Numismatics

Terminology

Currency Coins, Banknotes, Forgery Circulating currencies Community currencies Image File history File linksMetadata Size of this preview: 800 × 600 pixelsFull resolution (2816 × 2112 pixel, file size: 2. ... Numismatics is the scientific study of currency and its history in all its varied forms. ... This article is an attempt to combine and condense Numismatic and coin collecting terms into concise, informative explainations for the beginner or professional. ... This article is about monetary coins. ... A £20 Bank of England banknote. ... This list of circulating currencies contains the 194 current official or de facto currencies of the 192 United Nations member states, one UN observer state, three partially recognized sovereign states, six unrecognized countries, and 33 dependencies. ... In economics, a local currency, in its common usage, is a currency not backed by a national government (and not legal tender), and intended to trade only in a small area. ... Company scrip, LETS, Time dollars Fictional currencies Company scrip is currency issued in certain industries to pay workers. ... This article or section does not cite its references or sources. ... The Ithaca Hour is an example of time-based currency. ... Fictional currency is currency in works of fiction. ...

Ancient currencies Greek, Roman, Byzantine Medieval currencies Modern currencies Africa, The Americas, Europe, Asia, Oceania

Production Mint, Designers Coining, Milling, Hammering

Exonumia Credit cards, Medals, Tokens Notaphily A mint is a facility which manufactures coins for currency. ... Coining is a form of precision stamping. ... The term milled coinage is used to describe coins which are produced by some form of machine, rather than by manually hammering coin blanks between two dies (hammered coinage) or casting coins from dies. ... Hammered coinage describes the commonest form of coins produced since the invention of coins in the first millennium BC until the early modern period of ca. ... Exonumia is the study of coin-like objects such as token coins and medals, and other items used in place of legal currency or for commemoration. ... Look up credit card in Wiktionary, the free dictionary. ... A medal is a small metal object, usually engraved with insignia, that is awarded to a person for athletic, military, scientific, academic or some other kind of achievement. ... A rare and historic Bechuanaland Border Police canteen token. ... Notaphily is the study of paper money or banknotes. ... Banknotes Scripophily A £20 Bank of England banknote. ... Scripophily is the study and collection of stocks and Bonds. ... Stocks, Bonds

The main 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 (bronze), the dupondius (bronze), and the as (copper). These were used from the middle of the third century BC until the middle of the third century AD, a remarkably long time. This article does not cite any references or sources. ... For alternative meanings, see bond (a disambiguation page). ... This article refers to the state which existed from the 6th century BC to the 1st century BC. For alternate meanings, see Roman Republic (18th century) and Roman Republic (19th century). ... For other uses, see Roman Empire (disambiguation). ... Aureus minted in 193 by Septimius Severus to celebrate XIIII Gemina Martia Victrix, the legion that proclamed him emperor. ... First row : c. ... The sestertius was an ancient Roman coin. ... The dupondius (Latin two-pounder) was a bronze coin used during the Roman Empire and Roman Republic valued at 2 asses (1/2 of a sestertius or 1/8 of a denarius). ... The As (plural Asses) was a bronze, and later copper, coin used during the Roman Republic and Roman Empire, named after the homonymous weight unit (12 unciae = ounces), but not immune to weight depreciation. ...

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. A denomination is a unit of currency. ... Provincial coins were issued in areas that Rome concured but did not adapt the roman currency system fully. ... Area of issue Roman Provincial coins are coins that were minted in the Roman Empire by civic authorities rather than by Imperial authorities. ...

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. Row 1: Elagabalus (silver 218-222AD), Trajan Decius (silver 249-251AD), Gallienus (billon 253-268AD Asian mint) Row 2: Gallienus (copper 253-268AD), Aurelian (silvered 270-275AD), barbarous radiate (copper), barbarous radiate (copper) The antoninianus was a coin used during the Roman Empire that was valued at 2 denarii. ... Gaius Aurelius Valerius Diocletianus (c. ... Argenteus struck under Constantius Chlorus, weighting 3. ... A follis of Galerius as caesar The follis (plural folles) was a large bronze coin introduced in about 294 with the coinage reform of Diocletian. ... Julian solidus, ca. ... Anastasius 40 nummi and 5 nummi Byzantine currency, money used in the Eastern Roman Empire after the fall of the West, consisted of mainly two types of coins: the gold solidus and a variety of clearly valued bronze coins. ...

