MICHAEL IV, THE PAPHLAGONIAN (1034-1041)

Obv.:	Christ standing
Rev.:	Jeweled cross with inscription IC XC / NI KA ("May Jesus Christ conquer")

HISTORICAL NOTES: A capable ruler of poor health, Michael fought hard battles to subdue rebel Slavs in Macedonia and Serbia, but died before a planned campaign against prince Stefan Vojislav, founder of the most significant 11th c. Serbian state, Zeta (around present-day Montenegro).

NUMISMATIC NOTES: As limited as the monetary economy and circulation was during these times in the Balkans, it still could have a profound influence on political events. Michael's reversal of his predecessors' policies, and insistence on payment of certain taxes in cash rather than in kind, led to several Slavic revolts in the Balkans, including that of prince Vojislav. To aggravate matters, the latter also appropriated a shipwrecked treasure of gold coins destined for the emperor - which, despite Michael's demands and punitive expeditions, was never to be returned.