serbian coins

Function of money in medieval Serbia, part two

2011-08-13T15:40:00.000+02:00

The Nemanjic’s dinar was in high demand on foreign markets, just like noble metals from Serbia. Goods and money travelled from Serbia by caravan to the East and by ship to the West. The use of Serbian dinars as a means of payment outside the Nemanjic Serbia is corroborated by medieval documents from Venice, Dubrovnik and Hungary, as well as by the many Serbian coins found in Bulgaria, Bosnia, Greece, Italy, Romania and France. Nemanjic dinars were being taken out of Serbia mostly by the merchants of Dubrovnik, who brought caravans of fabric, salt, spices, glassware, fine clothing and other valuable goods to Serbia. In return, they accepted only good dinars, so that they could get a proper equivalent for the merchandise they sold. By refusing to accept bad coins, the merchants effectively prevented the action of Gresham’s law, according to which good coins were hoarded and bad coins remained in circulation. Had they not, good money would have remained hoarded or been melted down and possibly turned into a greater amount of bad money. Chaos would have hit markets world-wide, because trading would have lost its foundation: a durable standard for measuring and comparing the value of various kinds of goods. Emperor Dusan understood quite well the importance of the principle of optional acceptance of money in circulation, since Article 118 of his Legal Code prohibited anybody from forcing merchants to accept money they did not want in return for their merchandise.
Besides rulers, the Orthodox Church also disposed of coins in the Nemanjic State. Churches and monasteries received donations in coins from rulers on the occasion of construction of new or restoration of old Church buildings. This practice was taken over from Byzantine emperors. The Nemanjic’s also regularly filled the church and monastery treasuries with donations in coins by granting annual subsidies for maintenance of monastery residents. Serbian lords had substantial monetary assets. During Emperor Dusan’s reign, the Serbian nobility was already so wealthy that it became commonplace for nobles economical than the accumulation of cattle or weighed silver.
Emperor Dusan counted on the fact that the nobles, court officials, artisans and merchants possessed assets in monetary form, as demonstrated by the fact that his legislators did not shun the possibility of seizing of such assets in certain conditions.
With the accumulation of monetary assets, conditions were created in Serbia for the lending and deposit coins. The Nemanjic’s accepted the view of the Byzantine emperors that the lending of coins at a given rate was an economic necessity. There is no reference in medieval Serbian documents to any general ban on the lending of money. According to a charter granted by Emperor Dusan to the Monastery of the Holly Archangels near Prizren in 1348-1353, only the clergy were not allowed to lend money. The lending of domestic silver coins against a mortgage on property is to be referred to from the beginning of the XIV century. With the strengthening of economic power and centralized government in the first half of the XIV century, the attitude towards mortgages was accepted without reserve, as a necessary insurance for the lenders. A reserve was later introduced, as mortgage was considered to be an act aimed against the borrowers’ interests.
Domestic lenders mostly extended loans to merchants, because the trading community suffered from a chronic shortage of money. Merchants often financed their transactions by setting up special trading companies. Some members of these companies acted exclusively as financiers, while others were responsible for the organization and conduct business. These companies were usually set up for each project or each trip. More permanent arrangements involving a yearly settlement were much rarer. The merchant companies created by domestic merchants and lenders operated exclusively between the Serbian towns on the Adriatic coast and inland markets. Trade between the Italian city states and the coastal markets of Nemanjic Serbia was controlled by foreigners, who also joined together in merchant companies.
Medieval Serbian documents show that the citizens of Dubrovnik gave valuables for safekeeping to some Serbs in Nemanjic Serbia and that Serbs deposited their money with the city of Dubrovnik and private lenders from Dubrovnik. There are no records of the rate of interests on private loans, but Dubrovnik city paid annual interest rate of five percent on deposits. In order to expand their lending and deposit business, Serbian rulers were prepared to accept foreign citizenship. For instance, King and subsequently Emperor Dusan became a citizen of Venice, regardless of the fact that the title of a Venetian citizen was very much inferior to his royal title. The acquisition of Venetian citizenship involved real benefits. Namely, foreigners were not allowed to engage in financial transaction in Venice.

Function of money in medieval Serbia, part one

2011-08-06T22:16:00.001+02:00

Barter trade and use of primitive money prevailed in domestic trading in the Nemanjic’s State, which was a kingdom from 1217 and an empire from 1346. The use of foreign coins was quite rare. The earliest domestic coins date back to the reign of King Radoslav (1228-1233), who issued on rare occasion coins akin to the Byzantine scyphatus. The minting of coins was discontinued after his death and revived toward the end of the reign of King Uros (1243-1276) or at the beginning of that of King Dragutin (1276-1282-1316). It was then that the regular minting of the national silver currency, the dinar, began. The Venetian grosso served as a model. Thanks to widespread use of the dinar in the XIV century, Serbia had one of the highest levels of commodity trading in Europe. Serbia reached its full economic prosperity during Emperor Dusan’s reign in the middle of that century. The dinar continued to be minted until the Serbian medieval state fell under Turkish rule in 1459.
Coins were supplemented in domestic trade by primitive money. Initially, the means of payment was linen, followed by cattle and, finally, weighed silver. The practice of paying in linen came with the Slavs, when they moved to the Balkans from the lands of their origin in the VII century. This practice persisted until the beginning of the XIV century, as is corroborated by a charter granted by King Milutin (1282-1321) to the monastery of St Stefan in Banjska, in 1313-1318. From the IX to the XI century, Serbs also used cattle as money. They took this Roman practice from the Wallachians, Romanized Illyrians and Thracians. Cattle were used as money in domestic trading until the middle of the XIV century and the last reference to cattle as a medium of exchange was made in Dusan’s Code. The only form of primitive money used in domestic trading right up to the fall of the Serbian medieval state under the Turkish rule was weighed silver.
The trading of goods for coins expanded at different rates in the various parts of the state. It was practiced the most on the big markets of the coastal towns, like Kotor, Budva, Ulcinj, Skadar, St Srdj and Drivast and the least in the modest markets of the inland fiefs and monastery estates. In the period in which the mining industry flourished, in the mining towns of Brskovo, Novo Brdo, Rudnik, Trepca and Plana had developed trade. During Emperor Dusan’s reign, intensive trading also went on in Prizren, Lipljan, Skoplje, Veles and Stip, all towns taken from the Byzantine Empire. Big town markets worked every day and small village markets opened only on Sundays and major Church holidays, when fairs were organized. Annual fairs are staged in villages of Serbia to this day.
The penetration of trading goods for coins into the fiefs is corroborated by Article 198 of Dusan’s Code, under which the master of every house had to pay a tax in coins or grain. This tax was introduced in the Serbian common law during King Milutin’s reign, near the end of the XIII century, as a regular tax in money like the Byzantine annona. The rulers of the medieval European states often resolved the problem of the general shortage of coins, by allowing taxes to be paid either in money or kind.
Medieval rulers decided the quantity of produce to be surrendered or the amount of money to be paid to the state as a basic poll tax. In doing so they effectively set a ratio between the value of certain kinds of commodity money and coin money. This is how a system of dual currency began to function as an instrument solely for tax collection purposes. In the dual currency system of the Nemanjic’s State, a pail of grain (about 15 kg) was worth 12 dinars. The system was modeled on the example of the Byzantine Empire, where the annona was set at one modi (pail) of grain or one golden nomisma. When King Milutin introduced similar tax in Serbia at the start of the XIV century, a corrupted nomisma was worth only 12 dinars, having lost a half of its nominal value. King Milutin used this reduced value of a nomisma when setting the poll tax. When Emperor Dusan subsequently allowed the poll tax to be paid in dual currency, he changed neither the sum of money nor the quantity of grain Serbian peasants had to pay.
While Silver coins were used as a medium of exchange in domestic trading, the price of goods, state taxes and fines were nominally expressed in perperas. Like Dubrovnik, medieval Serbia used the perpera as an accounting unit in order to set a permanent ratio between the silver dinar and the price of gold. Although the medieval Serbian state did not mint any gold coins, the ultimate goal of the development of its metallic monetary system was, as in other European states, the minting of gold coins. In Serbia, the perpera was always used as an accounting unit of 12 dinars, regardless of the actual duodecimal measure of silver, whose value could change exclusively in relation to gold.
The perpera was named after the perper, one of the Greek names for the Byzantine gold nomisma. While Dubrovnik, Serbia and Bosnia used the perpera as their accounting unit, many West European states used solidus in the same way. In terms of value, a perpera corresponded to a solidus, so that either accounting unit expressed, for example, half the value of a Venetian ducat. The Italian city states, including the Venetian Republic, kept the nominal (ideal) solidus in their monetary systems in order to preserve a single standard for measuring prices in all of Europe, even when the minting of gold coins became more common in the latter half of the XIII century.