Early currency

Main article: Roman Republican coinage Coinage came late to the Roman Republic compared with the rest of the Mediterranean, especially Greece and Asia Minor where coins were invented in the 7th century BC. The currency of central Italy was influenced by its natural resources, with bronze ore being abundant (the Etruscans were famous metal workers...

The first currency of Rome consisted of large irregular lumps of bronze known as aes rude, which was different from Greek currency, where initially silver was used exclusively, even for very small denominations. Ancient minting techniques caused lumps as modern coins were forced to be round. Aes rude were impractical since they needed to be weighed for every transaction; they were eventually replaced with large cast objects that were round or rectangular called aes signatum. Next came a standardized currency of cast bronze, called aes grave, based around the denomination known as the as, which weighed one Roman pound, and fractional values. Aes rude is a type of Roman currency which involved lumps of aes rude (unworked bronze. ... This article is about the manufacturing process. ... Aes grave (heavy bronze) is a numismatical term indicating bronze cast coins used in Central Italy during IV and III century BC from Italic populations. ... The As (plural Asses) was a bronze, and later copper, coin used during the Roman Republic and Roman Empire, named after the homonymous weight unit (12 unciae = ounces), but not immune to weight depreciation. ...

The first silver coins struck in the name of Rome were a series of drachmae minted during the outbreak of war with Pyrrhus. The value of a Drachma was equivalent to the daily wage for a skilled laborer. These coins, of the highest Greek style, were not struck in Rome, but in Neapolis, and were most likely made to facilitate trade with the Greek colonies of southern Italy. The silver coin that became the backbone of Roman economy, the denarius, was first struck in 211 BC; valued at originally at 10 asses, it was retariffed in 140 BC to 16 asses (to reflect the diminished size of the as). The use of gold in the production of coinage was originally sporadic. During the Republic gold coins were issued only in times of great need, such as during the Second Punic War or during the campaign of Sulla. The regular mintage of the aureus, the main gold coin of the Roman Empire, began during the time of the Imperators, who required huge sums to fight their enormous wars. The aureus had a fixed value of 25 denarii. This article is about the chemical element. ... Drachma, pl. ... Pyrrhus of Epirus Pyrrhus (318-272 BC) (Greek: Πύρρος) was one of the most successful ancient Greek generals of the Hellenistic era. ... Alternate uses: See Naples (disambiguation) Naples (Italian Napoli, Neapolitan Napule, from Greek Νέα-Πόλις, latinised in Neapolis) is the largest town in southern Italy, capital of Campania region. ... Magna Graecia around 280 b. ... First row : c. ... The As (plural Asses) was a bronze, and later copper, coin used during the Roman Republic and Roman Empire, named after the homonymous weight unit (12 unciae = ounces), but not immune to weight depreciation. ... GOLD refers to one of the following: GOLD (IEEE) is an IEEE program designed to garner more student members at the university level (Graduates of the Last Decade). ... Combatants Roman Republic Carthage Commanders Publius Cornelius Scipio†, Tiberius Sempronius Longus Publius Cornelius Scipio Africanus, Gaius Flaminius†, Fabius Maximus, Claudius Marcellus†, Lucius Aemilius Paullus†, Gaius Terentius Varro, Marcus Livius Salinator, Gaius Claudius Nero, Gnaeus Cornelius Scipio Calvus†, Masinissa, Minucius†, Servilius Geminus† Hannibal Barca, Hasdrubal Barca†, Mago Barca†, Hasdrubal Gisco†, Syphax... Lucius Cornelius Sulla Felix (Latin: L·CORNELIVS·L·F·P·N·SVLLA·FELIX)[1] (ca. ... Aureus minted in 193 by Septimius Severus to celebrate XIIII Gemina Martia Victrix, the legion that proclamed him emperor. ... The Latin word imperator was a title originally roughly equivalent to commander during the period of the Roman Republic. ...

