Roman Currency
From Republic to Empire. Starting in the late 4th century B.C., the Roman Republic based a bronze (aesin Latin) coinage upon the weight standard of the Roman pound, which was about 323 metric grams.The heavy base unit, the as, initially weighed one Roman pound, while fractional coins were minted at proportional weights.The Roman monetary weight standards quickly collapsed. The Romans made coins of gold, silver, and bronze in order to create a trade and promote their leaders. Learn about the development of Roman coins and their uses of money in this lesson. Ancient Coins for Sale Today Collecting Ancient Silver coins is an exciting way to capture a valuable and precious piece of history. Roman collectible Silver coins from the 4th century are among the most affordable and a good place to start Silver coin collecting. No matter when struck, rare Silver coins all have a riveting story attached to them.
Ancient Roman Currency
The Roman currency during most of the Roman Republic and the western half of the Roman Empire consisted of coins including the aureus (gold), the denarius (silver), the sestertius (brass), the dupondius (brass), and the as (copper). These were used from the middle of the third century BC until the middle of the third century AD.
They were still accepted as payment in Greek influenced territories, even though these regions issued their own base coinage and some silver in other denominations, either called Greek Imperial or Roman provincial coins.
During the third century, the denarius was replaced by the double denarius, now usually known as the antoninianus or radiate, which was then itself replaced during the monetary reform of Diocletian which created denominations such as the argenteus (silver) and the follis (silvered bronze). After the reforms Roman coinage consisted mainly of the gold solidus and small bronze denominations. This trend continued to the end of the Empire in the West. See also Byzantine currency.
Authority to Mint Coins
Unlike most modern coins, Roman coins had intrinsic value. While they contained precious metals, the value of a coin was higher than its precious metal content, so they were not bullion. Estimates of the value of the denarius range from 1.6 to 2.85 times its metal content, thought to equal the purchasing power of 10 modern British Pound Sterling (US$15) at the beginning of the Roman Empire to around 18 Pound Sterling (US$29) by its end (comparing bread, wine and meat prices) and, over the same period, around one to three days' pay for a Legionnaire.
The majority of the written information about coins that survives is in the form of papyri preserved in Egypt's dry climate. The coinage system that existed in Egypt until the time of Diocletian's monetary reform was a closed system based upon the heavily debased tetradrachm. Although the value of these tetradrachmas can be reckoned as being equivalent in value to the denarius, their precious metal content was always much lower.
Clearly, not all coins that circulated contained precious metals, as the value of these coins was too great to be convenient for everyday purchases. A dichotomy existed between the coins with an intrinsic value and those with only a token value. This is reflected in the infrequent and inadequate production of bronze coinage during the Republic, where from the time of Sulla till the time of Augustus no bronze coins were minted at all; even during the periods when bronze coins were produced, their workmanship was sometimes very crude and of low quality.
Later, during the Roman Empire, there was a division in the authority of minting coins of particular metals. While numerous local authorities were allowed to mint bronze coins, no local authority was authorized to strike silver coins. On the authority to mint coins Dio Cassius writes, 'None of the cities should be allowed to have its own separate coinage or a system of weights and measures; they should all be required to use ours.'
Only Rome itself struck precious metal coinage, and the mint was centralized in the city of Rome during the Republic and during the early centuries of the Empire. Some Eastern provinces struck coins in silver, but these coins were local denominations that were intended to circulate and to fill only a local need. The issue of bronze coins can be interpreted to be of little value, and of little importance to the central government of Rome, since expenditures of the state were large and could be more easily paid with coins of high value.
It is known that during the first century AD an as could only buy a pound of bread or a litre of cheap wine (or according to Pompeiian graffiti, the services of a cheap prostitute). The importance and the need for smaller denominations for the population of Rome was probably high. Evidence of this can be seen in the numerous imitations of imperial Claudian bronzes that, although probably not authorized by Rome, appear to have been tolerated and were struck in large numbers. Since the government required coins mainly as a means to pay its army and officials, it had little impetus or desire to fulfill the need for bronze coins.
