The or () was a type of silver coin used during the last century of the Byzantine Empire.

History

The name first appears in the mid-11th century for a gold showing the Byzantine emperor holding a cross-shaped scepter, but in its more specific sense, it denotes the large silver coins introduced by Emperor John V Palaiologos () in and used for the last century of Byzantine history..For an examination of the chronology of the stavraton and its introduction, see . The late Byzantine coin was probably named after the cross (, /) that featured in its presumed model, the double of Naples and the Provence; alternatively, the name may have derived from the small crosses at the beginning of the coins' inscriptions, an unusual feature for Byzantine currency, although these are not very conspicuous...

The coin was designed to replace the defunct gold as the highest-denomination coin in circulation. Hence it was made heavier than any previous Byzantine silver coin, or, for that matter, any contemporary European coin, weighing initially 8.5 grams but falling later to 7.4 grams. It still had only half the value of the however, which remained in use as a notional currency...

The was complemented by fractions of and , both in silver. The half- initially weighed 4.4 grams and gradually declined to 3.7; the one-eighth, known as the (, 'little ducat', in Italian sources) or () weighed . Quarter- were not minted, and the silver Venetian ducats (, ) were used instead.; .

All these coins featured a bust of Christ on the obverse and an imperial bust on the reverse. The inscriptions are fairly uniform, with the reverse featuring an inner and an outer inscription: "+[Emperor's name] ", i.e. "Lord () [Emperor's name] the Palaiologos / by God's Grace, Emperor () of the Romans". In the of John V's reign, the inscriptions were in reverse order, and under Manuel II, the inner inscription used the term instead: "".. Until 1990, when a hoard of 90 coins appeared, and with the exception of two half-, no silver coins of the last Byzantine emperor, Constantine XI (), were known to have survived.; .

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