Extremely Rare Trachy of Michael VIII Palaeologus

Sale: Triton XII, Lot: 844. Estimate $15000.  Closing Date: Monday, 5 January 2009.  Sold For $10000. This amount does not include the buyer’s fee.

Michael VIII Palaeologus. 1261-1282. AR Trachy (2.19 g, 6h). Class X. Constantinople mint. Struck 1263(?). Seraph; Γ Γ flanking upper pair of wings / X/MI/ΔЄC/ПO/(TH)C down left field O Π/A/Λ/O/O down right, Michael standing facing, holding sword and akakia. DOC 38 note (this coin); SB 2256 var. (sigla). EF, toned, area of weak strike. Extremely rare issue, unique with sigla Γ Γ.

In 1261 Michael VIII Palaeologus, then emperor of Nicaea, one of the three remaining Byzantine-held territories following the conquest of Constantinople by the Crusaders in 1204, retook the traditional Byzantine capital and set upon restoring the Empire to its former glory. After being recrowned as emperor of the Byzantine Empire in the Hagia Sophia, Michael soon set about rebuilding the city and increasing the sadly depleted population. At the same time, a series of wars and diplomatic maneuvers was undertaken to reassert Byzantine influence in the region. As a show of this renewed confidence and to break with the previous bronze issues of the Latin emperors, the Constantinople mint struck very rare trachys in good silver. The reverse types feature either Michael alone or with his co-emperor, Andronicus II. Since Andronicus was not made co-emperor until 1272, this suggests that the issues depicting Michael alone would precede that date. Consequently, the BB or ΓΓ sigla that appear on these coins may represent regnal dates, which would date the present coin to the third year of Michael’s restored reign. Similarly, the issue with seraph sigla may allude to Michael’s restored coronation in the Hagia Sophia, marking it as the issue for his first year.