US DOLLAR
EURO
AUSTRALIAN DOLLAR
CANADIAN DOLLAR
POUND STERLING
Product Description
This Roman Byzantine Empire bronze follis coin was minted in Constantinople by Emperor Anastasius I, during his reign, 491 - 518 A.D.. The obverse shows a pitted profile of Anastasius I sitting on a throne. The reverse shows a large M (the denomination in the Greek number indicating 40 nummi which equaled one follis), with a CON below indicating the Constantinople mint.
HISTORY
Anastasius I Dicorus was Eastern Roman emperor from 491 to 518 AD. A career civil servant, he came to the throne at the age of 61 after being chosen by Ariadne, the wife of his predecessor, Zeno. His reign was characterized by reforms and improvements in the empire's government, finances, economy and bureaucracy. The resulting stable government, reinvigorated monetary economy and sizeable budget surplus allowed the empire to pursue more ambitious policies under his successors, most notably Justinian I. Since many of Anastasius' reforms proved long-lasting, his influence over the empire endured for centuries.
Anastasius is famous for showing an uncommon interest in administrative efficiency and issues concerning the economy. Whenever it was possible in governmental transactions, he altered the method of payment from goods to hard currency. This practice decreased the potential for embezzlement and the need for transportation and storage of supplies. It also allowed for easier accounting. He also applied this practice to taxes, mandating that taxes be paid with cash rather than with goods. He eliminated the practice of providing soldiers with their arms and uniforms; instead he allotted each soldier a generous sum of money with which to purchase their own. These changes to imperial policy seem to have worked well; taxpayers often paid smaller tax bills than they had before, while government revenue increased. The increase in revenue allowed the emperor to pay soldiers a higher wage, which attracted native Roman soldiers to the military, as opposed to the barbarian and Isaurian mercenaries which some previous emperors had been forced to rely on. Anastasius is often cited for his "prudent management" of the empire's finances.
The complex monetary system of the early Byzantine Empire, which suffered a partial collapse in the mid-5th century, was revived by Anastasius in 498. The new system involved three denominations of gold, the solidus and its half (semissis) and third (tremissis); and five denominations of copper, the follis (worth 40 nummi) and its fractions down to a nummus. It would seem that the new currency quickly became an important part of trade with other regions.