Counterfeits of the banknotes of the Kingdom of Serbia

2010-12-30T23:28:00.000+01:00

The first counterfeit of the banknote of the Kingdom of Serbia appeared in 1891, or exactly six years after the ten dinar banknote in silver was put in circulation. Six years later a new counterfeit of this banknote appeared, but this time was much more dangerous. It was made in Gomos (Austro-Hungary) and an attempt of passing it was discovered in Sabac. Austro-Hungarian authorities arrested the forgers quickly, confiscated the whole material and brought the participants into court. The second two attempts of counterfeiting were discovered by the help of informers even before the forgers succeeded in making the banknotes. Both attempts were tried abroad, one in 1899 in Sophia, and the second in 1921 in Temishvar. It is interesting that both attempts were discovered during the purchasing the lithography stone. One of the most perfect counterfeits of the ten dinar banknote in silver before the war was discovered in the village of Kicevci near Kragujevac. It was so well made in all details that it differed from the real banknote very little. Apart from color and paper, water seal was also well made. Thanks to the noticeable behavior, so that they managed to pass only 114 pieces. The forgers were persecuted by the Belgrade district court. If the quantity of spread banknotes was taken for criterion, then the largest in the Kingdom of Serbia before the war was the so-called Nis counterfeit, which was discovered in 1906. Although the counterfeits could be easily noticed because of its technical faults, the forgers, thanks to carelessness of the villagers, managed to pass a greater quantity in Nis district, and some of it in Bulgaria and Romania. This counterfeit was also related to a ten dinar banknote in silver, which was in usage before the war. Other banknotes, especially those in gold, were more seldom in use. They were paid more attention to so that they were not interesting to the forgers, and the only exception was a hundred dinar banknote in silver from 1915 which was counterfeited a few times.
One more attempt was made during the war and it can be considered as a unique one by its details. The attempt was with the banknotes withdrawn from use, that were already perforated and prepared for burning but because of the sudden evacuation of the National Bank from Belgrade, they remained in the bank vault. The occupation authorities forced the enemy into the bank vault and spread the perforated banknotes in considerable number. They were used by the enemy for agitation, as evidence that the Serbian money lost every value. When the National Bank returned to Belgrade it was found out that a few individuals tried more than once to pass the banknotes that were glued on the perforated places.

Medieval Serbian coins – period of feudal lords

2010-12-04T14:05:00.000+01:00

Smaller coins, usually bearing Latin inscriptions, were minted in abudance during the rule of Prince Lazar and Despot Stefan Lazarević. At the time of Vuk Branković (1375-1396) new types of dinars were issued, much lighter than the above-mentioned stable dinar of this period. Various versions of this type of coin today weigh from 0.69-0.63 g. One of them, probably the first dinar of this new weight, bears the inscription „VLKOV DINAR“. Of a similar reduced weight is a coin from Novo Brdo issued by Prince Lazar and another type of coin during the period of feudal lord Đurđe Branković, its average present day weight ranging from 0.85-0.80 g. Dating from the time of Despot Đurđe Branković are coins of the same weight (present day average weight 1.08-0.98 g)as normal Serbian dinars circulating from the time of Emperor Uroš until Despot Đurđe, but with visible differences in size and thickness. While the above-mentioned stable Serbian dinar was 20-17 mm in diameter and thin, this new coin had a smaller diameter, 15-12 mm, and was thick. Since the features of this small thick coin corresponded completely with the contemporary Turkish aspra, akča, and since at the time of Despot Đurđemany accounts were reckoned in aspras, which were worth 20 percent more than dinars (a ducat was worth 35 aspras, or 42 dinars) it can be assumed that the aspras mentioned in documents refer to the above-mentioned coin issued by Despot Đurđe Branković. Aspras were smaller, thicker coins issued by Đurđe Branković weighing slightly over one gram, while the dinars then in circulation of a lesser value had an average weight of 0.85-0.80 g.
A receipt issued to Despot Đurđe Branković for treasure deposited in Dubrovnik lists among his gold and silver as silver coins only a million aspras. Since Despot Đurđe Branković minted a lot of coins, the money deposited clearly consisted of Serbian aspras, and not the Turkish money used in Serbia as formerly believed, since in that case it would have been listed only as part of the money deposited as was the case with Turkish gold coins in the gold deposit, which contained mostly Venetian and Hungarian gold coins. On the basis of the total weight quoted for the above-mentioned million aspras, one arrives at the current average weight of 1,08 to 0,98 g, if one adds six percent for wear.
During the rule of despots Stefan Lazarević and Đurđe Branković the smallest Serbian coin was minted, smallest in terms of circumference and weight, its original name unknown, today sometimes referred to as an obolus, but more appropriatey designated by the folk term maljušnik. It should be mentioned that the towns of Smederevo and Rudnik minted aspras, while Smederevo and Rudišta produced the maljušnik. Known examples of the maljušnik have an average weight of 0,26g, i.e. one fourth of the weight of the last stable Serbian dinar, that is, Serbian aspra.
Following the death of Emperor Dušan there is little point in classifying the types of coins owing to the large number of different types (stable or transitional), of persons and cities that minted coins, as well as the frequent lack of established local authorities responsible for the stability of issue, etc. Therefore, during this period coins were rarely and only exceptionally given names. A document dated 1367 mentions that Nikola Altomanović was paid 750 perperi in Rudnik dinars (9000 dinars), which may have referred to his own minted coinage.
The situation as regards coins was clearer on the coast where large amounts of stable types of coins were in circulation. Kotor dinars are mentioned in the second half of the 14th century, the late 14th and first half of the 15th centuries „grossi Balse“. Dinars minted by Balša III, which are considered the last stable type of Serbian dinar, today have an average weight of 1,05 g.
Of special interest are Serbian countermarked silver coins. Countermarks, that is, subsequently affixed marks, appear mostly on dinars minted by Emperor Dušan, generally on examples with Latin inscriptions. They are also found on dinars minted by the Bosnian ruler, Stjepan II Kotromanić (1314-1353). Analysis of the material indicates that countermarks, which exist in three forms, were affixed to damaged coins, coins that were worn down or nicked, but still kept in circulation. A number of circumstances indicate that these countermarks were affixed in western Serbian regions, probably in Zahumlje, during a period of a shortage of coins in Dubrovnik and its hinterland, as a result of the plague (1348), the re-establishment of Bosnian rule in Zahumlje (1350), or a change of rulers in Bosnia (1353).