History
Roman Republic: c. 300 BC-27 BC
Coinage was introduced by the Roman Republican government in circa 300 BC, 'surprisingly late' in southern European terms; the Greek world had already been using coinage over the previous three centuries. The Greek colonies in southern Italy had been using coins for most of this time, and this technology had also been adopted by a number of other Italian cities, such as Naples, Taranto, Velia, Heraclea, Metapontum, Thurii and Croton, who produced them in large quantities during the 4th century BC to pay for their wars against the inland Italian groups encroaching on their territory.
For these reasons, the Romans would have certainly known about coinage systems long before their government actually introduced them. By the time that they introduced a system of coinage, the Roman state had become a dominant force in the western Mediterranean, having defeated Carthage during the Second Punic War of 218-201 BC. The government's reasons behind adopting coins might have been cultural, in that they wanted to adopt a Greek institution at a time when Roman society was increasingly coming under the cultural influence of the Hellenic world.
The type of coinage that Rome introduced was unlike that found elsewhere in the ancient Mediterranean, combining a number of 'unusual elements'. One of these early types of Roman coinage was the large bronze bars that are now known as aes signatum or 'struck bronze'. These bars measured about 160 by 90 millimetres (6.3 by 3.5 in) and weighed around 1,500 to 1,600 grams (53 to 56 oz), being made out of a highly leaded tin bronze. Although similar metal currency bars had been produced in Italy, and in particular in northern Etruscan areas, these had been made of an unrefined metal with a high iron content, known as aes graves.
Along with the aes signatum, the Roman state also issued a series of bronze and silver circular coins that emulated the styles of those produced in the Greek colonies of southern Italy. Produced using the manner of manufacture then utilized in the Greek colony of Naples, the designs of these early coins was also heavily influenced by Greek designs. The designs on the coinage of the Republican period displayed a 'solid conservatism', usually illustrating mythical scenes or personifications of various gods and goddesses.
Early Roman Empire: 27 BC -
In 27 BC, the Roman Republic came to an end as Augustus (63 BC-14 AD) ascended to the throne as the first emperor. Taking autocratic power, it soon became recognized that there was a link between the emperor's sovereignty and the production of coinage.
Iconography and Design
Republican Iconography
Another role that coins played in Roman society, although secondary to their economic role within Roman commerce, was their ability to convey a meaning or relate an idea via their imagery and inscriptions. The interpretation of imagery featured on coins is clearly subjective, and has drawn criticism for over-interpreting minor details. The first images to appear on coins during the Republic were rather limited in diversity and generally represented the entire Roman state.
The job of deciding what imagery to feature belonged to the committee of tresviri monetales ('trio of money men'), young statesmen who aspired to be senators. The position of tresviri monetales (moneyers) was created in 289 BC and lasted until at least the middle of the third century AD. Although initially there were only three, the number was increased by Julius Caesar to four during the end of the Republic.
Roman Currency Symbol
Imagery on the earliest denarii usually consisted of the bust of Roma on the obverse, and a deity driving a biga or quadriga on the reverse. There was no mention of the moneyer's name, although occasionally coins featured control marks such as small symbols, letters, or monograms which might have been used to indicate who was responsible for a particular coin.
Eventually, monograms and other symbols were replaced with abbreviated forms of the moneyer's name. After the addition of their names, moneyers began to use the coins to display images that relate of their family history. An example of this are the coins of Sextus Pompeius Fostulus, which feature his traditional ancestor, Fostulus, watching Romulus and Remus suckling from a mother wolf. While not every coin issued featured references to an ancestor of a moneyer, the number of references increased and the depictions became more and more of current interest.
Self-promoting imagery on coins was part of the increasing competition amongst the ruling class in the Roman Republic. The Lex Gabinia, which introduced secret ballots in elections in order to reduce electoral corruption, is indicative of the degree of competition amongst the upper class of this time period. The imagery on Republican coins wasn't meant to influence the populace; the messages were designed for and by the elite.
Imperial Iconography
The imagery on coins took an important step when Julius Caesar issued coins bearing his own portrait. While moneyers had earlier issued coins with portraits of ancestors, Caesar's was the first Roman coinage to feature the portrait of a living individual. The tradition continued following Caesar's assassination, although the imperators from time to time also produced coins featuring the traditional deities and personifications found on earlier coins.
