The paper is based on preliminary research concerning the monetary policies adopted by the Venetian rulers of Crete in the Middle Ages and the implications of the system of black and white money that they used.

By the terms “black money” and “white money” we mean the issuance by minting authorities of at least two series or two types of currency: one with a high percentage of precious metal, called “white money”; and another with a very low percentage of precious metal, called “black money”, which was of very low value and widely used for low-value transactions.

Therefore, the paper attempts first to investigate some main points of the circulation of monetary instruments in Venetian Crete, or on and off the island; second, to form some main research questions related to the liquidity problems the Cretan economy faced at the time, particularly how the monetary flows affected the island economy or were affected by the general economic activity and wealth flows; and third, to raise points not to be missed in future research concerning the connection of class and general social structure to the monetary system of the era.