Why Ancient Byzantine Coins Are Still Undervalued

The Byzantine Empire is one of history’s greatest contradictions. It was the direct continuation of the Roman Empire in the East, lasting from 330 to 1453 AD. It was a Christian empire steeped in Roman law, Greek language, and imperial tradition. Its coins, struck in Constantinople and other mint cities, reflect a world that evolved slowly but profoundly—from the last vestiges of antiquity to the first sparks of the Renaissance.

Yet, despite this immense span of history, the Byzantines often feel like a historical blind spot in Western consciousness. School textbooks tend to skim over Byzantium, squeezing a millennium of emperors, sieges, and cultural rebirths into a few dry paragraphs. That lack of mainstream exposure has bled into the numismatic world, where demand is often shaped by familiarity. Greek and Roman coins dominate auction catalogues and collector wish lists, while Byzantine issues sit quietly, waiting for recognition.

This oversight isn't just unfortunate—it represents one of the greatest value opportunities in the entire ancient coin market.

Let’s start with gold. The Byzantine solidus—first minted by Constantine the Great in the 4th century—was the dollar of its time. It was so stable, so trusted, that it became the currency of international trade for centuries. European kings hoarded it. Arab merchants accepted it without question. Even Viking raiders coveted it. And unlike many debased Roman or medieval currencies, the solidus retained consistent gold content for generations.

Today, the survival rate of these coins is surprisingly high. Why? Because gold endures, and because Byzantine mints struck coins in vast numbers over centuries. That’s not to say all solidi are common—rare issues and exceptional conditions command high prices—but for the average collector, it’s still possible to acquire a nearly 1,500-year-old gold coin for under $1,000. In contrast, a Roman aureus of similar age and weight might fetch five times that amount.

The sheer longevity of the solidus series adds to its appeal. Collectors can trace the arc of the empire—from Constantine’s solar-themed designs to the solemn busts of Justinian I to the stylized, almost abstract figures of the later dynasties. Each coin captures a moment in Byzantine history and theology, immortalized in 21-karat gold.

Another reason Byzantine coins remain undervalued is aesthetic bias. Many collectors, especially those steeped in classical ideals, find the rigid or “naïve” style of Byzantine portraiture less appealing than the lifelike realism of Greek or Roman examples. It’s true that by the 7th century, imperial busts on coins had taken on a more symbolic, schematic appearance. Eyes grew larger, facial features became less individualized, and the focus shifted from personal identity to divine authority.

But this change wasn’t a flaw—it was a reflection of the times. Byzantine art was deeply theological. Coins weren’t just currency; they were icons in miniature. Emperors held globes and crosses, stood beside Christ or the Virgin Mary, and wore imperial robes meant to inspire reverence rather than admiration. The style was meant to elevate, not humanize.

For modern collectors with an eye for meaning and history, this offers a different kind of beauty. These are coins that communicate ideology. They are political and spiritual instruments, minted at a time when church and state were indivisible. Holding a gold solidus with Christ Pantocrator on one side and Emperor John I Tzimiskes on the other is to hold both faith and power in your palm.

While gold Byzantine coins have long attracted attention, the true hidden treasure lies in the empire’s silver and bronze issues. These are the coins that passed through the hands of soldiers, traders, and pilgrims. They’re rich in variety, texture, and historical context—but often underappreciated in the marketplace.

The Byzantine silver miliaresion, reintroduced during the Iconoclast period, features stunning inscriptions and minimalist designs. Often bearing only the cross and an imperial monogram, these coins are striking in their simplicity and make for a unique addition to any ancient silver collection.

Bronze coins, known as folles and their smaller denominations, offer a chaotic but endlessly fascinating collecting field. Sizes vary wildly, from massive early 40-nummi pieces to later thin, stylized strikes. Designs range from imperial busts to symbolic crosses, inscriptions, and mint marks. These coins often show heavy wear or off-center strikes—but that’s part of their charm. Each is a relic of a living economy, passed from hand to hand in markets from Antioch to Thessaloniki.

And here’s the real draw: many Byzantine bronze coins can still be acquired for the price of a nice dinner. Even rarer types or emperors can sometimes be found for under $100. For a collector starting out or looking to build a historically rich cabinet without breaking the bank, this is a playground.