The image of the Roman emperor took on a special importance in the centuries that followed, because during the empire, the emperor embodied the state and its policies. The names of moneyers continued to appear upon the coins until the middle of Augustus' reign. Although the duty of moneyers during the Empire is not known, since the position was not abolished, it is believed that they still had some influence over the imagery of the coins.
Ancient Coins
The main focus of the imagery during the empire was on the portrait of the emperor. Coins were an important means of disseminating this image throughout the empire. Coins often attempted to make the emperor appear god-like through associating the emperor with attributes normally seen in divinities, or emphasizing the special relationship between the emperor and a particular deity by producing a preponderance of coins depicting that deity.
During his campaign against Pompey, Caesar issued a variety of types that featured images of either Venus or Aeneas, attempting to associate himself with his divine ancestors. An example of an emperor who went to an extreme in proclaiming divine status was Commodus. In 192, he issued a series of coins depicting his bust clad in a lion-skin (the usual depiction of Hercules) on the obverse, and an inscription proclaiming that he was the Roman incarnation of Hercules on the reverse.
Although Commodus was excessive in his depiction of his image, this extreme case is indicative of the objective of many emperors in the exploitation of their portraits. While the emperor is by far the most frequent portrait on the obverse of coins, heirs apparent, predecessors, and other family members, such as empresses, were also featured. To aid in succession, the legitimacy of an heir was affirmed by producing coins for that successor. This was done from the time of Augustus till the end of the empire.
Featuring the portrait of an individual on a coin, which became legal in 44 BC, caused the coin to embody the attributes of the individual portrayed. Dio wrote that following the death of Caligula the Senate demonetized his coinage, and ordered that they be melted. Regardless of whether or not this actually occurred, it demonstrates the importance and meaning that was attached to the imagery on a coin.
The philosopher Epictetus jokingly wrote: 'Whose image does this sestertius carry? Trajan's? Give it to me. Nero's? Throw it away, it is unacceptable, it is rotten.' Although the writer did not seriously expect people to get rid of their coins, this quotation demonstrates that the Romans attached a moral value to the images on their coins. Unlike the obverse, which during the imperial period almost always featured a portrait, the reverse was far more varied in its depiction.
During the late Republic there were often political messages to the imagery, especially during the periods of civil war. However, by the middle of the Empire, although there were types that made important statements, and some that were overtly political or propagandistic in nature, the majority of the types were stock images of personifications or deities. While some images can be related to the policy or actions of a particular emperor, many of the choices seem arbitrary and the personifications and deities were so prosaic that their names were often omitted, as they were readily recognizable by their appearance and attributes alone.
It can be argued that within this backdrop of mostly indistinguishable types, exceptions would be far more pronounced. Atypical reverses are usually seen during and after periods of war, at which time emperors make various claims of liberation, subjugation, and pacification. Some of these reverse images can clearly be classified as propaganda. An example struck by emperor Philip in 244 features a legend proclaiming the establishment of peace with Persia; in truth, Rome had been forced to pay large sums in tribute to the Persians.
Although it is difficult to make accurate generalizations about reverse imagery, as this was something that varied by emperor, some trends do exist. An example is reverse types of the military emperors during the second half of the third century, where virtually all of the types were the common and standard personifications and deities. A possible explanation for the lack of originality is that these emperors were attempting to present conservative images to establish their legitimacy, something that many of these emperors lacked. Although these emperors relied on traditional reverse types, their portraits often emphasized their authority through stern gazes, and even featured the bust of the emperor clad in armor.
Debasement of the Currency
The type of coins issued changed under the coinage reform of Diocletian, the heavily debased antoninianus (double denarius) was replaced with a variety of new denominations, and a new range of imagery was introduced that attempted to convey different ideas. The new government set up by Diocletian was a tetrarchy, or rule by four, with each emperor receiving a separate territory to rule.
The new imagery includes a large, stern portrait that is representative of the emperor. This image was not meant to show the actual portrait of a particular emperor, but was instead a caricature that embodied the power that the emperor possessed. The reverse type was equally universal, featuring the spirit (or genius) of the Romans. The introduction of a new type of government and a new system of coinage represents an attempt by Diocletian to return peace and security to Rome, after the previous century of constant warfare and uncertainty.
