Sale: CNG 69, Lot: 1859. Estimate $400.  Closing Date: Wednesday, 8 June 2005.  Sold For $1300. This amount does not include the buyer’s fee.

LEO III, the Isaurian, with CONSTANTINE V. 717-741 AD. Æ Follis (1.29 gm, 6h). Ravenna mint. Struck 720-741 AD. Crowned facing busts of Leo and Constantine; cross above / Large M; ANNO [X/X/X?] across field; RAV. DOC II -; E-C 249 (Constantine V); MIB -; SB -. VF for type, dark green patina. Rare. ($400)

The configuration of the coinage of Ravenna in the closing years of Byzantine rule remains uncertain. The exarchate of Ravenna was created in 568 AD as the capital of Byzantine Italy. Following the loss of most of northern Italy to the Lombards, it became the scene of constant turmoil throughout the seventh century, and at least three exarchs were murdered by the populace. Justinian II ordered a massacre of leading citizens in 709 AD and by the 720s AD Byzantine control was only nominal. The city finally fell to the Lombard king Aistulf in 751 AD. During this “time of troubles” a small but steady output of gold and bronze coinage from Ravenna continued, including those for even the most ephemeral of seventh century usurpers. With Leo III and Constantine V, the attributions of the scarce surviving coins become problematic. Some base gold solidi and tremisses are attributed to Ravenna, while the only recorded bronze folles are the dual bust types given to Constantine V by Ercolani-Cocchi (E-C 249) and the unique single bust follis, also of Constantine V (SB 1580). This leaves an almost twenty-five year gap in the bronze coinage during the long reign of Leo III, which seems unlikely considering the level of Leo’s involvement in Italian affairs. His exarch Eutychios was implicated in plots to have Pope Gregory II deposed or assassinated, and Eutychios was probably still the exarch when Aistulf ousted the Byzantines. In light of the history of Ravenna in the eighth century, it seems likely that the rare single bust follis belongs to the sole reign of Leo III, while the slightly more prevalent dual bust type should be placed in the joint reign of Leo III and Constantine V, with the unique SB 1580 being the only issue of Constantine’s sole reign before the fall of the city.