Medieval Serbian coins – period of empire

2010-11-26T19:45:00.000+01:00

During the reign of Emperor Dušan (1345-1355) a new basic type of coin appeared, stable as regards weight, the so-called imperial dinar, “del imperador”, which included several types of imperial dinars differing in terms of inscription and images. Their present-day average weight (1.41-1.34 g), six percent more or less due to wearing, is so close to the figure 1.52 g, which is what this coin weighed in 1353. This includes dinars depicting Emperor Dušan seated on his throne with a sword on his knees, or standing while two angels place a crown on his head, or on his horse and those with the imperial signature in several lines.
Towards the end of Dušan’s reign the imperial dinar, its weight greatly reduced, led to a new type of coin, “grossi de tercio” weighing a third of the stable imperial dinar (average present day weight 0.58-0.46 g). Also appearing during the imperial period were Kotor dinars, minted by Dušan and Uroš (1355-1371), their average weight 1.68 g. The Kotor dinars were also minted later during the existence of the Serbian state by foreign city protectors, Hungarian king Louis I (1342-1382) and Bosnian king Stefan Ostoja (1398-1404).
Comparing the average weights of the different types of coins we can say that from the time of Emperor Uroš until Despot Đurđe Branković (1402-1456) there were many different types with an average present day weight of about one gram (1.12-0.97 g, generally 1.08-1.04 g), i.e. dinars which originally weighted a little over one gram – about 1.15 g. Such dinars were minted by Emperor Uroš, King Vukašin (1365-1371), Prince Lazar (1370-1389), Despot Stefan Lazarević (1389-1427), along with numerous coins issued by Despot Đurđe Branković. The coins issued by Nikola Altomanović (1367-1373)and Balša III (1403-1421) also belong to this type. Along with this reduced dinar, Dušan’s small coin „grossi de tercio“, which kept its former weight during the reign of Emperor Uroš, was converted into a half dinar. During the rule of Emperor Uroš and King Vukašin and members of his family smaller dinars were also minted.

Medieval Serbian coins – period of kingdom

2010-11-11T23:10:00.000+01:00

Medieval Serbian coins are among the most diverse and interesting areas of numismatics both in terms of the numerous types, the rulers, feudal lords and cities that minted coinage, and also in the remarkable beauty of the different images and inscriptions.
The earliest written record of a Serbian unit currency dates from the time of Stefan the First-crowned (1196-1228). A document dated 1214 mentions payment of 140 Slavonian perperi of Dubrovnik weight “yperperos Sclaunie ad pondus Ragusii”. The above-mentioned Slavonian coins refer to a specified amount of the Serbian state, alongside Byzantine silver and gold coins, until local minting. The later basic Serbian coin was the dinar, its name indirectly derived from the Roman denarius through the Italian unit denarius grossus or groschen. The former term appeared mostly in Cyrilic sources, and the latter in documents written in Latin or Italian. The dinar cited in documents is the same as the groschen mentioned in certain archaic sources. It was a minted silver coin, which initially had an image, weight (2.17 g) and the value of a Venetian matapan.
In use besides the dinar as a larger unit of currency was the perperus, which during the period of minting royal and imperial coins was equal to the sum of 12 dinars.
The first Serbian ruler to mint coins was King Stefan Radoslav (1228-1233), the eldest son of Stefan the First-crowned. This was a scyphate silver and cooper coin with a Greek inscription, similar to Byzantine coins of the period. Here one finds the ruler’s name and title “STEFANOS RIZ O DOUKAS” as in the signature on the only surviving charter granted by King Stefan Radoslav in 1234. His coins were minted outside the territory of the Serbian state at a mint belonging to his father-in-law Theodore Angelus in Thessalonica.
For a fairly long time after the death of King Stefan Radoslav there are no traces of the existence of Serbian coinage.
The first minted Serbian dinars appear during the reign of King Uroš I (1243-1276), probably towards the end of his rule. A document dated 1281 mentions payment in Brescoa dinars „denariorum grossorum Brescoa“, effected in the summer of 1276. Serbian dinars were also mentioned together with Venetian matapans, „denariis grossis de Veneciis et de Brescoa“ on September 29, 1277 in a Dubrovnik customs register stating that they were exempt from export duties. Not only were Venetian dinars exempt from custom duties, but also Serbian dinars from Brescoa, the place they were minted. These were the first Serbian dinars modelled after Venetian silver coins clearly differing from them with their inscription. The original type of Serbian dinar was later called a flagged dinar, „de Brescoa de bandera“. Cited in 1281 are dinars with a cross and lily, „de cruce et de lilio“ and dinars with a sword, „de macia“. These new Serbian dinars differ not only in design and inscription but also in weight and value, increasingly dinstinct from the original Venetian matapan.
During the reign of King Milutin (1282-1321) two basic types were established, their issue continuing until the end of his rule and possibly longer. The first basic type was the dinar with a cross, mentioned 1312-1358, inscribed with a symbolic image of the king receiving a cross with a double crosspiece from St. Stephen. Another distinctive feature was that its value was less the other basic type, the Rudnik dinar.
The Rudnik dinar was heavier and worth about 20 percent more than the dinar with the cross. During the reigns of kings Dragutin (1276-1316) and Vladislav II (1316-1325) it bore images of the rulers in a standing position, later replaced by illustrations of the king in armour, seated on his throne, holding a sword on his knees.
When Dušan became king (1331-1345) there appeared dinars with an image of a helmet. The term Novo Brdo dinar, “de Nouaberda”, may refer to this type, also minted later during the imperial period.

Money in Montenegro

2010-10-14T22:11:00.000+02:00

Though the Principality of Montenegro (Crna Gora) had been independent since the Congress of Berlin in 1878, it acquired its own money only at the beginning of the 20th century. Up till then foreign money circulated on its territory – in the 19th century, of various states, and at the end of the 19th century and beginning of 20th century – mainly Austrian. In the mid 19th century, Bishop Prince Petar Petrovic Njegos had planned to issue money and the law the foundations of a Montenegrin monetary system, but this project got no further than trial minting.
The first coins of nickel and copper were struck on the order of Prince Nicholas (Knjaz Nikola) issued on April 11. 1906, the Law of Money not being passed until December 1910. This officially linked the Montenegrin perper with the “crown course”. The minting of Montenegrin coins according to the crown course, and not according to the rules of the Latin Union may have been a consequence of Montenegro’s orientation towards Austria at this time, and perhaps also of the prince’s personal wish. The mentioned law confirmed the perper as the Montenegrin monetary unit and placed it on the gold standard.
Montenegro acquired paper money in 1912. It should be added at once that Montenegro never had banknotes but only bills of payment. However, these were accepted and exchanged just as if they were banknotes. As was the case with the first issue of Serbian paper money, in Montenegro it was first printed to cover the costs of a war with Turkey. These bills were not issued by the Bank but by the Ministry of Finance and Building.
In the World War I, as in Serbia, the occupation authorities ordered Montenegrin paper money to be over stamped. This was done on 1914 notes, both issues. There is a well known example of a 1912 one perper note that was also over stamped, but this was obviously a slip by the person doing the stamping, since the issue was no longer valid by then.