As time went on, in Rome, while the coin was 95% silver, it gradually lowered, finally to a quality of 0%. Roman coins were worth from a loaf of bread up to a new horse or lion depending on their value. The silver coins were worth the most whereas the bronze coins weren't as valuable or desirable as the silver coins.

Authority to mint coins

A denarius by Maximinus.

Unlike modern coins, Roman coins had intrinsic value. While they contained precious metals, the value of a coin was higher than its precious metal content (ie they were not bullion). Estimates of the value of the denarius range from 1.6 to 2.85 times its metal content, which is estimated at the purchasing power of 20 modern American dollars. 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 till 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. Maximinus denarius that I scanned. ... First row : c. ... This article deals with 4th century Roman Emperor. ... A precious metal is a rare metallic element of high, durable economic value. ... First row : c. ... For other uses, see Papyrus (disambiguation). ...

Later, during the 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 majority 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 issuance 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 an as could only purchase 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. Dio Cassius Cocceianus (c. ... The As (plural Asses) was a bronze, and later copper, coin used during the Roman Republic and Roman Empire, named after the homonymous weight unit (12 unciae = ounces), but not immune to weight depreciation. ... For other uses, see Wine (disambiguation). ... For other uses, see Pompeii (disambiguation). ... Prostitution is the sale of sexual services (typically manual stimulation, oral sex, sexual intercourse, or anal sex) for cash or other kind of return, generally indiscriminately with many persons. ... For other persons named Claudius, see Claudius (disambiguation). ...

The role of coins

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 tresviri monetales, young statesmen who aspired to be senators. The position of tresviri monetales (moneyer) 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 commerce was the engine that drove the growth of the Roman Empire. ...    This article is a stub. ... For other uses, see Julius Caesar (disambiguation). ...

Imagery on 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 being suckled by a she-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 recent. 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. This coin struck under Philip the Arab to celebrate Saeculum Novum bears, on the reverse, a temple devoted to the goddess Roma In Roman mythology, Roma was a deity personifying the Roman state, or an personification in art of the city of Rome (as seen on the column of Antoninus... This page describes the ancient heroes who founded the city of Rome. ... The Lex Gabinia (Gabiniuss Law) was a law established in ancient Rome in 67 BC. It was passed by the Tribune Aulus Gabinius in 67 BC. General Pompey was granted Pro-Consul powers in any province within 50 miles of the Mediterranean Sea with a fleet of 500 battleships...

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 the ancestors, Caesar’s was the first to feature the portrait of a living individual. The tradition of putting one’s own portrait on coinage was not abandoned following the assassination of Caesar, although the imperators continued to also produce coins featuring the traditional deities and personifications found on earlier coins. The image of the leader of Rome 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. For other uses, see Julius Caesar (disambiguation). ... For other persons named Octavian, see Octavian (disambiguation). ...

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 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. Venus is the Roman goddess of love, equivalent to Greek Aphrodite and Etruscan Turan. ... Aeneas flees burning Troy, Federico Barocci, 1598. ... Marcus Aurelius Commodus Antoninus (August 31, 161 – December 31, 192) was a Roman Emperor who ruled from 180 to 192. ...

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. Gaius Julius Caesar Augustus Germanicus (August 31, 12 – January 24, 41), more commonly known by his nickname Caligula, was the third Roman Emperor and a member of the Julio-Claudian dynasty, ruling from 37 to 41 . ... Epictetus (Greek: Επίκτητος; ca. ... The sestertius was an ancient Roman coin. ...

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 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. Marcus Julius Philippus (c. ... The Persian Empire was a series of historical empires that ruled over the Iranian plateau, the old Persian homeland, and beyond in Western Asia, Central Asia and the Caucasus. ...

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.

