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Tlu3 A ugus~-a"ft,By,8te1n~~

IN i·hle.p.rec,eding section 1 we considered the consbi .... tubion of the oriehalcum and oopperfactor;s of' the Angusban system, 'With respect to the more precious m etals Pliny's statemen ',' ·t· ,tho ,0,L in the t'~m·'I'.o. A·'ng"ussus of w, J the aureu« was struok ,at '4t~ of a pound I( = 12rQ'!18i gra) and the d'en(tri!~s at b (=. 610,,15 grs.) is preit'i;y generally aoce pted. If~ however, as :may reasonably be supposed, the wei.g·h,t of each ctureus and. de1~a~lit':swas tested separately, it, app,ears probable, th,at th,e normal standard of the coins 'wars l' and 8i- seripula respeo ... ....1.. _·:f ive a' 1__ g' pproxim ates r_<:_.I!:: 'I'¥'r .. :. ti . wrY!] ~ 0"'-- 12·'2-7': [_ nd '6:1,·'3":':'9"';-r-'i:!i which :'a' fairly closely to Pliny's 412 and This standard remained unchanged from Ell 0.. l4 to .A.D~0 3, .. Th:l\t the, de1~1a.,t'i'l'B of Au,gu,S;tns WO,S issued normally at 20 siliq uae (= ,518,,4 grs.. ~ as has 'belen suggested, ) w'hic,h implies, moreover, thlu;t ·th,le weight of·th,e au,',eus would be 40 siliqnae (=: 116,~S. rs,.,):! is obviously too g low an estimate, The gold coins of th,e early Empire are remarkably consistent in their weight and considerable care appear,s to have been taken to ensure aC(nlr3AJY in this respect .. Moreovler~, the average weight ,
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'i" ' ~,: 'RO""l_'!r A lIN' 'MO'!i.;"I"'~·"~)1i: ~" L!W' ~~. filiI iIl!iii ~Y~~~fII'i'E,~Q..fi..J;, ' , J.:, ~ ..L A ny'"
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of the coins certainly' mdicates a rather heavier standard ; th,ns six fin,ely' ,preserv',eJd. a,t~,'ei·of AUg[U71tU1S give an average of 121~,85grs., and, seventeen equ,ally nne ikn.a~~i~liJj e(1 after JB\~G,"210~,an average of 59+'8 grs ~ iS8tl. Th,le normal 'weight~ 31;9 31 generaI1'llle" may be expected ,to be sligh,tly' in exeess of th,e ave,rage:; therefore there. a~p,peal!~ome justifleation for the: conclusion that the s C~lt'1~e;l'San"c1i dena1 t'l,{rS' of Au,gusJ'ttl'Sweighed 'reSpIEHJ,tiv1e]:y t 7 and 8l seripula, Th,leratio of gold to silver was thus 12~,5to l'i . I'he :meltal composing the d6?~.ct1~ii AUglls:t,ns is, as of regards qnali ty the nne,st ,t-hat OOO'tlt'"S under the Empire, ': IJ~,Hammer's analysis showing aLB ,h,igh a proportion as '0,.9 9 of pure silve,ri~2 Th,e monetary sys,te,m, ins,tituted by' Augus;tus,~ comprising eight dencminations which formed the basis of th,e, :Rolma,n coinage down to th,e t,im,Q, of Galli.e,:nll.s, lnarY be summarized as follows :'~
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13: S.Ust.lJm" § 11. Olt(U'~9'(l-8' i~lt, ,t.l~ ,il1.,~glll8,~,(1/},~ t'" hh d' .e :1'8t ''fir'" now ,plass on to nonce '..t:' e. onanges th - Qlccurre~ in, t'he course of t'his period of over two and a half centuries and the various ~ttempts~ made from ti:m:e to t,ime, to re,adjust the coinage in order to stave off the mevrba b 'l d'~1.s1'n,l~e"gr,atllon 0.f' th~,es'J7'ste;m,j ~·.e••~
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Thes;e changes are mainly of three kinds : (l) the .'. ·d d." aon .. . - .,'. d' ,._. ,. . ." '. - .. ions -' .... -lng annr ·t·".'. . 0f" new' : enomma .- t."'···, 01 J.lew rorms 01r-" exis ·t'~. denominations, the duration of t·hed.l~currency being in some oases Iimited to ;Ft fe,w' years, 'while in others it, is extended to 'nearly a century; (2) the temporary or permanent discontinuance of certain denominations ; (3) the ·tend.s'ney towards depreciation, which is especially oouspieuous In the third century, by' the, reduction in -th.'e ·wei.Q!'h,·t of the [--,_ g"",oldand bronze and !C b: r ,t'-h l:nwea~~· '0" .f,,' lJUe alloy .. in .l~ sil vel", l... ,-. , she "' .. .;':, ...... .:. J1 I,e .!h",._ It may be stated ,Q"enera11,y·.· that ·throllg~"h;out this ..· · period gold and silver qtti'na,j,tj,'i appear to have been issued somewhat irr',eguJa'rly and, never in 'va-:ry Iarg'e . ._-,-J .. ' rn'l"1"I~~1 Ii1lLTm,~O' GP"'n'-li':~EIo!O:!' to oI!'!O'-I-m' e·' extent to ths .II. n u.to-r' _\_-,-v, quantities. . f "l~ "1-ieh I'CUI I m,1 'i'!I~.iII1'-.' iii"I;iI9i;p" 'p" la-I'''' dcQ!U'if':Ij '-11 d .o:n·' lrf'iiiWi' l-n- -, J.:,·l": ~n -I' ". -,. I u' ... -..-.' .... , ,"~ '. Ill. ,a,u itioi . .0 ._ e .LOUE ,.J:id· _ -'-'. '-"rS·ID.!'. ---' Th·..,e· ft- -.:-. ,:i- new, .. :: specl.€J.s 0f- cn Ill, ''"''. 1·lon ·t·-- t-,h:· ~'" ~ senatorial denominations of .Augnstus, was introduced, ·-b'·· 'th··· .. '-.-.-.'-'." '.- .:~'0' L··~,·-..~~-·- A·'· -~, .. 7j'-',le mon'E¥iye1rI[;~ p':':--' ecc_OIlUS _,c,_,grlppa,. lLK' .maecurus bJL.ii M····· ·····-·~·li,~.~. r' U., 1;.1.8" anoii '1\£ oa·-·'1 ~, 1'1' ' . -- d Jl]l, ·s-~' 'V1UiS'ifJ),0"";t'-h- 'IV h'·10 appear t·--- h" .- h- -' Id .. ' -. ... eo nave :!J).,~_ joint office as triumviri In a,o, ,5.~ Besides dupondii and asses of the usual typles,'i these moaeyers iSSUIEMi a ,..... '....,~..' .0-f:'~coms 0..fo 1·,,·,· ,--' '.' ~ '" ... ,'-,--~il-. 'boear ng on the ooverse". . ~.d ~ ... ',,'-.' series -.., _ ., :' ...,: ,,- ·~rg,ermonuse e: ~. ;:":-:-l~ -_----.-,. --: cne c b .'-' the striking device of the head of Augustus crowned bv aa ~. UI_",;:- 'gt:·,-,--'h-"fi'; .', letc .:- -.' _y Ell:u~J!en,,-' ,-",.gu~e 0][ '-V'_- 10_ ory -~ ,~--- 10.. ". "a,·····.e ,.~,iEL_ "",~.., ..ousl y ..Jl eserih ,,-,85'9:· ' Th- OOlD,S" W 'h..-h h'~i'V- be -n V~F·l'·'rus I." iU'tj~I~.w:-&.,!e.d ,:;tIS St~&-l!ei'ti'i 'by ,Ml~ Grueber," as '"triumphal." ,a;SSf3,'8 'by ~ 'Viller,s and Laffranchi," or as dupcrnd)ii b!y M·:rW alters, 0 .. ' ·.JI .. h df ap'pe,ar to h !a;V'16 b neen issneu at a Wl91g._·t stanc d ar,~ 0,' normally about 35,0 grS'tG,
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1915; 'p,~3,'26~ ~ Ac'tllal'wt=lght'B, of specimens a.. [in .grains) ': P.. A.gl~.i:p:m)a'J 2'11,,0;' I~B

.N~~1.~~" Cb.,n),n..,; 1'904, I?;; 232,.

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'~.rhe,mesal ofwhieh t,h'e,Y are composed Is a,p}JJtl:re'u,tly pure, or almost pure, co'ppe~~a fact t,h,at in it.s, elf'
.an,·tl'"'''''I'-,EI,'1i,y01 .'.: lI.OJ.,._~:·.
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On the other hand their weighb demonstrates clearly ''-. ,...ll.~..:. T'.hi'UI -1i:'~jI th ere seem ~ ]-Il'~'t"tle ... -. th.Ia·t ,t'hey C'"-'!l" ....
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reason to donb t that we are j' nst.,ifi,~din accepting ,Ml"~ '¥,alters,~'s suggestion 'bha,t,bhese remarkable coins, are copper ,d'ttpondii", It seems to have been the unwritten rule in ieallll,Y
days tha,t the emperor's was placed on, no senatorial coin other than the as, and this rule W'EtS, observed until ~ah'~"tlt ye ar Ai! D" ,22,~ T,hresa unusual the coins struck by the, moneyers of E,~O~5, the\l~efo:r,e,; form, the only exceptions, rand, th,eir is'Sl1.e IDLwt, be regarded as le····-:·w:~~ ina 'f'I'y si n n " lUI. e S·,i,.;-. b]~she ..~ n ':_"'-,~" re..ceden ,~··_.~L ~X· ..0" ~rl 0-'" '-pc ·· ~'·.j~-l~~ an ~l ,.;.~-ul,~.. v.ru J~J.1.,
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was of 'brief' duration.

Of 'more importance, on account of i~s greater permanence as a factor of ,the, :mo:n,e'bau'!ly s,ys't,em'Ji was the Introduetion of the brass (orichalcum) ,s(Jrn./t'S~ This· denominasion was 'not Issued b'yamy of the moneyers who controlled "this senatorial mint down to JB~Oli ,8';i but ia:pp;eal~ In th'e, following y'(~al:~t the provincial mint of a
,WI,.. .,a, ,~. ,to ..•...'m-P'r'lI"~.-/' th 'S'eh .- mo nf-' ,t'he' bra ~th 0 i!i:T:ng' 1--,-:.c_~'v~e·1 View ' 1.' . 0, v,~' r~,c.,;Ja.,~:~;;;P, II'li'D inag :'0., b'y- b"11"'; "In,gt' 1it'iI'g' deno _I m inotl~ O' naM th 11 (_,!;j_).1 d copper values into 'more, r,e,gula,r se'q'tl9,nce'l T,hu.s, the p:rQ... , vineial coinage of Lugdnnnm, consisting of 8,e8t'l~tltius:, ,(lf~p(Jtncliu,6\,-, and semi», represented i,D, terms of the a«, as;, ,4, 2, I, and 'j, as contrasted with, the ise:t;U\'borial IJe'8t61'iti;~t{J, ,cZ1li'pO~ldi,tts~ ,~&:~ and Ultadj lt1le8' or 4:; 2", 1,~ and !_,~
I j

Lngdnnnm," the emperor,
::.I,I.:__'~I:'

Its int',roallction under t'h.e auspices of' Ol~the Concilium Galliarum, W,~5ipossib,],Y
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Alth,Otlgh the Lugdunum sequence has much to commend it from a praetleal point of 'view', it does not, appear to have been adopted 'b:y t'he l~oma'n mint, and th"e semis finds 'no place in th,e senatorial coinage until it Is Included in the elaborate reform of Nero, AJI;'D," as. Tlh,e, oriehalcum, ur· brass, semisses of AUgtlsttlS an,d 'I'iberiua bear bnt one reversa ~ype~ namely t'l,t,at of the ,Alta':l!'· oj Lug.ilu'~z'll/n~, nd th,ei:h~is~J1.Jle ceases about a the ye,ar A., D,. 21~,wlie,n the p'I'ovinoial mint of'Lngdunum was closed for the Issue of brass and cO,P;P'61 Two mod ifiJ3;a;tons, of t,he Augustau sys,te,m, occur i during the reign '0£ Ti'bsl'1,ns: (1) the copper qUt.td1itJ.~$te':s were discontinued, and (2) duptJnrJ)ii were iSS'll,l9{l ac cording to two standards of weight, ~l~he former calls fori littl,e comment, since the :iSfjl1BJ of small copper money fluctuates considerably under the earlier emperors, But this somewhat curious feature, respecting the "teight of the tlupoindi'l~s undoubtedly has an important bearing 011 the monetary principles of the period, The;;re, is :pra-etica]]:,y no question that, the weight of the dttpo~~(li,t,s)a'Soriglnally determined under ,AllgtlStttSl was half an ounce (210,~5 grs.), The senatorial dt~POI'id,il of the moneyers (a.o, 18,.....3), though ~Iubjeot to a good deal of variation, work out Eli,t this amount on the a,g,g]l.legats;, and the imperial d:'t.~P()1~iliiof Lugdunum (B~'C:I 2-AI,DI 21) correspond .fairly consistently with this weight, ~~'bou.t the year ,Ai,D~ 2,2, however, we find 'l~1;tpc)"niti'i iSBu.led. a't, tit heavier standard of about 2,5,0 grs.~sl iThese heavier coins did. 'not supersede the Iighber ones, but, were issll,ed along wish them, rrIol'ef

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Specimens

11.0t iDfl'B~l~u:~,n w'I~:d.,gh 'Us Inuch gus'280 Q"',~;S~ tly

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over, t.hey present no distinction in typle~,S'O ·that we fin.a :m,a"ny examples of diZ~p(nzd/iJ,'~identical as regards type and le.ge:n:dl"issued a·t both wei,ghts (e.g, dUJ?fJ11;(lii of Antonia,~ Nero let Drusns Oaesares &'C.,) I, It .is;pierhaps 0bvious to raise the question whether ·this variation in 'weight .may not be the result of mere accident or inacouraoy .in casting the flans, It is well known ·that Roma'u coin-weights were frequently erratic, but, in, the case of t·,h.;edUpO~lZd:ii of this, period, the tend,e·nc"y to exceed half' an ounce is, in many specimens 80 marked ·th.at it appears :p'ractioally' certain that the,Y were mtended to conform 'to a heavier standard, On the other hand, the Iighter dttp'Qndi'i generally fall :sh.ort of half an ounce, .rnhl~ ",Q~._'~, ~ is unmista l~oil3 '-b'~ii- IJ'n .Lt, (~%1lI'_'U.nrth~Z rssue feature J'li'3l..1"' -'"' ~,- .-, ed .J." 'c.: s unmisrasaoie ~ ~W~ -J during th,e latter par~ of Tiberiu6~is reign and during t,h'9 reigns of Caligttla, and Clalldiusj It is ]lot· witheut signifl canes to '0'" ·t- hat rID"der l.-h"~; last t~w'"0" emp-erors~l' ,t.,'h·' ~Q ..~~. I..'. .: .30VJ·8ttJf ti"tt8 weighs almost invariably more than an nun: ~.n n d ': -·e·:. '·lan:: -y- ~ em" U '-h ~. 470 U:l-1i"S- -w' h' eI~ fr tl ~V,c 'c ".~mt:iiJi t,h,rougholl',t, t'he :period., ,there :is no corresponding apprecietion in the w'ei.,ght of the as. IT:~kingthese points in eonnexion with one another it S,€!eID:Sossible, 'tOI arrive at· some explanation p of ·t'he increese , , .. :I".t,:'ll1]l1li1.11 '1'; '1-'.t.'.. has II ,v~I~.u,.~g 1'"n, th j;... 'W' ..'e'l~'ght of th" o Ur.;!I)ii\,'I~Gifi,!U.g,'t .,,~ _":, ~ -. alre,ad.:y been pO'in'te,a~out that, orichalcum was reckoned in curreneny ;iIJj·t O- iFIon'g I~_'~_ tW third .s .~ a vame or and' 1~~_U'!!3',' ' I ebh '1'1 f " - -·pp.o.n' ~I_ 0 copper .. IThis certainly appears to have been th,e 9 t' ' , 't- t- ~ - - 1~ ~ '" ra tso -boeeween th- e nwo , meta, ,'-1s- , t- t- hre rame t' jll!a~0.1"'1'0,hia ] .'eum coins were mtrodueed by Augustus, ISO ,t,hat the: d~{jP(Y/~.di~'8' f orichaleum, ·w·'Eti.g,hing' 210~5, grs., W;RS, o
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tWi'J<9 the value of t,h, 8, copper as, weighing 1'7S~,5grs .. 'fllat is to s'ay" the ilu;po 1i~di!tIt8'was one-fifth hea vier' than the ae. Under Calig'tl~,aand Olaudius thecomponent factors of oricha .eum i e. copper and sino, 0 oour in almost exact proportions of 4, to IJ' thus, prodneing oriohaleum of the nnes,t qua]i~Y"110 Buf w,' at, was the result 'p Evide,utly' that the mtrinsio V alne of orichalcum l'"slatively to that of pure copper was found not to be tlLS great as -th,at, assigned to it 'by Augustus, Oonsequently it became necessary to add weight to the ,ahlloyed coins In order to preserve the standard of ,the as. AlthOtl,gh, this hypothesis accounts for the iSS.U.'91 of the heavier "l;upo'lu:lii~, it does not explain the per',.. sistenoe ,in certain eases of the. older half-ounce standard, It is,:, 'ob&ble~ however" that, 't'h'8 eommercia! 'value lof erichaloum tended to 'flu(~tuatBI S,O th,at in the issue of light clt~P,Of~di'iwe m~y I,: iseern s,und:l~Yattem:pts~a,pp9J:~e'ntly tmsuccessful=-to maintain it ,at its, original s,tatus. Furthe ,~, e may' well w im.a,gine, that this shifting of the ratio be'tw8 en, erichalcum and copper goes some 'way' towards explaining w'h:y no oriehalcum coins ware struck during the f ',l!e,I'IO"S Feu:gn" an: d wh(Y' In i:',h e y'ea't ~ ear Il.er pa,Ft 10~, N AI 6a. the senatorial coinage was entirely readjusted on an orichaleum basis, In att'emptin,g to discover ,the normal 0'1· theoretical weight of the heavy d~w'ondi1i8J issued between A~,Di 22 and 54; a, di6lculty ari ses from the 'fact t'ha.t we possess n in d 'spend e'n-,-·t·, evid e:'n ee t, 0"'· t·:h IQI;x-"'tanp't", ,to' 'W' 'hi ch IW!ll_ .. oriohalcum had depreciated in relation to copper ..
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of,th,s coins T;his- as we have stated works out at, about ,250 grs., which :indica,tes th,at ,t:be r,ati.o between the metals stood, at about- on,€! and one-third to 011El., That, is to say" since 't'ihe,two asses of cOPP", oer 'weig·._,h,ed 851 0 grs., it follows, t,h~lit,an equivalent value of ori,cl~al .. . cum would, we~gh 252,,5 grs., or' on,e-tw,en"tietl~, of a Ro:man pound, which was not Improbsbly the normal w',eig'h,t of the ,h"e:aVy(;lf'~JJ\(J~ttd'i'~~8~ On tlle, other hand, we cannot overlook the possibility '~b,at ,the weight of 'th'Bse coins m,ay' 'nfJ;t have been .' ~di.···d" ,"'h'·, cQn,IaJ.ne,u, m "t ,(" .,.... ' ]1 d-e.,J:!. ., ," -t- .. ,1··,: fl·;',· ,.:.-m~,; anc d-J provice __nmte __ nxeu Y IUJ,,_e,Y !. th d ~..· o..-~ m!iiea~l"!' a'm'Otln~ oi£.1'~ orlC ha -I cu'm th an 'lJ" '-, ~i' £' it§; ',-,,', "., the Atlgtl.s.t~n, stan a,ard , their precise 'w'eigh.t may have 'been ],ef~ to t]le caprice or discretion of the
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.. f c!ero's; Dll'rlng' th.J:!.... nrst nine, 'y' ears ,0:,: N " reign a some,:,e' wh;at unusual state, of ,affairs prevailed in connexion ,., ' t-h;o 'wi,t,h tl'h 'R Ie ' ~'~'om;anmint, 1'11. mue 'hI, aSLI_e rssue 0' f go"Id as and ailver, which since the time of ,AUg~u;stllS had belonged exclusively to -th,s 'imp,erial. mint, Wl\S now rele gate dl. to 'the ~e:natorial~'~2It seems probable, moreover, tha't, no coins of orichalenm or copper were issued
1_,.. ii3 ,I,

