COINAGE TYPES AND VALUES

Throughout the years of the Roman Empire there was a constant effort to maintain distinct species of coinage with their own values. The following were the main coins used from the days of the Late Republic until the end of the empire, circa 476 C. E.:

Antoninianus Coin issued during Caracalla’s reign (211-217 C. E.). After 256 c. e., it became the main silver coin of the realm, replacing the denarius. Its value declined steadily in the third century. argentus An invention of Diocletian in 296 c. e., given the value of the denarius and replacing the antoninianus in popular use. as (sing.) or asses (pl.) Coin issued by the Republic. It was the principal form of currency for years before being reduced to a mere measurement of weight.

Aureus Gold coin of general currency from the era of Julius Caesar to that of Constantine. By the fourth century its value had been debased and it was replaced by the solidus. centenionalis Form of currency issued around 348 C. E., as part of the new coinage of Constantius II. It may have been a variation on the denarius, but many questions remain as to its value and purpose. denarius (sing.) or denarii (pl.) Silver coin of the republican and imperial eras, until the late fourth century c. e. Its value declined steadily through

The first and second centuries C. E., and by the third century it was replaced by the antoninianus. Diocletian revived its issue around 294-296, but under the name “argentus.” dupondius Republican currency equal to approximately two asses. The coin depreciated to such an extent that, like the as, the dupondius became a weight.

Miliarense Probably a silver coin issued as part of the coinage of Constantine in the early fourth century C. E. Its content and overall purpose are difficult to calculate with any accuracy. pecunia Currency issued to replace the solidus; a mixture of silver and bronze. pecunia maiorina Name often given to the centen-ionalis.

Quadrans Old coin from the days of the Republic, made of bronze.

Quinarius Silver-based currency equal to one-half the denarius. The value fluctuated with that of the silver in the denarius, especially in the late years of the third century c. e. It formed part of the general breakdown of the denarius and represented five asses. The gold quinarius equalled approximately one-half the aureus. semis Part of the republican form of currency, made of brass and originally some six ounces in weight. As was the case with many of the coins, its value fell severely.

Sestertius One of the lesser breakdowns of a denarius, with a silver content equivalent to one-quarter of a denarius. Of all the coins in the empire, the sestertius achieved the widest distribution and was also called the nummus. It ceased to be minted in the middle of the third century C. E.

Siliqua Coin of silver that stood as a lesser equivalent of the denarius and, in the later Roman Empire, the solidus.

Solidus The most important and valuable coin in the empire from the time of Constantine. It was normally exchanged for pecunia and thus could be returned to the mints as payment of taxes.

The general values of the coinage changed from age to age, but several patterns can be deduced.

AUGUSTAN VALUES 1 aureus = 25 denarii = 100 sestertii 1 quinarius = 121/2 denarii = 50 sestertii = 200 asses 1 denarius = 4 sestertii = 16 asses 1 silver quinarius = 2 sestertii = 8 asses 1 sestertius = 4 asses 1 dupondius = 2 asses 1 as = 1/4 sestertius 1 quadrans = 1/4 as

Eastern Provinces Syria Antioch Emesa Laodicea Bithynia Cyzicus Nicomedia Cappadocia Caesarea Africa Carthage Egypt

Alexandria

CONSTANTINE VALUES

1 solidus = 24 siliquae = 1,000 silvered bronze =

2.000  denarii

CONSTANTIUS II VALUES

1 solidus = 12 miliarensia = 2 siliquae

1,200 centenionales = 2,400 half-centenionales =

12.000  nummi or smallest units

THE IMPERIAL MINTS

As we have seen, the mints were divided originally between the emperor and the Senate. Augustus had control over the gold and silver, while the Senate managed the bronze coinage. Under later rulers even this courtesy was ended, and total fiscal and currency powers resided in the hands of the emperors and their imperial administrators.

Aside from the mints of the provinces, under the control of governors, and the Senate’s own mint, run by the praefecti aerarii, the currency of the empire was struck under the direction of the A rationibus, the head of the Roman finances.

Clearly, for a time the two mints in Rome were kept in different buildings. On the Capitoline Hill stood the temple of Julia Moneta; within it was the Senate’s mint, the emperor’s being somewhere else, perhaps near the Baths of Trajan. In time they came together. Precisely how they functioned is hard to say, as many bits of knowledge are lost, especially with regard to the bullion and how it was acquired and stored, among many other factors. What is clear is the fact that the mints formed the backbone of Roman financial stability. After Constantine, the mints were under the control of the rationales of the comes sacrarum largitionum.