Serbian Money during the World War I

2010-10-10T22:03:00.000+02:00

The outbreak of the First World War caused a disturbance in money circulation in the Kingdom of Serbia. A shortage of small coins, particularly silver, was immediately felt. The bank put in circulation almost all its reserves of silver money, but since this was not sufficient, at the beginning of 1915, silver coins of 2, 1 and 0.5 dinars, to the value of fifteen million dinars were ordered in France.
Later on, nickel coins of 20, 10 and 5 paras to the value of ten million dinars were ordered. The date of issue stamped on these nickel coins is 1917. Very few of these issues were put in circulation.
Certain curiosities among these coins have appeared: 5, 10 and 20 paras coins struck in gold. A gold coin of 20 dinars was also in circulation in 1917. Where and on whose orders they were struck, and the fact that owners brought them from Salonica in 1918 have not yet been explained.
During the early war years the National Bank of Serbia more or less exhausted its monetary reserves. Taking precautions in case that the ordered banknotes from France should be delivered late, in 1915 the National Bank of Serbia altered the 20 dinar note issued in 1905 which was redeemable in gold, keeping the same denomination but making it redeemable in silver. The alteration rounded corners. In the meantime, a 50 dinar note was issued, redeemable in silver, designed by the artist Beta Vukanovic.
As the Serbian army retreated southward, is was accompanied by a large number of refugees who suffered great hardship. In the town of Prizren, a Local Committee for Aid to the Needy was set up, which in October 1915 issued 0.50 dinar banknotes payable in silver. These were distributed among the refugees so that they could purchase essentials.
While it was in Greece, the Government ordered a 5 dinar note, redeemable in silver, in France. Printing began on September 1, 1916, according to the French system, which means that the notes bore the date of the day on which they were actually printed. The last day of printing of this issue was 18.9.1918.
In occupied Serbia, occupation money was mainly in circulation: crowns, marks and levs. To establish how much Serbian money was in the country, and prevent the possible import of new banknotes, the occupation authorities in Serbia ordered the stamping of notes. This was done with an overall stamp with the text: “K.U.K. MILITAR GENERAL GOUVERMENT IN SERBIEN. KREISKOMMNDO”. Along the lower edge was the name of the place where the stamping was performed. The stamp imprint was placed on both sides of the notes. Stamping is known to have been carried out in twelve places.

Serbian medieval coinage

2010-09-26T21:03:00.002+02:00

Serbian state, already organized in the second half of twelfth century, was developing quickly during thirteen and fourteen centuries, so that in 1217 it became a kingdom and in 1346 an empire. Extension of the territories and growth of accompanied by development of trade, and consequently a need for money and its mintage. Due to the numerous silver mines like Brskovo, Rudnik, Novo Brdo, Plana, Srebrenica, Rudište and work of the nearby mints, the minting of Serbian medieval coins continued from the end of twelfth century until 1459, the year when Serbia lost its sovereignty. From that year, when the last Serbian medieval coins were minted, four centuries would past before the first coins of a renewed Serbia appeared again.
A chronology of the Serbian medieval money comprises a great number of issues by the Serbian kings, emperors, feudal lords and despots. Although numerous types of money, with different images and motives on the heads and the image of Christ on the tails reflect a spirit of the Byzantine and West-European monetary tradition, some of these coins are true examples of an original national currency.
Although “Serbian dinars” are first mentioned in the archival documents dating as early as 1214, as far as it is known there is no any numismatic piece to prove that such coins really existed. The data refer to King Radoslav (1228-1234) and his copper and silver coins, belonging to the oldest period of the Serbian coinage. Although these coins were made after the Byzantine coins of that time called “scyphate”, which can be easily seen in their shape, images and inscriptions in Geek, these coins were made in the mint working in the fortified medieval town of Ras, on the territory of Serbian state.
In the middle of thirteen century, other shapes, influenced by the great role that Republic of Venice had in the Mediterranean trade, led to the coinage of a new money. First issues of this currency were connected to King Dragutin (1267-1316) and opening of the mint in Brskovo mine on the Tara mountain. These coins, with an image of ruler and saint shown in the standing position, and a Latin inscription of the ruler’s title, were minted in Serbia for a long time, as the later kings, Milutin (1282-1321) and Stefan Dečanski (1321-1331) continued to mint the same currency. Influenced by the cultural and political spirits arriving from the South Italy and Hungary, the western monetary tradition led to a new monetary type. It belongs to time of King Dragutin, and has an image of the King-warrior, sitting on the throne with a sword across his knees; this coin is a sort of link connecting several generations of rulers who continued to mint these coins until Serbia ceased minting its money. By a new coinage, King Dragutin introduced an important innovation into money minted by the Serbian kings. It was a legend “Stefan rabh Hristou”, the first Cyrillic inscription in Serbian numismatics that frames the image of ruler standing with a scepter in his hand.
Influence of the Western medieval tradition on Serbian coinage, although obvious and very important, was marginal in that great era when Serbia was flourishing under influence of the Byzantine political ideas and culture, which also effected its monetary policy. A wave of Greek ideas, evident in an earlier period during reign of King Milutin, spread in time of Stefan Dušan (1331-1355). After conquering a great part of the Bulgarian and Byzantine territories, and proclaiming himself Emperor in 1346, with a haughty title of the “Emperor of the Serbs, Greeks and Bulgarians” Emperor Dušan, resolute to become a future Byzantine emperor, conveyed all splendor of the Byzantine court to Serbia, and adapted his various images on the coins after the Byzantine fashion. The Latin, namely Cyrillic inscription of the emperor’s title, frames his images on the coins, where he is shown as sitting on the throne, riding a horse, in the coronation scene, or together with his Empress. In all these images, duly propagating the Emperor’s ideology, the first Serbian Emperor is shown in an attire and with insignia that Byzantine Emperors were invested with at coronation and bearing at the formal ceremonies. Knowing that money, as means of trade outside Serbian borders could be used to make its ruler, his victories and power of a new Empire more popular, thirteen monetary types were minted in three mining centers – Brskovo, Rudnik and Novo Brdo. With the biggest money production in the medieval Serbia, Dušan’s dinars and half-dinars, made of high quality silver and using a skillful molding technique, belonged to the higher European money standard of that time.
Even in time of the Empire, it was a known practice of feudal lords – despot Jovan Oliver and King Vukašin – to usurp the exclusive right of the ruler to mint coins, and the same tendency continued in a great measure after the fall. In this period, in the mints of Rudnik and NovoBrdo, numerous money issues were minted by the Serbian lords from King Vukašin’s and Branko Mladenović’s families, župan Gropa, chieftain Smil, the sevastokrators Vlatko, Jakov, Rig, the patriarchs and the towns. Although in most cases these coins, by their iconography, were connected to the earlier monetary types, some new issues appeared. Such were the coins of Prince Lazar (1371-1389) and Vuk Branković (1371-1376); first, showing standing Prince, has a legend of his title in Italian, and the other one, without ruler’s image, for the first time bears inscription “vlkov dinar”, the name of Serbian currency. With fall of Empire and closing down of the emperor’s mints, as well as Turkish occupation of almost all parts of the Nemanjić’s Serbia, the feudal lords ceased to mint their money.
During short period in which the Turkish expansion was held back, and the state began reorganizing after the Kosovo battle Serbia started again to mint its coins. This time is characterized by numerous money issues by the Serbian despots – Stefan Lazarević (1389-1427) and Djuradj Branković (1428-1455). By their aesthetic quality, the quality of mint, and diversity of the motives, these issues occupy a distinguished place in the Serbian numismatics. Best example are the samples with stylized images of lions or amazingly realistic portrait of the ruler on the coins minted by despot Djuradj. With the last issue of these coins, minted in the Novo Brdo, Smederevo and Rudišta mints until despot’s death, and with fall of the Serbian state in 1459, minting of the Serbian medieval coins finally met its end.

