MICHAEL VII DOUKAS (1071-1078)

Obv.:	Bust of Christ, legend: IC XC
Rev.:	Bust of Michael, Greek legend: +MIXAH BACI O D

HISTORICAL NOTES: Further losses - both to Normans in Italy, and particularly of the ancient Byzantine heartland of Asia Minor to the Seljuks - considerably weekened the state and later led to the Emperor's deposition. Still, his generals managed to tackle another uprising of Slavs in Macedonia, and partially defeat Mihailo of Zeta, who had acquired a royal title from the Pope in the meantime.

NUMISMATIC NOTES: Documentary evidence shows that the Byzantine administration did much to promote a monetary economy in many areas of public life, starting with numerous kinds of taxes being payable in cash. Yet, this was still quite limited by modern standards, as price stability seems to have persisted for a long time until around 1075, when Michael's money debasements and other economic flops caused visible inflation to appear. This earned him the derogatory nickname "Parapinakes" - "less a quarter" - indicating that money now bought a quarter less of the usual batch of grain.