H'uving a;M;e1U111o'ted to (1e;~1 wit'h 'v~L'rious 3.~,psets 'Dr Nero's coinage &n,d tll e imp onrtan t I'~£cn['m of ,A~D~ 6 S in th e M~iJ~~Cl~f'~n ~ ~,; 1.'916~pp,. l:S-SI~lj I snu\.]] :mo't re:l~e'aJ't-wlHtt I.llia.ve already galol furt,her ,than is, n'B,C ess,ary t? m al[e the, subj eet in't'el'l~gibl ell T here 3~Th.'\e:thow,@IVer ~ OrtA3- 0'1' two SUIJplel.llenbl"Y 'lP oin tJ to -w'hi:ch I wi:s,h m ore
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:[1

M,l"'~ M'~ttIll gly ]l:3,S sugges~e,cl a SO'lfU~What ,diffe're.n't eJ{,lf)laiDfL'tiO'D, (,Be'a ~~,1Y~i,nts f tl~,eEarly En'],~)'ir:le in Jaurn, R(n~~>i o Sf.1,tdies" vel. Vli,)
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fail'" i'ufer1en,c e "r,oIn '~b :invari able IOf'C,U tTe'n ee of e EX., S.,C on th e (U!~J~tJ;'l ,n'nd. i.l'e~uu~i;' ued A,~ 5~ 68.. Howe V"f3l:', iss 'J)!,

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:p'rior to the Y'ear A.i'D·~ 6 O; and i.t is nob 'until aftsr the reform of ,A,~n, 6,3 that the great Nercnian oomage :in these metals realt.y begins, :This· tempor,~·.ry' closing of the senatorial mint for the issue of b173SS. and copper coins was not without precedent in the monetary hi.s;tory of Rome, From ,n~ 82 to 23 the1 'e had b een aiD, almost total cess ati.on C~, of the bronze coinage, and ,a, similar Iacuna had Q ecurred be:fuw'e en Eli o. :3 and ,A~, D., ll~, Down to the ,y,e,al~Ao;Dt 68 t,he, gold. and silver coins wer'e, maintained at, about ,th.,e· same stan.ldard:, of weig'ht and. purity as that adopted in. B",.O~ 1;5111 Bnt in A.:D.. ,63 N'ero reduced the weight of ,the ,a~t?ieU8 "to IOlt· soripula (113 ,ro g1~s~) nd:. that of the de~'la~~I.it'8' 8, seripula a to (52~64grs.), or respeebively to ~\ and ii' of a ponndi'ls At the, same time· the amount of alloy in ·the silver was Inereased to about 10 per cent.
i
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Ib mJ~y' be n.ote,d in pasaing that,. although the de1'Ul,?"it~8 suffered eonsiderably from debasementunder subsequent empercrs, no furth,er reduction seems to h-vo. '1:...·01en made ,ID 'in I"' ,tn5::: nOI'"mIGlI WO'I'" g]-!!'J,t- ~o .ic g as I",.' .t,.... ,' a u!d!d' .:.,.._~ _w__ ......-.'~_ i'"· .nIO Ion . continued to be :a :re"gulal'" factor ofthe currency. I have elsewhere enumerated various reasons t'hat have been llrge,d in explanation of' the reduction of the gold aud silver coins under :NefiO,., T'here EHEN3.ms no question, how ev"er, ·t,h;at the reduction in, the case of' the a/ltj!~e,us and de11a'i~.itts' is inseparably associated with t.h-. read justm QU' ·t·' 'v: t he '0"-11'" eh aleum n n d ''''''''v.'~.::._: ~,1Il. n of nn-PP"iEfI;"!!'" ,li,,!Ol~<.'·~" ·c_ .. eomage. Orichalcum, es 'we 'have seen, tended -to depreciate 'relative~;y' to co:p'per~ whereas copper seems to. have maintained its 'r\el~tiv',e 'valtle ·to gol'd an·d sillvel'. The
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diffiOll1ty' was met ,d'ul'rillg the reigns of Oa[i.gu]s and 01audius, as we have seen, b,Ythe issue of ,S,e8te'r"'~ and .:1 d'~''" tan increased d wel,g h_'iI1h'" 'W''l th ~ _ J. -. a~,tl;J.Ot2'~Z, a,', an i 116'<I'er (Hi"- ott thiIS, n device proved ttnsatisfaotory does 'not transpire, but ,it, is, certain ,t:ha,tduring the earlier p\~rt of Nero's reign the coinage of orlehalcum was, abandoned. Between .A.• D'., 6,0 and 6,8 there ap'p,!ears, to ,h.ttve been a Iimi teld outpus of cO,'p,per asses, semieeee, and ,g_tta ... iI/il,ct/n,tes' and possibly a, few' a1JfJ}!cpndii" But as time went on, ,t',he need of a regular and more plentiful S1J1lP:p]y of oriehaleum and copper became daily more pressing " I-hi t'.h' -c senat erial mIin-:---'J,., w '1 'iIlI'g':":il'lI'l""n' conU .. '. _ v·: fronted with. the problem of how to deal with the fluctuat'ing value of oriehaloum in relation to the 1!... Jl. ';'J.. tt tl'~ .. otner meta '1s WIt JlOt1-~,llps,e'i~.I_',rngune to,.r,a(lltlO nar1I1'~nn perlaj"111 ' e 'OIY· stem T'h,e solution hit upou b::v 'N,e'to's mint-masters was to Issue COi~l:S of all denominations, from the eesiertiu« downwards, inoriohalcum adding to those &1 a d.y' :in r',e common use t'he as, ,8en1-i8~, and q1~afl'1,a'i2;B'i It was doubtless ,',he Intention of the framers -of this ,poli~y th,a't 'th'6 t',hr,ee smaller denominations of oriehal ... , cum should supersede the copper coins a]l"e~dy in, U!S'B:,r although the ]a-tter could not immediately b'l9 withdrawn from circulation, As regards the semi» and ~:rualm~la~i8he plan seema ,to have, been successful, and t aftel'" A~ 165 t'hes,'9, denominabions were issued in D~ orichalcum only, But th,ls brass asses, of which there alia only ,th,ree t,ypes, were evidsntly struck for onJy m short period, and, either-- to, :pres,erv'e the traditional aspecb of the COlin age or to facilitate international exchange, ;IDJ, speedy return Wl1hS made to the asses of
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'~t-.]I mtemepenc d en tl :,j T']:---' oricna -1---·' -,-----,-- coins formed a ae rieha cum complete :sys'tem by' themselves and the COP1(H~~l'"could 'na m'-' - v. ~ g.J 10- ,f;~li!non- V"Q,lli' ienIIC'~EiI n'll' O,V .. ,A possible and perfectly Iogioal course of action would have, been TIO have Idefinite1y raised t]le, we:ight, -f :1 f d 1~ ~0'f t'h e ,8'esteJ'~tit~8;ro,m r'Z: to to' 0.:1' ;l, pound, Ina,~.n"g' It,. that is to s,ay', normally twice the weight of the ,d1J~lJCvnili,us. T,his., however, does not seem to 'llaiVe belen ,at,tern pted ~:e.r.io1l1l,sly~ and although examples of 'Nero' 8, ,8'e8telJ~~'ii are, cccasionally found to seale as mueh as 5100 ,g,]fs\.~'14·their comparative l'¥ar,ity" combined wIth, tile 'fact th,:R't SiPecim,slls in the finest state of preservation frequently fall considerably below' 4~,21grs.,~ ,poi-n,ts to ,t',b,econclusion tha'L 'ti:lla traditional weig'ht of all ounce 'was nominally retained for the sesiertiu». while tIle :scba.ndaltd of orichalcum was regulated by' the dtlt!1),()1-2ili'UliJ of normally ,irs' Ib, It was probably mainly on gTOUJ.lds of economy tl~,:~t t,h:e heavier standard of 10' Ib was not adopted £01:' tl1e sesiertius; but ,tlJllR,t :its 'wei.g:b,t fl~\equ,'ently exceeds all. ounce is nob d,i£flcult to explain, since in eonsequenc e of t:b, e diepreci ation of erich a 1tJ11Il m, :it was em in e-11 tljT' 'politic to issue the OOi.DS· above, rather than below, the ....... nominal weight, 'I'he maintenance of a high oriehaloum standard and t]l,e sli,ght reduction in t11,at of the gold. and silver 'bl~01Ll,gllt, the three metals into harmony, B,tl,t since 'ptll~!e cop-pier a.p,p,ears to have retained its or igi1.1 l a :reJa,ticrn, to gold anal silver, the red uetion in the ~rei,g'ht of the (~; U're~n8 an d de'2 arius 11ecessita te d a sligIl t,
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diminution i.'D. the w'eight of,t.he as. Thus: the copper !a-,.,,' appears to have been iSS,tle,d, at 16.s~·4 ,grg,. or ";~J of a pound, The monetary reform of A,~D~'6,8 'WI~S an undertaking of a bold and elaborate eharacter, and N ere's reformed coinage :h;9,Sbeen not inaptly' described 'by.M" SOU1,t,Z"o as the most, im,po:rtan·t, mon,e,t'a11"'Y' ~yst:em, 0:1 ,antiquity~15 Ci~utta,i]l]Y'it presented the most eomplete ,grada,tion, of denomiuational 'values, ever current B't the same ,time" In. its practical result, however, it is, ] mpossible to regard: it as ot,he,r than an interesbing experiment. M eritorious as it undoubtedly was in theory, it came to an abl1.1pt termination a;t 'N'erO~'8 death, and no IIIltJJ- em·p·t' to 1"2· ...··,V 11~Jtw in ita .ont'lil!' r· ';O"-Y W11ii m nl .r.-:J e, bv (:~\ :'. revi .... · ·'_WU., ~'~ any' of his suecessors in t.h·€;Principate. T.h:e we'ia:,h,ts of' Nero's ~reformed comaae rn,a~' be lei IJ' 'tabulated as follows :.~
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Th,e reign of Galb:!b Is remarkable amongst other ·things for' t',lle p,roli.£o fJ:ll'tPlJ1;t of COillS fI~om,,the in'l,periaI
jitl

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S,(rl1i',M~:un~Cirtta.lil:nt1 exists 'a's, to' the normal U].1IB s,'h e nomin ations of 'bra.'ss: and e0'lQ}ler.

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a

'w6i1g"ht of the

[. 125 )

e-

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and senatorial

mints,

In fa-c,t tlmere Is probably no

period of similar duration (barely seven months) in the ,h:isitOl7' of t,he Roman coinage when coins were prodnced in so grea't number or with so m,an,y'varieties of type, The result seems, to have been Fa~t'her a,n ~.~ f ~ t ~ ~b over-production or specie, at an:y rate as, l~eg',~'rtlLS brass and copper :;, consequently, from the death of Galba, ,Ja'nuar.y 15 ~Ai'D'., 6i9~1until the late autumn of the same J',ear the senatorial mint ap!p,ears '00 have taken a complete rest, 'This incidentally explaino bhe nonexistence 'Of' bronze !coins: of Otho and th.e comparative :r&:rity of those of Vitellius,~ :T,h'e, point, of main, Importance, however, :S~) far as our present consideration is concerned, is, the change in th,e m,onletary 'S,ys'tem th,a;c took place after th.'e, dle;ath, of N,ero,~ The elaborate brass and copper s.ys:tem~1 int,rodll1eed in A.,,!,D'~, 6,3~1disappears, and Galba'a coinage returns to a modified form of tIle Au,gnstan, system~ eonsisting of only three denominatiens, viz, se,sile~rlt£i/JS~I aU1J,on ai'tt 8',1' and as, F1urther, it, is evident from "the coins ,tha't ,t',h,e brass, or oriehaloum, 'pie,ees were no I O'ngel~issued :mt bhe heavier standard, T,he ,8e8:te"~tift6S' seldom weighs more than 8,U OlJl11.Ce (421!iO grs .. and, ) the d~~p(Jnd'iu8reverts to its; orig,inal weight of half :an ounce ('21 O~,5 grs~) ,No change mp"pears to have been made in tA,e, w,ei,gh,t of the, tts; and the a'lt.',~e~~ts" dentt1;'i,tS,. and tJ't~in.alr'i'tt8' (N and iR') coneinne in accordance with, the 'Neronian standard, 'with the exception of certain ,a-utl,ei issued at, T,arraoo (av .. wt,~117 grs.), T,hus, the coinage of' the Empire se't'bled down to ,t'h,e, form that 'became ster,aoty'ped, under the l~~gime: of the Fla"rians and Antonines, and, in, spite 0'£ the .growing corruption ifu,h:m't eventually undermined both
1 ;

[ 126 ]

