In 1403, Despot Stefan Lazarević (1389-1427) transferred his capital from Kruševac to Belgrade, in accordance with the agreement on his vassal obligations to King Sigismund of Hungary. It was then that Belgrade became the capital of a Serbian state for the first time. The deserted and neglected Hungarian town was renewed within a short time. A magnificent palace-fortress, the Despot's residence, was built on Kalemegdan, in the Upper Town. Trade and crafts revived and the town began to grow and flourish. This, however, did not last long. In 1426, an agreement was made with the Hungarians at Tata that the town should be restored to Hungary after the Despot's death. Only a year later the Despot died and Belgrade was handed over to the Hungarians. The successor to the despotate, Đurađ Branković (1427-1456), transfered the capital to Smederevo. The coins of these two rulers are frequent finds in the territory of Belgrade. On the obverse of the denarius of Despot Stefan, between the arms of the cross, is the inscription: D/S/CP/OT. On the obverse is a representation of standing Jesus Christ wearing a mandorla. He holds the Gospel in his left hand and confers blessing with his right hand.