Diocletian characterizes the emperor as an interchangeable authority figure by depicting him with a generalized image. He tries to emphasize unity amongst the Romans by featuring the spirit of Romans (Sutherland 254). The reverse types of coins of the late Empire emphasized general themes, and discontinued the more specific personifications depicted previously. The reverse types featured legends that proclaimed the glory of Rome, the glory of the army, victory against the 'barbarians', the restoration of happy times, and the greatness of the emperor.
These general types persisted even after the adoption of Christianity as the state religion of the Roman Empire. Muted Christian imagery, such as standards that featured Christograms (the chi-rho monogram for Jesus Christ's name in Greek) were introduced, but with a few rare exceptions, there were no explicitly Christian themes. From the time of Constantine until the 'end' of the Roman Empire, coins featured indistinguishable, idealized portraits and general proclamations of greatness.
Although the denarius remained the backbone of the Roman economy from its introduction in 211 BC until it ceased to be normally minted in the middle of the third century, the purity and weight of the coin slowly, but inexorably decreased. The problem of debasement in the Roman economy appears to be pervasive, although the severity of the debasement often paralleled the strength or weakness of the Empire. While it is not clear why debasement was such a common occurrence for the Romans, it's believed that it was caused by several factors, including a lack of precious metals, inadequacies in state finances, and inflation. When introduced, the denarius contained nearly pure silver at a theoretical weight of approximately 4.5 grams.
The theoretical standard, although not usually met in practice, remained fairly stable throughout the Republic, with the notable exception of times of war. The large number of coins required to raise an army and pay for supplies often necessitated the debasement of the coinage. An example of this is the denarii that were struck by Mark Antony to pay his army during his battles against Octavian.
These coins, slightly smaller in diameter than a normal denarius, were made of noticeably debased silver. The obverse features a galley and the name Antony, while the reverse features the name of the particular legion that each issue was intended for (it is interesting to note that hoard evidence shows that these coins remained in circulation over 200 years after they were minted, due to their lower silver content). The coinage of the Julio-Claudians remained stable at 4 grams of silver, until the debasement of Nero in 64, when the silver content was reduced to 3.8 grams, perhaps due to the cost of rebuilding the city after fire consumed a considerable portion of Rome.
The denarius continued to decline slowly in purity, with a notable reduction instituted by Septimius Severus. This was followed by the introduction of a double denarius piece, differentiated from the denarius by the radiate crown worn by the emperor. The coin is commonly called the antoninianus by numismatists after the emperor Caracalla, who introduced the coin in early in 215.
Although nominally valued at two denarii, the antoninianus never contained more than 1.6 times the amount of silver of the denarius. The profit of minting a coin valued at two denarii, but weighing only about one and a half times as much is obvious; the reaction to these coins by the public is unknown. As the number of antoniniani minted increased, the number of denarii minted decreased, until the denarius ceased to be minted in significant quantities by the middle of the third century.
Again, coinage saw its greatest debasement during times of war and uncertainty. The second half of the third century was rife with this war and uncertainty, and the silver content of the antonianus fell to only 2%, losing almost an appearance of being silver. During this time the aureus remained slightly more stable, before it too became smaller and more base before Diocletian's reform.
The decline in the silver content to the point where coins contained virtually no silver at all was countered by the monetary reform of Aurelian in 274. The standard for silver in the antonianus was set at twenty parts copper to one part silver, and the coins were noticeably marked as containing that amount (XXI in Latin or KA in Greek).
Despite the reform of Aurelian, silver content continued to decline, until the monetary reform of Diocletian. In addition to establishing the tetrarchy, Diocletian devised the following system of denominations: an aureus struck at the standard of 60 to the pound, a new silver coin struck at the old Neronian standard known as the argenteus, and a new large bronze coin that contained two percent silver.
Diocletian issued an Edict on Maximum Prices in 301, which attempted to establish the legal maximum prices that could be charged for goods and services. The attempt to establish maximum prices was an exercise in futility as maximum prices were impossible to enforce. The Edict was reckoned in terms of denarii, although no such coin had been struck for over 50 years (it is believed that the bronze follis was valued at 12.5 denarii). Like earlier reforms, this too eroded and was replaced by an uncertain coinage consisting mostly of gold and bronze. The exact relationship and denomination of the bronze issues of a variety of sizes is not known, and is believed to have fluctuated heavily on the market.