,th,le fabric and credit of the Cll.l"r,en«~iy, ,this form Iaste,d

in theor,;Y down to the ,time of Gallienus, The dominant factors of the s,ysten~ are the de.na/rl~:tl$ and ,sefj;~t(J1:~ti'l~s:;and, jl1dging from the. profusion in, 'which these coins were issued from the time of V'e:sp&s:ian onwards, we may infer tha't they' constituted the principal medium of' ezehange, Th'6 weight of th"s sefjltej'~~ill1rB remained more or Iess ste,a,dy'until the reign of' Oommodus, it's average bieilng highesb under ,Anto.mntlS Pins, Gold and silver fl~"i1'tC~,~,t,ii; 'were, iSS1.1ed, .in small ,quantities, and ·they' seem to have been used mainly et' ,~v-:- n"" 'm .IU,L don Il. J;I 'h - JIU--,'v!:. Vl~ of the a:8" l~e,! 8,en~z~,~eBand ~~'!1~th'i'YI':,~'~Q" actions v' _ l,i,I,'\it :.. _." I.,e ~r" wM' OCCUlr more or less continuously between the reigns d ',.o.mm,od-'s, althougl h th I-t-h 0:f-V,!!' e'spasutn, an_. c ..u 'ey €,X'hibib unr considerable varia'tion, in ,t'be matter of 'wai,g1hti! Under Tr,ajan t:he ave,:]r,~ge w'eigh,t of tnle semie 1-:~ 11:' 0 iCU:! L 1;.. .. t b J.:y OflC,h'a, eum )- ).8 :~,'.·~oi grs "':;enat lS'Ot SaL,y, i".:· pronat'b~ t , '';' conforms to the N'e:IOn]SR standard, 'Und,e,r Hadrian ... ,it, app,e,a.rs ,to be, somewhat heavier, and Sh(:VW8 an, .average of' IfU:;,!IO g!'~l- ;, ts w'eig-' falls however- during :,-' I ht the reigns of .Antonin'L13 Pius and M'I A,uFe'lius". ,,r'es1pas,i:an struck q~'iad~~ant.~'s' orichaleum and of copper "althouzh rather curiously the same w,eio-'ht . . ",:" I.:'} ," ., e' --,---' .. ~,c' ,. standard and 'th:9, S81;me· type,s appear to have been used for coins of either met~l~ From Domitian to Trads'n copper q_ttad'ralnt:es 'were iSSD.:9,d at an avera,ge weigb,t of' 41 ,~49 gTs'" while under Hadrian the fJ.t.,tCl;'alrans , appears to have been struck in orichaleum only, -with :all ave·rag',e,· w91:te:h"t of a7",1' grs, ITh,tlEt Hadrian's standard of both S.(J~ni8 and CJ.ua,d"~~a'n8 ppe,a;rs to 'ha:ve a b een sug h'-'t,JIJ. Y In excess 0," 't~i,e.~.'.: 111'· 11 f h N" eroman ..
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A series of smal] brass and co:pper coins, 'fre,q,llently described incorrectly as ,~:; tes:se"r.ae ":, belongs in all pr1obab1ilit:y to the period from, Domitien to Hadrian. The obverse type is tIle head of Dr divinity' sueh 00: ]}[[a;rs" Venus, or MejrOtlril1s~with a corresponding reverse typ 6 as, ,(t cuirass dove, or caduceus, Th'8, coins; SF,e, wi.thou,t Iegsnds, hut, the S,'!'C',~ found, inv'B1'r.ia'bly on tlfIe reverse denotes t'.llat ,they are of' senatoria] mintsge and consequently should be regarded as factors of t]119 mOD.'et'ary ~ys.te,m" 'I'hus, in, spite of t,heir enatic weights, th,e,y are probably ,8errl,i8iU3'S and qtuld.,!'an~'e~:, and it m,ay be conjectured tJl£t,t they were issued for dils'trl.-u.tlon amOllg t",e popu, 1ace on p'U."iJIl,C f~'i ," ] s.'11 - ib .. h bl . ,'estlv,a ,~'
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§ 14,~ Tlte Decli1Ze.., of' the A t(,gustan~ ,By,si,fj1n"

'Under t,h,ieFlavian;s ana. Antollin"es the we"irgllt~ style, and metallic Iltlrity of ,the coinage were maintained more or Iess eonsisten t,Jy'~ It is du:rin,g the Iatter part of the reign of Commodus -t:b,at th,e ~'IDgnsof' decadence :firs,t became conspicuous b!y the inequality' of hia 'coins in the points mentioned and 'by th,€;, sudden restrlction in ths iSS,U'9 of' gold, From the d ea't.h of Commodus t,h.'e tendency gr!~)wrsapace and de'tel~iora, ... tion, is, observed in every speoies of coin, 'The gelid, began to b,e, issued at erratie weights ; the sil vier became more and more debased and, after'" this reign
'i

of'Gordlian III', praetioally ceased :;,the 'broRZIB dwindled :in 'size and ,graclually Iost 'the, fine 'qna]it;y :it possessed.

under the earlier emperors, Such ,at't'emp:ts as were
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coinage by Oaraealla, Alexander Severns, or Deeius, '-=-;' 1' :;"' '.' d h ~ wer e ~tten d_e_ Wltc, l"118 uecess, ana, In therr:- res1 ul't _:_:_s~,
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'teud,ed. for the most ]_llar't, to add confusion to a system, th lEt,t''" 'was, P' -t be comIng '.,", unlll ·,t" ",,1-1''" l~'b.''.] ,eft Th' 'unWl'<_;~'S"]d,l-.'.' ' '-, .. '- .!!Las, .'e "..... '.', ,''" .'- -'. '_ e . ,lg, ,I ~y .':'i -,:::' of t' h·,.',€I., E·'; m,pIle" , a successIon 0,-, lnC,a]?a ,16 O! '. -, .. ,- "', ,.,.,"' :-··;fc·;·I,:·"-"'··,·",·b,I······',·"'" ~]'lZe 0., ',"~ rt .ers, t,h~ mcreasma dl.. ;a'vaX1.,C10US ul -B emanc d',S £; tor mllTliax<y'.,~"·'10 [', .-~'k - ib .:.'e '· --- , 1 II1 payments, alike eontributecd to ,th'•.•..lUI.ffi~~'eulty 0:-fC:-~ mam .. ta'inm"g th.. credit of' the currency, Disaster was Ine itabl dh ~ f G a nenus wrmeeses t th ,~ , evita .,,_6; ann te reign or •.• '11'" ~.' to ':he .... '='.' - ,~. 1 ~,vac,_,e 0 '. e, enni cpmage:_,_mpeI.1aJ. d-,l"i;.~ i'l'···, ·'·f·'··' t-h.., On(H~ S,P'1-,' ;'1'~d-- .,.-;. '·..·1,· ", ", 0'£" 1'1
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the - ird century is not easv to analyse, 'nor does it l· 1.1' J app ear p ossible to discover an"Y'regular grada;tioJ;l in its progreas, Ohaos resulhing ill collapse is perhaps he t" ,,,~. ' ·t··:·· ",eSOrl1l10n .. f~' h .....,,' .,"', . " .'-. c'_9 · -"',,-·-"t" ",. " f": .. t, e ~,mos· aCCUIIBe, d·.. ':-',. -"'" -. 0,- t~~'e eOluage OL t'h" ,1':" _
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.,.:JJ.,'" ",', .... ::-t rile sider ~., of 'h:". B-erora entermg upon lEtt .'d:'-etauea"d'~ eonsic era,t'non 0 t·_c··e more salient aspects of the decline 'or at'tempited revivals of t,h'8, coinage, i~ i:s lim,portant to note that the ke,y' to the whole chapter of dis:as't.er; Iies in ,the deb .. '.'- ,." t ("'f"-;' tho:,e Sl!,v'eI OOlDage. 1[I:e .. lasem:en _, )" Silver obviously 'presen't!edgil~eate,r opportunities of fraud than an,y ,of tbe ot,h,!er metals used in c,urre'n,eY'jI, futil sine the fraud 'w· .. u1d'UlIY. l,.·_ To'" I..JI eb".~ ';,0' ··ld·' immediately be revealed b,y th,e we'igh,t, or colour of -_. - -It- ~ ' ..d" ~'.. a" '"',..- .,:-',"~. ~ I'l,ansae ODS, go !Ill , , .'. '. ,-,.,., ...,] ~'ill th"-,13, me't·_, 1.. an:. .In ..11_ Implol~a.nt': tr _., . ti~ appears to have been reckoned by 'wei~ht in ancient ~~. B': , :". :, ··t,", t' _lmes,., -,~.'r,ass.' ". ,ann ooppe,r~, on t'h' e .O,llg,r.. h'. _-allu~ w,ere, :no, ~, t1"'\"\a;," '... of jS,ufH,cient value int"l~insically to be worbh tampering with. ,' - .~ f" 1~J~ .,',e . Th,us t h' e praetiee Oir a d:'uneranng th~ 81·' ']1ver 6QlnS, existed from v'ery ancient 't.imes,,~ Excl nding the
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'The most serious effef~,tof the policy of Septimins Severns was t'ha't, 'the silver coin. ge was in imminent a

dangler of losing credit en.tiflel:y'tI Hence the motive for ·the pseudo-reform of Oaracalla (A,t D~ 214)~,the most s.tri1iin,g feature of which 'V[tSI the introduction of a 'new' dencmiuation, generally known as, the n fiJU. ton ~n'l"'~'n" s.' ":" · ~ _,v' ," '.' LI; .lS, con,Vem"en . Jl.t S, Itis conveni t~ 'ior t' he. 'p:res,en" t t 0 'lt0\['e£ ~~O tl~ COl,n ·-·ty . ,'S ,'~ ,II . 'v _,'" :_II:oo,:.~e b,· 'l""'t'_. popular des ;'IT-"InQ,,"~'o""n" "A.,a]lthnrIg"h ths D'I{li;m'- ,..;es: S, on no better au,tho:rity th,an a chance .., allnsion in, a, '1..t' zer or B ,. .. wh . h IS, Inc")-1 n d'·e•. m "~ &.LUg1lAt-O/1Z d: s t' h-'- ,d' ...., ,.. .., ... e t ' f: .sonosus, wmer ,~' .•e. I[ ISl ]
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late compilation .of singularly untrust ... worthy ch:ar,aotel"il'~ EIs'ewhere in the same work wei find men tion of such coins as a·tt~te'~ A ?ito n i~ziaji.i,1 Q/J'rJentiei. A It'1'~'e~'i'ani, and ,a,e~'i'e,i P"i~'~pp.ei,'J but th!B,Y 20 appe,a'l~to be merely descriptive terma inve:n,'te!cl at
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ApBirt fr-om its la'l~g)erJr size t,h,e new coin was readily dis tin,gnis hed from the o,rdin,at;ry' d'e~'~Q/l'~',i'~iS' account on of' its bearing' the radiate bust of the emperor instead,
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ttnvar,yin,g tradition of the silver coinage, rrhe, first question t'hat arises In connexion with the, ~,Antoninisnns is, what was Its current 'Valtle? Some writers :hav'8 maintained "that, the, new coin 'was a ,~, ouble denarius" 21 T'hie t',h!8ory'; however, d _,~ '"' ea l1ilis £ I ~_ '1 eommenb, Since It naa bseen cone,]11.S',]l.Ve~y ~Ol~' Ilt't,e disproved h,YProfessor Oman in an im portant article: on ,,''Th:e, Decline and ,F'Dillof ehe Denarius -'I ~22 T'he average weigh,t of Oaraealla's ~~ An'tonin'ianus " is shown tOI be 78~8 grs;,~23and ,t,he proportion of pure silverain i.ts. composition is about Ot5,5~, 'The fJtla]i~y
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15~ 0n the general q1l6sti.nn 0 f ,the n um ism,llth;: d,utails In t,'iu~ fJcl i,il}tfn·es~, se e K:~, il:enadier:; Die Miln,z~'~ u?Zj!l d:rf;t; M-1l1ls~'oe$e~ 'be~i den!, ScrlptlJ'J ¥:8 ~ Uis,tori'ae ,.tl1~,!lUfJ.t'(~e',,;:B,erliq, U ni V,I' 'Dias., :1 9'18~
:~ S:e;rlp;~,(J}''"e'fJ' ~ His-tori a~ ,A'ug1~&~a6, xix x
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II:. ,·.~t . ,i,., ~ ~ 1~'Ii 'uia~,~:X.XV11.1,. ~ ,,~i"

Gnecchi, BOf~;J;~aJ~ COh~8,'P,,' l22: :::I"~, 'tll:U~, double Denallti!:ml!S 01'" Ar,g,en;te,1IllE, An toniniar.t us, 'wl~i.gbi.ng''about !~4:5g'l~:m:s,~ and OO'D,t'aJuing n,o;tmOJ:'le than '20 % of ,8,11ver ,,,~ ThJt!! la-st sta;temen t is cer~~in'Iy untrue !Of Oa~~~al1a ,,~,An'toullinia.ni, ,~; ct~ '8 Ha:m.m"er~9, an~~"y:sis~ '[1,'2 l\rui~~, 'CI~':fQn.",1916!,~ PI~~ ,B,7,,_tiO.. ' This, ;article 'cont~~gs,much. valuable inftl),rmati,'~nwlth r,egard. tID t'.Jae: !"j: ,Ant@ni:nian'Us ;~ a:n,d the ail vel~coinage ,ge:n,Bl'a11y ~ I f3lutll Ho,t a,ttem,p,t ,to 1:i3:]liro-d,ilce w'h~t;b Professor 0 man has SI9 ably said, hut l~a'theI I shall venture to 'Use his ar~i>eleR'S ,t'h,e ba;sis, of t'he pres(d,nt section, ~ ius; p:, 3,9"
ahD
'I'
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21

Mom.ms,en"

;R'i.h~t~, Milnz'~J p,;

828:" Bin:LO oder DopP,el,den.ar
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1["
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,

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,ot th,e metal was therefore practically id.[en'tio;3!.1 ,¥itllL
,tha't of the, '~e·~~a of ehe period, ~ili'i Professor Oman estimates ilia normal, or' theorebical, 'wei,ght of the original ,'~ Antoninianns ,~~ t :SO grs~; but, a although this is ;appt~o'ximately' correct, it is €Jvidl.,e·n't ,that sueh a iveiglh,t would .have, been unintelligible tOI the Roman mind, In Caraealla's ·time the Neronian \vl~ig,h:tfor the ,cZeRtl'riit8 was still in foroe Tihait is to, sa,[Y':j[the coin weighed, 01' was supposed- to weigh, 8, seripula (~ 52· ,5 grs~)!J It seems cl ear ,. therefore, h ' 'h'.,e ~, d -1". • i_ca·t t.. new coin '\V,!!S, issuec at, ·t,u,e·'w,smg. h 10f-':1 ~ S'Ol'"lP' ul 't 4 ua (~ j!8~75 grs.) or one ..and.... half times 'l1hie weigh·t. of . a.... the tle·na:r~iuq..i Th'L1S the '~A·lltJo.niniautlS,~) would be worth 61 ,8e'fS:te,,~tii or ,241 osees. A diffieulty arises, h,n wever, 'when we in q uire lv'"ba't \V~ the probable relationship of' the ~~ ltonin.ia·nus .,; M to the aZM!leUS", C'aracalla's ,a·zti~el:v',a'ry in weight from about 100 to 112 grs,~ 'The,Y' were, moreover, e;vic],eutIy" struck in compacaeively small numbers and were litU,e, circulated. Professor Oman has suggested that in:: all prQbabi~ity Oaraealla's lighter aU·l·~i -of l'Qil) g'rs·.... were intended to exchange for 25 I," Antoniniruli .,"~, which would involve a ratio between ,gold. a.n.(1' base sil ver of 20, to 1, or, taking the ,iJlivel",ffi,g,e·of pure metal contained in tile coins, the ra·tio (If gold to sil ver '\viouJdl' wo"~_ ou ,t, a .. about 1.2:':' t·-o.··.·: .. u. lJlJ ·.··~.~:k-I~ 1 ITh'i~Is clear and in, itself perfectly reasonable ;: but how does the denariu« fi.~ill,to the seheme? Rec:koning ('1 .. v. ~_ .. lI:·~ tbl e"·~o,"n,<JiIl;U',i} '$it· two-thirds v_;;f'- ~,h[i(!!;, "e A·'-'.n·toninianu a it follo \Vs - at the Iigh t ~,aUj~,elt8~squivalen t to ,2.,5 ~lt An toniniani", \V ould have been worth a '1i Id6i2;a;i~i'i'~ a most inconvenient sum, Or agadn, if the ~~ A'IltO!ni ... nian us U 'WQ,S worth 6 8"J8t6~'t-i;'i it would require 160
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54
equal the value of ra'n a~~1~el~f 1. 00 ,gr:r8~ ,It o is true ,tha't from the ,time of Commodus th,e weight of the sestertiu» had become somewhat erratic, y~,t, 'W[B 1ll eanI y:' imagine th D't" so rad ieal [w change In the IIlI 11lJ··.,.... relation of'the denominations was, made, .It is scarcely conceivable that, when Oaraealla ~ ,atte,m,p"bed to- 'reform ,the currency, he committed so egl~e,giotlS it blunder as to sever the relationship of gold and the baser metals, IO.l~ ,tha't he framed a dual 'system, of 'base, silver 011 so impractical a basis as t"hs,t, j:'tlSt, indicated, Down to the reign of Gallienns :it seems practieally esrtaiu that t,he au~'''eU8' was t&riffe d at it definite 'number of det;~a,['i'-iJi But since the,. rl'ena1i1'iu8' had eviden tly,·,·fallen below its theoretical value there [seems no reason why in 214 il:ts, original relation of i"Wi of an aUl~,e:~:tr8 should not ha VB been readjusted, It has been suggested b,y MI'!! JliIat,.ting-l;y'=and I venture to think that the suggestion has much to" commend i~,tl1at Caraealla 'tsri'ffed, his, ali:~~I~[~'U8 t" a ao dena~,i!tior 20.": A'ntolliniaini, T:his sgrees ,vith th,e ratio of the ~;Antoniuianus n to the ,lerUl1;'{i~'B at 11 to 1.'i ~ and at the same tim,a offersl an intelligible basis for bhe syste,m~ 'Possibly Oaraealla's experiment proved unpopular 'j however the fact remains that no ,~" Antonlniani ,Jt appear to have belen issued b'y,th:e.short""li ved l\l'acriuu,s. and tl,..!l;:, ;O;Q[1'~l,'y",· p.,':ilEII,r~·:o··f'- .D_~ "'~, ,e,',~ EI' ••~,'lciLg~"',a:-:... it~,i~' eian r . w ... although , 1"1"'11 the .-',' ,U . balns struck b\0'" t, h n "'1';/ ,wu. d· [ii:'~,'" ....... '0" ni n ~ "'11" ~I:Ii he v~ .,.lY 'n t· :':'e>" ~-::=' IC;lZ iif.!Il " soon discontinued ,t,h;e, iSSl10 of the latte:r,.2~, 'Thle, explanation, 311gges'ted by Professor Oman, is, tn,at, the hd ,~,1' f ~l,. ,~.. b with ..l'law,~, 0,.' 'I~e U A .,_ntonin]lQ,nt1.s ',",' :"Bca.m,e, necessary
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·to say, ~b,ecoin is ex,cessiv·e,ly