One of the most compelling aspects of Byzantine numismatics is its narrative potential. The empire spanned over a millennium and featured dozens of emperors, empresses, usurpers, and religious turning points. For thematic collectors, the possibilities are endless.

You could build a type set of coins from the Isaurian dynasty, focusing on the age of Iconoclasm. Or trace the story of the Macedonian dynasty, when Byzantium reached its artistic and military height. You could focus on the Komnenos emperors and their battles with the Crusaders. Or follow the coinage of the Nicaean Empire during the Latin occupation of Constantinople.

For geography enthusiasts, the empire’s regional mints offer another layer of complexity. Coins were struck in cities like Nicomedia, Antioch, Thessaloniki, and even in Ravenna and Carthage during the early centuries. Mint marks, control marks, and variations offer puzzles and discoveries that reward deeper research.

And then there are the religious themes. Byzantine coins were among the first in the world to feature explicit Christian iconography. The cross, the Virgin Mary, angels, saints, and Christ himself all appear regularly—sometimes with astonishing emotional power. These coins are, in a sense, the first mass-produced religious images in history.

The coin market, like any other collectibles market, has its cycles. Greek decadrachms soar in popularity, only to cool as supply tightens or prices rise. Roman imperials remain perennial favorites, but the highest-quality pieces have moved beyond the reach of many collectors. In contrast, Byzantine coins have remained remarkably stable—both in price and availability.

That’s not to say they’re stagnant. Prices for exceptional examples, especially in gold or rare silver types, have gradually increased over the past two decades. But the Byzantine field has largely avoided the sharp spikes and speculative bubbles that sometimes hit the ancient coin market. For long-term collectors who value consistent value and deep historical relevance, that’s an attractive trait.

Moreover, with increased interest in alternative assets, digital currencies, and global instability, the idea of holding tangible, portable, historically significant gold becomes more compelling. And what better form than a Byzantine solidus—recognized across three continents for over 700 years?

Part of the reason Byzantine coins remain undervalued is cultural. The West has long misunderstood or neglected the Byzantine legacy. Historians once dismissed it as a corrupt, stagnant empire—"Byzantine" became a synonym for excessive bureaucracy or intrigue. But modern scholarship has begun to reverse this view, highlighting Byzantium’s resilience, creativity, and pivotal role in preserving classical knowledge.

Numismatics is catching up—but slowly. As more collectors realize the depth of this tradition, the market will evolve. Educational platforms, better cataloging, and digitized museum archives have made it easier than ever to learn about Byzantine coins. Dealers are beginning to spotlight high-grade pieces in auctions. Still, compared to their Roman and Greek counterparts, Byzantine coins remain one of the last underappreciated frontiers.

This is where opportunity lies—not just for investment, but for storytelling.

If you walk into a major coin show today, you’ll find tables full of slabbed Morgan dollars, silver bullion, Roman antoniniani, and medieval European coinage. But you’ll also see, often tucked to the side, boxes of Byzantine bronzes, lightly circulated solidi, and odd-looking copper coins bearing wide-eyed emperors and square legends. Many dealers view these as slow-moving inventory—curiosities for a small group of dedicated fans.

But that may be about to change. As global collectors seek coins that blend age, affordability, and depth, Byzantium offers a rare trifecta. It has the historical significance of Rome, the religious resonance of medieval Europe, and the reach of a global empire. Its coins are not only undervalued—they are under-known. And as awareness grows, so will demand.

For collectors willing to look beyond the obvious, ancient Byzantine coins offer a world of discovery. They are beautiful in their symbolism, rich in history, and still within reach of nearly any budget. Whether you're drawn to the shimmer of the solidus, the mystery of regional bronzes, or the spiritual power of iconographic designs, Byzantium has something to offer.

But perhaps the greatest allure is this: collecting Byzantine coins today isn’t just about buying ancient metal. It’s about reclaiming a forgotten story. A thousand years of emperors, saints, wars, and reforms—all captured in coins that once traveled between cathedrals and caravans, palaces and battlefields.

The empire may be gone, but its currency still speaks. And the world is finally beginning to listen.