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ANS Digital Library: Gold and silver coin standards in the Roman empire

Dealers ‘ auction and Fixed Price Catalogues Ball Sales, February 9, 1932 ; Nos. 2, 6, 9 ; Lager Kat. Nos. 2, 14, 28, 39.Basel Münzhandlung Sales, Nos. 3, 6, 8, 10.Bement Collection ( Naville sale, No. VIII ) .Bom Sale, 1870.Braunschweiger Münzverkehr Nos. 2, 4.Cahn Sales, Nos. 59, 60, 65, 66, 68, 71, 75. Caruso Collection ( Canessa Sale, June 28, 1923 ) .Ciani Sale, April 28, 1925.Egger Sales, 3, 9, 41, 45, 46 ; Lager Kat. Nos. 15, 47, 48, 49, 50, 51, 53, 55.Gallet Collection ( J. Florange Sale, May 28, 1924 ) .Godart Collection ( J. Florange Sale, June 14, 1923 ) .Haeberlin Collection ( Cahn Sale, No. 75 ) .Hamburger Sale No. 96.Helbing Sales, April 9, 1913 ; March 22, 1926 ; April 12, 1927 ; Oct. 24, 1927 ; March 20, 1928 ; June 20, 1929 ; Jan. 31, 1930.Hess Sales, Dec. 18, 1933 ; March 7, 1935 ; No. 194.Hirsch Sales Nos. 24, 25, 26, 30, 31, 33.Kiehn Lager Kat. No. 7.Meuss Lager Kat. No. 27.Naville Sales ( Ars Classica ) Nos. 2, 3, 8, 10, 11, 12, 13, 15, 16, 17.Petrowicz Collection ( Naville Sale No. 10 ) .Prix Collection ( Helbing Sale No. 63 ) .Ratto Sale, April 4, 1927.Redder Sale, No. 27.Riechmann Sales Nos. 20, 33 ; Lager Kat. Nos. 1, 25.Rosenberg Sale No. 69.Santamaria Sales, Jan. 16, 1924 ; Jan. 24, 1938.Schlessinger Sale, No. 11.Schulman Sale, Oct. 9, 1933.Trau Collection ( Hess Sale, May 22, 1935 ). Weights used in this paper have been taken from the surveil sources. other works are mentioned in the notes. The average weight of the antoninianus includes coins of both emperors. The weights of the syrian dram are of each world individually. note 3 applies here american samoa well as to the aureate coins. Under each head there are shown where possible the total of coins and the average weight. In a few cases indicated by the letters “ p.c. ” the weights have been distributed on a frequency board and the point of concentration rather than the average burden shown. The egyptian tetradrachm has been intentionally omitted as it requires special treatment. early easterly tetradrachms have been reduced to drachms in orderliness to show more intelligibly their relationship to the denarius. The weights used for Claudius have been taken from Homo,

