The emperors of Byzantium Andronikos II Palaiologos, Andronikos III Palaiologos and Michael IX Palaiologos ordered cutting the gold perpers coins. It is said that by 1 gold hyperpyron or perper one could buy a herd of cows then. The reign time of Andronikos II Palaiologos was plagued by economic difficulties and during his reign

the value of the Byzantine hyperpyron depreciated precipitously while the state treasury accumulated less than one seventh the revenue (in nominal coins) that it had done previously. The gold and silver coin treasure was found at depth of 40 cm in the earth in a circle of 2 m diameter around the building called the Citadel of Perperikon of the clergymen.