Roman Currency

Portraiture, a feature of Roman coinage of the classical period ( sestertius of Trajan , 105 CE)

The currency Roman is all ancient coins which had the longest and widest geographical distribution, for several centuries until it became the common currency of the Western world and the Mediterranean. After rough debut based on the bronze to the weight and use of Greek coinage, it was formed in the late third century BC. AD according to a monetary system based on bimetallism silver and bronze. In the early Roman Empire under Augustus added the gold coin, creating a system of three metals that is stable for nearly two centuries and a half. The military and economic crisis of ^the third century and spiraling inflation that accompanies seeing the collapse of silver coins and bronze. In ^the fourth century , the reform of Diocletian which attempts to upgrade the silver coins and bronze fails to contain inflation, while that of Constantine I succeeds in establishing a monetary system dominated by the solidus stabilized at 4, 5 grams of gold and not pegged to other currencies will devalue. The solidus know then exceptional stability in the Eastern Empire until the eleventh century.

Roman coins are a witness to the ancient economic life the best known, in almost all of its variations .

The discoveries during the ^twentieth century , with hoards , sometimes spectacular as in 1929 with the treasure of Marcianopolis (a lot more than 80,000 silver coins discovered in Devnya in Bulgaria ) and the British work complemented the work of Cohen and created the famous ten-volume catalog of the Roman Imperial Coinage , completed in 1994 .

The second half of the ^twentieth century saw diversify numismatic research: the proliferation of archaeological sites, the use of metal detectors during the searches and unfortunately clandestine official enrich the mass of discoveries. The study expands on areas neglected a bit, as the many diverse local programming, or counterfeiting of copper . The computer is a powerful resource inventory, while spectrographic techniques allow a detailed analysis of the alloys .

The Currency under the Republic

The origins of Roman coinage

Around 400 BC. BC, the Romans replaced the barter-based livestock or the use of Greek coins by a relatively archaic monetary system. It was initially "blocks" of bronze called aes rude and at the end of the ^fourth century bronze ingots on one side representing the equivalent in cattle. Then, around 280 BC. AD appear bronze discs appointed aes grave = latin heavy) Roman weighing one pound (324 grams) and is 1 ace. The double face of Janus is engraved on the obverse (front). Multiple sub-standard are issued for general use, drill (1 / 2), trienes (third) quadrants (quarter), Sextans (sixth), or uncia ounce (1 / 12), half ounce (1 / 24) .

The weight of the ace is set according to its value, it decreases during the first Punic War (264-241) to weigh about 290-280 grams, declining due to heavy expenditure of Rome for the constitution of its fleet. About 225 BC. AD appears on the back of the aes grave, a bow in homage to the powerful Roman military fleet composed a few decades earlier.

During the Second Punic War (218-201), which imposes considerable costs in Rome, the ace collapses and ends up becoming a bronze disk of around twenty grams. It has many of which are the most used sestertius worth 2 aces and a half (and 4 aces), the combined dupondius 2 aces and sub-multiples of the half ( as), and quadrants ( as). All these coins are bronze. That's when the silver metal is truly in the Roman monetary system with the " denier ".

The end of the Roman Republic

The monetary system is reformed and is now based on the denarius (silver coin). In 211 BC. AD the denarius is worth 10 aces and 53 grams of each bronze (hence its name which comes from the root TEN). The penny weighing 4.5 g of silver, 530 grams of bronze is equal to 4.5 g of silver in 211. There is thus a ratio of 1 / 120.

Around 170 BC. AD , the denarius is devalued and its weight is reduced to 3.96 g of silver (the ratio between silver and bronze is then 1 / 70).

