Denier - Andrew II

Andrew II's reign was consumed by fiscal crisis of his own making — his policy of granting royal lands and revenues to nobles, which he called the "new institutions," stripped the crown of income so thoroughly that he debased the coinage repeatedly to compensate. These deniers reflect that pressure directly. The Fourth Crusade obligation he undertook in 1217, fulfilling a vow made years earlier, drained the treasury further and accelerated the debasement cycle.

The Golden Bull of 1222, extracted from Andrew by the barons, was in part a response to the monetary chaos his policies had created.