Denga - Mikhail Borisovich

Mikhail Borisovich was the last independent Grand Prince of Tver, ruling a principality that had spent the better part of two centuries as Moscow's most persistent rival for dominance over northern Russia. These small dengas were struck during the final decades before Ivan III absorbed Tver outright in 1485, forcing Mikhail to flee to Lithuania. The coins circulated in a polity that was already economically outmatched and diplomatically encircled.

The irregular fabric — that wide diameter range reflects hand-cut flans rather than any die variation — is characteristic of Tver's mint output throughout this period.