Because no frequency table by rights shows the variation in weights from Alexander on, the coins have been shown in groups of 10 grains ( about 5/8 of a gram ). Coins in this table, as in the others here, have been arranged by weights ( in grains ). The “ point of concentration ” is the weight where most coins are found. In the first line the trope under Per Cent –1 to +1 shows the percentage of the 33 coins occurring in this group that weigh between 123 and 125 grains ( inclusive ) ; the adjacent column the percentage between 122 and 126 grains. This is an excellent check on the accuracy of mint and besides on the accuracy of the frequency table. The ratio of the gram to the granulate is 1 : 15.43. This assumes that an antoninianus was deserving two denarii at this time ( Edict Dioclet. XXX. 1 ). This besides disregards the difficulty presented by the apparently different price of gold in lineage 2 of the same section of the Edict, which might well be a tear for drawing aureate quite than a price for bullion. The routine here is the same as before except that no definite point of concentration can be found for these gold coins and that weights based on the numeral to the ram are used. The method of figuring the proportion of gold to silver may be illustrated by the coins of Tiberius. His denarius weighed 56.29 grains ( Table D ). Multiply by 25 ( the numeral of denarii to an aureus ), then divide by 119 ( the system of weights of the aureus given in Table B ). The consequence, 11.82, appears in Table A as the ratio. See chiefly Hammer, Die Feingehalt five hundred griechischen und rӧmischen Münzen ( Zeit. für Num. 1908 ), 97 ff. other analyses are given by Mickwitz, Geld und Wirtschaft, 40 ; Ondrouch, loc. cit. ; Mattingly, BMC passim. ; all late statements here as to fineness of coins are based chiefly on Hammer. information about weights has been gathered from museum catalogues, auction catalogues, articles in versatile numismatic and archaeological journals, publications of specific hoards, and from the unpublished collections of the Metropolitan Museum of Art, the American Numismatic Society, Princeton University, and the secret collection of the late Mr. E. T. Newell. It is unfortunate that such works as those by Strack give no weights. Blanchet enumerates about 12,000 gold coins in his work on Gallic and german hoards and mentions other hoards where no numbers are given. Of entirely a humble part of these can weights always be had. 1 : 7.82 ; 1 : 9.76 ; 1 : 6.50, —Giesecke,222. For the three periods into which he divides the neologism of Aurelian ( A.D. 270–275 ). 1 : 13, —Mattingly, Roman Coins, 128. Based on the Neronian reform ( A.D. 63/64 ) of the eloquent and allowing for the degradation of the denarius. A study of this material by the deliver generator appeared in the american Journal of Philology, Vol. LXII, pp. 289–301. For the sake of comparison, some of the respective ratios determined by different scholars for the imperial period are cited : a lot of what is worthwhile in this monograph is ascribable to the help oneself and encouragement of others. In the first identify, I am profoundly indebted to Professor A. C. Johnson of Princeton, to the recently E. T. Newell, President of the American Numismatic Society, and to the very effective staff at that institution. To Dr. David Magie, to Dr. W. K. Prentice, both of Princeton, to Harold Mattingly, Esq., of the british Museum, I am indebted for suggestions and criticisms. none of these, however, are in any way responsible for errors or for opinions hera expressed. B. ) As will be readily appreciated, the headman difficulty in such a report as this is the miss of dependable information. lone one volume of Mattingly and Sydenham ‘s “ Roman Imperial Coinage ” gives any weights ; satisfactory catalogues of bang-up museum collections are much nonexistent ; auction catalogues vary in accuracy and for many important collections omit weights entirely. Articles in scientific journals are sometimes no better. frankincense in the account of the gold roll up found at Italica, to mention but one example, weights are sol inexact that they could not be incorporated in the tables used here. A. ) Weights are given in grains troy to permit more easy classification, but in essential places the measured gram equivalent is besides given. The tables are shown with gradations of one grain, both to permit more commodious check of the inferences based on weights that are made here, and besides to permit their possible practice for early purposes. Something should be said concerning the tables that form a large region of this paper. Another charge of interest is the degree of see exercised by the central government over the rates of substitute between its own coins, arsenic well as between those coins and the numerous local auxiliary issues. The probability is that identical stern control was exercised, but mastermind tell is rare. Outside of Egypt, where the local neologism was successfully isolated, there is the affirmation by Epictetus that the “ neologism of Caesar “ must be accepted, presumably at its confront value, whether the seller wants to or not. 20 A few years late, Hadrian laid down regulations controlling the use of imperial and local coins for small purchases at Pergamum. 21 here, probably for local reasons, he seems to have limited the use of imperial denarii. still late, Septimius Severus regulated substitute at Mylasa in an effort to enforce the legal kinship between imperial and local issues. 22 It would be interesting to know how the roman government put amber and silver coins into circulation. Did it ever permit private owners to bring gold and silver bullion to the batch for coinage ? Did the hustler of a mine leased from the government have to sell to the government at a cook price, or did he have to depend on private buyers of gold and flatware bullion as a market for his product ? If we assume that there was no correct given to private owners of gold and flatware to ask neologism of it at the mint, the only way the government could put coins into circulation, unless it just gave them away, was in requital of obligations ( wages and purchases of supplies ) over and above the sum of coins it had collected in taxes or as replacements for older wear coins. This immediately raises the question as to the nature of the bullion marketplace. big quantities of amber and silver medal always seem to have been available to the makers of gold and silver medal plate. It would be interesting to know how they obtained it. There are respective minor problems which should be mentioned, tied though it is impossible to attempt any definite answers. In watch of the very large share of alloy in the alleged silver coins during the thirty class period beginning with Valerian, it is reasonable to assume that gold coins became more and more the headman element in the monetary organization. It is strange that the first indication of this is found in the fourth century, when for a retentive time period the good silver medal coin ( then called the silique ) was apparently excessively limited in measure to serve commercial needs adequately. however other instances of load coinages have shown that badly debased coins can circulate above their real value until a time of panic, and that such periods of panic are ephemeral. 19 From a modern analogy, a possibility not elsewhere discussed may be suggested. Our own politics maintains in theory at least a mint proportion of 1 : 16 ( actually 1 : 15.998 ) which for many years has been far different from the ratio shown by the market price of the two metals. About the time of the first World War with gold at $ 20 an snow leopard and silver at $ 0.60 an snow leopard the market proportion was about 1 : 34. Since then gold has risen and silver has fallen, so the present marketplace proportion is about 1 : 90. If this double ratio existed in the Roman Empire, it would help to explain the fall in the value of the subordinate neologism when people lost faith in the solvency of their government. If one assumes that the relation between aureate and silver remained at 1 : 14 for the menstruation from A.D. 260 to the clock of Diocletian, and besides assumes that the value of the alleged silver coin was affected by its eloquent message, which would be true in its market valuation, tied if the government thought differently, one can estimate the number of antoniniani to the current aureus and besides to the pound of amber for each rule. 17 That these ratios are at least approximately adjust may be inferred from the statement in Diocletian ‘s Edict that a ram of gold was deserving 50,000 denarii ( = 25,000 antoniniani of the third base hundred ). 18 It was under valerian and Gallienus that the populace lost confidence in the ash grey coin. While the better coins of these two rulers contained about 40 and 50 percentage of silver respectively, the poor people coins of Gallienus had entirely about 6 per penny of silver. It must have been at this time that an official reappraisal of the antoninianus took space, for with political and fiscal conditions as they were, no government could have maintained the historic relationship. modern analogies show that when monetary values are undergo pressure from depreciation, those values slip gradually, but when the climax is reached, the actual debâcle comes promptly. This calamity seems to have happened under Gallienus. Unlike the german fiscal crash after the World War of 1914–18, which reached its culminate and was corrected in a period of about six months in 1923, the Roman fiscal crash was not ultimately corrected until some sixty years had passed. For the rest of the one-third century we must depend upon conjecture. contemporary references indicate no pronounce depreciation in the market value of the denarius until the fourth dimension of valerian. From that time until the appearance of the Edict on Prices we are handicapped by an about complete absence of references to money outside of Egypt. A monetary value of 200 denarii for an altar, that is found in a monument dated A.D. 279/80, is about the only case. 16 After Alexander and Maximinus the antoninianus became the common argent coin and the denarius ceased to be issued in commercial quantities, though some were coined late and the mint itself did not disappear entirely from circulation. If one assumes that Alexander, Maximinus, Pupienus and Balbinus coined their gold on the basis of 50 to the thump then the ratio of gold to silver for these three reigns is 1 : 12½ or 1 : 13. With the insertion of the antoninianus by Caracalla in A.D. 215 and the coincident decrease in burden of the aureus there is a deepen in the proportion of gold and silver medal. This obviously is the first indication of a decide fall in the relative measure of silver to gold. It may be mentioned that during the fourthly hundred the relative prize of flatware bury still far, until the ratio reached 1 : 18. 15 Macrinus did not adopt the fresh weights of Caracalla for his gold but coined on the pre-reform standard ( see Table B ). Under Elagabalus as under Galba we find two distinct weights in the gold aureus, one on the reform standard of Caracalla in the mint at Rome, the other issued by the mint at Antioch on Cara- calla lily ‘s pre-reform criterion. possibly it is an accident due to the minor count of coins involved that the denarii issued at Antioch are well lighter in weight than the denarii issued at Rome. The fact that the ratios found by using the weights of the antoniniani and denarii issued at Rome are practically identical and that they are in reasonable agreement with the proportion for the period A.D. 215 to 217 would seem to indicate that the Antioch ratio may be disregarded. In the time period from A.D. 193 to 215 the ratio between amber and silver, as shown by the coins, remained slightly less than it had been earlier in the second century, but it still seems within the range of possibilities for the Neronian proportion of 1 : 11.72. heavier than those of Marcus, while his denarii show a decide decrease in system of weights. This decrease in the denarius was accompanied by evenly pronounce decreases in the weights of the easterly imperial drachma. In view of the fact that none of these decreased weights were adopted either by Pertinax or Septimius it would seem probable that Commodus attempted to correct the effect of his own extravagance and the fiscal disturbances caused by his forefather ‘s wars by a drastic cut in the weight of the silver mint. The diversion of the ratios based on the weights of the coins from the ratios found from the figures given by Pliny is approximately the lapp both for Augustus and Nero. Later ratios found up to the time of Marcus Aurelius indicate that 1 : 11.72 continued to be the theoretical ratio. It is noteworthy that Domitian ‘s currentness reform meant no appreciable dispute in the relative value of aureate and silver medal. Some variety, however, seems to have taken place in the predominate of Commodus. His aurei seem slightly Pliny ‘s statement that under Augustus the proportion of aureate to silver was 1 : 12½ may be compared with the visualize of 1 : 11.97 rule from the coins. 11 similarly, the theoretical proportion of 1 : 11.72 for Nero ‘s reformed neologism may be compared with the figure of 1 : 11.26 find oneself from the coins. Nero ‘s switch represented an addition of about 6 % in the relative measure of silver. Table A summarizes the facts that indicate the ratios between gold and flatware under the diverse rulers from Augustus to Diocletian. The Roman pound contained twelve ounces, each of which contained twenty-four scruples or grammata. The theoretical ( not the actual ) weights for coins struck at the respective numbers to the pound of metallic element are as follows : In discussing the denarius, there is not only the matter of weight to be considered, but there is the progressive lower of the share of silver in the coin besides. 10 The practical importance of this progressive adulteration of the denarius depends upon whether or not the roman government considered it more or less a nominal coin, and was both volition and able to exchange it at a fix rate for the aureus. ordinary commercial convenience demanded that there be a fixed proportion between the two coins. The moment the general public had reason to believe that this fixed proportion was to be abandoned, there would have been fiscal chaos. While the aureus was the head of the monetary organization, the denarius, which was the foreman silver coin, was of far greater practical importance. Tariffed at twenty-five to the aureus, it represented in the first hundred at least, a good day ‘s wage ; in fact it was more than the basic army pay fixed by Augustus and Tiberius, a engage that had no valuation reserve for food or dress. 9 For about half of the third hundred, statements as to the standards adopted by the respective rulers are little more than guesses. 8 Under gordian III the standard seems to have been reduced to seventy to the british pound ; under Trebonianus Gallus to eighty to the cypriot pound ; under Valerian and Gallienus there seems to have been a promote refuse and then apparently an addition in weight which under Claudius II seems to represent sixty to the beat. Aurelian made an effort to improve weights, as did Probus, who apparently attempted a standard of fifty to the hammer. This attack was unsuccessful, for the neologism of Carus falls to a standard of seventy to the impound. diocletian ‘s earlier coins were on this same basis, his belated coins on the basis of sixty to the ram. The change to a heavier standard was excessively optimistic, for when Constantine last stabilized the currentness he replaced the aureus with the solidus, which was struck at the rate of seventy-two to the pound. Until the prison term of Elagabalus the metrology of amber coins may possibly best be studied by means of frequency tables. By grouping coins according to their weights, the captive of the mint officials may be discovered angstrom well as changes in standard. 4a These consecutive changes may be briefly summarized. Augustus first struck the aureus at the rate of forty, then possibly of forty-one 5 and, at the near of his reign, of forty-two to the impound. The adjacent big deepen occurred in A.D. 63 or 64, when Nero reduced the standard to forty-five to the thump. 6 here it stayed, with a few exceptions, until the clock of Macrinus in A.D. 218. These exceptions are as follows : the spanish mint of Galba obviously did not accept the new standard of Nero, although Galba ‘s mint at Rome issued the clean coins. early in his reign Domitian decidedly abandoned the Neronian standard. His heavy weights were maintained, with immaterial success to be certain, until Trajan ‘s second base class. Both Didius Julianus and Caracalla made efforts to reduce the standard to fifty to the cypriot pound, —a change apparently followed by the mint at Rome operated by Elagabalus, but not adopted by the Antioch mint of the same rule. 7 The wonder whether the aureate coinage was sufficient to serve its determination as a medium of exchange is now impossible of definite suffice. It is sometimes said that gold coins were of little monetary importance during the third century. Mickwitz 4 disagrees with this, but believes that earlier coins were by and large used in this period and that newly coins were struck only in relatively limited numbers. This hardly seems a fair inference from the numbers now extant. Of more importance than the quantity of gold in circulation is the speed of its circulation, but on this capable nothing, unfortunately, is known. As attest from early sources is indeed much contradictory and confuse, the aim of this newspaper is to determine the official ratio of amber and silver from an examen of the weights of all imperial gold and ash grey coins. 2 It is fortunate that so many Roman coins are still extant. In accession to about countless thousands of varieties of auxiliary coins, there has survived a surprising number of aureate coins. The tables which form part of this workplace list approximately nine thousand whose weights are available, and there are many more about which that information is lacking. 3 To make the problem more difficult, the literary and epigraphical testify is rare and sometimes treacherous. Often the interpretation of the testify is a matter for drawn-out disputes. It barely needs to be said that there is no ancient bill either of the money or of monetary policy. All our attest, aside from the coins themselves, is composed of more or less casual statements found in documents, both on stone and papyrus, or in the literature that has been preserved. The three centuries from Augustus to Diocletian witnessed great changes in the political, sociable, and economic life of the Roman Empire. At the lapp time, important changes were taking place in the imperial coinage. It must not be forgotten, much as we may criticize the fiscal policy of the Empire during these three centuries, that the government did succeed in maintaining its gold coinage as a medium of exchange throughout the entire period. For over two-thirds of this period it besides maintained a silver currency in which its subjects had assurance. At no time in its history, unless possibly at the middle of the third hundred, did the Roman government capable its gold coinage to as sudden and drastic a decrease as that which occurred in this country in 1933. And when we look askance at the deprecate denarius of a Septimius or a Caracalla we should not forget that 60 % of the respect of our silver medal dollar is assurance rather than worth. 1 These facts do not mean, unfortunately, that the history of the amber and silver neologism of the Roman Empire or of its monetary policy is easy to understand. The importance of analyze of the imperial neologism was emphasized by George Finlay about a century ago : “ In reviewing the diverse causes which contributed to the decline of the wealth and to the diminution of the population of the Roman Empire, it is necessary to take into bill the depreciation of the coinage, which frequently robbed big classes of the energetic citizens of a great part of their wealth, reduced the amount of property in the empire, produced confusion in legal contracts and anarchy in prices… The evils which must have resulted from the enormous disparagement of the Roman neologism at respective periods can only be clearly understood by a chronological record of the principal changes—by remembering that each publish of a depreciate currency was an act of bankruptcy on the region of the reigning emperor… ”