The sestertius becomes in the second century BC the usual unit of account instead of libral did, expenditure, income and wealth is measured in sesterces. Its abbreviation HS is a reminder of his initial parity with the ace (two aces and a half, or in Roman numerals IIS quickly transcribed in HS)

Equivalencies between Roman coins (1st half of the second centuryBC.)
	Denier	Quinary	Sesterce	As	Metal
Pence (symbol X)	1	2	4	10	Silver
Quinary (symbol V)	1 / 2	1	2	5	Silver
Sestertius (symbol IIS)	1 / 4	1 / 2	1	2,5	Silver
As (symbol I)	1 / 10	1 / 5	2 / 5	1	Bronze

Finally, around 140 BC. AD relative value of the silver denarius from the bronze is re-estimated :

• the penny is now worth 16 bronze as a ratio of 1 / 110.
• sestertius passes the 4 aces, but retains his trademark HS

The coinage under the High Empire

The system Augustus

Denarius of Commodus emperor in 180 From August, the system enters a period of stability that will last more than two centuries. The aureus , gold coin worth 25 deniers is regularly discharged from Julius Caesar. The emperors particularly care for their portraits on coins that act as propaganda, brass sesterces worth a quarter of denier, with a diameter of about 33 mm, the queen of money then. The obverse (tails) represent gods, goddesses, allegories, animals, monuments, provinces and much more. The reverses of coins celebrating the victories and conquests of the emperors, they are an opportunity to make propaganda. There are sometimes hundreds of different setbacks for a single emperor, including some of great historical importance. Empresses and children of the imperial family is sometimes also represented.

The monetary system is then presented as follows:

* The cistophore money was in circulation in Asia Minor. It was worth 3 or 4 denier Roman GRD.

The period of political unrest

Dupondius of Antoninus Pius emperor in 138.

Over time, the devaluation is increasing rapidly. Under Septimius Severus , the title of the denier from 70% to 50% silver. Around 215, Caracalla , who needs money to pay soldiers whose pay has risen, establishes a new currency, called a double denarius antoninianus weighs the weight of a penny and a half with a title of 50% money. This coin was unknown what his name at the time, is recognizable to the crown of the emperor made of rays (crown removed), and on coins of empresses the fact that the bust is placed on a crescent moon.

The new coin is dropped or struck by some little emperors, but she will always come back with an intrinsic value increasingly weakened, while the penny disappears gradually, in a bad money driving out good. With military anarchy ^of the third century, the proliferation of mints and political instability, the monetary system is in turmoil. Currencies depreciate steadily, containing less precious metal.

In 258 during the reign of Valerian , the antoninianus was more than a title of about 20% silver, and the government began treating the currencies with "a process for enriching the money area "to improve their appearance and to make them appear to be a delicacy that they were actually higher.

Antoninianus of Gallienus (253-268)

During the reign of Claudius the Goth , the antoninianus contain only 3 or 4% silver, and its appearance will be closer to that of a bronze coin than that of cold cash. The sestertius, worth 1 / 8 ^th of antoninianus is hardly hit.

In 271, Aurelian reform the currency and increases the weight of that antoninianus sometimes called Aurelianus now, it also attempts to reintroduce the ace of copper and sestertius.

The coinage in the Late Empire

The monetary reform

During the reign of Diocletian , military and political situation stabilizes, while inflation persists. Late 294, he leads a new monetary reform, it reduces aureus of Aurelian, which goes from 1 / 50 to 1 / 60 of a pound of gold, and creates new currency: the silver denarius argenteus or to 1/96e book money, same quality as the old denarius of Nero, and three bronze coins including a large bronze with a small percentage of silver, or follis nummus. The unit of account is the current penny, despite his impairment.

Table of main currencies of Diocletian in 300. Their respective exchange rates at that date comes from an Egyptian papyrus ^,

These respective parities are quickly undermined by rampant inflation. A decade later, Constantine rebuilds a new system, where the solidus gold replaces aureus no longer be issued for special occasions in very small quantities.

