and states minted gold, silver and bronze coins following an almost homogeneous monetary system adapted to the commercial activities of the Eastern world.