BULGARIA. Western Black Sea Coast. Uncertain ruler, late 14th century. Half Grosh (Billon, 17 mm, 0.51 g, 3 h). Γ[Σ]\ΟΡ\ΓΙ/[Ο]s // Ο/A / ΓΙ Saint standing facing, nimbate, holding spear in his right hand and cross in his left in front of his chest; all within dotted border. Rev. Monogram featuring the letter ‘T’; in the left field, A above star; all within octofoil and dotted border. Bendall -. Dochev -. Jordanow -. Jovanovic -. Raduchev & Zhekov -. Sear -. Apparently unpublished and beautifully toned. Small areas of weakness and minor edge chips, otherwise, good very fine.


These three consecutive lots (624-626) trace a clear slide from the still fairly accomplished style seen in lot 623 into something markedly cruder. The obverse legends remain largely consistent, but the standing saint is now shown in reverse. By lot 626, the die work has deteriorated to its nadir: the reverse monogram is likewise inverted, and the weight drops off noticeably.

Given the extreme rarity of these coins - and the fact that these aberrant types are appearing on the market for the first time - it is nearly impossible to pin down the circumstances behind this decline in execution. The range of variants alone argues against any substantial, organized issue. Instead, the evidence points to a makeshift minting operation carried out without skilled engravers.