Some Observations on the Role of Ducats in the Balkans in Late Medieval and Modern Times

Abstract

Ducats were issued for the first time in the second half of the thirteenth century. Although practically invisible in Western Europe nowadays, they are still hoarded and used by the rural population of the Balkans. The wealth stored in them is considerable; its level does not show signs of structural decline yet, even in the age of the almighty euro. The history of the use of ducats in the Balkans can be divided into three distinctive periods. Using a descriptive economic-historical approach, the characteristics of these periods, their main evolutionary aspects and particularities are being observed and explained. An overview of countries issuing ducats in the Balkans is given and some economic comparisons used to illustrate the significance of ducats as an economic phenomenon. Finally, the very important question of the use of ducats in jewelry in the Balkans is considered.