Emperor Justinian is depicted on this bronze coin, the folli, the largest bronze subdivision of the Byzantine monetary system until the 11th century. He wears military attire and holds the most important symbol of imperial power, the cruciform orb. On the reverse side, other information is given:
a) The value of the coin, which is indicated by the Greek numeral M (M=40 nummia), b) the mint from which it was issued in abbreviation: NIK, i.e. Nicomedia, the capital of the province of Bithynia and the second largest mint after the metropolitan mint of Constantinople, c) the mint workshop from which it was minted: B (=2nd) and d) the date of its minting, which is the 12th year of the reign of Justinian, i.e. the year 538/39 and is indicated by the Latin numeral XII.
From these elements it appears that coinage in Byzantium, which was the exclusive competence and responsibility of the imperial power, was protected by a strict system of state controls.
Justinian I (527-565)
Justinian I was one of the most important emperors of Byzantium. During his reign, the empire experienced great expansion, in the context of the Reconquista, the reconquest of the old territories of the Roman Empire. Justinian ensured the codification of laws, adopted new fiscal and administrative measures and organized the defense of the empire. The circulation of coins during his reign was very large due to the long-term military operations and the payment of soldiers, as well as the extensive building and fortification projects. His coins were issued by 11 different mints and in a wide variety of subdivisions in the bronze coin.