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COSTAS KAPLANIS c1 |
The debasement of the Byzantine gold coin during the reign of Constantine IX Monomachus (1042–1055) marked the end of more than seven centuries of near stability and the beginning of a sharp fall in the coin's gold content. I reject a widely accepted view that the debasement was caused by the increase in the number of transactions in an expanding economy. I explain the debasement as being a measure undertaken to finance the protracted war against the Pechenegs in the latter half of Constantine's reign.
Correspondence:
c1
Costas Kaplanis is a Ph.D. Student, Department of Byzantine and
Modern Greek Studies, King's College, University of London. Address:
Heath House, 64 Redington Road, London NW3 7RS, United Kingdom.
E-mail: costas@kaplanis.com