An. ~~.Ant(nl~:hrui,an.u~ of' Ale,:,,;:. Sev,elflls is knowl1,;' 'lJil!d:" needlees 'm'~1
:m'~'].:rnll

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THE :ROMAN~MO,NNT,ARY

SY8TEM,~,

fia

in consequence of Elagabalus having reduced the, weight of the a.·l~U8 below' Oaraoalla's minimum of n4 -10' '0," g' rs ~:c:'T'h' e m om -ent th'·"!Lr.llli. of 9l~- '0'-1" (1)8'" L-':'~~~'''' 'g-lr"o ·.U began to appear in numbers, the convenient relation of one to twe,n,ty between the silver 811d. the lighter gold, ceased 'to exist,' 2~, It ,8ee:00$, ,prett,Y certain, however, that when Ela,ga~; balus reduced the weig'h.-t of the att,~t'eU8 he also diminished the intrinsic. value of the ,~~ An,toninianns !'~ Not, only' are his coins, Iighter ,tha'n those struck 'by O'a:r~earla-that is 'to sa:y:~ 'ti,he average they' fall OQtD'on siderably below the theoretical 4i scripula=-but ,th'sy are composed of Inferior metal, According to HaDUl'U~r,. the (;Antoninianus )~ of Elliagabalus, contained only 'I'ct, m av be n oted 1'"11 passing J"'h,,,~t,,-, O .~1°8'-"- ofpure silver ---'-.~Uii;il;O---bl!,-'!i.'f.I'-" as, regards quality, the silver coinage of Ela.gabalus, shows the fU3mJ~; of confusion, and the percentage of' pure metal in, 'his de.'t~a~~ii varies from 'O,·~i'50 to 0 4~8140"
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T'll!6 quality of ,tr,he d(jna1;!it~s!, which was bad enough under Elagab!alUS'3 became even worse under Alexander Bev,erus~~o However, about the ,Yiear'
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227' '(TR ..IP~'VIJ Alexander

took steps

to reform

th,€}silver currency ~and his attempt has been memoria'flo 0"" -

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h cni n ucnds '~i--- ""''!!'~ esactlv in ;Ii.:v11e ,we.;~g.iI\.,t-'m L.J n ~\tla,Iegend with, on e in. 'my eellectio n dated, T R.,IP,~ , tbe,re seems V b ,,~ , -1 -1 I - " b -'1 - t t he - -]" - pa,r, 'rr 0_, , t __ f'-' ,- 8 U,Q d_,Qut t"g,mt t ae ana YS6L. cmn ueiongs t 0 _,.e. e·~tt un: ---1-" l e ~,gnl! '$., 6", b,"e f,-'0 !Ii e tl le re ,u,[-nl __
]I ...

'Ek\ erus, 'l,'hich Professor 'O'!n,~Ul'vel')" kindly v L the ' e ,CJ!\.l8~, Y",'~m~.uo\ ..]rl '~I]~ .eus mJJ~ aklll!JC!r~,t .,:II 'iii ... e,n a na 1 " 8, _' SJu,OW€~, ...__ WI,,·-""t-,,-L.., ]L. JjJ.~,li{1[ ee ,y,s 'd'II!"",.'~1 e , ,.-,-', ,liOn. ....,f~,,'''n,' .'. eo be ,0" 'I~D'i:t (thee .. ':",r.r'~~;" ,- 'f( t",'1ne eom IS on;1': ' n 1\.""" 1 plClpll)[-,~t;i 0" SllV'lal Be ,g,!!J!..m_, ,~ Wtn,cu,l~ 0][ 8,9",8 ,go re, }~ Un fort.lJ,mab~:Th,y th e t ri~'u,ni,~,].'~n ~n.-teIs cut o:ff 'the, 6 au, ~A
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Iized on. his; coins b~' such legends as R,ES'TITVTOR IMIOINI(ela'e) and M'O'N'~'R[E:ST'~T'[V'T,A(Coh. eie, 18 0)1. He undoubtedly effected an improvement 'not only in the
1

style but also in the composition of the denarius; His Ilr(),rtrait with sli,g·h.t beard", which appears on the coins struck after A!!D~ ,221'*/" is almost invariably in Irigh relief and compares ver,Y favourably with the style of his ea;r]ier' de1za~'li'i His finer d'ena'J."ii average ·49~·5 grs., which shows clearly that the 8 seripula standard was aimed at, He did nob, however, suoeeed in raising the perceutage of silver in his dena1,t.i'i mueh above 51~~ ~mt'houg'h many examples seem to. be m ad e 2 of very much :p'urer metal, so fal~as 011.18 can judge, by their general a'ppear&D[oe without having actually 't es'·e.d 'II.·-,em.. t· th --h dreason _'-,,".:' .. .-, .. T.' _8I'e seems. [goo.. '=-~ _.' . --:- ..-:_. _lor suppoenng th ,at- th €\I alDl le,as,on f ... nf"A' lexander's i>3 refoirm was to restore thoQ €!loom :veri c·ur..".: . _. --raney' v -:- , A:w.. -. 1.1 . .' ..' _.~ _.' 1\l!,1l. ~ f' n5 ·~':ena1t~.,zo the ,aU2 eU8:j T'h ,.~.t h t its origln.a.'1status ot ,i:/' ti[ _,0 J..... .. nus having raised the value of the de'11,a"jitts somewhat, his nexb step 'was, to reduce the "\lvei.ght of .he laUiJ' 6US to .t -.' '"t f' hi 1 he f '·'1d :Q.b out n2·· grs.,· Y eb In spite 0:". ti lIS alteea t~ non :_-:13 JIl·Rl ee to strike ·the true balance of the metals, Tlm,e. amount 11' L ",ven",y~_L' ~ of A' ..1~41tn."~.. ;.t1~le,~ Iv..o;,' of" ;. p -- si..': 11;'!1oontai -n- ~U" 1.._ tw --J. - fi' -' v'.e.., 0, I ., Iex . . d'..ar 8,
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estimate f.o·rthe period, TI1US[ tbe attem.p;ted reform of AI D.. 22,' was essential. y superfiei al and consequently ]aeked permaneney, .ll'oV"a·I"II,del'i'!is. I;Ilulv.~,)'i'eOso'' ' in,~r 'I d-I .iI..~ - '~Il AJ.~· nu .. · O''il1I1'' ' ,II'~ " .!n~··IlJ!'1~ min .i.n 'II1'Ie! :"'~'~Lle_: ..pr[aH::~a.~']iCalJ!_y us, ;
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the ccins.

.De:na,1'U: !of A.le:lI~ Seve.rns a,u31ys~dlby Ha'mmel' ,show O.. ~ O·4,76i,! 5 Oi45,. O~406,,,0·,3~ 3~1O~,S5, O~iUJ,11 b u:t, ]] e, ctom3 'not gfve the datas 0 f "
:1

[ 'J 36. ]

£,17' 'u:"

no ,gold and allowed ,th,€;d~1$a~riu8 fall slightly be]ow ,to bhe standard fixed in A,,'D'lI ,22,'7'j' In the, year A~D.i' 238 Pupienns and Balbinua revived tJil,e U Antoninianus ", which they Issaed ,in Iarge quanti ..ies. J'n spite of the discredit into which ,t'h.. t e ',.A'n t" oninianus : ,aac .c. '1'ren U'n(ll,ler '11 }Q,g,a,uMtlS, 11~ h d 13 1 ;]11 El' Uk_,iII ji't s ", renaissance 8:PIH?,:a.rs, have given it ;a popularity and to ~tabili.ty' such as mit never had before, ·Although outside evidence is Iaoking 011 the point, it is, almost eertain ths,t this must have been due to. some readjustment made in A'i D~ ,2a8 in th.'~ value of the C'~; An:toniniann! t~ 11 ~,., 111 h f 'h" CUJL'l~encyt T'h·,e l',e.latlv'eJ,Y to t'e o th.l!' factors 0.1 t ~'~e .•,I,ler ~.. , defia~;~lUs,~ a coin, was rapidly becoming extin,(~,t~ as and
Ii .. ,

'~'Ji

i,'t is, not unreasonable

to suppose ti"hat it 'was being' crushed out of existence b1y the ,'~ Antoni"niainus ,,' r'ate,d at Jt; of an, ,a;HJtieU8~ Professor Oman, however, sug,gas't~
tlfol.,at ,the revival of the ~~ 'ntolJ.inianlls ,} 'was rendered A

possible by the almost total absence of golld coins during ,the joint reigns of Pupienus and Balbinns. In ,A,,, D,. 24,2, however, Gordian III did th,e, loigi.cal 1~ '1,." tiling an d. 8 ban.'d,OD.!ed "t,lJ[e 15811'130:'f ,thi Iwe~la"'U8; ~~ ,~' ' ,91 ,J'
'I'

thus, the "" An..to:nin,iauu,s'~became henceforth ,t,he un'it f:OI' reckoning silver values, From the ~r,aign of Gordian III to th,at of" Gallienus de1z.lt/J ii Land qZftinQ/llit of blase silver continued to. 'be iS8U:'eJ,din, infinitesimally
1

small quantitdes, It, is clear, therefore, th,a-t they were 'no longer factor,S of the regular currency, Probably these smaller coins were in lit,tie, demand ;8iS! their relation to the ,A'ntonin,ianus,~' 'of :res,pectiv'ely two,.. "~,'" ddt' .. hi d tne tulr~,s anc. one-tmrod-'was moonvement, anu t'h Iarger coin Wl\'S foun d aufflcient for all ordinary purposes, "Ve, 'may conjecture, too, thaf th,ey were r,a'ther of' the nature of pat,tBrn pie(}0S",and tha't the reason for their
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eontinnanoe was merely in order to preserve theoretical sbrucbure of the base si1.v,e.r oU'fre'Hoy,,, § J '7~, ,'l~lle ~,~; Doubl'e' Bft'ffYteti'i'U8
i ,;.~

t,he

T'h.le reign of TI~ajal1Us, Decins is marked by ,the illhrod'uc,ti~)n,of a .l1'9·W den.omination ..of bronze, which is g' ~-en.eral1y' described as s, U Double S,es'tarlius ,:u, although its actual w'e:ig,h,t falls I,)on:siderably' 'below' ,t'lu!ib of t wo seste't!tii~ The 3v'er,age 'w'e.igh'b of bhe s68te1i1tius under T:r~Jai,nu's Deeius :is ,about ,310' ,grs,~, ,[t',ndan ordinarily fine specimen weighs .3.3,3 grs., whereas the weight of a n'D,ie example of th,e '"Double 8,ester'tius,~' Is ,488 grs, 'which, Is approximately one-and ... ·'ha]f tImes, th,a,t of a,.. the 8,68te1~t:i'us,~ It seems, bherefore, more in aoeordanoe with the weight of the coins to, regard th,le lar,'ger bronze coin as equal to a seste.~~ti'tt8 a 'h}alf~ and Since the coins t'h,Q'm.s'elv'e'sfl',e qu.'811.'tly~ show signs, . of having been in, eireulasion they were '9v'id'8,lItly not issued merely as: ornamental or ceremonial pieces, The tEo:~m Meclallio"n which has sometimes been applied -n DC' 'te-" R" 'e"g"'~ ing thOOiif!io 'rod' to" h em l~ ~Qi" ,t' l '1- erefare rather ponderous coins, then., as faotor.s of the regular currency, how are we to account for t,11-9 Introduction of a, denomination representing a sestertia» and a half? ,_ ,A 'possible. explanation Is ,t;hs;,t the 'tralditiona] relation of four large bronze coms to OlUlJO s:i!lv'er COlin, was: ellli:nent!,Y convenient, but since ·the u- Antoniniaaus '~, w'hic'h was equal to 6 sesieriii. 'had beoom .. dominant B this ll'als,tio:n ceased to exist, ITllil'u~ DIeeius tried the experiment of ]ss1Lling bronze coins, 'worth, l,~~, s;e8te:~~,tii apiece, fbul~ or which w,eF'e equal to ~an ,~~; Anton.i-, nianns 'I'"~ in, order t,hat, tIle old. 4~ to 1 relationship
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should be lres;tored,~ It is perhaps not aI'to,geth'9,][ with ... , out sig,nifi,lcance that" whereas it, had been the invariable. custom on t,he senatorial 'large, brass, to 'port:ray the emperor either bare-headed 01'1with the lanrel wl'le,a,th; these coins represen t D,9Ci'l1:swearing t,h,a rs,diate orOWD" which 'was the dis.tinctive felatitre of' tb,e ~ ,~;~ Antoninienus ". The 'experiment of ·t,heso-called ~~ ouble S:es,tertillS "~ D t- '0" h 'V:'~ m et wi ,t- -1'1 smiall sneee n '0' _-ne '0' :f;' a'',n,p' these Iarge coins were issued after ,th,€) reign of' Deoius,
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Never in the whole course of Boman hisrtol'Y was the eoinage plunged into so C\vild a ,stab~ .of confusion as during th'e disaserous reign of Gallienus. Thus, the 1] f-' ... 11.-. final'I collapse o..! t,h e Angustan system was, rnevitabbI e. 'I'he gold was Issued regardless of any' 'weigh·t standard, Th,e debased silver '" Al1tol]i-nianns, '~Idegenerated into ,8: mere apology of plate.d, copper, :in. which form it ]:"',- '~-'-' "":'idl' U"n.ll·· 't':'" ]lugere '_. ·:t,~'ll_Ue :fi,'" _IS.·. year 1';'£"-' .---U![oll&DII I·Th,I··. sen(~ . ~,', o.- A··.···I ,e ,,;,~--,-n_, tori-a bronze, which constituted the basis of the Augustan. system, ,after having Iosr almost eVlery vestige of its former cl.igni~y, terminated abruptly, :.rr ~ -h ~ tit" f" worthless p,] ,aIEL, COIn,s maae - h-l' t d eoi d smee t_ InIIOCU.c ,lOD o· '.. ~ ie the con tint1lfLne.e, of bronze iW1J ossibl e.. , Every' disruptive force seemed ,to have been let, -I,',oose upon-, to, h"" d" iscre d", 1· eeL R',·· : ' -, ,,:-;, -'", '.' ited n... __ e, .oman. CO]ln,agso; Y'·'-:·"'t,...t",-'b,,e e coins of GallilientlS abound in S'1l11"Pi··:r]Ses.~ A·t a time ~ -wen.,', 1.,' m.l.g hl"t. b__ eX.p'6C-9" ,t:h' ~ " &lllJJJ.S.·tl- i, 2.- -1,'Ing ano,,Ji "'h' ,t- '- ," "' '," "'r _0 ree "',::- .... a'; , , e "''-.' .:'__t' ,"__ refined 'hE'leaman't, were almost dead ,va come ,aeros's m,any examples of extreme beauty" worthy of t'he best riod ': are, .:..: . ., ' .. .-.-,~',,~.,- nf pe.rlO.. 0f,n..L1lfoman ·~t E· ven ;am,ongs, J.,-h·" eoms -0 _ t:h,,,-· l1_!.6 e Iish.. P--':'I","'t, ,",', ",' ," "h:""""", wh ·~·l· J..lJU. "~'f'~ G·,~UI~.l,S. ._-os umus, wnose eomage as a W .0 e'l' IS, J1~11- 0.,
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vagaries of all S,01:~bs, we flnd sp eeimens of' s,tyle and execution ·th,a.tproe aim the work of genuine ,artists Few periods can beast ofa .gre,ater ·v.a:riety of coin... "t,ypes than when. Ga] ienus misrulsd the 'Em.pir,e; and" amidst t'h'6 general heedlessness of the essentiels of a satisfactory coinag e., considerable att,ention appeal'S to .have, been devoted to relatively unimportant Ru\tie.rs:,. such as ·the d6vising of' new ~ype~s or the atbering portrayal of the emperor ..
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A revolutionaey dem,Q'DstrBition organiz:e.dl by ·t,h'e moneyers (A,:D" :2,71.) resulting in much bloodshed," com .pell.til edI A-:u'I-"~I'-JJ.'€Ii·n-: 0.",. turn , I' h is Q,:t· ,t· en ~i n__ J..~ ·t·h· '., . "_ .. ~ 'l\I: n v -~v IIJJ._~ Iamentsble s·tate of 'the coinage:" and to the mlR,ny abuses ,t,h:mt had sprung "up in oonnexton with the mint, No! doubt Aurelian designed to ,carry out, 9;, sweeping i;'i,efo'rm;ation o,f the monetary system, but so many otll.er matters, I~le·]itioal,-military, and. 8ICo-n0 mic, pressed for i -' mediate settlement tha;'. the .in,dlefati.. -. O"'i'!IJb:I],B .... ~ t ·m· £ oaJ _. em "p:' eror h :,:]1. t, eon te:ni'' h m. self wi ,t'h~ S·,· o~r ,B.·W· . ha .., _wu. wLr unpretentious scheme, which was of too superficial a character even to restore the discredited Bomaa coinage to a sound footing, ,After t'h'e disapp earanc e of' the se8ter~ti;'1."ts and dt~'O'nd.i'u.s~, ·t,he Imperial currency was" for all practical purposes, reduced '&0 one denomination, namely the silver-washed copper coins, which were th.e disreputa ble remnants of the U .:_Antorninianus .,21 In t heir
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Gold ,coin.s were Issued in small quan'ti'ti,e;s. IQ(Jwn to, ,tile ·time of D~,oBletiaJlJ but, aJU]"O'llah they· ap'-.p,:ea,f to' fall into ,three, .d.e,D.'om'iu9r ',., .a.."h'," ~.: IIlIS ,~ t'~ t'L ioL taons, '11J,il' ~lr .'WBl,g' 'hl- are :80 errane 'l'wi~(J' ~ 'l!iIue.y emu searce 1 '1' b,·e·
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'T,HE R'O)[AN' MONETARY

SYST,EM.