Further history of Roman coins

Antoniniani
Row 1: Elagabalus (silver 218-222), Trajan Decius (silver 249-251), Gallienus (billon 253-268 Asian mint)
Row 2: Gallienus (copper 253-268), Aurelian (silvered 270-275), barbarous radiate (copper), barbarous radiate (copper)

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. 7 Antoninianii; row 1: Elagabalus (silver 218-222AD), Trajan Decius (silver 249-251AD), Gallienus (billon 253-268AD Asian mint); row 2: Gallienus (copper 253-268AD), Aurelian (silvered 270-275AD), barbarous radiate (copper), barbarous radiate (copper) File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev... 7 Antoninianii; row 1: Elagabalus (silver 218-222AD), Trajan Decius (silver 249-251AD), Gallienus (billon 253-268AD Asian mint); row 2: Gallienus (copper 253-268AD), Aurelian (silvered 270-275AD), barbarous radiate (copper), barbarous radiate (copper) File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev... A bust depicting Elagabalus. ... This article is about the chemical element. ... Gaius Messius Quintus Trajanus Decius (201-251), Roman emperor (249 - 251), the first of the long succession of distinguished men from the Illyrian provinces, was born at Budalia near Sirmium in lower Pannonia. ... Gallienus depicted on a lead seal Publius Licinius Egnatius Gallienus (218-268) ruled the Roman Empire as co-emperor with his father Valerian from 253 to 260, and then as the sole Roman Emperor from 260 to 268. ... Billon is an alloy of a precious metal (most commonly silver, but also gold) with a majority base metal content (such as copper). ... Anatolia (Greek: ανατολη anatole, rising of the sun or East; compare Orient and Levant, by popular etymology Turkish Anadolu to ana mother and dolu filled), also called by the Latin name of Asia Minor, is a region of Southwest Asia which corresponds today to... Gallienus depicted on a lead seal Publius Licinius Egnatius Gallienus (218-268) ruled the Roman Empire as co-emperor with his father Valerian from 253 to 260, and then as the sole Roman Emperor from 260 to 268. ... For other uses, see Copper (disambiguation). ... Lucius Domitius Aurelianus[1] (September 9, 214–September 275), known in English as Aurelian, Roman Emperor (270–275), was the second of several highly successful soldier-emperors who helped the Roman Empire regain its power during the latter part of the third century and the beginning of the fourth. ... Barbarous radiates are imitations of the antoninianus, a type of coin issued during the Roman Empire, which are so named due to their crude style and prominent radiate crown worn by the emperor. ... Barbarous radiates are imitations of the antoninianus, a type of coin issued during the Roman Empire, which are so named due to their crude style and prominent radiate crown worn by the emperor. ... Gaius Aurelius Valerius Diocletianus (c. ... Row 1: Elagabalus (silver 218-222AD), Trajan Decius (silver 249-251AD), Gallienus (billon 253-268AD Asian mint) Row 2: Gallienus (copper 253-268AD), Aurelian (silvered 270-275AD), barbarous radiate (copper), barbarous radiate (copper) The antoninianus was a coin used during the Roman Empire that was valued at 2 denarii. ...

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. BIC pen cap, about 1 gram. ... Bust of Mark Antony Marcus Antonius (Latin: M·ANTONIVS·M·F·M·N[1]) ( January 14 83 BC – August 1, 30 BC), known in English as Mark Antony, was a Roman politician and general. ...

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. Lucius Septimius Severus (b. ... Row 1: Elagabalus (silver 218-222AD), Trajan Decius (silver 249-251AD), Gallienus (billon 253-268AD Asian mint) Row 2: Gallienus (copper 253-268AD), Aurelian (silvered 270-275AD), barbarous radiate (copper), barbarous radiate (copper) The antoninianus was a coin used during the Roman Empire that was valued at 2 denarii. ...

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 folles 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. Lucius Domitius Aurelianus[1] (September 9, 214–September 275), known in English as Aurelian, Roman Emperor (270–275), was the second of several highly successful soldier-emperors who helped the Roman Empire regain its power during the latter part of the third century and the beginning of the fourth. ... Argenteus struck under Constantius Chlorus, weighting 3. ... The Edict on Maximum Prices (also known as the Edict on Prices or the Edict of Diocletian; in Latin Edictum De Pretiis Rerum Venalium) was issued in 301 by Roman Emperor Diocletian. ...

