One solution was to reduce the weight and or the metal content of coins and so increase the possible money supply. This also meant that extravagant emperors could get themselves into serious financial trouble. Wikipedia User: CNG (CC BY-SA) Threats to the CurrencyĬoins were continuously minted as taxation only met 80% of the imperial budget and the shortfall was met by putting more coins into circulation, the source coming from freshly mined metal. It was also probable that these various coins remained within their own geographical area as empire wide circulation was not guaranteed and although Rome-minted coinage was shipped to provinces it is more than likely that it remained there. Hundreds of individual cities across the empire also minted their own coins and the forms of smaller denominations, in particular, were left to local authorities but in general all of these provincial varieties were convertible to Roman coin values. It is also worth noting that in the east local varieties persisted, especially low value bronze coinage.įollowing the Severan emperors coin production began to proliferate throughout the empire. Other notable mints, albeit with sporadic production, were in Lyon in Gaul and the cities of Antioch, Alexandria and Caesarea, amongst others. Coins were largely struck in Rome but a significant exception was the Lugdunum mint which started production (mostly gold and silver coins) in 16 BCE and dominated until the mid 1st century CE. The silver denarius continued as before (now valued 84 to the pound) and the gold aureii were valued at 25 denarii each and 41 to the pound (7.87 g). dupondii), and the as and the even smaller quadran (quarter) were now made from copper instead of bronze. Gone were the silver coins below the denarius to be replaced in 23 BCE by the brass ( copper and zinc) orichalcum sestertius and dupondius (pl. Augustus, naturally, followed suit but he also reformed the denominations of smaller coins and his new system would form the basis of Roman coinage for the next three centuries. The imagery on coins took a turn towards propaganda when Julius Caesar used his own profile on his coins, an opportunity not missed by Brutus who similarly used his own image on one side of his coins and on the other side two daggers symbolising his role in the assassination of Caesar. Rasiel Suarez (GNU FDL) Coins of the Emperor Following the death of Caesar coinage was produced by the various parties fighting to succeed him but with Octavian's victory a uniform Roman coinage was once more established. In 84 BCE once again the link between warfare and coinage was evidenced when Sulla minted new silver and gold coins to pay his armies, a necessity repeated by Julius Caesar, who in 46 BCE, minted the largest quantity of gold coin yet seen in Rome, outproducing the state mint in the process. It was now no longer necessary to mark coins as Roman as there were no others in Italy and by the 1st century BCE Roman coins were now also being widely used across the Mediterranean. 141 BCE the bronze as was devalued so that now 16 were equivalent to one denarius. This was especially so following the acquisition of the silver mines of Macedonia from 167 BCE, resulting in a huge boom in silver coins from 157 BCE. In 46 BCE Julius Caesar minted the largest quantity of gold coins yet seen in Rome.Īs Rome expanded and took ever more treasure from her enemies silver began to replace bronze as the most important material for coinage. Due to financial necessity, gold coins (aurei) were also minted, a rare event not to be repeated until the 1st century BCE. Gradually, following the financial excesses of the Punic Wars, the weight of coins was reduced, as was the metal content of the bronze bars. These were worth two Greek drachmas and carried the legend ROMANO, later to become ROMA. The first silver coins were produced from the early 3rd century BCE and resembled contemporary Greek coins. The first Roman coins were probably the small bronze ones of low value produced at Neapolis from 326 BCE and carried the legend PΩMAIΩN. As the Romans expanded over central Italy war booty meant coins could be produced using precious metals - gold, silver, and bronze. Despite their heaviness, this type continued to be produced up to c. These units were quite large as one unit was the equivalent of 324 g. The early Republic did not use coins but rather a system of bronze weights, the aes rude.
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