Modern money in Serbia

2010-07-22T20:08:00.000+02:00

The monetary system of the restored state of Serbia began to be created towards the end of the second reign of Prince Michael Obrenovic (Knjaz Mihailo). By the mid 19th century, there where forty three types of foreign money in circulation. Since this caused difficulty in exchange, the inhabitants of Serbia called for a domestic currency that would replace the foreign. An even stronger reason for this was of a political character: the issue of a domestic currency would further strengthen morale in a country still striving for its complete independence.
Although the Sultan’s hatti-sheriff did not give the right to mint money, Prince Michael sent his finance minister Kosta Cukic to Vienna in February 1868 to negotiate the striking of the first Serbian money. A decision of March 15 the same year provided for the minting of copper coins of three denominations: one, five and ten paras. Since the money was not ready by the agreed time (May), Prince Michael, who was killed on May 29, 1868 did not live to see it in circulation. The first consignment of domestic money was not delivered until the beginning of 1869, and was put in circulation on February 20 the same year, gradually replacing the Austrian and Turkish small coins.
Though the value of the small coins minted came to less than a million dinars, this was an encouraging start. In 1875, the first Serbian silver coins in denominations of fifty paras and one and two dinars were issued. There was lengthy discussions about the name to be given to this monetary unit, the proposal that it should be called “srbljak” being finally rejected in favour of the name dinar.
In 1879, the first gold coin “milandor” was minted, weighing 6.45 grams and with a value of twenty dinars. In the same year coins of five, ten and fifty paras, and one, two and five dinars were struck.
In this way, within a short time Serbia formed its national currency, adopting the standards of the Latin union.
Two years after the release of the first Serbian copper coins, an official proposal for the printing of paper money in Serbia was submitted to the assembly in Kragujevac. The minister of finance considered this matter and asked for the opinions of various institutions about it, but because of differences a decision was long deferred. It was not until January 1876, at a secret meeting of the Ministerial Council, that a legal decision was passed authorizing the printing and issue of bank notes to the value of twenty four million dinars, as one of the measures to cover the costs of the planned war with Turkey. At that time the necessary printing material was obtained abroad, and while the quality of the paper and machines was being tested, about one thousand five hundred notes of various denominations were printed. It is believed that the designs for these were the work of the painter Djura Jaksic. This first issues was not completed or put in circulation.
The developing economy, increased investment and state needs led to the founding of the Privileged National Bank of the Kingdom of Serbia in 1884. This created conditions for Serbia to begin issuing banknotes, and in the same year there was an issue of one hundred dinar notes, redeemable in gold, printed in Belgium.
However, the people were accustomed to metal money and had no confidence in paper. As soon as a person received a banknote in a bank, he would go straight to another counter and exchanged it for gold. Consequently, the first official Serbian banknotes circulated only within the bank buildings. The same happened with the fifty dinar notes issued the following year. It was not until the ten dinar note, redeemable in silver, was issued in 1885 that paper money gained the confidence of the population and began to circulate.

The beginning of mining and the economic growth of Serbia

2010-07-11T16:08:00.000+02:00

The mining production in Serbia begun before mid-13th century, while its promoters were German miners Saxons. They have started mining works firstly in Brskovo (1254), the place on the Tara River, near today’s town of Mojkovac. By the end of XIII and the beginning of XIV century Brskovo grew into the best known mining and trade center of the Serbian state. It was the time when, owing to the activities of the Saxons, mines in other parts of the Serbian state were opened. After Brskovo, the intensive mining started in Rudnik (1293), the mining place at the mountain of the same name in Sumadija. About the same time, the mines in Kosovo and Metohija, Kopaonik and central Podrinje were opened. The beginning of the mining in Serbia was a great turning point. Serbian economy, which had been based on agriculture and cattle rising until the mid-13th century, completely changed its character by the development of mining. It strongly influenced the trade exchange, offering it new content and stimulus. The mines became center of trade, while the mining products soon reached the first place in Serbian export. Therefore, intensive exploitation of silver, lead and cooper, coin minting in wide issues, presence of the greater numbers of foreigners, the growth of the exchange and traffic with coastal towns contributed to the overall development of trade, which Serbia felt in the second part of XIII and at the beginning of XIV century. These were the bases for further development of economy, as well as politics, society and culture in Serbia.

ĐURĐE I BALŠIĆ IN THE LIGHT OF COINAGE

2010-02-06T20:28:00.000+01:00

The name of the Balšić feudal family was mentioned for the first time in 1360, in a charter of Serbian emperor Uroš. They have ruled Serbian mediaeval district of Zeta more than a half century (1365-1421). Their coinage is scarce; it is believed that only 260 pieces of coins minted by members of this family survived altogether.
As for the coinage of Đurđe (George) I Balšić, the most prominent member of this family, it could be divided in seven groups. Type I is represented by AR Dinar, 1.04 g, dia. 18 mm. It has on obverse inscription in four lines, and on reverse image of Christ sitting on the throne with high back. Coins of type II are represented by AR Dinar of 0.97 g and 18 mm, with inscription in four lines on obverse and Serbian coat of arms of Rascia on reverse. AR Dinars of Type III also have inscription in old Serbian Cyrillic letters in four lines on obverse, and head of the wolf and helmet on reverse, with initial „G“, while Type IV has inscription in five lines on obverse, on reverse head of the wolf, a helmet and name „Gyurg“ in Cyrillic’s. Coins belonging to Type V are represented by AR Dinars which are 18-19 mm in diameter, having inscription in five lines on obverse and head of the wolf differently designed than at the previous species. The only known piece (in the Museum of Slavonia in Osijek) is damaged; it has only 2/3 of its surface. The newly discovered Type VI, or variety of the 4th and the 5th type, represents the piece that is described and illustrated for the first time in this article, and it is the only known piece of that kind up to now. It is AR Dinar, 0.7 g, diameter 17 mm, with inscription in five lines on obverse (same as type IV), and the same reverse as type V, but due to the good condition we can see now the complete design of that reverse type. Finally, coins of Type VII are represented by AR Dinar of smallest size (0.5g, 10 mm). The only known piece arise from the Lj. Kovačević collection, now in the National Museum in Belgrade.