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.[1]

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. As the renowned collector from the 18th century once said, "Each Roman coin is a unique, yet sophisticated piece of history."

Relative values

First row : c. ... The sestertius was an ancient Roman coin. ... The dupondius (Latin two-pounder) was a bronze coin used during the Roman Empire and Roman Republic valued at 2 asses (1/2 of a sestertius or 1/8 of a denarius). ... The As (plural Asses) was a bronze, and later copper, coin used during the Roman Republic and Roman Empire, named after the homonymous weight unit (12 unciae = ounces), but not immune to weight depreciation. ... The semis (literally meaning half) was small Roman bronze coin that was valued at half an as. ... The triens was an Ancient Roman bronze coin produced during the Roman Republic valued at one-third of an as (4 unciae). ... The quadrans (literally meaning a a quarter) was low value Roman bronze coin worth 1/4th of an as. ... The quincunx was an Ancient Roman bronze coin produced during the Roman Republic. ... Aureus minted in 193 by Septimius Severus to celebrate XIIII Gemina Martia Victrix, the legion that proclamed him emperor. ... First row : c. ... A quinarius The quinarius was a small Roman coin silver coin valued at half a denarius. ... The sestertius was an ancient Roman coin. ... The dupondius (Latin two-pounder) was a bronze coin used during the Roman Empire and Roman Republic valued at 2 asses (1/2 of a sestertius or 1/8 of a denarius). ... The As (plural Asses) was a bronze, and later copper, coin used during the Roman Republic and Roman Empire, named after the homonymous weight unit (12 unciae = ounces), but not immune to weight depreciation. ... The quadrans (literally meaning a a quarter) was low value Roman bronze coin worth 1/4th of an as. ... The Edict on Maximum Prices (also known as the Edict on Prices or the Edict of Diocletian; in Latin Edictum De Pretiis Rerum Venalium) was issued in 301 by Roman Emperor Diocletian. ... Julian solidus, ca. ... Argenteus struck under Constantius Chlorus, weighting 3. ... The radiate or Post-reform radiate (the actual name, like many Roman coins of this time, is unknown), was introduced by Diocletian during his reforms. ... Julian solidus, ca. ... Miliarense issued by Byzantine Emperor Romanus III. A miliarense (neuter form of the late Latin miliarensis pertaining to a thousand) was the only fairly regularly minted silver coin issued by the Roman and Byzantine Empire. ... The siliqua is the modern name given to small, thin, Roman silver coins produced from 4th century AD and later. ... A follis of Galerius as caesar The follis (plural folles) was a large bronze coin introduced in about 294 with the coinage reform of Diocletian. ...

Note

1. ^ W.G. Sayles, Ancient Coin Collecting III: The Roman World-Politics and Propaganda, Iola, 1997, p. 20.

References

• Greene, Kevin. Archaeology of the Roman Economy. Berkeley, California: University of California Press, 1986.
• Suarez, Rasiel. The Encyclopedia of Roman Imperial Coins. Dirty Old Books, 2005.
• Van Meter, David. The Handbook of Roman Imperial Coins. Laurion Press, 1990.
• Howgego, Christopher. Ancient History from Coins. London: Routledge, 1995.
• Jones, A. H. M. The Roman Economy: Studies in Ancient Economic and Administrative History. Oxford: Basil Blackwell, 1974.
• Salmon, E. Togo. Roman Coins and Public Life under the Empire. Ann Arbor, Michigan: The University of Michigan Press, 1999.
• Sutherland, C. H. V. Roman Coins. New York: G. P.

External links

Numismatics Portal

Wikimedia Commons has media related to:

Roman currency

• Doug Smith's Site on Roman and Greek Coins
• Forvm Ancient Coins Identification, counterfeit detection, articles and photo galleries
• Dirty Old Coins
• The WildWinds database
• Dead Romans: Coins
• CoinArchives.com: A large database of coins previously sold at auction - includes images and prices
• Brad's Introduction to Ancient Coins
• Ancient Coins: Free ancient coins organizer
• Ancient coin collecting, and the ancient mint process-includes a lot of information on how Roman silver coins were made
• House of Constantine Bronzes