61

last phaae, under Oleudius GO'thilcllS~ these coins 'v,ary'

considerably in size and 'weight and .B!;r,e usually untidy in appearanee : their average being ,49~19 grs~ 'with a maximum of 70' ,gr,s~(25 coins)." The ea~r,illie::rt, coins of Aurelian ·ar'a in ge,ne'f,al,ap:p,e,aran.'ce similar to those of his predecessor, and even his porbrai t is scarcely ;;:iiI l' £' ".' an,ul'DS" T'h"1'3 'welg'ht '" distinguis 'h ame ~ .' 'bll rrom 'tJ.lL,Q't 0" C"']'I"~ ',' ,. of bhe coins ap'pealls, however, to have £'&lleiD slightly, as their av,erag":e works out at ,4i ,·5,;5 g'! T:S:~ 'with ,a maximum of' 5,;8 grs,. (9 OOiJ]lS)~ After the yeal" 271 a V'81ty marked change tskss place, Tfh,e coins are ,iSS1.1ed at a far more consistent, wei g"'-hi- a end' I ,.Lv, tho m''C P- "lIf'"·t' ; ~.'.'.' hI" b"l'" ,~- ~ v,,o'ry·· . ored I"',1~: . .JIl~ tfor .ost :-~!!., table ..... ,degree ,of ar.;tits,tic excellence, Anrelian, however, did more than merely edfe,ct, an i.mp'l;o,v·e'ment in the styl,e and fabric of the coins, since 'we find unmistakable evidence of his, purpose 'not only t10 fix, bue definitely "to,,s'tate, their current values, in t,he, symbol XX I 01'" it's G']1~e,ekequivalent, II(,A (sometimes X,X, or K) which frequently occurs on the larger plated coins and the corresponding symbol VS'V 0.11 tIle smaller, A nrehan's sIY;S'tI31Ucomprised four princi pial denominations :-'
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:'I(a) \vith mark of (1,:) Pls w,d, copper or 2'2--.23 mm, mixed nle;~,aI . (b) with mark of' 19-20 mm, (2) Cop:pe'!~! (e] S,e,stertius (?)~ (til' ,As for) Sb!;e: 24
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,XXl, Sm~ze _ value VSV,~ S"ize value Si~e 27=30
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In addition to these were issm.led---but apparently ill
'T' II'... ,~, un e.q- u al eom -1-]l;!'iLi:i~ tion of ,.j.h,lfi, ~u,_ n~ :r;;.f; c··.· t~,~~~l~ ius \J ,ll,,'li~ _.~ ni "1 i-;' n"if'I.,t, 'II\.. ,f)'U~y. ~ ,.'.,.,-" bei e ·"f' nase ' SODl,eel'DCJ; 0" l~, .....• si']-vel or -b''':]]'-i'' Wul., e on lers ar e pmc ",t'~i'."'l']'",· pure.... .~" en, .",:~i'l,'·: '~":l':':' ,.( ..•.. "". u~a.,y copper=-maj p~"1@'bnbRy 'be' explained as ,the result of' eareless :ru,S\l(D,D of tn:e metals, S,ilver, being ,th.€! ]l:u~a,v,i,el"o:f ,the two' metals would t'Rl1'd 'to' eoUec,t 3.,\ ,tbe bottem of the melting IJ'ot
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'v'ery limited ,qtl:~n'tiities-col?-,p,er of Iarger dimensions h d' ..'t·· .. .'. - '. ]'1 t· · ... 1'-).. pro b· .'bI Y' "M··'·· d·' ·'1I ,,':~.'. , , ann, ]-a'.a,r on, sman .•an \C, -. oa . ee amons plated coins of ,apPllloxima'te1y' half'the va'Ine of (11)~ IT-he most Important member of the. sy:·ste'm. is. the plated coin (a) which resembles the original" Antoni ... n ianu s ,,~ T·:h··Q·t··tJ; to s iQ.y the e·W·'-Ip··nI"·O· ·r' Is always p··rr..r is .. :. ~...~_::,. ..ll. d ,.b t: '.:. di t anc tray: ·e·':' wea "'"].1 nO".:' h e·"''I','I,a' v~:·e crow n ,w._ d th [9 'C~·'O·.t,~, ,vel,"'_'b-is ~n on ,th,el average 620;5 grs~, with a maximum of 13 grrs~ (,3.2 coins), 'WlljC'h possibly im.plies, a normal standard of '70'0;1,5 grs, lor .,.111 of a pound." .A'lthou.gh the ge'ne:ra] appearance of the coin seems to sllg:g'est that it iq a survival of ·t:h,e".. it 0nin iann s " i.t is far more p,ro-~ A bablsthat in reality' lit is: a, 'new denomination. ITo have at,te\mpte,d to reinstate bhe discredifed u,A toninianua ' would have been almose hopeless, since '-1 .. - ~: '" b il It h d Iost a· pretensions .·a.· to b e: ng even a·'&S'B 81 .ver d~~, Iiasi .JIII;o . d to corn, and Its, puronasmg plow'[e'l~ ust h m nave 'u.wrn dt ea t a minimum, It is, moreover, contrary to all the canons of Roman mon.e,tsty reform to find. an at,telnp;t made at, restoring credit to a declining 0'1" decadent coin by suddenly issuing it at a higher w,eigh·t, standard ; and, ifwe except the tem.porary augmentation in the weight of the dU!pOlfiili'1.tS th;at, oeenrred in the middle of the first ee .tury, W'~ :B.ndlthat the very opposite procedure Is
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to h.y a writer of the At,gllstan his-tory as "a·rge'ntei Aureliani " 3!1.......... obviouslv~ an. illven'te,d term, ~which mav -. :-··1 ,...'. , -:1 .'. ,.. 1 ..-.. ith .. ... ;811s.'·. ...-. ,. b e p ·aCe(:Lon. a JlL0v;e····I~' -wren u :argenltet An'·· - ..t' omruanus Ji'~ :~ "1 ,~, ht· , 1.8 ~t Y8,t S,],lg',.' ,31'B t,hoi a u t·h 0'1'1 .'y u ncdombt dl':1 ]lSI~ th -ne ',. ~ :, nera
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:allli :in ·the n.Degt tw:en·ty h'eing selected from tbe B odlei all 10,0].ille.ct.Dion" 3..~ o(Jrrl:f}lI., H'··' .4'. ." ')- D ~ ., .. ,'IS u.g",., XXV],I~..4 t tz) tilt,.. ~
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seems a certain s:ignifica:n.ce in thus ,ap.p!I,yin.g a distinctive name to .Aurelian's coins: instead of Galling th h.. .... d nave b . nem ,. A' J!.. ~,~ "'nljOnlnlanl', wme h wan ]u h aeen appro'I! ,,,

.piriate if ·th!e coins
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were mer'le],Y revivals of the older
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deuomination ~ oi ns ~'I,OO" eaus or:S' peeias nnn .,"0' J.~'. 'It:t.'IO: '.m~i7;:;!O\,;0 D'EIi that' eal l' fo . p .. 11 '0'v~,'" Th .!",t"i; at- - of'! .t, sideration is, the ill'trodllction of the mark of value ,X"X~~ since it gives tIl.a clue for determining the principle on 'W" '-'. hi eh A· ',". ureli an's "'r'4£'O" 'lim- 'W\~'~ be sed - ,-"",,.J om' a"r·'k,~ "~ a step i]l the evohrdon of t'h,e,Roman monetary s.ys..te;m.j Before, venturing on, ;EL conclusion as to the probable meaning of t',h.e symbol XXII it, is neeeesary to refer briefly to, soma of the theories all~ead,y advanced by' numismaeists, (1) Die Salis :in.terp,rets X,)(,~ (or KA)I as 'indioating that, .aceording to All.relia'n.~s reform, tWlenty-o:ne of the p,]'~ted. coins were ,equal to 1& silver dena,j'1ius, th.'€) twenty ... fift'h of an ,a:~t1·'·et~3~3, IThts thell)FY~, however, -, presen ts two a.liffi.en I es ti In. the, n'lt~s:t place, sinee ' 1-:-'. ' '~.JI ~]I · f-' ....4:. A ure ian issued no suver eoms O~' any SOJrb~1 It IS evident, that, if he too'k the d,ena~~i'l..~8 ,the 'basis of as value, either he mUf;;t haveadopted the standard of one of his prodeeessors=-a manifestly difficult undertaking in view ·ofthe enormous fluctaation in, ,the value of the ,d6~,~a~!lit~s during ·tb.e ]ast ,:8,f~lyyear,s of Its existence-sor, failing this, he must have assumed ,a purely hypo ... th.e,tical. value for the d~nalJ;us~,reckoning it, that, is to say, not as an actualcoin but a's the tWls.n.ty.",fifth. part of' the current (j/i/ljj,t!,USi IThi·s again would soarcely have be en possi·lU,L'O, sin A;_ureli . 1-]- ,~ g'-' '0·-:·1 d· ·C'O·-, ns how a ,e, ". d";a' '... L:l! ..... v ar a' ' tion in. weight ..r,EL',ngill!g from 9'i1 to g.iS ;gr.m~~ 1,401~,4 {:=
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[' ]43 ]

The 'term '" denari us ,:" lV3;S, used. for reekoning money down to the ,time of Diocletian, but the amount Fe presented by the term tended to diminish .. [Therefore:, in 271 it, is inconceivable ,t'bat , to 5'.I. 0
gl~,St.).. ,4, $

it could have implied so great a value as, tw'(~n'ty=one h 1 J". ell !., '0'f , t e IJ' a;~e.'c coms,
i'll -

th,at tw ellty ~011 is! a .most e inco;nveniellt 'l111'Dlb'9'r to reckon ; anal it :isinconceivable that the t,wen'ty'~'flrs'tp,2t'rt of bhe obsolete silver denariu» should have been adopted 'a'S the 'basis of any scheme for the Improvement ofshe monetary s,y,stem~ With reference to t:h,enumeral XX (or K) occaaionally found ill, place of ,X)( I {or KA)., De Salis ,g'oes on to state ,th~t " in the provinces reclaimed from, IT,e,tri,eus., t'be proportion of the old to t'h:B base, d.e~~tt;r·',iuseems to' s Iiave 'bee:n~,i]] the middle of the reign of Probus, ea t o:ne to. tw'en'ty instead of' twe:nty'... one, ThiS,,-1 however only Ieads to W'O:I~e oonfusion, since, :it mesns t,ha't the same denominasion would stand in an altemative relation of either one-twentieth 01' onet'w'enty-:fir~:rt to its. unit .. (.2) Da~tari in his artiLcle~'~Ll\cifra XXI ~H)ptali. '0.081 detti An,toninlani '~:~',,35 rig,h,tly 'points out th,at the form 1ILlI a, cannot 'be reg,arcledl, ~MS 21 M the I is f:reqtuantlY'1j separated from thie XX, OF occasionally' omitted e'ntire.],.y~ Hie maintains, furbher, that the II .is: not :t'lt,riotl,Y a numeral but the traditional s"yw,bol of the ,as" such as occurs on th'e 'ea.rl,,' Republican bronse, Thus XX I signifies 20 asses" It Is unnecessary hers to attem,p;t,
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S'9r(;ondl,lliy, it is obvious

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to reproduce Dattari's arguments in supporb of this

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t:heorY'ii But while sdmitting theit~1ingenuity a serious dliffi(,ulty' .is presented b,Y'the OOC'UF'reDJc,e of' V'SV on coins approximately half the 'weight, of t,ho,se, marked xx.r, T,hus if XX'il stands for 20 esees we [should, nattlrally' exple{~;'t to find on the smaller coins, ,)(.,11or V V ",III whereas i.t is clear t'hat the ,tw'o V'''g, are only•.. , ·· equal to a semis (8) or half tJlat of the other, (3) It 11&S been suggested 'thllt the XX indic~tes eh8;.'t- th e COIn was a p'le ceo' fi ,nn;J' Ulie~a·a~1:.z,~ TI'h~' h'QlV""' "lr '-' r- I;<U -- -..IS" ever, presupposes a decline in the value of the denaJ~ius mr beyoad wlI&;t .appears to have actually occurred .. , It, would, In fact, no Ionger be a .coin 'btllt a mere standard of reckoning values. It may be pointed out, moreover, ,that the term i!lfJna'l''I2(;'s' was in common use ,at anyrate down, to the t.ime of Diooletiau'« Edi.(:.'trUI,}n~ de :p~,~tii8:' when it is clear 'tJlat it denoted a value con ... siderably greatel' tha·ll. ~~ of the, plated 'COil~B marked
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(4)1 l\{'r~Hill, Wl10 follows S,eec:k and. MlsS0Jl.;g,jl s:uggests, ,4,h·'I'.I:t·- th······~ ,n '\1 II '\ or K>A"",')'" SlgtllleS.1. 8, ". e,q Ua.d.o~o,n ,~c__enalll .... ==, ·t-hl ·d·, ;,'-' ,,,' iU'~ a_ -6 'v 1\, I _.' -' ,.~- .. if -:,.''- ····'·_··t"i··,IIC) 1 unit, ,~; 'T,h,el X X or K he, says, mlls~ signi(y t,hat ,the COil}, is a double denarius, and the II or A tha't it - nit 36 1S, th ,8, un!!;i..1 o f' 'r:- v' ,.'. ,- e ok onin g~ .. ' .,.!o-i!!) '.One is naturally diffi,dent, i~ advancing a- 'flt,es,h
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--,.' -M-'-, [in',:·1'1 rs 0ll. C', t",-, p, 1'118') JU!, :i~ -.r, n,1JJ. ., -Dl!J.cle:'U.an wit'll ,X X I, but hia note a.pplHes e,q:l]JaUy to thOfiH~~ of AUl"eUa'D ~, It :IS a litt1e IJ:u.zlliJlg ,to find 'Hut t X X .,I also oeeurs on ce::rtaiu
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,R'on~a'~~ ~\]:8 1).. ,51 (M'S'O ef, Sele~k" Col ~ ' •. ril' rs 0" 1 ell erri 11,g pnma W__ Y 't- 0- ,t'h-"' corns of ~. ,~,

