Watch List notes:

THE BYZANTINE EMPIRE
Leo VI the Wise, 29 August 886 – 11 May 912 with colleagues from 879.

Solidus 886-908, AV 4.28 g. +MARIA+ Facing bust of the Virgin, orans, wearing tunic and maphorion; in field, MHR ligate – ΘY. Rev. LEOhEhCRISTO – bASILEYS RomEoh Facing bust of Leo, with long beard, wearing crown and jewelled chlamys, holding patriarchal cross on globus. DO 1b.2 (this reverse die). Sear 1724.
Extremely rare and a very intriguing issue.
Good very fine / about extremely fine


The extremely rare piece represents the first instance in which the Virgin is depicted on a Byzantine coin. It was struck at a time when almost no gold coinage was issued and was apparently ceremonial in nature (the vast majority of Leo's gold has in addition to his own name, that of his son, and thus it must have been struck between 908 and 912). Since gold was plentiful during the first twenty-two years of Leo's reign, it is curious that it was not coined. The most likely explanation is a law (Novel 52) passed during Leo's reign. He greatly disagreed with a previous edict, perhaps issued by Basil I, that demonetised a previous ruler's coinage. Leo felt that as long as a coin was of the proper weight and finesses then it should pass current at the same rate, and therefore he probably did not issue a gold coinage for several years. From a modern perspective it seems that this was somewhat irrelevant, as hoard evidence proves that attempts at demonetisation were generally ineffective, or only rarely were practised, as the gold hoards tend to be of a mixed nature.