THE COINAGE OF THE INDIVIDUAL EMPERORS

AUGUSTUS

The aurei of Julius Caesar are said to have been issued on the footing of 40 to the cypriot pound, and the denarius at 84 to the pound. Since the Roman irish pound is normally equated with 327.45 grams or 5057 grains, the theoretical burden of Caesar ‘s aureus is 8.186 grams ( 126.4 grains or 7.2 Roman scrupulae ), 1 and of the denarius 3.89 grams ( 3.42 Roman scrupulae ). Without making any allowance for the monetary value of mint, which may or may not have been deducted from the weight of the coins, the proportion of aureate to silver was 1 : 11.91, assuming that the aureus was freely exchanged for twenty-five denarii in silver. 2
From the death of Caesar to about 30 B.C. augustus seems to have retained the julian standard for his gold and silver issues. thirty-three aurei from this time period are unusually uniform in weight unit ; of these twenty-six, or 80 %, fall within a range of 123 to 125 grains or within 2 % of the theoretical standard. 3 From the weights of the aureus and denarius of this period, a ratio between gold and ash grey of 1 : 11.7 is found .
Augustus is said to have issued lighter aurei after 30 B.C. on the basis of 42 to the Roman hammer. 4 If the denarius was unchanged at 84 to the pound, the ratio of gold to silver become 1 : 12.5. however, the available evidence does not support the theory that the new aureus was issued at this pace, which would imply a average of 120.4 grains ( 7.79 grams ). Omitting the issues struck by the tresviri between 19 and 15 B.C. and the Augustan aurei hit after A.D. 11, the weights of 749 aurei which are ascertainable from published descriptions show a definite extremum or norm at 121 grains ( 7.85 grams ) with 71 % of the entire count falling between 120 and 122 grains and with 88 % falling between 119 and 123 grains. Since the theoretical weight of aurei on the footing of 42 to the pound is 120.4 grains, it is difficult to believe that Augustus would have systematically issued gold slightly fleshy with attendant loss to the government. If, however, these aurei were issued at the rate of 41 to the pound, each should weigh 123.3 grains. Therefore the aurei of this period have a point of concentration slenderly less than 2 % below the theoretical weight, 5 and this would seem more reasonable from the hardheaded point of view. On this basis the theoretical ratio of gold to silver would be 1 : 12.2. If the actual coins are considered, with the weight of the aureus taken as 121 grains, and the weight of the denarius as 57.9 grains ( based on the ascertain- able weights of sixty-five examples ), 6 the proportion of gold to silver is found to be 1 : 11.97. 7
The point of concentration at 121 grains found from the table of frequencies may be compared with the average weights given by Mattingly : 8

Number of coins Mint Grams Grains
23 Rome 7.95 122.67
28 Spain 7.83 120.85
44 Lyons 7.84 121.02
20 Eastern

7.78 120.14

The average weight unit of 752 aurei from all mints is given by Bahrfeldt 9 as 7.80 grams or 120.3 grains. It will be noticed that neither of these scholars makes any undertake to divide the coins chronologically .
individual types are sometimes found in sufficient numbers to establish an approximate norm. 10 For exercise, Cohen 136 dated 15/12 B.C. and Cohen 42 dated A.D. 2/11 show the surveil results :

Weight in grains Cohen 136 Cohen 42
117 1
118 3
119 5 4
120 5 19
121 15 36
122 14 7
123 2 6
124 1 3

It will be noticed that there is a leaning toward lighter weights in the late group .
The aurei issued by the tresviri at Rome between 19 and 15 B.C. seem to be based on a weight of 123 grains. The mint was reasonably careless and the weights show a preferably wide unfold. merely 65.5 % of a total of 87 coins fall within a rate of 121 to 125 grains. This carelessness of the moneyers may have been one of the reasons which led Augustus to do away with their rights over the neologism. Using the average weight of 206 denarii struck by the tresviri, the ratio of amber to silver is 1 : 12.2, but if the point of assiduity in the follow table is used, the proportion is 1 : 12.4 .
The denarii strike bv the tresviri. 11

Weight in grains Number
48 1
49 2
50 3
51 6
52 4
53 7
54 7
55 9
56 18
57 22
58 18
59 29
60 27
61 31
62 12
63 6
64 2
65 1
66 1
Total 206

After A.D. 11 the Augustan aureus is decidedly light in weight, and it may be that it was now issued on a basis of 42 to the syrian pound, or at a theoretical burden of 120.4 grains. The degree of concentration seems to be 119 grains or about 1 % below the theoretical weight. Of coins whose weight is ascertainable, 90 % fall within a range of 117 to 121 grains .
Both gold and ash grey issues of Augustus were of exceeding honor, the intention apparently being to issue both as near pure metal as was possible .
The history of the mints under Augustus may be summarized as follows :

  • 31–23 B.C. Gold and silver coined at a travelling mint; about 29 B.C. at Ephesus and Pergamum.
  • 23 B.C. Silver issued at Emerita.
  • 19–18 B.C. Gold and silver issued at Ephesus.
  • 19 B.C. Gold and silver coinage resumed at Rome.
  • 15 B.C. The mint at Lyons opened and the coinage of gold and silver ceased at Rome.
  • 14 B.C. The Roman mint for gold and silver reopened.
  • 12 B.C. The Roman mint again closed and Lyons became the sole source for gold and silver.

Grenier says that gold and silver issues about cease after 10 B.C., 12 while Frank 13 states that the issue of aureate and ash grey from 9 B.C. to A.D. 32 amounted alone to 5 % of the sum measure coined between 30 and 10 B.C. Both statements are based on the number of different types issued at diverse periods and disregard entirely the fact that one type ( as Tiberius 15 ) might have been issued over a time period of many years and others issued for some especial ephemeral function. Likewise there seems no confirmation for the statement by Warmington that “ at first the Romans sent out ( to India ) under Augustus identical fine pure aureate and silver coins, but at the same time tried the effect of bad coins. ” 14
When augustus laid down his especial powers in 27 B.C. the military coinage of the East was given up, and requirements were met by provincial issues of silver and bronze which were controlled by the princeps. It seems that official rates of change between the local issues and the Roman neologism were fixed by the central politics, while the right to make such exchange seems to have been leased to local banks .
twenty-three tetradrachms from Syria have an average slant of 14.57 grams. 15 This is equivalent to 3.64 grams for the dram or about 4 % below the median weight of the denarius. Weights of the silver coins issued by contemporary persian rulers afford an interest comparison with the eastern Roman issues and with the denarius. The median weight of 141 tetradrachms and of 138 drachms struck by Phraates IV ( B.C. 37/2 ) is 13.21 and 3.61 grams respectively. 16 Under Phraates V ( B.C. 2/A.D. 4 ) 28 tetradrachms and 22 dram average 11.77 and 3.64 grams respectively while under Vonones I ( A.D. 8/12 ) 11 tetradrachms and 22 fluidram average 11.51 and 3.68 grams. Five silver obols struck by Phraates IV average 0.69 grams. It will be noticed that the Persians, even with the change in politics in the third hundred, maintained the weights of their eloquent drachma with much no change .
Of the literary references to amber and silver money, one, frequently quoted, deserves particular mention. Dio fifty-five. 12, purportedly written in A.D. 229, is normally used as tell that the aureus was worth twenty-five dram or denarii. This section of Dio, which is devoted to the reign of Augustus, is preserved only in late epitomes made by Zonaras and by Xiphilinus. Both say that among the Romans twenty-five drachma are deserving one gold nomisma ( = aureus ), and both use the present tense of the verb. Zonaras, however, does not ascribe that evaluation to Dio but adds a phrase not in Xiphilinus : “ among the Greeks, Dio says that twenty drachma are convertible for a amber nomisma. ” One may ask why Dio is made to say that among the Greeks the kinship is such and such when he was a greek and was writing in Greek for people who knew what the relationship was. If the article was actually written by Dio to explain monetary terms and relationships of the time of Augustus ( over 200 years before his own time ), why is it given in the present tense, peculiarly since there is no point to the statement if the kinship was hush truthful when the conviction was written ? On the hale it seems reasonable to assume that the equation of one aureus with twenty-five dram was inserted by a copyist at a meter when the drachma had disappeared from the currentness and was a parole of antiquarian sake entirely. Whether this suggestion is accepted or not, there is sufficient

Table F Augustus Aurei

Rome East East East East Spain iii viri Lyons Lyons Lyons Lyons Lyons
Grains 43/30 31/29 29/27 27/20 20/18 19/15 19/16 15/12 11/9 8/2 2/11 11/14
112 1
113 1 1 1 1
114 1
115 1 1 1 1
116 1 1 2 1
117 2 2 1 3 2 2 1 1 3
118 2 6 1 3 12 3 11 2 3 6 6
119 7 8 16 17 7 12 14 12 10 13
120 17 9 22 12 35 12 39 19 18 23 10
121 1 13 11 19 21 48 10 42 40 35 31 4
122 4 6 3 9 6 16 7 13 9 6 10
123 6 5 7 4 4 5 17 3 1 6 1
124 16 1 2 5 13 3
125 4 1 10
126 2 5
127 3

doubt about the passage to prevent its proper use as evidence for monetary relationships either in the time of

End Notes

1

With the Roman lumber at 327.45 grams or 5057 grains .

2

This is the proportion in de Ruggiero,

Dizion

., two. 1633 .

3

These decreases from the theoretical weights may represent the price of mint : see Mickwitz,

Systeme des rӧm. Silbergeldes im IV. Jhdt.,

57 .

4

Based on Pliny,

Nat. Hist.,

thirty-three. 3, 13 .

5

Ondrouch

(Der rӧm. Denarfund von Vyskovce,

9 ) says that from B.C. 9 to A.D. 60 the basis was forty-one to the pound .

