In 1194, Dandolo enacted important reforms to the Venetian currency system. Before these reforms, Venice's principal coin was the silver penny, which weighed less than a gram and was about one-quarter fine. Due to the debasement of the silver penny in 1180 and the constant fluctuation in value of Jerusalem and Byzantine coins, Dandolo instated three denominations of this silver penny, the "bianco" (half-penny), the "quartarolo" (quarter-penny), and the silver "grosso". The "bianco" had a silver content of about five percent, and was decorated with a cross on one side and St. Mark on the other. The "quartarolo" had almost no precious metal content, which made it the first European token coin since ancient Rome. The "grosso" was the first nearly pure silver–and high denomination–coin minted in western Europe in over five centuries. It was decorated with an image of Dandolo and St. Mark on one side, and of Jesus Christ enthroned on the other side, which imitated a design typically seen on Byzantine "aspron trachy" coins. The "grosso" eventually became the dominant coin of Mediterranean commerce.