fCiUes,'~, issu ei u n,d,ent ,U~ Tetra-relly a bout the: e Yiea" '303'1 Evid en tIDy th e se ~:~i',ge'l~ ,CO~DI:S were n o't ~If 'tltU?i. SThm,e curren t ,?alu~ as tbe, small llIate(] C (Iins ']',SSU ed betw'e e n A" DlO 97.1 and ,SOSt a 1th ough D a't'~'ail:i 'b,DJ~ a tbe mpte d to :i,deuti f:r '~be' t\!lO group:s·. We shall, bo,yev1er, d,cal more fully with tl!.e l~oin'b j~ the nex t ~ect.i 0 u.~
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theory on a subject alre,¢\'d:y overburdened in this respect ; but, since none of the for!egoing appears to offEn: t\ complete explanafion of Aure,Iia'n's coinage, I feie~,justified in making ,a suggestion which :may, I trust, prove a step towards a finial solution. O'bviously' the s,ymbo] X,X,II on, ,th,e larger plated coins , cannot be considered apal,t from the V S V' occasionally found on the smaller, In these two. ,~y'mb'ol,8 the II and the :5 must stand for i,&nit' and ·S611liS' res,p9,ot'mvaly:; and it appears pro bable that Seec'k end MIsson,g are l~ightn i regarding XX; not as the, numeral ,20~but as, two X,"s. . T,htlS 'the sym,bo.ls, mJay be 't,:rsllslated. as 2 X 's :~ 1 (unit) and ,2 V:j~s i (semis], ,= Beferring to th,e monetary eonditions of the period we have shown t,hat durin,g the Feign of .. Claudius Gothicus the ,Allltoninianlis t,~ had been running its downward course, and i~ seems pretty' certain t'hat, in, ,th'e first :yea:r of Aur,elian, i.t came to an end, 'W',e, may ;be,iiev"9" however, ,tht\t while, it Iasted, its, relation to the d',en,(1,,1'ius was bheorebicall y the same as formerly although tlle d,c''laj,Wius 8!6 m coin had Iong ag'o disappeared from circulation. That is, to s,ay, small as the aetual value of the "Antoninianus '~ had, beeome, it 'was still in, theory half a,81~ ueh a,g.ain as that of m ,"" the d'ena1i'16fll Aurelian evidently took this, ths,oretical ratio as the basis of his monetary system" and aecordingly issued bronze coins, containing a small pereentage of silver ,at, approximately two-thirds the 'w,eight of' the debased Antoni nianus T:h,~se smeller coins {h ),' ion whi ell Anrelien is Iuvariably p!~),l'tra'y'ed 'W'Saril]!g 'tile, Iaurel 'wreat,h} and Severina is minus the crescent, weigh 011 the aversge
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of' 46,·:0 gl~8,", (20 COillS)II 'I'his is, as a matter of fact, somewhat in excess of ,two~, thirds the average weig'h,t ofthe ,:r, All,tonillianThlS ~" and seems 'to indicate a normal standard of ,42,·1 grs~ or Jl iijj of a pound .. , H owever, t,h,e discrepancy 'its! Inc onsiderable, and, "11 thei r general appearance, the coins certainly recall tlll€1 older' ,aena,I,] lrorh;e sym'bol V:S'V'found on these, coins thus Indicates their' value, as 2, quintC£"jii (V'V) or ·h,alf (:8) the l~rg'e:r coin. with x,x,~; Logically, then, we, ,mi,gh,t regard ··the larger coin as a ~',dOtIbia denarius y~it ,th,e occurrence of I in the symbol shows clearly' t,hat it was not a mnl tiple of some lesser denom ina ti~l]l~ was itself but .'I ~t ~ ~ ' ] ~ .. r ,t, leo unm 0 f~'reo ksonrng, H' ow is this to b eX,pI'at:ue d,' ,.... -.: ,. th- t ..Ie I think there is, no question tha't, Aurehan'a Iargeu coin 'was :n:e,verknown al.$. ~r: double denarius ,~~ was a but si,m.lJly called by' the familiar name of ,d8n~tt1iiu9., ITh'us the full in,terp're'tation of the two s"ym,bols, would 'be..as follows ,=,~XX~ im plies tha't two debased tlenia'i~'i of the, I ~ standard existing prior to,A~'D'.,271are equal to one newer de'la~"iu8 (or ,~~ Atlreli.an-us '-',-==:;:to quote the ,gel:n.er.ally discredited Scrip',totre'8 Hisioriae ,A.ufJ't!St'itt~, although the term may have some point after alIJ~and. eorre ... , spondingly VS V implies that two d,elj"as!ec1 t1ui~',Ul.1:i~t are equal ,to ~ th~ newer de:n'(li'lti;'{(J$~, Wha:t A'ril~,elia,n, did, apparently was to substitute a plated ae.a/Jl~ius fOl~·tIll,€) defunct "~,rultoninian,uB,~ alth,ou,gh the new d'e~1(a1~it'8 was intrinsically Iess it .. {_,(; W~Q' alm ost the same tha ,t'~ r, ~)f;Ti; va 1lI,a.b-l e 1-8 ''\V'!81,g b-b .o~! iii,', i'J, 't...:. a,al',a'calli;l':S '~An,'to·niniantlS,,- and decidedly greater ~ than, "_e' very_::: 'd:'OO!)J d ,eu_"t- ."ll!.iv DI ;A.·.n,D' 'l~~~L l, :!!',' '0',f D' ~'7""O'", h -...".",'. > , '. A-', 1_ .' T,he copper group oompriaes two regular dsnomination,s (c) and (d)" sometimes described 8.8 medallious ;
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alth oug h me "OI~I'ie"'" probably th .oy'"" rep ":resent an '(!J"l,t'te'mpt~ t',O'" .,> IJ,.•- '0:" .. revive .ihe 0.' dsr sestertis» and as, ,vi thou,t, Sc., The former range in w'sight from about 2.5 0 to 350 gra, and the, Iatter from 105 to 1,5!0 gll1til' T,he 'I,,Qrge,r coms, ,8esei··jl~ ale WI·· out le,x:,reeplon 0of, eon,... ·t--" "It''" rith ·,·,.t, , ··,,·t: ,,-. , ,..' ,." .... iid1 -' k :: sic erahle 'ral".ty" anca:., ru th ougrh th ey were struck by ~~ -.. d ~,.y\: h i'l AlIl:lslian ana b eac, 0'1 I.ns successors d OWeD. to .' 'N" '"' ~~. ident.fh _..umerian, it is evn ent t, at t hei .~_ issue cannot 'h eir .. nave been obherwise than on, a very' limit led scale, Thosle .. ' . er 'f~) , ~""" -'--.""--~:·'· elv ' 0'1f"-'" smar~I'l".~, Size" a8,8es~," ..... are compara t·lV'e., eoramour y w'ith the heads of Atlr'elian. and Severina, hut their iSS,UA9, becomes exceedingly scan'~y after Probus, The notice of these coins opens up a question, that, ....JI ,. ,." d .~. ,--; -,- .. ~" '. ,,.."' IllS atS, ,8xerC]Ble ll! th'"l.. .ml.DJ: Sf.o f" .numLlSmaltrlS, ,L lR I eC'B'nl!' ._ _ .ce h I f"-' r ~e, ;;; d ,years~ as t 0', t- ,Ie. vaiue or th m[XJ~'-me t a 1 GOlDJS.it e. coins of plated eopper or copper containing a smallpereentage of silver) relative to the ordinary bronze or. copper coins, issued during the latt,er part of the third een tury. The consideration of the question involves ,a slight anticipation 'of our su,~je.ct :in one or two points, but its, bearing on '1116 coins of'Aurelian is ISO evident that it seems fitting to in,elud·e it in the Iu:',esent section .. The mixture of a small proportion of silver with the, added m· '"' b 11k 0f'1',1:e'r ~ auaec ,SI" rht lY' to th e mtri .. main ouu - oopp ignr, I~'~tn . rmaie I, '..'.'It .' '~t. vame -0,f' t". he'' 'm' ..,·,t"·· .J ,cU It 1 seems 'mi'"""",r" J.,:hJ·~··· 'uOUUlJ 11:1. - e c:.a b :_,; ore an ..J.,~.. 'L-J..,f·'· I whether some of the theories based upon this, fact, ean. . be entertained seriously Fiol" example J Stee,ak·3.SJ ..w" .. .' _ Dattari 39 and others -reckoning.. · the percentage of · c" ...... -- ;: .. I,' .. _. _:.-"; :' .. silver and copper at O~045and O~955 respectively, have
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~~tternp·te(Jto determine ,t'he intrinsic value mixed-metal coinage in relation to ordinary bronze. rf1h us, these writers maintain ·tha·t,Dioel etian's .fo,llis '" .'., ~ f' I 11 ... was mtrinsieal ' lliJ y:~;' '~llr the same value as ,j."ftk 'N"'.eroman .. tne . "
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Dattari's argument is undoubtedly in.genioltfJ and, is, in itself logical, but it should 'be pointed out that, so faIr as, analyses of ehs coins 11£1V'O been made, t,he. o.nl;y result is to show considerable variation in the amount of silver pIOie8e,:n['t~ ~l"o adj ust the intrinsic value of a· copper ·C'OiIl. by the addition of a small proportion of sillver; so tha·t the resultant 1 me ta 1 should be ·tw'O-,and .... , . "h- rimes t']: f' .a 11 ,a.... l'f'~ t'" ... - ':'1'.1.8. va ue 0.": unai110y··eu. copper, rnvorvesnau a process of such extreme delicacy that it IS, dif6cult to believe t'b at either the appliances or requisite skill would have been forthcoming ,at the close of the third century, 'I'he further difficulty of guaranteeing so enhanced 8 value in actual c.U.I'I'el1'c,Y· ·\v(H.11d have been enormous, especially as the '~OIn,an,public had . had a Iong and blither ex peri enee of d ebas e d~ and often fra tll:d. u.le·n:t~, .111ern, eY"j! l\Io:r1eoverl, since the percentage of silver tended to vary, the appearance of a coin :g,a;v',e, but Iittle in d ieation of its Intrin,s, ie value." ~th f- l ',:rllr~llln,g' o t__ evic ence of the eoms t h emse I.ves W'1l J3 id '. find the ratio between the pure .silli.ve·r and mixedmetal or plated coins definitely shown in, the 'ti~,~ the _w''4.!;·tL,':.~ ." ". .u.l,i'ti. IltU of- Diocletian 'b-'Y'~'y' fa ..... that 90' J,ff1j.")"}·jjilf:J!; W· ere equal 4.Ji""ii, i" sit V',sr denarius. That is; to say, the value of pure silver relative to hhe mixed ·m.etal WJa'~60 to l~ It, is evident, ~ t·heref<Jl~,e tI1EL·t the ·v,a~.tle. f tb,e mixed-metal .. o ~ .. ," ~ ...TIll" -~ crr pI atedd~' COlDS was lnt'Jr.1DSJIlCW:7l v'e.r,Y' I~'Ie, l_rf~3.n.y·, . .1t,t greater than ,t,hat,of ordinary' bronze,
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th,~ silver coating was, sOlne:thin,g more t,h811 a D:M~I'ely' -, ," ~ int .JI to -t h ornamental 1 «devrce ,ir.\D(l was mtenr d' ee. t g]Lve '0 tile 1 '"' "b corns an mersase d vame in currency, E '"d .t.li t, ',B, ,1,',V.l,_,ellw,Y' actual purchasing povvel~ 0:£ the plated coinage had become exceedingly small 'by about the year ,~171 it is j, 'p'ossible", therefore, that in the resuscitation of bI'o:n,5~H~1. coins" correspond ing wi bh t,}16 &e8te't~tius'and as, we se e an -attempt to force U,pi the plated currency to a fictitious value. .J,~ 'l hl '1-h d ,I .is po. Th-~'1" icy' 'W,a1S,. 10,1' course, thoroughly cis ,-ouest, "ani," as the ratio b,e't,v',een plated and (~OP1)€U" coins was entirely ,ftl'·tifi,clal~he break, ..d own of the syst 611il b eeame t inevi table, Hence the g~radl'1Jl,;a11 disappearance of the 8'elJ,tie1'~ti'lt8' and as under Aurelian's successors. It, moreover, goes some T\fay towards explaining why Dioeletian abandoned the OOpP!6'f or brass eurrency and issued all his lower denominations in plated copper, Aurelian's system 111a,Ybe tabulated thus ,;'~
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The reign of Dioeletian has, been said to mark ,a, new era in, the world's' history, It was indeed an age of .many' reforms" and during the joint reign of Diocletian and, l[,a.,'ximi~jn, as. ,Augusti ""vith. Galerius and Oonstantius as, C~~,8ars." o department of State n administration, leith,sr' military, civil, economic, or religion s, esc aped 'the most rigorous overhauling. In no direction was 't'h'8 need. of reform greater than in..the matter of the currency, ,For 'neal~ly-'~tcentury l the Boman coinage 'had been, s'te:mdil,Y going from bmdl, to worse, and during t,he baleful existence of the ~;',Antonin'ia:1l111S it reached the, Iowest depth of degen,eracy and as ,ar- s,yste.m lost all coherency, The 3'tte"mpts, at revival that occurred during the bhird century were, 8'S we 'have seen, mere]y evanescent, However, Aurelian's unpretentious t, reform ,;;~ had :at, any rate achieved a result of some Impcrtance b:y the in'lstitu,tion of a new plated denomination of id1eftnitely fixed. value, which had S,G far proved anecessful in, arl~,e,:sting the, tendency to further debasamenb of the coinage, ,A:ur'6.]ia'11.l'-is scheme, however, had proved :~ltog:e,ther tOIO inadequate, and so. it fell to Dioeletian [ ~JtJl], ] }[ 2
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to grapple seriously with, the problem of the currency, ,,.- h -1 h d ori 11'" '-:hishe did W'1t,· a 'tnorou~g:'11eS'9 ann IOl".lgl.na,~,lty'suerh ,as 1',' 'IS 1 had not been seen since the time ofNe:ro~,all,d his reform . i mus ·t' b ,,' aecounte"t"-'d- success . f' U In so LR.r as, 1& nlaace -,,~c_:_J3 oe ,'.-. . ,"'-.- '-,' ,,:. ~ ul ~":-P" oed th . '. coinage on an in,'telllilgib'llie basis and In ft, large measure restored the shattered credit ,of Roman finance. That, ,it was not permanene was due tin t,he unsoundness of the economic prinoiples on which most of Dioclebian's schemes were based, and the 'utte.l' im'PQiSsibili~y of aibitlfit-rily' enforcing a uniform standard of values tn'f-ong'hont the E,mpil~e", Dioolebian's rsorganizabion of the Bomaa coinage was a work tb:at extended more '·or Iess throughout ,the reism in a series of exp.. riments the aim of which wa-s e to estahlish EL, universal system eomprising coins ofgold, silver, and plated copp,er" th,leir relative values 'being. aclj'u;rJ&e,d 011 $ decimal, as OPIJ.os,e1d to th,'e time .. onoured h duodecimal basis, '-D':,10CLe~ Ci'n':"~ 'fi-~ i. o'·~"O~IJI lIl'",_ 0' 'w__' Id, to r'- '",.'- ..' "1 -t- i~, b·~' VO - 8!f:!; ".u ;-'Q~lIlO,iL:u I(n)-'-' ''0,'l'''''' '~""
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the a.~~,1!"eU·8to its place as an integral ,mtl'tor of' the, monetary s;y',ste,m,,!:' Whe,:n, CaraoaJla, (A",D~l ,214) began to iSSU,'I9 gold coins at irregular weights, th,o: 'rela;tion of the au,r'(~'U6~to the silver and bronze naturally beoame eonfused ; addedto which ,thl€) introduction of the base ''''~An'toninianllsl proved an entire]y subversive element that in, the en d 'not only' drove 'th'9 si] Vt1X' coinage out of existence but destroyed all relationship between ,tha' differen] metals of th,€; cur,Fancy .. , 'I'he est@,l',blisl1me,n,'t of ,a gold unit blearing a B'xed, relation to silver and eopper was 'a,:ma,t'te,1'" :involv'ed, in ...l,~,'[""ll -b· ~ -1111 ,I..y.: il' ' J!I;;I ·d'· l~' _ '_", ~'Ii.,L~[ Seeck 4;0 has a,p'~l,y pointed out t,h_a,t the r,ela'tiv'0
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Tt~.E R,OKAN .M:ON'ETARY SYS,TE,)L ..

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values of gold and sil ver. were not universally :fixed, snd that in provinces where one or other of th,e precious metals OCOUt.1;a,e[d naturally, or owing 'to "th'e, exigencies of Ioeel 'tr~d.e; ,t,h,e vA1u'0 of gold relati.v[el,Y to silver varied. Prior to the time of Diocletian no ~"J!.,jIl,D'm··' pt Jf had been m d' a LO"_:_'C'iJO;;t r ~ central standard L of values, noe indeed would any such ~;tt~enlllthave been practicable. 'T~his: no doubt ],ar;g,e],Y explains the changes tl][,E\,t 'O"'~'IWU-"'l'-~;n'C' C' th e W':a;;a"h"',·-iI;,IJ of Dioeletian's v'~~··· S'(~H~ck has divided Dioeletian's gold, coins into ,~ID ,five classes, 'which ,may be summarieed as follows: (1) All, D,,, ,;286. 'Coins issued. a t irregular w@ighfrs, frequently falling be, ow' ::1 g:rms:@ Th-'c. ,J. of ~. P 'oundl k,:: ", Jl!V. if 0 -:." ,R _;~. ,"--'_.'_' (0.)'1 Be ~n..,..~ A~ D[ 9"9'0 {i" e. 4:,..68 grms, ol~72~.2 grs, normal) ~ T.hi s stan dard was adopted at Antioch, wId coins of' this mint 11.0t, infre ... , quently bear the mark of value 0 (:= 70) .. ,(3) ,ei're',,, A~ D,., "2'90.. TIle aU1"'[eUi~- irs 'of a pound (i'~ 5",4,5 grms", or 84.. ,gr.~~ormal), with mark of value e. 2 n
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~B .A()oo rdin go ·to nUT" 'u1oclerD standard 1 Ill" 10 f' almost ll111'e :go~ at is, worth 42 ,~O :balfpenn ~65.., 'I'h U!J Dlocru.eti[t,n '8 (1e~~'a1~;'((lS' 'nunf:~Qi OO,lU IO:ny 'be expressed ns eqnal .to il,bQu,t in· of a n~,o~,e'l~n. 'plen'ny, lV,Linn

appears to 'be abnuf tl~e vm'hu~'of' the co-in. termed ~ dP;n,n'~~l~,'8 'tIle· :h~. EdDie t of P.'~~IC es,

newer standard of /~ ~ ~lltlS the normal '\l;'s;ig,hb of ,the coin, would be 67 ~861ilh1ste~d of 70"1,5 grs, 'fhe diffe,r ... enee is ,only t:rifHng" and one is bound to admit that it is: impossible to state categorically, merely on, <the evi ... ...11;']!..JI .. <hi. ,', - 'iI!, h oenee Ill'elUU,C,8,a:' A; ' i rom ,ve,:]lg'lng speerm ens, 't,11at, ,8t10 ", a change aotual]:y 'took place, But since 61 0 of Dioole ... tian','s coins, wi bh X X III all th e rev erse, all ill ,th,e, fin,est condition," ,g,iV 9 an average '\v'ei,ght,of' '6l'~2'9 gr~",which is slightl,y Iower than the average of Aurelien ~ eoins s (vid'(j' 81~p'11!a») and since ,the ,propO'I~tion of 7~ theoretically ,D'ts in wi th 't~lerast of Dioeletian's syst,em far better thsn -r/21 lV e ~ a,y conclude ,th.. this change of s;t weight is, a't any rate, highly probable, . During the Iatter part of Dloeletian's l~',eig.lltJle ,XX·I ae1lClj illt8 W,9,·S superseded by a coin of somewhat similar ,aplplearan ee, withon t m,a"rJI of 'T,~111e, but of red ueed weight, TIle anthorities 011 tlu~,coinage. of Dioeletian aJread:y , , ,. rth cited state t'1 "t'_1:8, '( c_lena;?'!'i~t~eO'n~m'lt'ni8" ' was WO,i·ILt~I' '- I at half It .!()l,~i&" Yet despite this COllse:nS,1J1lS of opinion I find it impossible to aeeep t this estimate of ,ther relative values of the two coins. 'Vhe:ther 'Me estimate thle 110Fmal standard of t'he .(l'e·Ju~;rius at 71"£of a pound, as Lepaulle and others, or at ~l5~' S'B,€{mS to me the more probable, in eisher case it, as f&Ils oonsiderao ).. b eIO\V h a lf' nne weig I'l1J 0 f-' iJ:-l\ i"f.O,fYIt~e. ~ d bl tl .' J'1 '", ~ '.. ~JDlt3 'rIle ·equation of 1 .}'ol'lilJ ~, 2 ,cl'e~na~'~ii Involvee putting 'h h f'; ;iI,.'l '" 71'" t:1 'tl,e norms. 1·weight 00:,· tr 1,G .·O',~~18'a,L, Be: 0f"· ,Q poun d' or 14.:0~?gl"S,. (Lepaufle's estimate), whieh is evidently far' too low,,, If) 'h.owever, the fo,lli8' was issued normally at ~~o (= 16,~~4 ,grSo;j 'vide: mtpf'IB) and the d,e12a;?'li'u;~ ,at ,\'
1
I

c1

'"

';DI

ilil!

