The Byzantine economy had declined so much that by 1343, Empress Anna of Savoy had to pawn the Byzantine crown jewels for Venetian ducats, which was the equivalent of 60,000 "hyperpyra". In 1348, Constantinople had an annual revenue of "hyperpyra" while across the Golden Horn in the Genoese colony of Galata, the annual revenue was "hyperpyra". When Emperor John VI Kantakouzenos attempted to rebuild the Byzantine navy, he was only able to raise an inadequate "hyperpyra". The only success during this period was when the Republic of Genoa agreed to pay a war indemnity of "hyperpyra" in 1349. When Emperor John V Palaiologos was captured by Ivan Alexander in 1366, he was forced to pay a ransom of florins. In 1370, the empire owed Venice, "hyperpyra" (of which only "hyperpyra" had so far been paid) for damage done to Venetian property. In February 1424, Manuel II Palaiologos signed an unfavorable peace treaty with the Ottoman Turks, whereby the Byzantine Empire was forced to pay silver coins to the Sultan on annual basis. In 1453, the economy of the Genoan quarter in Constantinople had a revenue 7 times greater than that of the whole Empire — not even a shadow of its former self. Emperor Constantine XI owed Venice 17,163 "hyperpyra" when he died in 1453.