6

Berl. Münzbl. (1914, 120) gives 3.30, 3.30, 2.45, 3.0, 3.75; Num. Zeit. (1914, 228) gives 3.78, 3.59; Naville Sale 10 gives 4.0, 3.55, 3.77; Helbing Sale of Mar. 12, 1927, gives 3.9, 3.6, 3.9,
3.6, 3.85, 3.7, 3.55, 3.8, 3.95, 3.6, 3.9, 3.9, 3.6, 3.2, 3.85, 3.4; Helbing Sale of Oct. 24, 1927, gives 3.75, 3.6, 3.6,
3.75, 3.85, 3.5, 3.90; Princeton University has of the III Viri: 3.65, 4.08, 3.68, 3.40, 3.10, 3.63; of Spanish mints 3.79,
3.63, 3.54, 3.74, 3.86, 3.83; of Roman mint 3.78, 3.63; of Notizie degli Scavi (1935, 366) gives 4 averaging 3.50; Bull. Soc. Num. Romare (1919, 127) gives 3.80, 3.60, 3.95, 3.90, 3.75, 3.60 for period B.C. 44 to 27; 3.45, 3.70, 3.80 for moneyers; 3.60, 3.75,
3.95, 3.75, 3.70, 3.75, 3.85, 3.75, 3.90, 3.80, 3.70, 3.75 for later; Viestnika Hrv. Arheal. Drustva (1896, 22) gives 3.75, 3.72, 3.70, 3.76, 3.68; Museo Ital. di Antich. class. (ii, 290) gives 3.50, 3.62.
BMC., one, fifty-two. Edwards ( Yale Collection, 85 ) gives 3.3 and 3.62 grams ; ( 1914, 120 ) gives 3.30, 3.30, 2.45, 3.0, 3.75 ; ( 1914, 228 ) gives 3.78, 3.59 ; Naville Sale 10 gives 4.0, 3.55, 3.77 ; Helbing Sale of Mar. 12, 1927, gives 3.9, 3.6, 3.9, 3.6, 3.85, 3.7, 3.55, 3.8, 3.95, 3.6, 3.9, 3.9, 3.6, 3.2, 3.85, 3.4 ; Helbing Sale of Oct. 24, 1927, gives 3.75, 3.6, 3.6, 3.75, 3.85, 3.5, 3.90 ; Princeton University has of the III Viri : 3.65, 4.08, 3.68, 3.40, 3.10, 3.63 ; of spanish mints 3.79, 3.63, 3.54, 3.74, 3.86, 3.83 ; of Roman batch 3.78, 3.63 ; of Lyons

3.78, 3.83, 3.76, 3.78, 3.91, 3.80, 3.71, 3.79, 3.66 ; of Eastern 3.67, 3.60, 3.66, 3.65, 3.54, 3.66, 3.75, 3.76 ; Naville Sale 17 gives 4.00, 3.69, 3.87, 3.84, 3.68, 3.88, 3.52 ; Bonner Jahrb. ( 111/112, 419 ) gives 3.63, 3.65, 3.56, 3.54 ; ( 1935, 366 ) gives 4 averaging 3.50 ; ( 1919, 127 ) gives 3.80, 3.60, 3.95, 3.90, 3.75, 3.60 for menstruation B.C. 44 to 27 ; 3.45, 3.70, 3.80 for moneyers ; 3.60, 3.75, 3.95, 3.75, 3.70, 3.75, 3.85, 3.75, 3.90, 3.80, 3.70, 3.75 for later ; ( 1896, 22 ) gives 3.75, 3.72, 3.70, 3.76, 3.68 ; ( two, 290 ) gives 3.50, 3.62 .

7

Using Bahrfeldt ‘s average weight of the aureus, the proportion is about 1 : 12.2 .

8

BMC. iodine, li. Hultsch (

Griechische und rӧmische Metrologie,

306 ) gives 7.90 to 7.78 grams .

9

Die rӧm. Goldmünzenprӓgung wӓhrend five hundred Republik und unter Augustus , 185 .

10

( An Economic Survey of Ancient Rome Frankv, 21 ) assumes without justification that the count of coins in each type was about equal .

11

chiefly from BMC. and E. J. Haeberlin Coll. ( Cahn-Hess Sale, July 1933 ) .

12

Econ. Survey,

erectile dysfunction. Frank, three, 510 .

13

American Journal of Philology

, 1935, 336 .

14

Commerce between Roman Empire and India , 292 .

15

Wruck,

Die Syrische Provinzialprӓgung.

The eminent is 15.40 grams, the gloomy 13.55 grams. Egger Sale 46 gives 14.68 .

16

Sammlung Petrowicz; BMC.; Naville Sale, 12; Prokesch-Osten, Monnaies des rois parthes; Markoff, Monnaies des rois parthes.

doubt about the passage to prevent its proper use as attest for monetary relationships either in the clock time of Augustus

or in the prison term of Dio .

TIBERIUS

The gold coins of Tiberius show a decrease in weights as compared with those of Augustus, but the distribution is slightly unlike. More coins of Tiberius than of Augustus are found above the orient of concentration. This may be shown :

Augustus Tiberius
Weight in grains Number Weight in grains Number
120 216 118 33
121 275 119 35
122 89 120 29
123 59 121 20

The results shown by tabulating the weights of Cohen type 15, the most common of the gold coins of Tiberius, do not precisely agree with those shown when all the gold coins of Tiberius are considered in concert :

Weight in grains Number of Cohen 15
115 3
116 5
117 16
118 18
119 24
120 26
121 11
122 2

It should be pointed out that this finical mint seems to have been struck over a period of about twenty dollar bill years .
Mattingly 17 gives the median burden of twenty-nine aurei as 119.69 grains ( 7.76 grams ), while Bahrfeldt 18 gives the average of forty-two as 7.72 grams .
however if 119 grains is considered the point of concentration for all the aureate issued by Tiberius, it is found that about 84 % of the coins fall within a range of 117 to 121 grains. even though more of the coins than seems normal weigh over 119 grains, this figure of 84 % represents good neologism .
The weight of 119 grains indicates a decrease of about 3 % below the theoretical weight on the basis of 41 to the lumber, or about 1 % below the theoretical weight of forty-two to the hammer. The latter standard, consequently, seems to be the basis for the neologism of Tiberius .
The median weight of thirty-four denarii indicates a decrease of approximately 6½ % below the theoretical weight. Using the weight of 119 grains for the aureus and the average slant of the denarius ( 56.3 grains, 3.67 grams ), 19 the proportion of gold to silver is 1 : 11.82. Wruck 20 gives the average slant of a few tetradrachms from Tarsus as 15.05 grams, while Sydenham 21 gives the weights of seven drachmae from Caesarea as 56, 55, 54, 53.4, 53, 51.4 and 48.5 grains or an average of 3.44 grams. The coins from Caesarea are consequently about 10 % lighter than those from Tarsus. In Persia 56 tetradrachms and 18 drachms issued by Artabanes III ( A.D. 10/40 ) average 12.30 and 3.63 grams respectively. 22
Problems connected with the coinage apparently were as disturbing to Tiberius as to Augustus. Like Augustus, Tiberius divided the right of coinage with the Senate, keeping to himself the exclusive correct to mint amber and silver, but giving the Senate lone control, in theory at least, over the auxiliary coinage. Like Augustus again, Tiberius had his imperial mint for the coinage of gold and silver at Lyons, 23 and this was kept in mathematical process all through his reign. 24
Augustus had made an experiment in local issues of base metals in the West ; but disturbed, it is claimed, by the chauvinistic movements in Gaul and Spain during his own reign, Tiberius attempted to reverse that policy, 25 forcing the westerly provinces, except Spain possibly, to depend on subsidiary company coins issued by the imperial and senatorial mints. By this action all commercial activity seems to have been hampered because of the insufficiency of the add of small coins. Some attempts to correct this situation resulted in a few issues of local unofficial coins. 26
In the East conditions were different. A mint at Caesarea in Cappadocia began issuing ash grey, largely drachmae, on the Syria nitrogen system. This mint, which was imperial, continued in process until the time of gordian III. 27 At Alexandria, Tiberius added to the neologism by issuing a raw silver tetra-drachm containing about 16 % of eloquent. 28 It is proposed to discuss this egyptian neologism in a distinguish monograph .
Some of the contemporary references to the aureus and denarius are of interest. Germanicus when in the East obviously ordered that the customs dues at Palmyra should be levied in denarii and that when the agitate was smaller than a denarius, it should be levied in Roman asses. 29 This provision remained in effect for over a hundred. Celsus 30 says that there were seven denarii in an ounce, which makes eighty-four to the ram. Tacitus 31 tells of soldiers asking a engage of one denarius a day, a demand that was refused. Matthew 32 speaks of a jar of nard worth 300 denarii. Suetonius 33 mentions aurei in connection with a history about Tiberius, while Strabo says 34 that both gold and eloquent were coined in Lyons .
As a matter of interest, all the references to money that occur in the New Testament are gathered together here :

  • Talent: Matthew xviii: 23f; xxv: 14f.
  • Piece of gold (χρυσός): Matt, x: 9; James v: 3.
  • Piece of gold (χρυσίον) : Acts iii : 6; xx: 33; I Peter i: 18.
  • Stater: Matt. xvii: 27.
  • Two-drachma piece (as a tax) : Matt. xvii: 24.
  • Piece of silver (ἀργύριον): Matt. xxvi: 15; xxvii: 3, 5; xxv: 18; xxviii: 12; Mark xiv: 11; Luke ix: 3; xix : 15; xxii : 5;
    Acts vii : 16; viii : 20; xix : 20. Denarius: Matt, xxii: 19; Mark xii: 15; vi: 37; xiv: 5; Luke xx: 24; vii: 41; x: 35; John
    vi: 7; xii: 5; Revel. vi: 6.
  • Drachma: Luke xv: 8.
  • Assarion: Matt, x: 29; Luke xii: 6.
  • Lepton: Mark xii: 42, which seems to say that two lepta equal one quadrans; Luke xii: 59; xxi: 2.
  • Quadrans: Math, v: 26. This relates the same incident told in Luke xii: 59 which seems to give the lepton and the quadrans
    equal value.

It will be noticed that the terms used for the silver medal and bull neologism are a concoction of Greek and Latin words. apparently imperial coins circulated freely side by side with the strictly local anesthetic coinages .