I.

j"

j-

~,~ else s pecim ens 'we're se'~ Th ect,elai

.111

aJllJJ.ly from

'til. e Bodhrbu.l

"

Collecti!~)l},.
[ '1a,g ']

']flJ;,~

A... SYDEN IlAlI

i

(61;0,36, grs.] we have an exact .ratio between t,]18 coin'S: of 2;i iJo I" In corroboration of ,t,hisconclusion have evidence, ~d lb. .' h _ tna ,~ outside 'tna,t 0'£' t~]e corns themse I-h' .,. to snow t'h t . .111 - -'~ 'V"9S the year 301 a POUI1,d of gold was, worth 5,O,~IOOO ,(j'e,zQ/rii; and as, we have alr,ead,y"-' shown t]la,t, the ll'tt"€M8' was: . worth 20 fJ~'~iZ:,ia1'vBn8iaan d tlle 'jnil'i'a'~~nis6was worth 20 ..ollt38" it follows tba't 't]16 pound of gold = :510 at''j;'ei f ~,1,000 IJ}ti'liia/rei1T9i'a ~ 20~OOO.foZ'les := 510~IOOO deH,ariili 'J totas ,'~, 11;1 '.' ,.:I ",., .. T'h,a'~IS to 'say",~tie ~-- ' :II'l' was wor~lil ~~~lUie'la~i~,ii,!, T"-'h~' ,'IEL at any rate, appears to' have been the relation be'twee:!l the COillJ3, at tile time ,t,he, new currency was maugurated, ~Wit"bill a few years, however, the, weight of the ,"f(}tli'~f{ beeam e oonsid erabl Y' ~ im inishe d , conse-

""0
o;

. --

i

-

I

'

,',

,.,

,J

'~.

[!II

!Iol

~

.t!

cJuen,tI,Y ji ts relation to the d,e'i"tCl?'i~i:t~.f;eha u ged, Some lig'ht is, thrown IIp on, 'tl1€ question of the current valu e of t~ ,de'll if rius at, the b eg'i nning of ie the fourth century by Dioeletian's famous ,1j}Jictl1,',rn.~ de lrreii'is ,49, referre d to a bov 12.", ~I"'h m 01111 m en"t~al is example of economic fallacy, which attempts. to flx amaximum seale of t~riffs, from tIle, price of all onion to uhe fee of a barrister, naturally contains a good deal .... t rs or Sima II importance to 'I1S anc must '-]h " , ·a lr-~a,i: ~ f aave 'b .'·'(:H3n merely tiresome to the, people of' Dioeletian's d,ay'" Here and there, however, we find items 'which giv'e some clue to the purchasing power of money 3'b 'the iod 1 ' pence ,_, F' e:x.a.m ],e." the ,vlt'ges: '0f all agr'l~ 1 ,~or ,P' Y CU, ,t'ura.I Iabourer are fixed a't a maximum of 25, de~'Aa~'~i'i p,er diem, tJ~e price of 'beef' at 8 de'~'2,(li~!"i/i' pound and pork a ".l th C 'I' '1'110 ,COlD t'lll ., at-1'1 .' is evident, t ,- .ererore, 't'_-'h t a It. ill. I ,~'" It i "Ia,r,: '1JJ110Ug_1 ·terme dill th'e, Ed icrb,,~a de l~ a1tj;'~tS "\V,Et.S of Iow val ue,
,!

-'I~

Ie ~

i:t 00111d nut, have been worth less than i"K' of an A llg1:lii'~a.n tlenu .iCli us" (3) The, smallest denomination ill the monetary system of Dioclebian is the C,e?'lte7~\i(JnaZ'i'8 or bronze ,qttinltriu8 (PBiQ.) OIl which the emperor's head is always. laureate. Its normal weight is exactly ,ha,]f ·t·hat of the d,ena1 ,iu8 aereue, L e," B3~'6,:8grs .. of' rl'o of a Pound, 'I'hus i'b formed St continua tion of ·the small plated coin eurrsnt during the pe .. riod from Probus to :Numerian. 'i"IH3· name ~ ~een tenionalis ):~ a,pip'ears to be derived from the fact ,th,~,t it, represented the IOOth 0''I" 'J;~;;g.,; co or the Pa'rt· fr' n t.ir.l(i';~':·"" ...
t
IUI'.'

0" '.

'i;;.~

,Il'Jif,l·J.'lit)ll:till'.

·~·b;l!l,'l oiDI'~ '!;,O. ;tO~'~,~

"',

!l:il&t;,o .!I·i~'

rJ,R.il',llla'·

ill ~ !!;,1Ir....;!!'

ijJ'n.r'~g.-:..:J48i·ll:J';UiE..!It!iJ" I!:,I~" ,~,.,ID' IIII!II<~
.

'!J I

, " '.

'IC'

'_

lOOJ,OOOt·h of a pound of gold, ,J1Jld,gin,g from the comparative :ral:ihy' of these little coins at the present ·time~ it may be conj ectured that their is,Sll\e was far more lim ite d. than tllat of '~ile higher denominations, (4,) IThe coins of intermediate size between the .j'oZli 8' and den a '}"lu-s' CO'll~'n',tt~nis", mos tJy deserib ed. 'biy' Cohen as ~entre MB et Plj" ,.must be considered as transitional iSSl1.8S '~'"Ia th,er than :ne \v' factors of the monetary s,ys'tem. Instituted under the ~ret,rarehy", ~rhere is 110 questi 011 that D ioel etian aimed ,at· arbitrarily estabfishin g a nni versal moue ta,r.y standard .;

but although the two main factors of' his system, d Til', ' tu«; "h namel Y' th'e.J ocl'~8 an.'_ c~en,{l}'" "\ve;r€ current t rrough hon t, ' ,/.',';P'" every province of the Empire it by no means follows that ·the exchange value of the coins '\V81S uniform, Furbher, the appearance of coins of Intermediate sises affords unmistakable evidence that the plti~lescri bed eoinage '\V:a8 either inadequate or unsuitable for Iooal' requirements, Hence it is not altogether surprising to. find tha·t, in order to bring the coinage more into harmony wish traditional money values or Iooal 'n'sages:,
[ 1.6] ]

,~ -..J • D:'~' alterations were mao ,a, In,'10C- etian s ~:y,m,metrical and h .111j~'arbifieial system, which ine,ri.tably reduced it to a state of confusio-no IT.h.es'8 developments 'YSI"€i; not confined "to the E 9,iSt, but ,a}J'p,e;ar to have occurred in vatyin.g· degrees throughout the greater IJIRrt, of ·t·h.e :Enlpire~ The, coins 't'hIEL~ result from these Ioeal efforts at reform ,!311"6 of a transitional character and naturally exhibit considerable variation 'in ·th.,e. :lnatt·eJ.~of weight. HOWeVBl"~, despite the· appearau ce of eonfusi on presented by' the, coinage of this period ill general, it is possible .:to discern two fairly defined ~]em'el1ts: (1) a new denomination was mstituted in th e ]ast year, or perhaps t wo years.~ of the Tetrarch,Y'" and this continues . . down to aboue the ,yea.r 31·4;, (2) the !oZlis passes rapidly through various stages of reduction until it finally merges mto the smaller eoin, (1.) The Il~W denomination resem bles the j·ol.li'sJ in typ,e and s'~yle\~ i"f'}la.;t is to say." the .E·mperor;s bus.. iSI t Iaureate, and on the reverse the ~J'P6Smost commonly m!et, with are ,OENII:'Q iPQPVL~ RIOMANII' or other ty:.'pes characteristic of the jolli's., 'rhe coins w'edgh on the average 61 8,,0 grs., which probably 'indicates a normal standard of 1'01··04g"fS;~ or .~\ of a pound, This (1 11eti ve weight, and the faot th!a·t 'tlle.y were fi'rs,t, isti .. inod . t ~. d issueaLwh -1 tl).e.,O"b~8 retainec rts origmat stan dI,al~\~., while 'l! f' 'J'}'" or :~,t ally rate was only beginning to show signs of diminution, is .prafJtically conclusive evidence t,b,at these coins form a denomination apart from the ~o:r'dinalYfo'lli8~ A somewhat Ii mited number was issued by Dioolesian and M'L"'rinlian shorbly before their abdication, and 'by Galerius as Ca"e.sal~j ut they become "fat more numerous b

certain~

=lli

' - .'

'Ii

1

,

1

II'

'~I

-

[,l62 ]

m111 IL""II .J:\o,jViIJll.~~, "T 'D'O' -:!II'iIl' .. .1. ,~..IIl!.ii

'1U'

~I

0-, '.i!.:"! .£.IIr- .il..' ~, .ia;, IQI "Io:':"TiI II;,R'Y':~ u-yoT:-

-1I!;1'l'1,t'l["

JIl1,l'i'JIb.

Ii

after IG al 81;' UJS assumes tl1 e title of Au gustus and under Maximinlls~1 By the Y'(j,a,:r ,311 they app,eal' to have either ousted or absorbed the jollis. and. conse ... qu~ntly became the Iargest bronze coins iu regular eireulation, Th,e, following 11.1ay be taken as representative examples of this denomination :
IOl'OJJ'B

I (undAr the i~'ebt'i\t,h'~hy)~

OlJv,-IM'P C VA'~, !MA,)(,I: lAIN 'V:S P F A'V'Q"i Laur, IM bu Sit o f l\1.a.Xil'][ti:1U 1'~, Rev..~aE,'NliOI P'OiP Ra'M", Genius. PTR~ PLO, PIL..N'~ (W'eigh.ts, '[),8,; 94, 9-5,; 9'6" 99~ l03~
,

roe
-. ~

grs ):,
)

·A~~I,

..

Qn' rt 'i:'! ~ !r:[~~~

'~:

r;;;;,)_ ,~ ~t~ l-§. ,'(l"O: ~ ~ _.

{qf;lk~r·

!!l

C'~ a,A,!L. VAIL M,AXIM~AN"VS p' ,F A 'v CI,., L.rtUJ,", 11 of Galerius 1l1.'~ sad "0... r!lr::"N' 10- I MIDI[-::-°A'" 'T'O' , ',~=:\.:,,€!!n.iusl~ R-' II S' G A" IIE-:-' &e~ ) _,lwV~,-U~, 1_: ,,_11' .,,\,I(Weigh ts, 9 0" 91a~ '95, 9'9" 100 grs.] Diocletiau 'v,Itl~ RlJVt Q,V IE,S ,AV' OOi ~ ('92; 9·4 grs.] Divo Consbantio ,:r.itbRev., MiEM,., .I]~ IiiCO'N S,TA,INT I~ V (We]glDtts) 88, 9,3 (a],"'0-.8, "f9, 100" ios, 107'; 118 ,g:][~.s~)
Ob'V'i,~IMPI'i'
j

_!

1

.••

i,

I.'_~',

It, is not altoge'ther B'a8,Y to d etermine the relation b ~ of coins of this "veigllt to the ot..er current denomina' 'S _ ._~ ',/1' .u...... ,Uw ... ~t1j t 1.ensliIi -T-h~y' cannot very 'W" 9·-11 be ~~t, iIfl·lf.' foilles their weight is considerably more.than halfthat of t·he, toll'is", ,MOF,eOV'ler a half-follis would involve the rather awkward proportion tOI the denarius cOjni11~u,nis of l-i~ It will 'be seen, howe vel'; tlla'.t, their weight, is. exac;tl,Y one-and ... a-half tdmes that of the, '!cle'n£tl!iu8 or three t'imes ,that of a CI€;zt,e1'~wl'zalis" and presumably on ,t'he strength of this S ome ""1' Iters have described this I'd~:one 'OCm:;' " l~',~ ·t,~, , s' u te'1~1Yn' iI"'l'1:"'1 -~.-_.~·u I;f\n-'
!
1 ,.,

I

.~I~I~,:.~

~,~_

",I~i

..·:I~._

.:_

....

)

1-'_.1,:

_'~~'

jl~

~ ....

....V I

.. : '.___;' ..

,((l,

'Eli'
I~

,1l'jJ!
I~

1--.:..

'::

_'

b-~, -

I~

'C!' :~~I l.' 0 !i

It must be admi t:ted tllat th e term has li.tLle to commend it, ,and, since the ce~~t~rJ~i'o.ualis'~. ,q~~i',a(':I~iu8~ or
'i'

[ 1,~3]

8,4

1\.',l Lli

A" .~ _,'~ "" .~l. A" ~'" - 'S'v'D"'E'~~'FH-'.
.
_:_~iI!

never obtained more ,th"~n a v,ery Iimited ciroulation it is im probe ble ,tlJla:t it was ta.k:en as the unit of :reck,oning when the new denomination was devised, In spite, of its, deficiency in the, ma.t'~e]r of 'veig:h,t~ i~seems, more reasonable to, SllP,pOSI~ 'th,R't in eurreney . ) d' U;'T,ZZ ,t,'h'· new denom ma,t':'ion was wort,;I1.hI' ~ I_:e~~ ,.,~.c;o!]n~nt.nes '18 and ,that the jollis gradl:11allliy' dropped to the- same value, Mo:reover~tJ'18 fac-t tlla:t the numeral ,K almoet invariab 1,Y 0 cenrs ill the field on later exam p!l'es" particIll.arly those of Alexandrian mintage, seems to point to this conclusion. (4)·. T},e: Decli'ne ,0-1 the llo,Z:llj8',,, W'e ha ve already :.J anticipated ,tJ:u~stages by which the w,sig·ht- of the ,jo,llis dwindled from th to, ""51:;, of a pound, Sinc~,;.'however, it is in. this. connexion that some lig'h,t is thrown on the meaning' of ,t,h·e symbol X"X ..I 'found, on later examples of the fol'l:u;, it seems worth while to eon .. sider the question in detail, A.ceo'rding to th.a -theory' advanced by Dabtari 4'9 t,he Alexa:nclrian j-ollis wit"h X,Xii~ was equivalent to the l?lated dlJna?~,lus~,H,Ot only' in, onr.~enqy but mtrinsicakly, Hie bases his argument the hY' hesis th iIZlt'l' t-~-JO. ~ ounb 0" ,f-~ P'.mrs silver l'"'n---" '_p"'o" am .'....:',' ,' ""U~ the plated denarius was O~05i5~whereas bhe Jo,llilJ contained only O~,04,5,., E,y'en a lowing that these per,c-',e--"nJ,li3tr,~~' J:"" renresenb '~',h, a average found 'in th coins l'·'~' li Impossible to overlook ,the uttar i:rnprac:tic,abiiity of at:te,mpitin,g to 1."eguIate the value of copper coins by embellishing their surface wit'h, a, thin coatil.'og of sli]ver}5,O It is, mOl"eO,ve,]i, highly improbable ,tba'b coins of such different appearance and size should have been regard,ad as of eqtlal vnln,le~51
l
I

~

"C

t,

II

_

h,DI \)I. ':""_:_

"jQI

,I, ..

.r

....:.I

t'-~.

·oa.",

w.',·

1"'1'~

!i:l1

_

y!y,

"

"1

t··

..

.

-

.' ...', .-,·lJiP~'OIr~iO' ..~ ,

,,"-;i~U

-

.

ilLJ

I IV

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Q

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.

