Denga - Fyodor Olgovich

Fyodor Olgovich ruled Ryazan at a moment of acute political instability — the principality had been devastated by Tamerlane's 1395 campaign through the region, and relations with Moscow were a constant negotiation between submission and autonomy. These small silver dengi were struck within that fragile recovery period, circulating in a principality still rebuilding its administrative and economic structures after Timurid destruction.

Ryazan retained its own coinage longer than many Russian principalities, resisting Moscow's monetary consolidation into the early fifteenth century.