The following is a list of the mints of the empire during several historical periods, excluding the smaller, provincial shops or those opened by usurpers.

IMPERIAL MINTS

Western Provinces italy Rome

Mediolanum (Milan) Ticinum Aquileia Gallia

Lugdunum(Lyon) Treveri (Trier) Macedonia Thessalonica Thrace Heracleia Illyricum-Danube Serdica Siscia

Spain

Germania inferior

Cologne (Colonia Agrippina)

Suggested Readings: Askew, Gilbert. The Coinage of Roman Britain. London: Seaby Publications, 1980; Carson, R. A. G., P V Hill, and J. E C. Kent. Late Roman Bronze Coinage. New York: Sanford J. Durst, 1989; De White, J. Atlas of the Ancient Coins Struck by the Emperors of the Gallic Empire. Chicago: Ares Publishers Inc., 1989; Harl, Kenneth W. Civic Coins and Civic Politics in the Roman East, a. d. 180-275. Berkeley: University of California Press, 1987; King, C. E. Roman Silver Coins, V V: Carausius to Romulus Augustus. London: Seaby Publications Ltd., 1987; Klawans, Zander H. Reading and Dating Roman Imperial Coins. New York: Sanford J. Durst, 1982; Klawans, Zander H., and K. E. Bressett, eds. Handbook of Ancient Greek and Roman Coins. Racine, Wisc.: Whitman Publishing Co. Inc., 1995; Mattingly, Harold. Roman Coins from the Earliest Times to the Fall of the Western Empire. New York: Sanford J. Durst, 1987; Pearce, J. W E., Harold Mattingly, C. H. V Sutherland, and R. A. G. Carson, eds. The Roman Imperial Coinage. London: Spink & Son Ltd., 1968; Sayles, Wayne G. Ancient Coin Collecting. lola, Wisc.: Krause Publications, 1996; Sutherland, Carol H. V Roman History and Coinage, 44 b. c.-a. d. 69: Fifty Points of Relation from Julius Caesar to Vespasian. New York: Oxford University Press, 1987; Van Meter, David. The Handbook of Roman Imperial Coins: A Complete Guide to the History, Types, and Values of Roman Imperial Coinage. Nashua, N. H.: Laurion Numismatics, 1991.

Cologne Also known as Colonia Agrippina or Agrip-pinensis; one of the leading cities in the West, serving for centuries as the provincial capital of Germania Inferior. Cologne was an unimportant site on the Rhine until the time of Augustus (ruled 27 B. C.E.-14 C. E.). His lieutenant Marcus Agrippa moved the Roman-allied tribe of the Ubii across the great river for protection and settled them there. In time, they were joined by a legionary detachment camp.

The name given to the tribal center was Oppidum or Civitas Ubiorum, and settlers from Italy began arriving there. Agrippina, the wife of Claudius, was born to Ger-manicus and Agrippina the Elder while in the camp. This birthplace proved important, for in 51 C. E. Agrippina convinced Claudius to declare the community a colony, with forts for protection and veteran colonists sent to populate it. Success seemed evident, for Cologne was considered essential to the victory of the Rhine revolt in 69 C. E. The city fell to civilis but then rose up and expelled the rebels, precipitating Civilis’s defeat. An indication of the hostility felt by the colonists toward the Germans was given shortly afterward. All of the natives in the town died cruelly.

Cologne became attached to the province of Germania Inferior, and Domitian decreed it to be the capital as well. With this new status, large efforts were made to redesign the city and construct suitable edifices. So effective were the city’s planners that the original design remained visible into the 20th century Baths, government buildings, and temples to Mercury and the imperial cult dominated the architecture. Industry began as well. From Gaul, glass-blowing and manufacturing were imported and pursued vigorously. By the late second century C. E., Cologne rivaled Aquileia in the distribution of glass, pottery, and fine goods. Famous glass markets in Africa and Alexandria were driven completely out of the Western provinces as Cologne formed the heart of Rome’s economic thrust into northern Europe. In the third century C. E., Emperor Gallienus conducted many of his campaigns from Cologne.