·~if.11 .&a.

86
A far more proba ble explana tion of' the symbol ,X,,X..III on. '~11ejo,lletJ ,S'8 ems to be 'it'll(t't tlll,e COl?P -,cl'e:~~~a er ~'!ii of the Tlf~ltra,rcl1Y" had become extinct, and j'1Lts~ as, It cal stan d ~I"!Id' of ·t-he·' .a~'!:,~ an had _-,. aken ':t,1'1~ "}'1' D,O"'!"' et "l~ oJI!.. l~iI;.tii '!li~ vi I. . _' debased de'}~a~~i1.t81, of which were le(111a1 to the newer two lZe~z(tri't(.S; 8,0 'tll,sre 'was 11'0' reason why the same symbol should not have been employed 9J't m later da'te to indicate that a coin 'was the equivalent of t~wo of D iocleti 8i~1~ cl'e~~c~1,1,C',onlflltt~~,es,., s ii' If~ aa I believe, the s,ym,b'ol XXii does not oeenr on the ,.follis unbil almost the €I11d of' th~ Te'tr arol1.Y;, j'u;s·t;. be-tore ,the, coin began to shew signs of Iosing weight, it see IDS :P'l~O Ie. 'tlla t in ee:rta.i11 ,prov inees i~ 'was bab already beginning to 'pass at th,t} rate of 'two instead of two... and-a, ... half "l6ru:t:r.lii,~ Hence the employment of the s,Y'llnbot, Tile following examples of the Alexandrian mint IJU1:3' serve to 'illnatrate the: deol in e of title "follis :::
''lII''II'!iO'1II1'' 'itiIl! __
t' '!GO ,

'0

t·,~., ,11;;1'-.

:.

'iJ.' _

1I:;:I<l!i1!JI:.I

'.'

_J[i!l,._

1

l,a)

or 305", FoB is .0 f uanal [size; but ahow.., b~g .signs '!)f sHgbt~ reduced ,.,eight. ..._...... .. 1l,faxt~Ula1:h Rev't,-OI;_NIO., IPOPVI~,I~ ROMAN,I i' 164 grs., dIsm. 1~ in" 10 Gal'fJlj".itM Ccu.wai' '(siunflar); 150 grs., diam. 1;;1.0in",. I(b) 80,5 iRed u eed Id:ze an d, we ig:h t, IGal'et;it"$' Oaes,cno; '(rsilll.ila,U(') ,; 12,5 grs,,:!, ,d,blnl~O~'g.,5,in.
(c) Aft,e;t' 305,

A., D~, 304

-, G~~eJ'iU'3 UgH8 ti t(f)'. R'e,'f)~~'V'R,'T'V Si (,(E:R C I T'V:S!;' I 180 ,gl~EJ,,:~ diam, 0,90 'f 11~ ~Diocleti{,Hrt(a£tel eb dieati on], Bev,,~,P'R 0 V' I D'E,N, T IA~ eE,Q iR, 'V M..; 1.'14 grail 1] 5 g]1~S,,~ d],am", 0,,9;0 in,
1

,A

t

Bubsequently the follis' was reduced to about 100 g,rs~:~, a't which stage it became amalgamated with tIH~:
to '~h,elU'ln;t of AUexJ8kud,l'ia:, but "",Err,e, ]J32MIC(1 eIBlewll,e~;e·-:~t ,i8 Dia" S
I

for If)'xa JIlllllie~,

U 1,65 • L,

1

~"I" ,,l'li,

denomination eharacterized 'by"'" the numeral IK,~ .de.. scribed above.. AJt,hough the J~O,l,l'is' underwent a similar precess of diminution in, ,ev'ery province of the, Empire the rate at whioh it was reduced does 'Dot appear to :1:U\1t'8 been uniform, A'b All t.ioeh, for example, :its decline seems to have been less rapid t,han, at ,'h~~xan,dli<iai ThtllS we find the PiROVflDEN 1_IA DEO '"'VM QVIES, A.V'Oe t:yp·e (after 805) occurring simulbaneously on coins of two sizes, i, e~the, ordinary follis or 'Jo and the 'newer denomination Of5~1T;' Again, at thewestem mints" such as, Tr~ves and Lyons" 'the origiru~l standard of the fol,l'i,fj seems ·to have been retained some tim.e ft\fte.l' i:t had been re Iuced at Alexand.ria~ The foregoing considerations, however, thro,~,. practically 110 light on t,he, following bronze coin of .... M,aX,lIDlallllS :::'Obv~-IMP' C' MAXII'MI~A,NV'S, P F A.VGI'i' 'Racliate,
I_} ~

Rev,.,-CONC'ORDIA Av'aO~ Diocletian and Maximian s8:ated 1.. on enrule chairs, I~] ez., S~ IC', [CO'I ~ 4t11~.]

~

;n,-, ,,,,,,,0 d" ·d-..,,,, ped ,,1'ia II ][;;lUi. !'
1• , '.

bust
'.'".&:;;10

~'i

.,Il,.,

T'b.eonly specimen of this extremely rare co ..n t:ha't I have had an opportunity of examining is in. the Bodleian Collection. The, eo-in is, ill good condition and weighs 120 grs, Cohen classes it, as M.B and not as ",entre MB et P,B~', lthough it is decidedly smaller a and. ligh,tjell~ than the ordinary follis. Indeed,. the portrayal of the emperor wearing the. radiate CliJ\V'11 ins bead of the wreath, the un usual oeeurre nee of s,·,e~ and its general unlikenessto t,h'ejolli's, mdicate plainly that :rut dGN3S not belong' to this denomination, Nor, on the other hand, can. it be classed amo:ng' the coins of ., e'er',m, a: t sise a1 d.y nesorreec. JJI ;:) . ib mt eo iate '.; rea
j

[ 1166

1

FJ;,om a single specimen, it Is of CH)\i1XSe impossible to co:qjeetnre its normal weigh'h or :ibs. probable. relation

to other coins of" is period, No coins of corresponding s:ty:,e ap!p,eal~ to have been issued 'by Diooletiaa or b,y !sithi91' of. the two Caesars" 'Galerius aad Oonstant]lu.s .. S'o that· t:his tYp~·e.of ld;axirnian stands alona, The only explanataon I can. ,o.ife.a:. fOF the oeeurrenee of this, remarkable coin Is that",,. while ~raximian wasl . 'i~,command of the go:vernm,ell:t at Rom,a, it is possibleth,Et,the made an abortive at.t1amp't to revive ,the old Senat!orial bronze coinage on his own in.itiativ',e'i But W,h6't',hect~ was actually tljTin.g to reinerodnce the olltl 'h,e, , '" h- ' t :I th ~ef ,tlulJond~'u.s OF W'_.. 6t. h'er h eontemp '1a~:,eCl, ',--8 ISS'li.. ~' I "'e, a- new series of bronze, denominabions must be left :mal open question,
~. . I i

I

"

II

I 161 ']

!-l~ iii)' .... ..l"'!J ~

88'"
. >'

~,

ff,A'E''"iII',E' _I, " JWi _
I

I!

,~:

'.
" m:
~

~ ::;:;:;
III 113~

...
I~
I
iI'~

i:b

..

"'"
!:'5

~,

~
I-~

:j

~

iii-!

~

...;..'

~

~

!I!~

---~~~Augustus ~ T ~.'mJelii ;5, U
.'
III

~ ~·I~
1-

Of"

:=

II~
Cl\Ji

~ :=:::

~,

I,e

1,0

,jI'!!!II I.........:J

Q

-

-=--~'~I~

.~_.

,I,

+
I, ;1'"

IT' + ,-t, IT' -t, ++
+

+++
-+

I

+ II
I

'i-

a, T'

C~ngula
'~T""'!,',m
lL"~III.UI
[II

C:~,~'uclin.s'. 'Gnl~ut ~ Othe

+

+,

+

-t,

+
1-

iii

11ii]

,+ I +, ,+ + .' +

_..

+

+

!!3!1"

t-

,~

I~
-+
4-

ve~'p\ms,imn
D, ' "lYli, ~]_t'·'rij,.., ]11! lUi ,u'~
,;!l

Vi teUillS .' ..
~
~/!; _,_,

+
-f..,
I'

''1'"

'I

'=

I

+
+-

+
i! Ii! •
iI 'Ii! I 'I~"·
Ii iii

'" 1+
~

+

+

+

++ +'+

++

-

+-

,An t.~ Pi'lu1
I

n,d'[l: ,iL, j\,lu'elius;,..
!i

111

+
+ +, .... , +, -+
d.,i

T'

+
-I-

'-I

CGID.'~
~ ~ _,~I!Jr.!l1

mod us
.~I

'I

~~,;j!>]""r- S'

'.
rli

1~,'ii~o'1Iit.'n 'E!i 111 ~ ... , ~II;I

T

[

I

..L,

~'

rii

Iil

filii!

r

I

I

'T'

.

,-

,
_I ~

I

Alex;,. Sb\"e1"US ,iMla.x: iuu 11'UJ~[,~
B~~lbi.nus ~
j"U ;,.. .,",01("d", l~
!

I,~'"

~

++
T

......,

PUT~ len

U~ .'

..

T'1 n I J. , '"

I
'I'
1,

II !l.

++
+

'~'

'

.....

,;;;;;;;;;;;;;;;,

'

.......,

Ph:i,li p' :1-

GalH[on.~l~ ~,

1,,

'T'

.."""

'"f-

+

I..",;'
iii!
i

.'
'I.
iii

+ +

",I

I

-l-

!II"t!-

I

!!i •

til

+

The ~t'bOVIB 'table includes only SU,Oll denominnt ions as obtained ordinary currency, thus omitting multiples
r, 'H1B l
''i]

Ji

i

ss
. i
• ••

of the at6'~~eus,de nari us; eesie 1'!t-itt8" or as, popul arly deserib e d as ~ edall ions :~" ~m
II

!

Avo'n,ge \V',~;,gh,t

of S@!st,e'l'UU~.

Oonll~O~]'ti,!l],u.,~f Od:~l~1\1ifJ.un'l~ eO,pp,el"" Zil'lLe.
21,.5

..

Tin..

I

Le:~d'"

'0'. Jl..:~1.! _ .~. l~["~ ~'~~'.t.

J aud

i

Ii

II!II!

4·8"8.,1} 4t9~,5 40~.,O

.,".~7',,44 : .72.,2

27-. ";'
I
I

8t.01 Sl~~30
_, ,I

1.-.,l.
i.\}!

~

.!I.. ~,'Ji

Jan

.

~

I .' I

,3~Ol "
,4~i g,.~t

'In
"

]~S

E!lil'_Q

..,,'0

,_

" ,S5~IG'i' $:7,.,8G
,8-EIi'" '0'-3: -'
r.""" • "

i;J.!Il.",~":i: il ~ili

10,83, S~14
g,. 0'1

~'" ,-Ii

]-

jl

m,~l4;

1,18

A'l~t.Fiu:s,

.~ ;;

,'I <!'I. ,;;'iI, gll~3!11

'0'

a.ss
,4~62: ,2,0

M;; ,Altu:e.Uus ,~ '.' 'COm1fll.od Ui:"li, ~ .. Sept 'Sev,ewn
Cal',~u~alhll '.
S
,j;

'00·,0
~.1

Anl- I'~~.l ~i. 0""

, D.."
.• I',

a-·6

,5" 71

4-. 02

4[.,,] "1

li

3/;,8,.0'
,B9"J·'O
9]' ,~"'8! ~ II ',..'

ii

, 71.56
7'~'~a .... ] 1 '''i-.'
I'O'IJJ'
~' '

I

;ro,"" 0" ' tfh',

6,,82' ]I :2',,0 6. ~;5, 1. 3" 09'

'G' -'

" ,,"i',r"11·:'''''l"1Il ] ~ U' ,1[JL~'~1

1---1
..

8";13,
1,.3:G,
I"

8/{,3

,4·;;7,~,
;jI>Q-~' ~~

'Ji

~

'7·,54

...

-

T~taj'.an D'!1H~iu~ ~

!!1li' 1 i1i, ili ~illIL~!!.\jI1 ,,',1_ -,. ,,'t!JJQU .I, 1lJ,
~,,,, fi

(j~n~eu 1J.lS

'"

~

;i;;i,;;::iiV.,

'0,

Th,le averege weights giv'e,n in the above table, as a, result of having weighed several hundred ,8'le8te"1ii~'i'], are not, however, mnch guide as to diffel~,ent~e existing between t',h.'e maximum and minimum weights of coins issu"e d In, ,an,Y part,icll1,ar' reign, From bhe bime of ,Septimiu6 8everrul, the margin of difference tends to, widen, and under Gallienus ,veIlli5>:p,:r,ese'rv,ed, specimens range from about 1.'90 to 8.2'0 g~r,s~
[, 169 ']
'

.....

90
.

"

~Y':---D'
~,

_ .... ~.~~

'1m I

~"N"~'1fT''A"" "M""'"
...

,1Il

The elaborate analysis of -tlite metals composing Boman coins drawn np b,y J'~ Hammer (Zei:t""fi'irr 1J.rtm~~~ 190:S~ xxvi, P'P'i 1..,..141), an extraot from which is givein above, shows that the !quality' of oriohaleum varies considerably at, ,difie,r,eint periods, an,d even In the same reign coins, not infrequently exhibit a curious 'ine,q,n-ality (If oomposition. ~ It will 'be nodeed ,that, ,t,:h,e,re, is a, more or less eon8'tant te;n,d,enoy' ,to. reduce ,t,he! pel~lce;n,ta,ge of zinc,the metal which 'was: essential in the produetion of oriehal .. , oum ; whereas lead", the cheaper and, £al~less ,satis'fac,.. to,ry.,alloy', ,is used more fre!ely~1 The, metal w,as, t'hereby reduced both in, value and (illr.abllity, and, as a matter of fact, during t'h,e bhird ce'n't,llr,Y :it, reverts to praoti ... oa11:y,t',h'e, ylellow bronze of Riel?llbli(~;aJl ti'me:s~, After 'the time of Commodus ,thiS Ro'm,91I11 ,ftafo~"'es: seem ,to have 11,8J',idl. lit'tl,e heed to t'h:e, composition of 'the m,e'tal used for the bronze coinage, Old and 'worn, COiIlt~'~1withdrawn from oirealation, would havs been thrown into the melting pot, to which were added variable qnaD',tities of copper tin" aine, or lead (as the ease mi,g:ht be), ,vithou.-t l'"eg.aI'ld to partioulae proper,tions S'O Iong as ,th,e compound presented tlle, desired ilWilP: 'I'J~ ran ee
al
'-J'

,ljjj'll!il :.·.~Wl.,~·~·

~

".j

L T'.i!, ·B··, 'E' (
,.i!i:..:.:I!.]
,I ; '._

rr'I
- •.

l.

P~'-OJi!l:Dlrt;'rJj:l f:J/ Sih;fU~

~1',,~ ~,,~ u .De,u~~~i~t($ (a,'bl'lldg,o{;l frotn
~,
'Ii!
;1 iii

J!i ,Ha,m:nle~·II,~ ,~nj~.ly.si!'J),.
.t'. !!J.)l'.II1;

AU,~~IlS~U'$,

fI'onl 0..991 'boO~~H!1S
"

V'e~1Ill~lshufl,.,~ .1'" if~I,~.'~lj a"n ,~ ,.' " ,AD t Piru,ts " ~,
I,

,1.,. 'I;;i'~,,,,,,~
":f.." 'I"..."

'.

,j'

'O"'9,1~' .. ".' .~~

,~
J:~
,~

r~

oiliSS6." ~.. 0 ~8, uo O·,f)28, ~ 0'"7,854 O~9'3~S ,,' .10'" 7'O,H..5,
ij'"!20

J'J' V~:i. "!1

CG:mm.'@i[bl~

OJ

'i

:~iep't~ SG!Vlel~l1l!S'
, ..... ,,",,

(Jaracalla .. ~, Alex:., ,8, e:nif\i:i,.::,l'~ll2: ~ G,o ll~~] II I ;, itin,
~

~

,,~
t~

0·,7'55, ;:" o-,',g l 0..,540 ' '0,,5,89
,j ~

,,,,0, 671

...'",' ~,-~ ~ 'J'

O.·.·.,·I'!::I{[i;,,·.O·~,.1 :ill 0" ',r"t!J!!'.:I;: ;::.II V' ,', go.~

0",31"

I[

]10 ]'

91
Prop(wtio-n rJj J5.ilt~r 'iii, the ~J ,A ~t;to~infa~~[l(SI'~,
j

Car,ac~]la '.' ,', fL"om O~'G:2S 00·',520 to Blag~ baJus .. ~~ O~4,9.8

p.h'lnp' I:

,OJ

,~,

~

,..,

.Q ·51000 :", ~1~~'f2'il)

,D!eo:ffi,u~ "

O'aJlh~:nt18

.
i

'K!
'"

""
~,

0"7 510 '0<1',2'0

~u
,r'

0 ·S~Hj4 0'"S:4;6

~eh,e bronze coins coated 'with silver Issued between tll. n, 25,6 and the ,tim,s of Diocletian show' O'~:8:5to IO'~96 of ~op,per and 0,·15 to, O~04of silver , small Iqu,antities of lead and, tin also occur in. their com position.

.'

[ 1.'71 ]

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