Byzantine Follis

The follis was the coin ordinary Byzantines actually handled in daily market transactions, making it an essential complement to the empire's prestigious but far less commonly circulated gold solidus. Its introduction represented a major currency reform aimed at simplifying and stabilizing everyday low-value transactions across the empire.

Collectors appreciate the follis both for its affordability compared to Byzantine gold and for the large, clear imperial portraits many examples display, along with the fascinating later "anonymous" series that replaced the emperor's image with a bust of Christ, reflecting the deeply religious character of middle Byzantine coinage.

In 498 AD, Emperor Anastasius I carried out a major reform of Byzantine bronze coinage, introducing a new large denomination called the follis, marked with the Greek numeral "M" (representing 40) on the reverse to clearly indicate its value as 40 nummi, the smallest existing unit of account. This reform simplified a previously confusing and inconsistent bronze coinage system.

The follis and its fractional denominations (half-follis, and smaller units marked with corresponding Greek numerals like K for 20 and I for 10) remained the backbone of everyday Byzantine commerce for centuries, with the emperor's portrait and titles on the obverse changing with each reign. In the 10th and 11th centuries, an unusual series known as the "anonymous folles" appeared, replacing the emperor's portrait with a bust of Christ Pantocrator on the obverse and a religious legend on the reverse instead of an emperor's name, a striking departure attributed variously to religious sentiment or specific imperial policy under emperors such as John I Tzimiskes.

The follis gradually declined in size and weight over the centuries, reflecting recurring economic pressures, and was eventually superseded by new bronze and billon denominations introduced as part of Alexios I Komnenos's broader currency reform around 1092.

Early and middle Byzantine folles typically show a facing or profile imperial bust on the obverse, often crowned and holding imperial regalia, with a Latin or Greek legend naming the emperor and his titles. The reverse prominently displays a large Greek letter "M" indicating the denomination of 40 nummi, flanked by officina (workshop) letters, with the mint name often in the exergue below and the regnal year sometimes to the left of the M.

The distinctive "anonymous folles" of the 10th and 11th centuries instead show a bust of Christ Pantocrator, often holding a Gospel book, on the obverse with a surrounding religious legend, while the reverse carries an inscription such as "Jesus Christ, King of Kings" arranged in several lines within a decorative border, without naming any specific emperor.

The follis is a substantial bronze coin, generally larger and heavier than most other Byzantine denominations, though its size shrank considerably over the centuries from the large, heavy issues of Anastasius and Justinian I to smaller, thinner pieces in later periods. Collectors identify the specific emperor and mint by the obverse portrait, the accompanying legend, and any mint signature or officina letters present on the reverse.

Byzantine folles are among the most affordable and accessible ancient bronze coins available, with common types from well-represented emperors such as Justinian I or Constantine VII often found for modest sums even in decent condition, making the series popular with collectors on a budget.

Larger, well-preserved early folles from prominent reigns, rare emperors, unusual mint or officina combinations, and finely detailed anonymous folles with sharp Christ portraits can command noticeably higher prices. As with all ancient bronze, surface preservation, patina quality, and legibility of the legend and denomination mark are key factors affecting desirability and value.