Table G Tiberius Aurei

Grains 14/15 14/23 15/16 16/37 26/37
109 1
110
111 1
112 1
113 1 1
114
115 1 2 3
116 1 2 5
117 2 1 14
118 2 7 5 19
119 3 4 27 1
120 1 1 3 24
121 5 1 13 1
122 2 1 3
123 1

End Notes

17

BMC., one, fifty-one .

18

Bahrfeldt,

Die rӧm. Goldmünzenpragung,

185 ; Hultsch (

Metrol

., 308 ) says 7.78 to 7.74 grams .

19

BMC., iodine, fifty-two for 16 coins averaging 3.76 grams ; Edwards ( Yale Coll. ) gives 3.84, 3.26, 3.11, 3.7 grams ;

Berl. Münzbl.

( 1914, 120 ) gives 2.85, 2.95, 3.50, 3.55, 3.60 ;

Num. Zeit.

( 1914, 228 ) gives 3.82, 3.80, 3.67 ; Cardoso ( Cat. Buenos Aires, 96 ) gives 3.50 ; Naville Sale 17 gives 3.77, 3.75 ; Princeton Univ. has 3.86 ; Amer. Num. Soc. has 3.74, 3.65 ; Bonner Jahrb. ( 111/112, 419 ) gives 3.64, 3.59, 3.54 .

20

Die syrische Provinzialprӓgung ) calls them Wruck ( calls them Syria

n ; Egger Sale 46, gives 14.68 .

21

Sydenham, Coinage of Caesarea.

22

Sammlung Petrowicz;

Naville Sale 12 ; Cahn Sale 71 ; BMC. ; Markoff,

op. cit.;

Prokesch-Osten,

op. cit.

23

Mattingly,

Roman Coins,

112 .

24

neologism of Nero Sydenham ( 29 ) believes that Lyons

besides became a senatorial mint in A.D. 54, an idea not accepted by Mattingly .

25

Roman Coins, 195; Momigliano, Claudius, ( Hist. de la Gaule, iv, 286) says the reason was a belief that a uniform coinage would help commerce. Van Nostrand ( Econ. Survey, iii, 209) says that twenty-seven Spanish towns coined copper under Mattingly,195 ; Momigliano,40 ; Jullianiv, 286 ) says the reason was a belief that a uniform neologism would help commerce. Van Nostrand ( three, 209 ) says that twenty-seven spanish towns coined copper under Tiberius

, six more than under Augustus

26

Sutherland,

Romano-British Imitations of Brorze Coins of Claudius I

( Numismatic Notes and Monographs No. 65 ) .

27

Mattingly,

Roman Coins,

196 .

28

Amer. Jour. Archaeology,

xxxviii, 49. Frank

(Econ. Hist.,

399 ) says it contained 25 % of flatware .

29

IGRR., three. 1056 .

30

Celsus, V, 17, 1 .

31

Tacitus, Ann., i, 17; 26; Matt. (xx, 2) indicates a denarius was a day’s pay.

32

Matt., xiv, 5 .

33

Suet., Claud., 5 .

34

Strabo, intravenous feeding, 3, 2, ( p. 192 ), dated A.D. 18 .

CALIGULA

The sixty-eight aurei of this reign show a point of concentration at 119 grains, precisely the same as under Tiberius. But the quality of Caligula ‘s neologism, if one may judge from the relatively few coins, shows an improvement over that of Tiberius. More than 92 % of the coins of Caligula fall within a rate of 117 to 121 grains, as compared with 84 % of the coins of Tiberius .
Mattingly gives an average burden for the aurei of Caligula of 119.23 grains ( 7.72 grams ) 35, while Bahrfeldt gives an average of 7.70 grams. 36 The average weight of the denarius shows a little increase over that of Tiberius, being 56.91 grains

Table H Caligula Aurei

Lyons Rome
Grains 37/38 37/38 39/40
110
111
112 1
113
114
115 1
116 1
117 4 2 1
118 5 9 4
119 12 8 8
120 3 2 2
121 1 1 1
122 1
123
124 1

(3.69 grams). ( 3.69 grams ).

37

As indicated by the coins, the proportion of gold to silver is 1 : 11.94. Wruck gives 14.65 grams as the average burden of the syrian tetradrachm, while Sydenham gives weights of 59, 55.5, 53.2, 50.9, 50.3, 47.5 grains for the dram and 113 for the didrachm of Caesarea. The Caesarea dram, therefore, averages 3.49 grams, the syrian fluidram 3.66 grams, the latter being about precisely the weight unit of the denarius .
In his handling of the neologism Caligula reversed some of the policies followed by Tiberius. 38 soon after his entree in A.D. 37 he closed the mint at Lyons and reopened the imperial batch at Rome .

End Notes

35

BMC., iodine, li based on 29 coins .

36

Die rӧm. Goldmünzenprӓgung,

185, based on 29 coins .

37

BMC. ( i, fifty-two ) based on 11 coins gives 57.77 grains ( 3.72 grams ). Cardoso

(op. cit.,

101 ) gives one at 2.2 ; Naville Sale 17 gives one at 3.53 ; Amer. Num. Soc. has 3.54 ;

Num. Zeit.

( 1914, 228 ) gives 3.68 .

CLAUDIUS

Included here with the coins of Claudius are those of Nero Drusus, of Agrippina ( in part ), and of Nero as Caesar. The luff of concentration is a little lower than in the two precede reigns, being found at 118 grains ( 7.65 grams ). About 91 % of the entire of 363 coins are found within a roll of 116 to 120 grains, representing an excellent quality of craft. Bahrfeldt suggests that there was a switch in weights about A.D. 45, 39 but the show tables give no clear reading of such a change .
Mattingly gives the average weight of 104 aurei as 117.82 grains ( 7.63 grams ), while Bahrfeldt gives an average of 7.71 grams for eighty-six coins issued between A.D. 41 and 45, and of 7.67 grams for fifty-six coins issued between A.D. 46 and 54. 40 however, a difference therefore modest, less than 1 %, is inconclusive, for it is less than a convention magnetic declination in striking to the like standard .
According to Mattingly twenty-nine denarii average 57.77 grains ( 3.75 grams ), 41 but weights from other sources slightly increase this average. Elmer believes that about A.D. 51, 42 there was a decrease in the theoretical weight unit of the denarius from the Augustan standard of one eighty-fourth of a pound to one-ninetieth of a pound but the testify for this is not convincing. Wruck gives 13.65 grams as the average system of weights of the syrian tetradrachm, while Sydenham gives the weights of ten didrachmae of Caesarea, ranging from 117.5 to 103.3 grains with an average of 113.1 grains ( 7.33 grams ). The syrian dram was equal consequently to 3.41 grams, the Caesarea dram to 3.67 grams .
In Persia 43 71 tetradrachms and 52 drachmae struck by Gotarzes ( A.D. 40/51 ) modal 12.72 and 3.67 grams respectively, while 66 tetradrachms and 12 drachmae struck by Vardanes I ( A.D. 41/45 ) average 12.51 and 3.58 grams. Eight tetradrachms struck by Vonones II ( A.D. 52/55 ) average 13.86 grams, while five drachmae struck by Meherdates ( A.D. 49/50 ) average 3.59 gram .
On the basis of 118 grains for the aureus and 58.3 grains for the denarius, the ratio of gold to silver is 1 : 12.33 .
It has been said 44 that four-fifths of the coins issued by Claudius were debased, but for this statement there seems to be no satisfactory tell. A contemporary writer, Scribonius Largus, 46 says there were eighty-four denarii in the pound .
In parts of the west, at least, a dearth of subsidiary company coins led to the appearance of bombastic numbers of local imitations. In Britain the condition lasted, it is said, until the time of Trajan, 47 and indeed great is the count of these local imitations that it seems their manufacture must have been tolerated, if not encouraged, by the central politics. apparently the like condition was on-key in Germany, for it is said that of the contemporary coins at Hofheim about 20 % are imitations. 48

Table J Claudius Aurei

Grains 41/2 41/45 43/4 44/5 46/7 49/50 50/54 51/2 51/54 No Date
113 1
114 1 2 1 1
115 2 3 1 2 1 6
116 1 3 2 2 1 2 7 1
117 3 11 1 4 6 2 15 1 9 3
118 21 24 1 2 17 6 16 4 20 1
119 15 16 3 5 18 8 7 3 6 2
120 9 16 3 7 9 4 1 2 4 5
121 2 2 1 1 2 1 2
122 1 1
123
124
125
126

End Notes

38

Mattingly, Roman Coins, 113; Burns, Money and Monetary Policy

, 101 .

39

Bahrfeldt,

op. cit.,

185 .

40

Hultsch (

Metrol

., 306 ) says 7.70 to 7.68 grams .

41

Berl. Mürzbl.

( 1914, 120 ) gives 3.55, 3.75 ; Naville Sale 17 gives 3.65, 3.47 ; Amer. Num. Soc. has 3.76 .

42

Elmer, Verzeichnis.

43

Sammlung Petrowicz

; Naville Sale 12 : BMC. ; Prokech-Osten,

op. cit.

44

Burns,

op. cit.,

167 .

46

Scribonius Largus, p. 6, 16 ( erectile dysfunction. Helmreich ) .

47

Econ. Survey, iii, 62; Sutherland, Romano-British Imitations.

48

Sutherland,

op. cit.,

p. 3 .

