Medieval Period
Coinage in Wallachia
The oldest coins issued in Wallachia date from Vladislav I Vlaicu’s reign (1364-c.1377). The monetary system he introduced around 1365 included three values: ducats weighing on average 1.05 grams, dinars (0.70 grams = ⅔ ducat) and bani (0.35 grams = ½ dinar = ⅓ ducat). The first coins minted in Wallachia usually have on the obverse a split shield with 8 fasciae in the first field and a closed helmet under an eagle holding a cross in its beak on the reverse.
The first major change to the system instituted by Vladislav I took place during the reign of Dan I (c. 1383-1386). At that time, the high denomination was replaced with the dinar and its weight reduced to 0.50 grams. The bani had been minted according to a reduced standard of 0.21 grams since the rule of Radu I (c. 1377-1383).
The Wallachian coinage reached its peak during Mircea the Elder’s reign (1386-1418). In the first decade of his rule, he issued ducats in keeping with the system of Dan I. However, between 1395 and 1396, given his internal struggles with Vlad the Usurper for the throne, he adjusted their weight to 0.35 grams. After 1396 he made a monetary reform, increasing the weight (to 0.48 grams) and silver content of the Wallachian ducat.
The successors of Mircea the Elder continued to exercise the regal right to issue coins. However, gradually, because the Ottoman Empire strengthened its political and economic power around the Danube, monetary production diminished, to cease completely during Basarab Țepeluș’s reign (1477-1481).
Until the creation of the modern monetary system in 1867, only two other rulers attempted to mint their own coins. In 1658 Mihnea III (1658-1659) issued shillings with his own effigy, whereas in 1713 Constantin Brâncoveanu issued a series of gold and silver medal-coins celebrating the 25th year of his reign.
Coinage in Moldavia
In the second half of the 14th century, Moldavia’s independence consolidation had created the favorable conditions for issuing its own coinage. Petru I Mușat (1375-1391) is the one who, in 1377, established the Moldavian monetary system, comprising silver groats and half groats. These issues bear on the obverse Moldavia’s coat of arms (the bull’s head with a star between his horns), and on the reverse a split shield with six fasciae in the first field and a variable number of lilies in the second field.
Alexander the Good (1400-1432) introduced a new nomination, the double-groat, which was issued until the joined rule of Iliaș I and Stephen II (1436-1442).
A true reform of the Moldavian monetary system took place during Stephen the Great’s reign (1457-1504). He maintained the standard settled during the third rule of Peter III Aron (1455-1457), but he used good quality silver for his issues, thus reflecting a period of economic stability.
In the 15th century, without determining exactly under whose rule, in Moldavia also circulated coins issued by the city of Cetatea Albă (White Citadel, present-day Bilhorod-Dnistrovskîi in Ukraine). These coins have on the obverse the country’s coat of arms and on reverse a cross with equal arms and the inscription ASPROKASTROU (Gr. White Citadel).
Sixteenth century Moldavian coinage is characterized by a frequent change of the used system, determined by the need to adapt to various political conditions. During his short reign, Despot Vodă (1561-1563) tried to introduce a Western system in Moldavia. He issued silver thalers and gold ducats, together with smaller denominations: silver dinars and bronze mangir. Later, John III the Terrible (1572-1574) issued big bronze coins, equal to the Ottoman silver aspri, the first issues with Romanian inscriptions.
A special case in medieval Moldavian monetary history is Eustratie Dabija (1661-1665). The ruler established a mint in Suceava where, starting with 1662, he issued bronze shillings and also counterfeited various European coins on a large scale.
Coinage in Transylvania
Monetary circulation in Transylvania reflects the status that this province has had throughout the centuries: part of the Magyar Kingdom, autonomous principality under Ottoman and, later on, Habsburg suzerainty.
Taking advantage of the rich mining resources in Transylvania, Carol Robert (1307-1342) established the first mints in Cluj, Sibiu and Lipova. There he minted gold florins and groats, as well as silver dinars. During Louis the Great’s reign (1342-1382), two more mints were opened, in Baia Mare and Brașov.
After the transformation of Transylvania as autonomous principality under Ottoman suzerainty (1541), Transylvanian princes issued their own coins. The new monetary system derived from the Magyar system with several German and Polish influences. High value coins were primarily minted, such as gold ducats, silver thalers or double thalers. The multiples of ducats and thalers sometimes had unusual forms (crescent, star, square or hexagon), as they were mainly intended for hoarding and less for circulation. Furthermore, coins struck on only one side were also discovered.
The large number of gold issues is justified by the existence of important gold mines in Transylvania, as well as by the requirement to pay tribute to the Ottomans using coins with the highest value. The issuance of silver coins represented the adaptation to the central European monetary system.
In the second half of the 17th century new mints were established in Alba Iulia, Făgăraș and Aiud. Once Transylvania was subjected to Habsburg rule (1699) and was internationally recognized as such, the mints’ number decreased and only the ones in Baia Mare and Alba Iulia were kept open until 1851 and 1871, respectively. These two mints issued coins according to the Austrian or Magyar system.
Foreign coins in the Romanian Principalities
Starting with the 16th century, official monetary activity in Wallachia and Moldavia stopped, which determined a massive diffusion of foreign coins. Actually, as early as the 15th century, Ottoman aspri were frequently used in Wallachia instead of the locally issued ducats. The domination of the Ottoman aspri lasted until the mid-17th century when, due to the decrease of their silver content, their value diminished rapidly. At the same time, in Moldavia the gold Venetian ducat was used. Alongside these coins, the florin and the gold Magyar ducat circulated intensely both in Moldavia and in Wallachia.
Starting with the last two decades of the 16th century, monetary economy in the Romanian Principalities was dominated by the lion-thalers issued by the Low Countries. However, the Magyar florins, the Venetian zecchini and other silver coins continued to be used. At the end of the 17th century, the lion-thalers’ circulation decreased significantly due to the new economic and political realities. They were gradually replaced by other types of coins, especially Austrian and Ottoman.