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| | The idea about the fortified walls on the reverse of the coins, which concerns us, must be taken from the Byzantine coins with |
 | | Kovachevich appeared, the most common opinion was that the oldest Bulgarian coins are from the period of king Ivan Asen I, so all coins with monogram 36 and all with two images of king’s face are from him, and those with one face and the same monogram are from king Ivan Asen II. |
 | | From all the Bulgarian kings, who had minted coins, only the names of Mikhail II Asen, Mikhail Shishman and Mikhail, the son of Ivan Alexander, who has ruled with his father and who is imaged on his coins, begin with the letter M so this means that one of those three has minted this coins. |
 | | The known coins from Mikhail II Asen are only silver with Latin legend and their workmanship and type are very different from those with image of tow-headed eagle, so he couldn’t mint them. |
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