BULGARIA. Western Black Sea Coast. Uncertain ruler, late 14th century. Half Grosh (Billon, 16 mm, 0.44 g, 6 h). ΓЄ\ΟΡ\ΓΙ // Ο / α / ΓΙ/Ο/C Saint standing facing, nimbate, holding spear in his left hand and cross in his right in front of his chest; all within dotted border. Rev. Monogram featuring the letter ‘T’ between two crosses, lily and star; above, crescent and cross; all within dotted border. Bendall -. Dochev -. Jordanow -. Jovanovic -. Naumann 113, (2022), 957 (same obverse die). Raduchev & Zhekov -. Sear -. Exceedingly rare, apparently only the second known example and of great historical interest. Small areas of weakness and a minor edge chip, otherwise, nearly extremely fine.


This enigmatic coin, together with the three following lots, offers a remarkably vivid glimpse into the economic and political entanglements of the western Black Sea region in the 14th century. These issues unite the stylistic language of the Empire of Trebizond with the minting traditions of the eastern Balkans.

The only other specimen recorded was auctioned in 2022 with a cautious assignment to the Empire of Trebizond (Naumann 113, (2022), 957, same obverse die). This attribution is understandable, as the obverse - with its legend and standing saint - clearly draws on established Trebizond prototypes. Under Emperor George (1266-1280), a bronze denomination is known with the same inscription and a comparable saintly figure (cf. Bendall 28 and Sear 2606). Beyond this, however, the parallels with the coinage of Trebizond largely disappear.

The saint, depicted without shield and holding a cross before his chest, does not correspond to the typical representations of St. George in Trebizond, but instead recalls a modified version of the widely imitated St. Eugenius type (cf. Sear 2611). The denomination itself, in both alloy and weight, does not fit within the Trebizond monetary system. Most striking of all is the reverse, which stands in sharp contrast to all previously known Trebizond issues.

The monogram featured there, still undeciphered, shows strong stylistic affinities with the coinage of the Bulgarian and Serbien despots. In Bulgaria, monograms on coin reverses became widespread beginning with Mihail Asen III (1323-1330) and continued under his successors. Distinctive control marks - lilies and stars - combined with central monograms are likewise attested from his reign onward (cf. Dochev 1870 ff.), and appear in Serbia, for example, under Stefan Lazarevic Hrebljanovic (1389-1427, cf. Jovanovic 41-43 ff.). However, the use of a monogram prominently featuring the letter ‘T’ is otherwise known only from the Despotate of Dobrotitsa (Dobruja), particularly in the coinage of the Terter family in the later 14th century (cf. Dochev 5880-6140). Metrologically, too, these coins point to the Balkan sphere, as their diameter and weight correspond to a reduced late Half Grosh of the Bulgarian Empire.

Taken together - the hybrid iconography, the metrology, and the distinctive monogram - the most plausible context for these coins is the dynamic cultural and commercial crossroads of the western Black Sea coast in the later 14th century. Through the maritime power of the Despotate of Dobrotitsa, which maintained an active Black Sea fleet, the region was closely connected with the Empire of Trebizond, particularly via trade networks extending to its Crimean outposts.

Although many aspects of their minting remain unclear, these coins from the eastern Balkans unmistakably embody a remarkable convergence of medieval Bulgarian and late Byzantine traditions via the Empire of Trebizond.