The exact reason that Roman coinage sustained constant debasement is not known, but the most common theories involve inflation, trade with India, which drained silver from the Mediterranean world, and inadequacies in state finances. It is clear from papyri that the pay of the Roman soldier increased from 900 sestertii a year under Augustus to 2000 sestertii a year under Septimius Severus and the price of grain more than tripled indicating that fall in real wages and a moderate inflation occurred during this time.
Another reason for debasement was lack of raw metal with which to produce coins. Italy itself contains no large or reliable mines for precious metals, therefore the precious metals for coinage had to be obtained elsewhere. The majority of the precious metals that Rome obtained during its period of expansion arrived in the form of war booty from defeated territories, and subsequent tribute and taxes by new-conquered lands. When Rome ceased to expand, the precious metals for coinage then came from newly mined silver, such as from Greece and Spain, and from melting older coins.
Without a constant influx of precious metals from an outside source, and with the expense of continual wars, it would seem reasonable that coins might be debased to increase the amount that the government could spend. A simpler possible explanation for the debasement of coinage is that it allowed the state to spend more than it had. By decreasing the amount of silver in their coins, Rome could produce more coins and 'stretch' their budget. As time progressed the trade deficit of the west because of its buying of grain and other commodities led to a currency drainage in Rome.
Early Coinage
Coinage came into use in Asia Minor around 600 BC. By 500 BC its use had spread through the Greek world. Compared with other civilizations of the Mediterranean world, coinage came late into use in the Roman Republic. The Romans remained a primitive and eminently rural people until the late fourth century BC. They used livestock (pecus) and crude bronze bars (aes rude) as media of exchange. Latin preserved the memory of this period in its word to designate money, pecunia (from pecus). A similar system was used by other peoples in Italy, because there were no deposits of silver and gold there. Only the Greek colonies of southern Italy issued coins of these precious metals following the common practice in their mother cities. They obtained, however, these metals through trade.
The Law of the Twelve Tables (Lex Duodecim tabularum) demonstrates the use in Rome of the bronze pound (as, plural asses) as a way of measuring the value of properties in the V century BC. The memory of this primitive system was preserved for a long time. All transactions with these rough bronze pieces involved the use of a scale. Many centuries after the introduction of coinage, a scale and a piece of bronze were still used as a symbol of the sale and the change of ownership in the ceremony of mancipatio, by which the transfer of certain types of goods, like land, for example, was officially confirmed.
In the late fourth century BC, silver coins were minted for Rome in Naples. Their origin and function are discussed by specialists. Their impact on the Roman economy was surely limited. Only at the beginning of the third century BC, Rome began to standardize the form of bronze bars by introducing the use of cast ingots. The purpose of this change was probably to achieve a more uniform set of weights and to facilitate trade. The new bars were marked with various motives, and this is why they are commonly known today as aes signatum.
The oldest bars had a motive only on one side, but the Romans began soon to decorate both major faces. The motives served, probably, as a certification of the characteristics of the piece. By covering also the entire length of the block, they allowed to recognize if it was intact or if a portion had been removed.
Of course, these bars cannot be considered as coins in the strict sense, because they were produced by pouring molten metal into molds. They met, however, a monetary function as means of exchange. It was common practice to split them when a piece of lesser value was needed.
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From Republic to Empire
Starting in the late 4th century B.C., the Roman Republic based a bronze (aesin Latin) coinage upon the weight standard of the Roman pound, which was about 323 metric grams. The heavy base unit, the as, initially weighed one Roman pound, while fractional coins were minted at proportional weights. The Roman monetary weight standards quickly collapsed during the 2nd Punic War (218-204 B.C.), triggering a massive rise in prices.
As. 2nd half of the 3rd century B.C. Bronze, 284.65 g. Rome (ANS1943.127.1).
Aes grave is used to name the early Roman weight standard.
Uncia (1/12th of an as), 1st half of the 3rd century B.C. Bronze, 26.13 g. Rome (ANS 1954.263.128, gift of Mr. and Mrs. Eugene Tavener).
