Roman currency
The Roman Republic did not introduce coinage until the third century BC, a late development compared to neighbors. Bullion bars and ingots served as money in Mesopotamia since the 7th millennium BC. Greeks in Asia Minor had pioneered the use of coinage as early as the 7th century BC. The Romans would have certainly known about coinage systems long before their government actually introduced them. Eventually, the economic conditions of the Second Punic War forced the Romans to fully adopt a coinage system. The type of money introduced by Rome was unlike that found elsewhere in the ancient Mediterranean. One example is the large bronze bullion called aes signatum. It measured about 10 centimeters and weighed around 3 kilograms. This metal was made out of a highly leaded tin bronze. Although similar metal currency bars had been produced in Italy and northern Etruscan areas, these had been made of orichalcum. An unrefined metal with a high iron content. Along with the aes signatum, the Roman state also issued a series of bronze and silver coins. These emulated the styles of those produced in Greek cities. Produced using the manner of manufacture then utilised in Greek Naples, the designs were heavily influenced by Greek designs. The designs on the coinage of the Republican period displayed a solid conservatism. They usually illustrated mythical scenes or personifications of various gods and goddesses.
A significant advancement in coin imagery occurred when Julius Caesar issued coins bearing his own portrait. While previous moneyers had issued coins featuring portraits of their ancestors, Caesar's coinage marked the third instance in Roman history where a living individual was depicted. In the words of Clare Rowan, the appearance of Caesar's portrait on Roman denarii in 44 BC is often seen as a revolutionary moment in Roman history. The appearance of Julius Caesar implemented a new standard, and the tradition continued following Caesar's assassination. Although living Romans had appeared on coinage before, the portrait of Titus Quinctius Flamininus in the east in the second century BC serves as an example. Sulla also portrayed himself as triumphator in 82 BC. During the Empire the emperor embodied the state and its policies. The names of moneyers continued to appear on the coins until the middle of Augustus' reign. Coins were an important means of disseminating this image throughout the Empire. They often attempted to make the emperor appear god-like through associating the emperor with attributes normally seen in divinities. An example struck by emperor Philip the Arab 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.
The theoretical standard remained fairly stable throughout the Republic, with the notable exception of times of war. When introduced, the denarius contained nearly pure silver at a theoretical weight of approximately 4.5 grams. From the time of Nero onwards the tendency was nearly always for its purity to be decreased. The debasement of Nero in 64 reduced the silver content to 3.8 grams. Perhaps due to the cost of rebuilding the city after fire consumed a considerable portion of Rome. The coinage of the Julio-Claudians remained stable at 4 grams of silver. This decline continued slowly in purity, with a notable reduction instituted by Septimius Severus. 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 215. Although nominally valued at two denarii, the antoninianus never contained more than 1.6 times the amount of silver of the denarius. As the number of antoniniani minted increased, the number of denarii minted decreased. By the middle of the third century, the denarius ceased to be minted in significant quantities. During this time the aureus remained slightly more stable before it too became smaller and more base.
The type of coins issued changed under the coinage reform of Diocletian. The heavily debased antoninianus was replaced with a variety of new denominations. 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. Each emperor received 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. It was instead a character that embodied the power that the emperor possessed. The reverse type was equally universal, featuring the spirit of the Romans. Diocletian devised the following system of denominations: an aureus struck at the standard of 60 to the pound. He also created a new silver coin struck at the old Neronian standard known as the argenteus. A new large bronze coin contained two percent silver. Diocletian issued an Edict on Maximum Prices in 301. This attempt to establish maximum prices was an exercise in futility. 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.
Roman currency names survive today in many countries via the Carolingian monetary system. The dinar comes from the denarius coin. The British pound is a translation of the Roman libra, a unit of weight. The peso is also a translation of libra. Words for the general concept of money exist in Iberian Romance languages like Spanish and Portuguese. Due to the economic power and longevity of the Roman state, Roman currency was widely used throughout western Eurasia and northern Africa. It served as a model for the currencies of the Muslim caliphates and the European states during the Middle Ages and the Modern Era. Estimates of the value of the denarius range from 1.6 to 2.85 times its metal content. At the beginning of the Roman Empire this thought to equal the purchasing power of 10 modern British pound sterling. By its end it equaled around 18 pound sterling. Over the same period, it represented around one to three days' pay for a legionary. 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.
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Common questions
When did the Roman Republic introduce coinage?
The Roman Republic introduced coinage in the third century BC. This development occurred later than neighbors such as Mesopotamia and Greece, which had used coinage since the 7th century BC.
What was aes signatum made of and how much did it weigh?
Aes signatum was a large bronze bullion bar made from highly leaded tin bronze. It measured about 10 centimeters and weighed around 3 kilograms.
Who issued coins bearing their own portrait first in Roman history?
Julius Caesar issued coins bearing his own portrait in 44 BC. This marked the third instance in Roman history where a living individual was depicted on currency.
How much silver did the denarius contain when Nero debased it in 64 AD?
Nero reduced the silver content of the denarius to 3.8 grams in 64 AD. The original theoretical weight was approximately 4.5 grams before this reduction.
Which emperor introduced the antoninianus coin in early 215 AD?
Emperor Caracalla introduced the antoninianus coin in early 215 AD. This piece was nominally valued at two denarii but never contained more than 1.6 times the amount of silver found in a standard denarius.