Introduction

uring the late Byzantine period, the economy was on a constant decline, a fact which heralded the imminent fall of Byzantium. The coinage of the last centuries appears under various names, according to which it can be divided into three sub-periods. The Byzantine gold coin was losing its value, which resulted in its being replaced on the market by the Western ducat. Finally, in the first half of the 14th century, after a series of devaluations, it disappeared altogether.

The penury of the state was due to a significant reduction in its revenues, as a result of the increasing concentration of land in the hands of the great landowners, who exploited it to their own advantage, and also owing to the huge sums of money spent on the state's defence. In order to respond to the great needs that presented themselves, the government was often forced to adopt certain measures, such as additional taxation, contributions by the wealthier classes, but also donations or loans. However, all its efforts to revive the economy in the late Byzantine period proved fruitless.