Sextans (1/6th of an as), c. 215 B.C. Bronze, 27.52 g. Rome (ANS1944.100.115, bequest of E. T. Newell).
The weight of this coin is close to that of the previous uncia, although its notional value is twice as high.
As, c. 200 B.C. Bronze, 34.71 g. Rome (ANS 1969.83.273, gift of Eugene R. Miles).
At this point, the as weighed less than 1/6th of a Roman pound.
As, 88 B.C. Bronze, 10.31 g. Rome (ANS 1944.100.939, bequest of E. T. Newell).
This coin’s weight follows a standard of 1/24th of the Roman pound, called the semuncial (half-ounce) standard.
By the end of the Republic, the Roman monetary system evolved towards a system of gold, silver, and several copper-based alloys. Rome had started issuing silver coinage at the beginning of the 3rd century B.C. and standardized it as a coin weighing 1/84th, and then 1/72nd, of a Roman pound. Called the denarius, its name initially meant that it was worth 10 bronze asses, before being revalued to 16 asses around 140 B.C. A combination of increased silver supply from Spanish mining and external conquests, revaluations, and decreasing bronze weight standards pushed the Roman price system into an inflationary spiral. Julius Caesar minted gold coins, at 1/40th of the Roman pound (about 8 g.). The main Roman denominations were linked following the equation, 1 aureus = 25 denarii = 100 sestertii = 400 asses. The Roman monetary system was stabilized for three centuries, and inflation was eradicated.
Aureus (Caesar), 46 B.C. Gold, 8.09 g. Rome (ANS 1944.100.3336, bequest of E. T. Newell).
Denarius (Caesar), 48-47 B.C. Silver, 3.98 g. Moving mint (ANS 1950.103.50).
Sestertius, (Octavian), 38 B.C. Orichalcum, 26.96 g. Italy (ANS1944.100.6017, bequest of E. T. Newell).
This coin is twice as heavy as an as, though it was four times more valuable. The reason for this is its expensive copper-zinc alloy called orichalcum.
Dupondius (Augustus), 16 B.C. Orichalcum, 9.99 g. Rome (ANS1944.100.38366, bequest of E. T. Newell).
The dupondius was worth 2 asses.
As (Augustus), 22-21 B.C. Bronze, 10.52 g. Rome (ANS 1987.26.268, gift of Damia Francis).
Bronze (Augustus), prior to A.D. 14, 10.06 g. Antioch in Pisidia (modern Turkey) (ANS 1960.170.420, bequest of D. M. Robinson).
The exact denominations of provincial coins are often uncertain, as Rome permitted a high degree of local autonomy in the East. This coin is comparable to contemporary Imperial asses.
Debasement and Inflation
In A.D. 64, Nero initiated a monetary reform that would have lasting consequences by mixing the silver content of the denarii with up to 25% copper. After further debasements of the Imperial coinage, “silver” denarii included less than 50% silver by the time of Septimius Severus in the early 3rd century A.D.
Sestertius (Nero), A.D. 64-66. Bronze, 25.40 g. Lyons (ANS 1941.131.715, gift of George H. Clapp).
Denarius (Commodus), A.D. 192-193. Silver alloy, 3.24 g. Rome (ANS1944.100.49711, bequest of E. T. Newell).
Sestertius (Commodus), A.D. 188-189. Debased orichalcum, 23.52 g. Rome (ANS 1944.100.49760, bequest of E. T. Newell).
Instead of debasing the denarius below 50% of silver, Caracalla, sole emperor from A.D. 211 to 217, introduced a coin that weighed 1.5 times more, but was valued at two times as much, resulting in an effective 25% additional debasement. Inflation appeared after three centuries of stability.
Aureus (Caracalla under Septimius Severus), A.D. 205. Gold, 7.11 g. Rome (ANS 1955.191.27, gift of Elizabeth A. Chalifoux).
This coin is significantly lighter than the aureus which was minted two and a half centuries before.
Antoninianus (Caracalla), A.D. 215-217. Silver alloy, 4.85 g. Rome (ANS1944.100.51525, bequest of E. T. Newell).