NERO

From a monetary distributor point of watch, the reign of Nero is divided into two parts, the separate sharpen being the class A.D. 63/64, when the currentness standards were revised .
first gear Period. The point of concentration of the 108 aurei from this period seems to be at 117 grains, indicating a little decrease from the coins of Claudius. The timbre of the coinage is indicated by the fact that 85.7 % of the coins fall within a range of 115 to 119 grains. Mattingly gives the average weight of forty aurei as 117.93 grains ( 7.64 grams ), while Bahrfeldt gives 7.639 grams as the average of seventy-four coins. 49 nineteen denarii are said to average 54.6 grains ( 3.54 grams ). 50 Wruck gives 14.53 grams as the average of sixty-six syrian tetradrachms 51 with a high of 15.54 and a low of 12.41 grams. Sydenham gives five tetradrachms of Caesarea with an average of 224 grains, nineteen didrachmae with an average of 111.8 grains and eleven dram with an average of 52.3 grains. 52 The syrian dram averaged, consequently, 3.64 grams, the Caesarea drachma 3.59 grams .
In Persia 73 tetradrachms and 27 drachmae issued by Volagases I ( A.D. 51/77 ) modal 11.89 and 3.53 grams respectively, while 9 tetradrachms and 7 drachmae issued by Artabanes IV ( A.D. 59/67 ) average 11.84 and 3.49 grams. 53
Using the actual weights of the aureus and of the denarius, we find a ratio between amber and eloquent of 1 : 11.66 .
It has been suggested 54 that all aureate and silver minted between A.D. 54 and 63 was issued by the united states senate, but this mind has not found toleration. 55
moment Period, A.D. 64 to 68. obviously early in A.D. 64 Nero put into effect his reform of the currentness. 56 The modern gold aureus was issued on the basis of forty-five to the pound, equivalent to 112.4 grains, or 7.28 grams, or 6.4 Roman scrupulae, 57 while the denarius was issued on the basis of 96 to the ram, equivalent to 52.7 grains, or 3.41 grams, or 3 Roman scrupulae. apparently the percentage of admixture was reasonably increase, 58 if indeed this is not the beginning time any appreciable amount of alloy is found .
The point of concentration in the weights of 268 aurei belonging to this period is 112 grains ( 7.27 grams ), a decrease of 4½ % from the pre-reformation. The timbre of the neologism shows an even greater decrease, for entirely 67½ % of the total coins fall within a range of 110 to 114 grains. The junior-grade extremum found at 108 grains indicates either a sudden carelessness in mint, which is difficult to accept, or the mix of two standards. There is no other attest for a second standard in these four years ; and it is unfortunate that a more accurate date of the numerous coins of this period can not be made so that any marked change would become apparent .
Mattingly gives the average weight of 37 coins as 112.8 grains ( 7.31 grams ), while Bahrfeldt gives an average of eighty-two coins as 7.24 grams. The modal weight of twenty-six denarii is given as 49.09 grains ( 3.18 grams ) by Mattingly 59 while Mickwitz 60 gives the average system of weights of 278 denarii as 3.273 grams. Wruck gives the modal weight unit of sixteen syrian tetradrachms as 14.40 grams, 1 % less than the tetradrachm of the pre-reform period. Sydenham gives one Caesarea drachma weighing 54 grains or 3.5 grams. 61
Using the actual weights of the aureus and of the denarius, the ratio of gold to silver appears as 1 : 11.26 62 which is to be compared with the theoretical ratio of 1 : 11.72 .
The reason for this reform has been the object of much discussion. 63 According to some 64 it was actuated not by fiscal stress, but as depart of a carefully-thought-out design to unify the standards of coinage throughout the Empire, the new gold and silver weights being close connected with the easterly coinages ( Cf. Table D ). Others 65 emphasize the effort to adjust the neologism to changed commercialize values of aureate and silver, or as an attempt 66 to improve barter relations between the Empire and the Far East by reducing the bullion contentedness of the coins chiefly used for that function. All of these ideas have been subjected to good criticism, and as a matter of fact there seem to be at least two simple reasons. possibly the allege adulteration of the silver was an campaign to prevent its export out of the Empire by reducing its value as alloy, and in this way to help insure an adequate supply of coinage at home. 67 possibly it was lone an attack to improve the wearing qualities of the coins. flush our mod “ sterling ” has 7½ % of alloy, while our modern “ mint ” argent has 10 % of alloy. Whether this change put the coinage on a single amber standard is, unfortunately, a question that can not be decidedly answered. Bimetallism in neologism involves two elements, free coinage and full legal tender, for both metals. While a statement by Epictetus, to be quoted late, implies the irregular chemical element, we have not the slightest testify that the government ever permitted private citizens to ask neologism of their aureate or ash grey bullion. however, the maintenance of a pure aureate coin circulating obviously at a fixed sexual intercourse with a ash grey coin whose silver capacity was steadily decreased, implies that the silver was a strictly fiduciary coin, maintaining its market rate because of general faith in the political and fiscal stability of the government. It will be seen that the first tell of good misgiving of the auxiliary neologism comes in the middle of the third base hundred, when, under Gallienus, big parts of the conglomerate were temporarily lost and pessimism about the future must have been general. 68
Mickwitz calls attention to the fact that finds in Germany, whose manipulation of Roman silver was capital, show that the new Neronian coins were kept in the Empire, and that the earlier heavier and pure pieces were sent out where they would buy more .
possibly the Germans plainly refused the raw coins. If this is so it would indicate that in the Empire both the erstwhile and the new denarii were expected to circulate on a parity and by count, not by weight. Mattingly 69 suggests that Nero may have called in the previous neologism. however mesa Q, analyzing mint hoards in joining with Trajan ‘s reform of the currency, gives absolutely no indication of any such attempt, and one is impelled to the belief that the government by decree appointed that the old and the new denarii should circulate on a parity or at some situate rate. But no agio for the erstwhile denarii fixed by the politics, provided it was based on the actual value of the coins, would have been bombastic enough to prevent the gradual concentration of the older coins in extraneous trade if they were preferred by the barbarians .
In view of Nero ‘s monetary reform, it is unfortunate that we have so fiddling information about prices during the predominate. Petronius has a general complaint 70 about rising prices, which he ascribes to a drought .
Some of the contemporary references to the gold and ash grey coins may be mentioned. Corbulo 71 seems to have re-enacted the older planning that the customs dues at Palmyra should be collectible in denarii. Petronius speak of a slave costing 300 denarii, 72 and in diverse places speaks of aurei. 73 Seneca 74 says that a man is in debt if he owes aurei, indicating requital by fib possibly quite than by weight. Although the business records of Iucundus at Pompeii are in sesterces, there are numerous

Table K Nero Aurei

Grains 54/5 55/6 56/7 57/8 58/9 59/60 60/1 61/2 62/3 63/64 64/68
102 1
103
104 1
105 4
106 6
107 5
108 41
109 1 19
110 1 19
111 1 3 44
112 1 1 58
113 1 1 1 1 41
114 2 1 1 1 1 3 19
115 4 3 2 8
116 5 1 4 2 3 1 3 4 4 3
117 9 7 2 4 3 3 12 5 1 5 1
118 4 4 1 3 3 13 5 5 4
119 3 1 1 3 2 2
120 1 1 1
121
122
123 1

undated references to denarii to be found in that city. Didymus, who is quoted by Priscian, says that an aureus was worth
twenty-five denarii.

dateless references to denarii to be found in that city. Didymus, who is quoted by Priscian, says that an aureus was worth twenty-five denarii. A wax pill from Pompeii, probably of A.D. 61 75, mentions “ HS N ∞ LD argentum probum recte dari stipulata eastern time. ” ( She stipulated that there be given 1450 sesterces of thoroughly full silver ) .

End Notes

49

It is unfortunate that the coins from Italica in

Num. Zeit.,

1902 can not be used in the present tabulation, for the weights given are alone approximations .

50

Montelhet

(Musée Crozatier,

two, 48 ) gives one dated A.D. 51 at 3.18 ; Naville Sale 2 gives 3.54, 3.50, 3.37, 3.26 ; Naville Sale 17 gives 3.56 .

51

Egger Sale 46 gives 14.21, 15.25 ;

Num. Chron.

( 1931, 160 ) gives 216.6, 225.4, 222.4 grains .

52

In addition, Naville Sale 17 gives 7.22 grams .

53

Sammlung Petrowicz;

Naville Sale 12 ; BMC. ; Prokesch-Osten

op. cit.;

Markoff

op. cit.

54

Num. Chron.

, 1919, 121 .

55

Jour. Roman Studies

, seven, 59ff .

56

Pliny, Hist. Nat., xxxiii, 3, 13. Pliny says the weights had been gradually reduced since the time of Caesar. Frank (

Econ

. Survey, five, 35 ) has confused the aureus and the denarius and sol has made arrant confusion of this reform .

57

BMC., i, xliv, obviously has an mistake in weights .

58

Die Feinheit, 97) gives two coins with 94.3 of silver and one with 91%. Mattingly ( Roman Coins, 124) says the alloy was about 10%. Mickwitz ( Geld, 20) emphasizes the cutting of weight as against the cutting of quality, the latter being the distinguishing characteristic
of ( Vyskovce, 11), gives a coin with 86.7 of silver and another with 91.6% but no dates. One Alexandrian tetradrachm is given with 15.5%
of silver by Hammer.
Hammer (, 97 ) gives two coins with 94.3 of silver and one with 91 %. Mattingly124 ) says the alloy was about 10 %. Mickwitz20 ) emphasizes the hack of weight as against the cut of choice, the latter being the distinguishing characteristic of Trajan

‘s reform. Ondrouch11 ), gives a coin with 86.7 of silver and another with 91.6 % but no dates. One alexandrian tetradrachm is given with 15.5 % of ash grey by Hammer .

69

Edwards ( Yale Coll. ) gives 3.03, 3.19, 3.31 ;

Berl. Münzbl.,

( 1914, 120 ) gives one at 3.30 ;

Num. Zeit.

( 1914, 228 ) gives one at 3.08 ; Cardoso

(op. cit.,

107 ) gives one at 3.5 ; Ondrouch (

Vyskovce,

12 ) gives 3.14, 3.14, 3.23, 3.30 ; Naville Sale 2 gives 3.53, 3.52 ; Princeton Univ. has 3.52 ; Amer. Num. Soc. has 3.39 ;

Fundber. Schwaben

( 1913, 86 ) gives two averaging 3.03 .

60

Systeme

, 42 .