Monetary system in medieval Serbia

2009-11-07T17:04:00.002+01:00

Monetary system in medieval Serbia rested on the exploitation of rich mines which in the course of the entire period of the minting of coins represented their foundation. The production of silver had an important part in profit making, but exerted a negative impact on the development of local economy. It evolved slowly, because many items were purchased somewhere else at cheap silver. Precious metal in the form of ingots and coins were exported to Venice, for the most part through the mediation of Dubrovnik merchants. Silver was exported without fulfilling its basic monetary function.
The first Serbian coins of King Radoslav and the renewed coinage in the time of King Dragutin rested on the monetary systems of their respective epochs: the coins of King Radoslav on the Byzantine monetary system, and the one of King Dragutin on the Venetian system, representing the main monetary unit on these territories. With the passage of time, money of account developed on the basis of the perpero with the value of 12 grossi. During the entire period, the monetary system was under constant pressure for numerous reasons, such as the devaluation of the dinar for financing a budget deficit, an increasing demand for coins, payments in coins, etc. it was also influenced by external factors mirrored in the disappearance of silver from circulation and its outflow, the general trend of the deterioration of coins, fluctuation between the prices of gold and silver, etc. An important role was certainly played by non-monetary factors, which primarily include: diminishing of territories, the problem of population density, climate conditions, plague, prices, trade decline, reconversion of trade – decline in the export of one article and its replacement by a new, more perfect one, and many others. Due to numerous pressures, the value of Serbian coins from the beginning of their minting in 1276 to the beginning of the 15th century constantly declined with lesser or larger oscillations; from theoretical 2.178 g it was reduced to only 0.40 g. On the other hand, this mutation of the dinar was followed by the gradual decline in the monetary stock. This process began in the time of the Emperor Uroš and was certainly correlated with the political and economic crisis, as well as the general decline in the quantity of precious metal in Europe.
Further currents of the monetary system were determined by the gradual dissolution of the Serbian Empire and the rule of independent local rulers. In spite of having been divided into several wholes, it ought to be stressed that monetary systems remained connected. The main trend of this period, as well as the previous one, until the creation of the Serbian despotate, was the continuous depreciation of the dinar, with smaller or larger interruptions.
A sharp increase in the price of this metal at the end of the 14th and the beginning of the 15th century brought about a search for new mines and their opening. In this period new mines were opened in Serbia, and the old ones considerably increased their production. The decline in the production of silver in Europe was partially halted by the influx of new quantities of this metal, most probably originating from Balkans.
The monetary reform of the Despot Stefan Lazarević, carried out after 1402, in which the weight of dinar, that is, its value, considerably increased, should be viewed in this light. Other measures undertaken by the Despot were aimed at the preservation of revenue. With the aim of preserving the monetary system, in 1421 the Despot Stefan Lazarević forbade the export of silver and gold to the Ragusa’s.
In spite of the significant production of silver, negative trends of monetary currents were also felt in Serbia, primarily as the consequence of the political crisis, the incursion of the Turks and the loss of territories. With the fall of Smederevo in 1459, the Serbian medieval state ceased to exist.
One year prior to this, Serbian coinage, for two centuries representing one of the most important monetary markets in the Balkans, ended with the coinage of the Despot Lazar Branković. Numerous types of coins which marked this development testify to the political strength and economic power of Serbian kings, emperors, feudal lords, towns and despots. They left behind them coins, frequently as the only source, behind whose shine the still unexplored world is hidden.

From book “Serbian medieval coinage” of Vujadin Ivanišević

New Serbian coins minted in 2009

2009-07-20T14:53:00.002+02:00

20-Dinar Coin issued by the National Bank of Serbia
Issued in: 2009
Minted in: 2009
Obverse: Nominal value, portrait of Milutin Milanković
Reverse: Great Coat-of-Arms of the Republic of Serbia
Alloy: 70% Cu, 12% Ni, 18% Zn
Diameter: 28 mm
Weight: 9,00 g
In circulation from: June 26, 2009

10-Dinar Coin issued by the National Bank of Serbia
Issued in: 2009
Minted in: 2009
Obverse: Nominal value, motifs of the 25th Summer Universiade in Belgrade
Reverse: Great Coat-of-Arms of the Republic of Serbia
Alloy: 70% Cu, 12% Ni, 18% Zn
Diameter: 26 mm
Weight: 7,77 g
In circulation from: June 26, 2009

BANKNOTES OF FNRY 1949/51 - TRIAL ISSUES OR SOMETHING ELSE?

2008-04-07T14:04:00.000+02:00

Unissued banknotes of the FNRY - Federal People’s Republic of Yugoslavia - belong to the category of Yugo slav notes for which we do not have any official data. They should not be seen as one, but as two different series. The first one has 10 denominations, all dated 1950, while the second one consists of 6 banknotes, dated May 1, 1945, May 1, 1950, November 1, 1950 and 1951. The first series (consisting of 1, 2, 5, 10, 20, 50, 100, 500, 1000 and 5000 Dinara) is undoubtedly the so-called reserve series, planned to be put into circulation in case of war. It had been issued at the time of difficult political situation, after Tito’s break up with Stalin and the formation of Informbiro, pact of communist countries; at the same time the Trieste crisis at western boarders of the New Yugoslavia also provided very tense moments. Specimens that we find on the numismatic market today mostly do not have serial numbers, so it is difficult to calculate the exact quantity issued. After being officially destroyed in the Banknote Printing Establishment in Belgrade (ZIN), it is believed that only some uncut sheets had been retained and later smuggled to the numismatic market, for the banknotes we observe on the market are improperly cut in most cases. The second series, which includes various dates of issue, we could not treat as the “reserve notes”, nor should they be connected with the “Informbiro” issues. It seems that the first note issued in this series was the highest denomination: 5000 Dinara dated November 1, 1950. It had been produced by the same technology as the “reserve notes” from the previous se ries. The 100 Dinara note dated May 1, 1949 and 50 Dina ra dated May 1, 1950 followed, and after them the banknotes dated 1951 and 1952, for they had been produced on paper of higher quality. There also exist two different types of numerations. Finally, the most illogical “case” is the banknote of 1000 Dinara dated May 1, 1949. It had been produced in the most advanced “intaglio” printing system on machines that Yugoslavia did not have at that time. The only possible conclusion is the hypothesis that it was printed in the Bundesdruckerei Munich, for the quality of paper, security devices and general appearance is similar to the German 5 DM notes dated 1948. This is quite logical having in mind that at the same period of time negotiations with Germany had been carried out for the war reparations, including the question of returning the eq uipment taken from the Belgrade Mint by Wehrmacht in 19- 44. It is therefore likely that a kind of compensation was printing of this note in the well-equipped Banknote printing esta blishment in Munich.