During the later 3rd century A.D., the old Roman monetary system collapsed. With time, antoniniani included less and less silver to the point where the precious metal became a trace element in an overall base coinage. The previously bronze coins became increasingly lighter, including more lead, and finally disappeared as bad money chased good. Prices multiplied ten-fold during the decade A.D. 260-270, implying about 25% annual inflation during those years.
Antoninianus (Claudius II), A.D. 268-270. Billon, 3.05 g. Rome (ANS1944.100.32420, bequest of E. T. Newell).
Possibly a 'double' sestertius (Postumus), A.D. 260-268. Bronze, 21.21 g. Gallic mint (ANS 1951.23.30).
The weights of the coins minted at this time are spread over a very wide range, possibly implying that coins were traded by weight and no longer at nominal face value.
Bronze (Claudius II), A.D. 268-270, 7.78 g. Antioch in Pisidia (ANS1944.100.51154, bequest of E. T. Newell).
This most likely represents the same denomination, with about 25% less weight.
Diocletian (A.D. 284-305) restored imperial order and established the Tetrarchy, a shared system of four co-rulers. By A.D. 295, a major currency reform aimed at emulating the previous Augustan system was implemented. It relied upon a system based on gold, silver, and billon (5% silver). The lack of gold and silver led to a groundbreaking fiscal reform that attempted to promote a proportional global taxation system. In A.D. 301 the exchange rates between the various denominations were reformed, with 1 aureus = 1,200 denarii; 1 argenteus = 100 denarii; and 1 nummus = 25 denarii. The denarius was 'resurrected' as a unit of account, but not as a coin. Such a scheme could allow nominal price increases disconnected from any change in the coinage itself, since the nominal value of each coin could be modified by official decision. Much of medieval and pre-modern Europe operated under similar currency regimes.
Aureus (Diocletian), A.D. 295-305. Gold, 4.99 g. Trier (ANS 1944.100.5863, bequest of E. T. Newell).
Argenteus (Maximian), A.D. 298-299. Silver, 3.11 g. Trier (ANS1944.100.5871, bequest of E. T. Newell).
Nummus (Galerius), A.D. 295-296. Billon, 10.16 g. Uncertain mint (ANS1984.146.363).
This coin still retains its original silverish appearance.
Half nummus (Maximinus II), A.D. 307. Billon, 3.61 g. Trier (ANS1984.146.1349).
Quarter nummus (Constantine I), A.D 307. Billon, 2.47 g. Trier (ANS1984.146.1351).
Depreciation and Reform in Late Antiquity
By A.D. 324 Constantine was the sole emperor. Diocletian’s successors failed to keep the monetary system intact. The billon nummus became lighter and lighter, while its proportion of silver diminished. Nominal inflation reached very high levels. In A.D. 301, one pound of gold was worth 72,000 denarii. It finally stabilized at about 3,000,000,000 denarii by the end of the 4th century implying an average annual compounded inflation of 12.5%. The depreciation of the base coinage itself was far more limited: one needed 7,200 nummi to purchase one pound of gold in A.D. 301. By the end of the 4th century, over 500,000 debased nummi were needed, implying a rate of depreciation of only 5% per year. Gold became the sole anchor of a system of a deteriorating base currency. The aureus, struck at the weight of 1/60th of the Roman pound (5.4 g), was replaced under Constantine in A.D. 312 by the lightersolidus, struck at 1/72nd of a pound (4.5 g.).
Solidus (Constantine I), A.D. 335-336. Gold, 4.4 g. Antioch (Syria) (ANS1967.153.47, bequest of Adra N. Newell).
Light miliarensis or siliqua (Constantius II), A.D. 340-350. Silver, 3 g. Thessalonica (ANS 1944.100.21208, bequest of E. T. Newell).
Silver coins from this period follow several weight standards: roughly 1/60th, 1/72nd, 1/96th, and 1/144th of the Roman pound.
Nummus (Licinius), A.D. 310-313. Billon, 4.06 g. Trier (ANS 1925.176.106, gift of J. P. Morgan, Jr.).
Nummus (Constantine I), A.D. 316. Billon, 3.10 g. Trier (ANS 1925.176.116, gift of J. P. Morgan, Jr.).