61

Ratto Sale of Apr. 4, 1927, gives 7.62 and 3.13 grams .

62

Rev. Num.,

1898, 663 ; 1899, 18. Burns

(op. cit.,

412 ) gives the ratio as 1 : 10.6 as does Despaux

(Les devaluations monetaires dans l’Histoire,

116 ) ; Frank,

(Econ. Survey,

five, 91 ) repeats Mattingly ‘s instruction that the real proportion was 1 : 13 .

63

Mickwitz

(Geld,

19 ) says it is unknown. He does not agree with Mattingly ‘s theme about alien trade wind .

64

neologism of Nero Rev. Num., 1898, 659; Mattingly emphatically disagrees.
Sydenham,16 ; 1898, 659 ; Mattingly decidedly disagrees .

65

Mattingly,

Roman Coins,

124 .

66

Mattingly,

loc. cit.;

Burns,

op. cit.,

412 .

67

Comparette,

Amer. Jour. Numismatics,

forty-seven, 131, but Comparette seems wrong in his ratio of 1 : 9 .

68

Rome never had a trimetallic system for copper always becomes a token coinage when both gold and silver enter the monetary system. This country tried unsuccessfully in 1853 to make the 3-cent piece a real rather than a token coin.

69

Roman Coins

, 186 .

70

Petronius, 44. The demand date of this seems uncertain .

71

IGRR., three, 1056 .

72

Petronius, 68 .

73

Petronius, 30 ; 76 ; 137 .

74

de Benef.,

vanadium, 14, 4 .

75

C.I.L. four, yellow journalism. cer., 154.1 .

GALBA

In no other period of seven months in Rome ‘s history were so many coins or so many varieties produced. Galba issued gold at Rome, in Spain, and in Gaul. The period of concentration in the soixante-neuf coins assigned to the Roman batch seems to be at 112 grains ( 7.26 grams ) with 78.1 % of the coins falling within a range of 110 to 114 grains. This indicates that the Roman mint was continuing the reform standard of Nero. The compass point of concentration in fourteen coins assigned to the spanish mint is 118 grains ( 7.65 grams ) with over 92 % of the coins falling within a crop of 116 to 120 grains. This seems to indicate that the spanish state did not like Nero ‘s initiation, and that, if given time, the stallion neologism of the conglomerate might have returned to the pre-Neronian standards. The three Gallic coins seem to follow the Roman preferably than the spanish criterion, but the number is excessively little to permit any definite statement .
This difference in standards is besides shown by the average weights of thirty-eight coins given by Mattingly :

Mint Number of coins Weight in grams Weight in grains
Rome 25 7.26 112.06
Spain 10 7.69 118.72
Gaul 3 7.39 114.10

According to Mattingly thirty-six denarii from the Roman mint average 50.46 grains ( 3.27 grams ), while twenty-eight from Spain average 51.84 grains ( 3.36 grams ). 76 According to Wruck, sixteen syrian tetradrachms average 14.64 grams, with a high of 15.20 and a depleted of 13.71 grams. 77
Hammer 78 gives analyses of three coins with 92.1 % of silver, while Ondrouch 79 gives one with 94.1 % .
In opinion of the shortness of the reign and of the wide-eyed deviation in weights between the aurei from the Roman and spanish mints, it is impossible to show a satisfactory proportion between gold and silver .

OTHO AND VITELLIUS

The fifty-eight aurei of Otho show a point of concentration at 111 grains, which is to be compared with the average weight of seventeen aurei of 111.71 grains ( 7.24 grams ) given by Mattingly. Both weights indicate that Otho continued the reform standard of Nero. The average weight of thirty-two denarii is 52.01 grains ( 3.37 grams ). 80 thirteen syrian tetradrachms, according to Wruck, average 14.57 grams with a high of 15.03 and a moo of 12.95 grams. 81 Ondrouch 82 gives an analysis of one mint with 98.15 % of argent .
The eighty-three aurei of Vitellius indicate a point of concentration at 112 grains, with over 67 % of the coins falling within a crop of 110 to 114 grains. Vitellius coined gold at three mints and Mattingly gives average weights for each :

Mint Number of coins Weight in grams Weight in grains
Rome 21 7.25 111.97
Lyons 4 7.32 112.95
Spain 10 7.32 112.95

The average weight of the denarius shows a wide-eyed range : 83

Mint Number of coins Weight in grams Weight in grains
Rome 27 3.23 49.78
Spain 11 3.53 54.38
Lyons 10 3.36 51.76

An analysis of two coins shows one with 80.8 %, 84 and one with 86.5 % of silver. 85
The coins of Otho indicate a proportion between aureate and ash grey of 1 : 11.71, while those of Vitellius indicate a ratio of 1 : 11.44 .

Table L Aurei

Galba Otho Vitellius
Grains Rome Spain Gaul
95 1
104 1 1
105 4
106 1 1 2
107 1 3 3
108 8 2 7
109 2 4 5
110 4 10 3
111 14 8 14
112 11 12 18
113 17 2 9 14
114 8 1 8 7
115 4
116 1 1
117 2 1
118 1 7
119 2
120 2

End Notes

76

BMC., one, fifty-two. There is an error in the statement about the Gallic denarii. Ondrouch (

op. cit.,

12 ) gives 3.20, 3.24 ; Edwards ( Yale Coll., 88 ) gives 3.18, 3.10 ;

Berl. Münzbl.,

( 1914, 120 ) gives 3.50, 3.45, 3.50, 3.25, 3.43, Cardoso

(op. cit.,

112 ) gives 3.5 ;

Num. Zeit.,

( 1914, 228 ) gives 3.14, 3.33 ;

Num. Chron.,

( 1939, 216 ) gives 3.46, 3.45, 3.15, 3.19 ; Naville Sale 17 gives 3.12, 3.28, 3.29, 3.52, 3.23, 3.28 ; Helbing Sale of Oct. 24, 1937, gives 3.2, 3.0 ; Princeton Univ. has 3.42, 3.34 ;

Num. Chron.,

( 1931, 164 ) gives 48.2 grains ;

Bonner Jahrb.,

( 111/112, 419 ) gives 3.57 grams ;

Museo Ital. de Antich. Class.

( two, 290 ) gives one at 3.51 .

77

Num. Chron.,

( 1931, 164 ) gives one at 223.3 grains .

78

Die Feingehalt 97.

79

Vyskovce

, 11 .

80

Ondrouch

(op. cit.,

12 ) gives 3.03, 3.18, 3.23 ;

Berl. Münzbl.,

( 1914, 120 ) gives 3.30, 2.45, 3.58 ;

Num. Zeit.,

( 1914, 228 ) gives 3.36, 3.39 ; Naville Sale 17 gives 3.46, 3.36 ; Princeton Univ. has 3.13, 3.39 ; Helbing Sale of Oct. 24, 1927, gives 3.4 ;

Num. Chron.,

( 1931, 164 ) gives 51.6 grains ; Amer. Num. Soc. has 3.53.

Notizie degli Scavi

( 1935, 366 ) gives one at 3.40 ;

Museo Ital.

( two, 290 ) gives 3.36, 3.53, 3.66 .

81

Num. Chron.,

( 1931, 160 ) gives 215.8 grains .

82

Ondrouch,

op. cit.,

11. Hammer

(op. cit.,

112 ) gives one alexandrian tetradrachm with 16.4 % of flatware .

83

Ondrouch

(op. cit.,

12 ) gives 3.09, 3.13, 3.16 ; Edwards ( Yale Coll., 89 ) gives 2.83, 3.26 ;

Berl. Münzbl.

( 1914, 120 ) gives 3.0, 3.25, 3.60, 3.25, 3.40, 3.45, 3.50, 3.43, 3.35, 3.40, 3.45 ;

Num. Zeit.

( 1914, 228 ) gives 3.14, 2.17, 3.34, 3.27, 3.06 ; Naville Sale 17 gives 3.57, 3.88 ; Helbing Sale, 10/24/27 gives 3.1, 2.9, 3.15 ; Princeton Univ. has 3.17, 3.01 ; Amer. Num. Soc. has 3.53 ;

Num. Chron.

( 1931, 164 ) gives 48.7, 50.9 grains ;

Notizie

( 1935, 366 ) gives two averaging 3.40 ;

Fundber. Schwaben

( 1913, 86 ) gives 4.98, 3.24 ;

Mus. Ital.

( two, 290 ) gives 3.55, 3.60 .

84

Hammer, 97 .

85

Ondrouch, 11 .