Nikola Tesla was a numismatist

2008-02-28T13:48:00.000+01:00

It is well known that many famous people - rulers, scientists, artists... had been interested in numismatics. Starting with Roman Emperors Augustus Octavian and Hadrian, up to Italian king Victor Emanuel III and Egyptian King Farouk and up to famous poets Petrarca and Goethe etc. Among them was also the famous scientist and inventor Nikola Tesla, a Serb born in Smiljan, Lika, in 1855, died in New York in 1943.
Tesla lived and worked for a long time in Colorado Springs, now the seat of the headquarters of the American Numismatic Association. In 1900, when Tesla moved to Long Island due to the construction of the giant Power Plant for J.P. Morgan, he had officially became the member of the American Numismatic and Archaeological Society. Detailed articles about Nikola Tesla as numismatist have been published by Edward C. Rochette in his book The Other Side of the Coin,
and in the Numismatist Vol. 101, no. 1, under the title The Man Too Soon for His Time. Nothing is known however about Teslas numismatic collecting interests, nor about the destiny of his collection.

Exchange of krunas of Austro–Hungarian on the Territory the Kingdom Serbs, Croats and Slovenians

2008-01-25T10:45:00.001+01:00

Exchange of krunas of Austro–Hungarian on the territory of the Kingdom of Serbs, Croats and Slovenians was being solved as a temporary measure, stamping of Austro–Hungarian krunas was ordered. Only particular authorities of state organs and banks had the authorization for money stamping. As the population of the Kingdom of Serbs, Croats and Slovenians was mainly illiterate, smugglers started using postmarks in foreign languages. Seeking the way out of the then current monetary chaos, it had been decided that attaching of appropriate stamps on remaining krunas was to be executed immediately. During the stamping of krunas, 20 % of krunas submitted for stamping was being retained, allegedly on behalf of ”obligatory loan”. The Kingdom of SHS used these funds, as it was afterwards explained, ”to cover the deficits that appeared with the reconstruction of Serbia”.

Banknotes of Bosnia and Herzegovina printed in England

2008-01-25T10:45:00.000+01:00

The Government of Republic of Bosnia and Herzegovina signed a contract with English banknote printing works Thomas de la Rue in January or in February 1992. The aim of this step was to ensure the first quantities of banknotes for independent Republic. The contract was secret, without knowledge of Governor of National Bank of Bosnia and Herzegovina. The first banknotes were printed with signature of Prime Minister Mr. Pelivan as Governor, and they were the first series.
The second, proof, series with signature of Governor Mr. Andrijić (signature was not genuine) followed in the first months of 1993.
As the combination of basic elements of previous two series, the third series followed immediately.
Although the ”London” banknotes were printed in total amount of about 17 billion dinars these notes did not reach the circulation, National Bank refused to accept them from the printer and just a small amount of 50 and 1000 dinars notes of the third series reached the numismatic market. Seven different banknotes are known to exist (two of first, two of second and three of third series), but author expects that each four banknotes in each three series are printed.

The London issue of Bosnian and Herzegovinian dinars 1992

2008-01-24T15:14:00.000+01:00

Banknotes in denominations of 50, 100, 500 and 1000 dinars of National Bank of Bosnia & Herzegovina appeared on the numismatic market without date and the year of emission and with a signature of Stijepo Andrijic. According to Mr. Andrijic‘s claim, the National Bank of B&H, at the time he was its governor, had no connection with that bank–note emission and that signature on them is not his own. It is shown in his work that these bank–notes had been issued in London and that all had been executed via diplomatic representative of Bosnia & Herzegovina in Turkey, according to the order of official governmental organs and without cooperation and consent of the emission bank (i.e. the National Bank of Bosnia & Herzegovina and his governor), using the name of the bank and tacitly agreeing with forging the governor‘s signature.

Serbian 20 dinara coins in circulation

2008-01-17T13:30:00.000+01:00

National bank of Serbia issued three type of 20 dinara coins.

Issued in: 2003
Obverse: St. Sava church in Vracar
Reverse: Logo of the National Bank of Serbia
Alloy: 70% Cu, 12% Ni, 18% Zn
Diameter: 28 mm
Weight: 9,00 g
In circulation from: July 2, 2003

Issued in:2006
Obverse:Value numerals, Nikola Tesla’s portrait
Reverse:Coat-of-arms of the Republic of Serbia
Alloy:70% Cu, 12% Ni, 18% Zn
Diameter:28 mm
Weight:9,00 g
In circulation from:
Jun 30, 2006

Issued in:2007
Obverse:Value numerals, Dositej Obradovic’s portrait
Reverse:Coat-of-arms of the Republic of Serbia
Alloy:70% Cu, 12% Ni, 18% Zn
Diameter:28 mm
Weight:9,00 g
In circulation from:December 10, 2007

A Serbian grossus of the Venetian type and the problem of the chronology of the earliest coinage of medieval Serbia

2007-12-24T14:30:00.000+01:00

A document dated December 26th, 1214, refers to the yperperi Sclavonie (meaning “the yperperi of Serbia”). This is the earliest piece of evidence concerning the coinage of medieval Serbia. It is probable that the yperperi in question were minted by the magnus iupanus Stephanus (1196 – 1217), the future king (1217 – 1228), but no Serbian coin attributable to that period was published so far. A grossus from the Collection of late Svetozar St. Dusanic seems to support the testimony of the document of 1214. Its obverse legend, STEFAN – S STEFAN/DVX, shows that it was produced in Serbia, while the dynast’s title, dux (to be understood as an international equivalent to the Serbian title of magnus iupanus?), dates the issue before Stephen’s coronation in 1217. The matapan type of the grossus well accords with the intensity of the Serbo – Venetian relations after c. 1202. Its rarity will have indicated a commemorative issue, perhaps to be connected with Stephen’s marriage ( in the first decade of the thirteenth century?) with Anna Dandolo, the granddaughter of Enrico Dandolo, great doge of Venice. The present whereabouts of the piece being unknown.

The iconography of Dusan’s imperial coins

2007-12-11T11:48:00.000+01:00

Dusan’s imperial coinage bearing the image of the enthroned ruler was influenced by the coin types of his predecessors who produced coins with this image (the so called Robertin type). Parallel to the appearance of the new iconography – a crown in the closed Byzantine style, the stemma, the imperial divitision, the imperial title, the ruler’s throne with a high back – which was reflecting the prevailing imperial ideology, the need arose to introduce an iconographic method in studying it.
On the basis of specimens from the Belgrade National Museum’s collection of medieval coins, in the basic image one perceives three iconographic types:
- the first with the ruler seated on a throne without a back holding a sword across his knees,
- the second holding a sceptre in his right hand,
- the third, a completely new type depicting the emperor seated on a throne with a high back.
All the images of the emperor enthroned were a symbolic representation of imperial power by divine right is confirmed in the image of Christ on the reverse of the coin. The symbol of rule by divine right is also seen in the proud title “Emperor and Absolute Ruler of Serbia and Romania” inscribed on the coin, and the cult of imperial majesty is seen to have reached its peak in the image of the enthroned emperor on Dusan’s imperial coinage.