Nummus (Constantius II), A.D. 337-340. Billon, 1.12 g. Thessalonica (ANS1944.100.21221, bequest of E. T. Newell).
The weight standard by this period was about 6 times lower than at the beginning of the century, and the alloy included almost no more silver.
Multiple of a nummus (Constantius II), A.D. 350-355. Billon, 6.01 g. Thessalonica (ANS 1944.100.21267, bequest of E. T. Newell).
A monetary reform occurred in A.D. 348, as the authorities tried to restore a higher billon standard with heavier coins. This coin was most likely calledpecunia maiorina (literally, “somewhat larger money”), possibly worth 2 nummi. It was later demonetized.
Multiple of a nummus (Julian II), A.D. 361-363. Billon, 8.02 g. Nicomedia (ANS1944.100.21523, bequest of E. T. Newell).
Julian emulated the coinage of the Tetrarchy by issuing a heavier billon coin. The experienced was short-lived.
Light miliarensis or siliqua (Valens), A.D. 367-375. Silver, 1.95 g. Trier (ANS1944.100.25314, bequest of E. T. Newell).
Solidus (Valentinian II), A.D. 388-392. Gold, 4.4 g. Trier (ANS 1905.57.177, gift of Daniel Parish, Jr.).
Gold coins became more numerous after the 360s, implying that new sources of gold had been found, probably in the Balkans. Nominal inflation started to stabilize. Yet the Eastern emperor Valens and his army were annihilated at Adrianopolis in A.D. 378, signaling the end of centuries of Roman military’s tactical superiority.
Solidus (Romulus Augustulus), A.D. 475-476. Gold, 4.38 g. Rome (ANS1944.100.54897, bequest of E. T. Newell).
The collapse of the Western Empire in A.D. 476 did not prevent emperor Romulus Augustulus’ gold coinage from respecting the standards of weight and quality of his predecessors.
Roman emperors continued to rule in the East from Constantinople. Under Justinian (A.D. 527-565), important regions of the West were re-conquered. A major reform in A.D. 498 led to the introduction of a heavy bronze coin, thefollis, worth 40 old nummi. After a base coinage revaluation in A.D. 538, a gold solidus was worth 180 folles or 7,200 old nummi.
Nummus (Valentinian I), A.D. 367-375. Bronze, 2.07 g. Lugdunum (Lyons) (ANS 1944.100.25350, bequest of E. T. Newell).
Ancient Roman Currency
From this period onward, the nummus was a plain bronze coinage.
Nummus (Valentinian III), A.D. 423-455. Bronze, 1.62 g. Rome (ANS1944.100.54874, bequest of E. T. Newell).
One gold solidus bought about 7,200 nummi, versus 150 heavier nummi from the time of Constantine I.
Nummus (Libius Severus), A.D. 461-465. Bronze, 0.96 g. Rome (ANS0000.999.24031).
About 10,000 of these coins were needed for one solidus.
Follis (Anastasius I), A.D. 498-518. Bronze, 6.87 g. Constantinople (ANS1971.257.2).
'M' means '40' in Greek and represents 40 nummi.
Follis (Justinian I), A.D. 538-539. Bronze, 22.82 g. Constantinople (ANS1944.100.14818, bequest of E. T. Newell).
The legend is still in Latin, indicating the regnal year. By that time, inflation had long been eradicated and the base coinage returned to a standard close to that of the old sestertius. The relationship 1 solidus = 40 folles is reminiscent of the 1 aureus = 100 sestertii under the early Caesars.
What Could the Gold Earned by Ancient Romans Buy Today?
| The average Roman household income was equal to 140 grams of gold. |
| The average U.S. household income today is approximately $50,000, equivalent to 800 grams of gold at today’s prices. This is over 5 times more gold. |
| In ancient Rome, the average household could afford to buy 8.5 loaves of bread per day. |
| A modern average American family can afford to buy 40 loaves per day. This is nearly 5 times as much as well. |
So while gold has become about five times more affordable to an average family, its purchasing power has remained stable against basic goods.
Gold is cheaper now than in ancient Rome, but buys about as much.
This is because of the increase in our standards of living compared to ancient times.