The name of this Miliaresion derives from the Latin miliarium, connected to the word for a thousand, and referenced its denominational relationship with the bronze  nummus.  It was originally intended to be worth one thousand of these coins, however, by the late 9th century this was no longer the case. While some usage predates the 8th century, the Miliareson as it appears here was introduced by Leo III. It served as an important middle-denomination silver coin and facilitated transactions that were too small for gold but too large for the small bronze follis. As such, the Miliaresion circulated not just within the empire but across the broader Byzantine commercial world, across the Caucasus, from Black Sea to the Slavic lands to the north, and throughout the Islamic world, where Byzantine silver was still recognized and valued.