The role and importance of letter and other marks on Serbian medieval coins

2007-12-03T08:16:00.000+01:00

The majority of authors who wrote about this extremely important and controversial topic on Serbian medieval coinage, interpreted these marks as the initials of some person working in a mint, but R. Maric considered them to be abbreviations at the names of places where the mints operated. However, the very existence oaf a large number of entirely different letter marks on certain types of dinars leads us to believe that such assumptions are unconvincing. For example, on Dusan’s coronation type we have found more than 30 different letter marks, at the some time it was established that no more than 4-5 master die-cutters were responsible for the production of this type of Dusan’s coinage.
Letter marks were analyzed on the dinars of certain die-cutters in some of Dusan’s imperial types, above all on the type with an image of the emperor being crowned by angels. The first thing which was observed, with one exception, was that there were no coincidental letter marks on the dinars of 4 die-cutters who we established as being the producers of this type of dinar. This means that the die-cutters engraved different letters but they chose those letters which were not used by other die-cutters. A number of facts and an analysis of the numerous specimens of Dusan’s dinars support the following conclusions:
that the letter marks are not the initials of the die-cutters
that the letter marks are not the initials of some person in the mint
that the letter marks are not mint marks

As far as the alteration of the letter marks on the part of certain master die-cutters is concerned, considering that some die-cutters, when engraving certain types of coins used up to some 20 different marks, the conclusion arises that the die-cutters did this for the sake of keeping their own records of the number of dies cut, on which undoubtedly, the level of their wages depended. To be more precise, they marked a specific number of moulds with a particular letter mark and some, again a specific number, they left without letter markings. The facts which are in favor of this assumption were summarized and illustrated by two examples.
One more problem was considered: in how many mints was the type depicting the emperor being crowned by angels minted, and the standpoint was upheld that it was struck in one mint.
All these conclusions were then checked by the analysis of Dusan’s type with the emperor and the empress standing and holding a large crucifix between them.
Finally, the role and importance of various larger non-letter marks were considered (various flowers, tree trunks, crucifix, half moon and circles). It can be established for those large marks that they were inseparably connected to certain die-cutters, although a small number of die-cutters engraved such marks. It seemed that they served various purposes: for ornamentation or marking a group of dies. As far as the small circle marks are concerned, recent analysis do not sad us in any particular way to any of the large number of possible assumptions.

How many mints were there in Serbia in the late thirteenth century

2007-11-16T14:29:00.000+01:00

In the late thirteenth century, Brskovo and Rudnik dominated the scene. Later, new mining areas were opened up, and it would be surprising if the number of mints increased. A limited pilot study, concentrating on the coronation and horseman types of Stefan Dusan, shows that the proportions of different sigla vary sharply from one hoard to another. The hoards also show that the sigla can be grouped to some extent, and they also show some marks are very plentiful while others are uncommon or rare. This could reflect major mints and smaller mints. If we could interpret only the most common half-dozen marks as mint-marks, this would already account for over 90% of the coins.
The half-dozen relevant hoards about which details are avaible can be placed more or less in chronological order, well enough that it then becomes difficult to explain the differences in the proportions of certain sigla in them by any other hypothesis than that they are secret-marks.
What would in principle be a clinching argument, if a larger assemblage of hoards were available, is that the varying proportions occur on a regional basis. This already seems to be the case – coins without sigla are most plentifulin the south-west, at Belovo and Kicevo. Coins with N-O are heavily predominant in the regions nearest the prolific silver mine of Novo Brdo. This gives some encouragement to think that the letters could stand for the mint name, although it does not follow that they must do so in every case. No large northerm hoard, from anywhere near Rudnik, is available, and coins marked R-V are distinctly less common in the southern hoards than they are in Ljubic`s catalogue.
Stylistic analysis would in all probability help to confirm and extend the conclusions to which the hoards are beginning to point. The coronation coins are quite varied in style, and a good classification of them in terms of their die-cutting could be made. It could then be correlated with the sigla. What this will tell us, there is no way of guessing in advance. There may have been more mints than die-cutting centres, but if some at least of the sigla refer openly to mint-places grouing them regionally by means of the hoards and the stylistic analysis should open the way for some well-founded hypotheses. Mints, as opposed to die-cutting centres, might be distinguished by correlating other physical aspects of the coins, e.g. weight-dispersions or trace elements.
If we can eventually attribute most of the coins to their mints, this will be of some interest for Serbian history, because it should permit an assessment of monetary circulation within Serbia – again through a topographical analysis of the hoards.

About Serbian dinars with the Nemanjic coat of arms

2007-11-15T15:56:00.000+01:00

In the 14th century rulers from the Nemanjić dynasty mint ed silver dinars with their family coat of arms, which was in a form of small pillow having three balls on each corner and the head decoration (“čelenka”) which resembled the peacock feather. From the period of their Kingdom there exist six types of dinars with that coat of arms. After the Crusader’s occupation of Constantinople in 1204, Empires of Nikea and Trapezunt had been founded and the emperors of Trapezunt had taken for their coat of arms a golden double-headed eagle . When Byzantines reca ptured Constantinople, Emperor Michael VIII had introdu ced the heraldic Byzantine shield with four letters “B” between the arms of the cross . Stefan Nemanjić, the first crowned Serbian king, was crowned with the Byzantine crown, which he got from the emperor of Nikea. The appearance of that oldest Serbian crown is preserved at the portal of the Žiča monastery, as is the appearance of crown of Radoslav, heir of the throne. Crowns of kings Dragutin and Milutin, of the same form presented to him by emperor Andronicus, while in the Studenica monastery we can see the new Milutin’s crown. At that time king Mlutin had adopted his royal title “Stefan Uroš by the Grace of God King and the sole ruler of all the Serbian and Littoral Lands.” After his marriage with Byzantine princes Simonida, king Milutin started to use the double-headed eagle as the decorative element, and after the visit of his brother-in-law Dimitry in 1313, king Milutin had taken the new crown and in troduced the new family coat of arms, depicting double-headed eagle. As the Byzantines used the same coat of arms since 1282, king Milutin had placed silver (white) eagle on the red (purple) base. From that time until now, red and white have been used as the Serbian heraldic colors. The oldest preserved Serbian coat of arms (from 1314) comes from the Žiča monastery and it is kept today in the National Museum in Belgrade.

Coinage in Serbia in 1804 - 1904 - 2004

2007-11-14T15:49:00.000+01:00

At the time of the First Serbian Uprising in 1804 in Serbia not only Turkish coins but also coins from some European countries, mostly Austria, have freely circulated. There was a speculation
that the leader of the Serbian revolution Karageorge (1768-1817) had minted in Topola, his capital, some forgeries of Turkish silver coins, particularly a 2½ Piastre of Sultan Selim III . That theory however had not been confirmed. Later, in the Principality of Serbia,
some 43 kinds of foreign coins circulated, mostly Turkish and Austrian denominations, but also Russian, Italian, Ragusan, Spanish, Papal, Dutch and others. It was Prince Michael Obrenovich III who started to issue indigenous modern Serbian coinage in 1868. Celebrating the 100th Anniversary of the I Serbian Uprising in 1904, a commemorative 5 Dinars silver coin had been issued. It depicted busts of Karageorge and his grandson Peter I who was King of Serbia at that time. On the occasion of the 200th Anniversary of that Uprising, which is also treated as the renewal of the Serbian statehood, National Bank of Serbia has issued two golden coins in denominations of 5,000 and 10,000 Dinars, while regular coinage dated 2004 had not been issued at all. At the same time a peculiar golden Serbian Dinar has been struck commemorating the 120th Anniversary of the National Bank of Serbia (1884-2004).