The success of the solidus

Currency 1 1 / 2 solidi of Constantine, 327 , Thessaloniki

Constantine ^I , about 311 operates a currency devaluation of gold by creating a new currency, the solidus struck in 1 / 72 of a pound of pure gold (about 4.5 g) against 1 / 60 of a book previously. His name solidus (= solid, stable) was a real political program face the repeated devaluations of previous generations. Constantine I could maintain the stability of this new currency and the issue in considerable quantities, through the confiscation of large stocks of gold hoarded over centuries in the pagan temples.

Given the steady decline in currencies other silver and bronze, that of follis example is rapidly losing its silver content, the solidus became a safe haven for all significant regulations (gifts of the emperor to the soldiers, payment of taxes, paid tribute to the barbarians, etc..).

Sub-multiples of the solidus were established: the semissis half a solidus, or the tremissis triene or third solidus.

The stability of the solidus of 4.5 g of gold was preserved during the evolution of the Roman Empire in Byzantium , where he took the name nomisma. He knew that devaluation under the ^Eleventh Comneni , an extraordinary stability of seven centuries.

After the fall of the Roman Empire, the solidus continued to circulate for some time with the Franks , whose name is kept and turned into French as "soil" and "penny". The Visigoths also mirent Visigothic coins in imitation of the solidus and termissis.

Etymology monetary

• Livestock, Pecus Latin, original unity of trade, gave the word "pecuniary."
• Roman coins were minted in the early temple of Juno Moneta , the origin of the word "money."
• The terms "Greek nomos," law "would have nomisma, according to the etymology chosen by Aristotle (Politics), which implies to him that the currency has a value first legally defined by the civic authority, and policy implications, nomisma (which can be roughly translated as "legalized") is now in its Latinized form numismatic (or NUMUS) who gave "numismatics".
• The denarius, denarius is the origin of the dinar Arabic, which is a gold coin weighing a penny
• is the drakhm ( drachma ) Greek, whose sense means "handful", weighing 4.2 g penthouse, which gives the dirham Arabic, which is still a silver coin.
• The solidus has been transformed over the centuries into "soil" and "penny".

Brands monetary

Latin Abbreviations

A rhinoceros on quadrants of Domitian.

Abbreviations that appear on Roman coins. Note that the "v" Latin is transcribed phonetically by "u".

• AVG: Avgvstvs, AVGVSTA = emperor, empress
• AVGG: = AVGVSTORVM emperors
• CAES: CAESAR Emperor =
• COS: CONSVL = consul
• D: divv, DIVA = deified
• F: = son FILIVS
• IDF: FILIA = girl
• IMP: IMPERATOR = victorious general
• PM: PONTIFEX MAXIMVS = Pontifex
• PP: pater patriae = father of the Fatherland
• SC: = SENATVS CONSVLTO by decree of the Senate
• TRP = TRIBVNICIA potestatis tribunician power, renewed annually

Example: TI CAESAR AVG PM TR CLAVD P VI IMP XI (Tiberius Claudius Caesar Augustus, Pontifex, dressed for the sixth time the power of the tribunes, hailed victorious for the eleventh time).

Figures

Sestertius of Antoninus Pius; setback with the indication COS IIII

The numbers appear on the coins in the imperial indications titulature made several times, as the title of Imperator (IMP XII example), power tribunician (eg PP TR II) or Consul (eg COS II) Among these notations, Forms and additive IIII VIIII are those commonly used (see the example below the sestertius, indicating COS COS IIII and not IV for the fourth consulship of Antoninus Pius). This is the original notation of Roman numerals , the shapes are subtractive for their most recent and are not used on coins .

Figures also appear in the fourth century in reverse hit for birthdays reign. Again there are additive notation for numbers: a currency issued for the thirty-year reign of Constantius II is VOT XXX XXXX MULTIS .

Brands workshop

From the ^third century , the mints are increasing, and the coins bear the mark of origin of the workshop program.

See article in Roman mints , Chart mintmarks Roman.

Notes

Sources

References

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