Bezant 'Saracen' - Anonymous Crusader imitation - 1st type - Tyre

These imitations were struck by the Crusader lords of Tyre to facilitate trade with Muslim merchants who refused Frankish coinage on religious grounds. By copying Fatimid dinar designs closely enough to pass in Islamic markets, the moneyers of the Kingdom of Jerusalem effectively laundered their gold into a currency acceptable across the Levantine trading network. The gold content tracks closely with contemporary Fatimid issues, which was the point — debasement would have killed the ruse immediately.

Pope Alexander III condemned the practice in 1182, objecting specifically to Christian mints reproducing Islamic religious inscriptions. Production halted with Saladin's conquest of 1187.