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1 Denaro
| Issuer | Siena Republic |
|---|---|
| Year | 1180-1200 |
| Type | Standard circulation coin |
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| Obverse description | Within a beaded inner circle, a retrograde letter S occupies the central field, rendered in bold relief characteristic of early medieval hammered coinage. The S is flanked by small pellets in the field. A Latin legend reading SENAVEI VS (or variant) encircles the beaded border in the surrounding annular band, with individual letters separated by the irregular flan edge. The overall style is archaic and rustic, consistent with late 12th-century Tuscan municipal coinage. |
|---|---|
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| Reverse description | A bold pattée-style cross with expanding arms occupies the central field within a beaded inner circle, its four quadrants clearly defined and in raised relief. The arms of the cross extend to meet the beaded border, creating a striking geometric composition typical of late 12th-century Italian communal denari. In the outer annular band, a Latin legend incorporating the Alpha and Omega symbols flanks the inscription, referencing the divine epithet from the Book of Revelation. The flan is irregular and slightly off-centre, as expected from hand-hammered production. Lettering in the margin reads ALFA EI O (Alpha and Omega), a common devotional formula on Italian medieval coinage. |
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| Additional information |
Siena's earliest coinage emerged in the late twelfth century as the commune asserted fiscal independence from both episcopal authority and imperial oversight — a necessary step for a city whose banking families were already operating across northern Italy. The denaro piccolo was the workhorse of this system, changing hands in market stalls and tax registers long before Siena's grosso made the republic a name in international finance.
Billon of this period varies considerably in silver content, and Sienese issues are no exception — debasement was a tool of municipal finance, not a sign of decay.