Perpero of Ragusa: Guide to the Nova Perpera Series

Illustrated Specimen Details: 1 Perpero (Nova Perpera)

Example Specimen: 1 Perpero, 1802 (Republic of Ragusa)

Authority & Heraldry: This 1802 specimen belongs to the final "Nova Perpera" series issued during the interval of 1801-1803, representing the last silver coinage struck by the Republic of Ragusa before its total abolition by Napoleon in 1808. 

The obverse depicts Saint Blaise (Sveti Vlaho), the patron saint of Ragusa, standing and holding a bishop's staff. The surrounding legend PROT. REIP. RHAGVSINAE is a Latin abbreviation for Protector Reipublicae Rhagusinae, which translates to "Protector of the Republic of Ragusa". 

The reverse features Christ standing and delivering a blessing, encircled by the inscription SALVS TVTA, meaning "Secure Salvation". This design strongly reflects the republic's deep religious devotion and its historical reliance on divine protection for its independence.

1. REPUBLIC OF RAGUSA (17th-19th centuries): 1 perpero (Stara Perpera and Nova Perpera) = 12 grosetti

PERPERO as a coin name: The word perpero ultimately derives from the Byzantine Greek hyperpyron, meaning "highly refined" or "super-refined" (originally referring to gold). While the Byzantine original was a prestigious gold coin, the Ragusan perpero was struck in silver, adopting the legendary name to instill commercial confidence across the Adriatic and Mediterranean trade routes.

History and Evolution of the Ragusan Perpero

The perpero was one of the principal silver coin denominations of the Republic of Ragusa (modern-day Dubrovnik, Croatia), circulating extensively from the 17th to the early 19th century. Although Ragusa was a relatively small maritime republic, its strategic geopolitical position between Western Europe, the Ottoman Empire, and the Venetian domains made its currency a respected regional medium of exchange. The perpero played a vital role in facilitating commerce throughout the Adriatic Sea, Dalmatia, Bosnia, Herzegovina, Montenegro, and the wider eastern Mediterranean basin.

The Monetary System of Ragusa

To support its vast international trade network, Ragusa maintained an independent and highly structured monetary system for centuries. During the 17th and 18th centuries, the primary domestic denomination was the silver perpero. The traditional monetary hierarchy was established as follows:

• 1 perpero = 12 grosso (or grosetti)

For smaller, everyday local transactions, Ragusans relied on fractional copper coinage such as the follaro. Meanwhile, massive international trade deals were often settled using foreign gold ducats, Venetian zecchini, or Spanish dollars, with the perpero serving as the indispensable domestic silver standard.

Stara Perpera vs. Nova Perpera

Collectors and historians distinguish between two major eras of the Ragusan perpero, deeply tied to the economic health and political stability of the republic:

• Stara Perpera (1683-1750): Meaning "Old Perpera", this was a heavy, high-quality silver coin of excellent purity. It represented Ragusa at the height of its commercial stability and economic power.
• Nova Perpera (1801-1803): Meaning "New Perpera", this was a much lighter and heavily debased version minted during a period of severe financial crisis caused by the Napoleonic Wars. The silver content dropped to less than 50%, reflecting the desperate economic measures taken by the republic shortly before its tragic fall.

Linguistic Nuances: Perpero vs. Perpera

The naming conventions of this coin reflect the multicultural environment of maritime trade. The term perpero is the Italian masculine form, heavily utilized in official administration, international trade ledgers, and modern numismatic catalogs. Conversely, perpera is the feminine Croatian and Latin form, which was the everyday vocabulary used by the local Slavic population of Dubrovnik.

Legacy and Numismatic Collectibility

The independent production of the perpero ceased abruptly in 1808 when the state was abolished during the Napoleonic Wars, bringing an end to over four centuries of independent coinage. However, the name retained such immense prestige that in 1906, Prince Nicholas I of Montenegro introduced his own national currency, the perper, specifically inspired by the historic Ragusan and Byzantine currencies to assert economic independence from the Austrian Krone.

Today, Ragusan perperi are highly sought after by collectors of Renaissance and Baroque coinage. Due to their heavy use in active commerce, finding specimens with complete legends, attractive natural toning, and sharply struck depictions of Saint Blaise is quite difficult. Well-preserved specimens in higher grades — including Extremely Fine (XF) and About Uncirculated (AU) conditions — can command significant premiums at major international auctions, often reaching prices between 700$ and 1,500$.