VESPASIAN

The aurei of vespasian 86 bespeak either poor people mint control or, less likely, a difference in standards at different mints or times. It should be pointed out, however, that the mesa M seems to indicate a inclination toward heavier coins in the easterly mints. The distribution of the weights of the individual coins, disregarding those under or over the rate shown hera, is as follows :

Weight in grains Years
69/72 73/79 Total
108 27 39 66
109 13 24 37
110 29 49 78
111 55 83 138
112 35 78 113
113 35 89 124
114 9 32 41
115 5 10 15

If the totals are considered and if the charge of concentration is considered to be 112 grains, then 56.3 % of the sum fall within a scope of 111 to 113 grains and 74.2 % within a range of 110 to 114 grains. These results are not appreciably changed if one takes 111 grains as the orient of assiduity in the earlier group and 112 grains in the later group .
Mattingly 87 gives the follow average weights :

Mint Number of coins Weight in grains Weight in grams
Rome 86 112.24 7.27*
Tarraco 16 111.9 7.25
Lyons 40 112.15 7.26

The average weight unit of 304 denarii from respective mints is 47.99 grains ( 3.11 grams ), but no definite top out is shown. 88 Sydenham gives weights of twenty-four didrachmae of Caesarea that average 106.0 grains, and of six drachmae that average 53.7 grains. 89 According to Wruck, eighty-seven syrian tetradrachms have an average weight of 14.43 grams with a senior high school of 17.60 and a moo of 12.50 grams. 90
Hammer 91 gives analyses of six coins, one each with 88.6, 88.1, 87.8, 80.1, 80.0, and 79.8 % of silver, while Ondrouch 92 gives one each with 89.4 and 85.1 % of silver .
Using the actual weights of the aureus and of the denarius, the ratio between aureate and argent is 1 : 10.71 .
In the struggle for control of the Empire, Vespasian had opened mints for aureate and silver at Antioch ( closed in A.D. 72 ), Alexandria ( closed in 70 or 71 ), Ephesus ( closed in A.D. 74 ), Byzantium, Tarraco ( closed in A.D. 72 or 73 ), and Lyons ( closed in A.D. 72 or 73 ). After his assurance was established, vespasian centralized the coinage of amber and flatware at Rome. Though the Lyons mint was re-opened late in the reign, it was for subsidiary company coins only, not for aureate or silver .
Until the time of vespasian the silver money of Rhodes circulated in Asia Minor, although actual neologism had ceased before then. 93
From a papyrus of A.D. 72/3 95 which indicates that the Jewish poll tax of two denarii was paid with 8 drachmae, 2 obols, an feat has been made to show a proportion between gold and silver medal of 1 : 7.3. 96 This proportion is sol different from that shown by the relation back of the aureus and denarius that it is obviously incorrect. It besides disregards the fact that the egyptian tetradrachm was a decree mint .
An inscription from Cibyra 97 mentions both Rhodian drachma and Roman denarii and states that the Rhodian drachma, very little and of humble weight, was worth 10 asses, while the denarius was worth sixteen. This low evaluation of the Rhodian drachma may indicate an attempt to force these old flatware coins out of circulation, but it should be pointed out that the contribution recorded here was made in Rhodian dram. Suetonius has an concern instruction to the effect that Vespasian needed forty billion sesterces to restore the public credit. The intend of this is far from clear. In the modern feel the government had no debts and could have no debts except unpaid current obligations. tied if one assumes that Vespasian owed a year ‘s give to the integral army, that debt would be merely about one percentage of the human body mentioned by Suetonius. In another way, the figure of forty billion sesterces is about eighty times the entire income of the government as estimated for the meter of Tiberius. 98 As it stands the visualize is so great as to be meaningless .

Table M
Vespasian Aurei

Rome Lyons Asia Minor Syria Illyricum Alexandria Tarraco Rome Lyons Ephesus Rome Lyons
Grains 69/70 69/70 69/70 69/70 69/70 69/70 69/72 70/72 70/71 70/71 71/2 72/3
103
104 2
105
106 1 1 1
107 1 1
108 3 1 8 9 6 1
109 2 2 1 5 2 1
110 7 3 1 7 9 2 3
111 10 13 1 5 14 10 1 2
112 10 6 1 2 11 5 1
113 5 4 2 1 4 7 10 1 2
114 3 1 3 1
115 1 1 2 1
116 1 1
117 1 1
118 1 1
119 1
120 1
Table M—Continued

Ephesus Antioch Asia Rome Rome Lyons Rome
Grains 72 72 72/3 72/3 73 73 74 75 75/6 75/9 77/8 78/9
97 1 1 1 1
98 1
99 1
100
101
102
103 1
104 1 1
105 1 1 3 2
106 1 1 2 1 2
107 4 2 3 1
108 5 6 5 15 7
109 1 5 4 1 2 7 1 3
110 1 8 2 2 7 6 10 10
111 1 2 15 4 8 9 1 20 15 7
112 5 13 7 3 6 20 12 11
113 1 3 18 7 7 2 22 25 3
114 1 2 2 5 2 1 9 8 3
115 1 1 1 2 2 3
116 1 2 1
117 1 1 1

Pliny 99 says that the denarius was coined at eighty-four to the hammer and the aureus at forty-five. Throughout the Natural History there are numerous prices given in asses, sesterces, and denarii, but none apparently in aurei. The Periplus, written no late than this fourth dimension, speaks of both aurei and denarii. 100
In a Palmyrene inscription 101 of A.D. 70/71 fifteen gold censers are valued at 150 denarii .

End Notes

* With a top out at 112.5 grains .

86

Kubitschek (

Rundschau über ein Quinquennium),

says that under the Flavian dynasty an aureus of about 7.4 grams was exchanged with 25 denarii of 3.41 grams and of about 90 % purity .

87

BMC., two, xiv ; Hultsch, (

Metrol.,

306 ) gives the average as 7.30 grams .

88

Vyskovce) gives 2.95, 3.12, 3.16, 3.16, 3.30, 3.30, 3.30; Edwards (Yale Coll., 89) gives 2.5, 3.11, 2.99, 3.56, 3.36, 3.17, 2.85,
2.83, 3.32, 3.46; Num. Zeit. (1914, 228) gives 3.17, 3.15, 2.69, 2.75, 3.42; Berl. Münzbl. (1914, 120) gives 3.35; Cardoso ( op. cit., 116) gives 2.7, 3.2, 3.5, 3.0, 3.0, 3.2, 3.3; Naville Sale 17 gives 3.10 from Fundber. Schwaben (1913, 86) gives sixteen that average 2.992 and one of Titus at 2.9; Notizie (1935, 366) gives seven of Museo Ital. (ii, 290) gives 3.44, 3.94, 3.56, 3.50, 3.48, 3.54, 3.54, 3.56, 3.34, 3.55, 3.56, 3.40, 3.59, 3.58, 3.48, 3.58; for Num. Chron, (1931, 164) gives 50.4, 50.3, 50.5, 49.7, 43.4 grains.
Ondrouch ( ) gives 2.95, 3.12, 3.16, 3.16, 3.30, 3.30, 3.30 ; Edwards ( Yale Coll., 89 ) gives 2.5, 3.11, 2.99, 3.56, 3.36, 3.17, 2.85, 2.83, 3.32, 3.46 ; ( 1914, 228 ) gives 3.17, 3.15, 2.69, 2.75, 3.42 ; ( 1914, 120 ) gives 3.35 ; Cardoso116 ) gives 2.7, 3.2, 3.5, 3.0, 3.0, 3.2, 3.3 ; Naville Sale 17 gives 3.10 from Ephesus

and 2.85, 3.43, 3.63, 3.05 from Rome

. Helbing Sale 10/24/27 gives 3.25, 3.4 ; ( 1913, 86 ) gives sixteen that modal 2.992 and one of Titus at 2.9 ; ( 1935, 366 ) gives seven of vespasian

and three of domitian Caesar all averaging 3.40 ; ( two, 290 ) gives 3.44, 3.94, 3.56, 3.50, 3.48, 3.54, 3.54, 3.56, 3.34, 3.55, 3.56, 3.40, 3.59, 3.58, 3.48, 3.58 ; for Titus

Caesar 3.56, 3.60, 3.63, 3.59 ; for Domitian Caesar 3.49, 3.45, 3.50, 3.60, 3.45, 3.51 ; Princeton Univ. has 2.84, 3.06, 3.04, 3.10, 3.33, 2.91, 3.29, 2.90, 3.11, 2.94, 2.70, 3.15, 3.23, 2.85, 2.87, 3.38, 2.91. 2.90, 3.14 ; Amer. Num. Soc. has 3.15, 2.88, 3.30, 3.19 ; ( 1931, 164 ) gives 50.4, 50.3, 50.5, 49.7, 43.4 grains .

89

Egger Sale 46 gives a dram at 3.01 and a didrachma at 6.94 ; Ratto Sale 4/4/27 gives 6.83, 6.86, 6.86, 6.93, 6.59, 6.67, 6.93 ; Ciani Sale of Apr. 28, 1925 gives 7.0, 6.45, 7.15, 6.55, 6.50, 6.95, 6.70, 7.20 .

90

Egger Sale 46 gives 14.99 ; Windisch-Graetz Coll. gives 12.43 ;

Num. Chron.

( 1931, 160 ) gives 217.1, 213.7, 207.5 grains .

91

Hammer. 97 .

92

Vyskovce, 11; Hammer ( op. cit. 112) gives a tetradrachm of 11 ; Hammer112 ) gives a tetradrachm of Antioch

with 56.5 % of silver .

93

Chapot, La Province romaine proconsulate d’Asie

, 342 .

95

Grundzüge, ii, 61. This tax lasted at least until the time of Wilcken, two, 61. This tax lasted at least until the time of Trajan

96

Amer. Jour. Archaelogy,

xxxviii, 50 ; Klio, 1932, 124 .

97

CIG., 4380 ; IGRR., intravenous feeding, 915, dated in A.D. 74 ; Laum (

Stiftungen in der griechischen und rӧmischen Antike,

two, 162 ) gives the date as 73 A.D .

98

Econ. Survey

, v. 45 and 37. Tenney Frank accepts Suetonius at font rate .

TITUS

The aurei of Titus show a point of concentration at 111 grains ( 7.19 grams ). Of the coins shown in the board, 77.3 % fall within a range of 109 to 113 grains. Mattingly 102 gives the average weight unit of 25 coins as 111.64 grains ( 7.23 grams ) with no point of concentration discernible. The average weight of 129 denarii 103 is 49.68 grains ( 3.22 grams ). In 102 denarii weighed by Mattingly there was a well defined extremum at 50 grains ( 3.24 grams ) .
Using the actual weights of the aureus and the denarius, the ratio of gold to silver is 1 : 11.19 .
Wruck gives the average weight of five syrian tetradrachms as 14.33 grams with a high at 14.48 and a abject at 14.25 grams. Ondrouch gives analyses of three coins, one each with 84.5, 83.4, and 76 % of silver. 104

Table N
Titus Aurei

Rome Rome
Grains 79 80
102 1
103
104 1
105
106 2 1
107 2
108 2 7
109 6 10
110 2 6
111 4 13
112 4 11
113 6 6
114 1 3
115

End Notes

99

Pliny, Hist. Nat., xxxiii, 9, 46 ; cf. twelve, 14, 62 .

100

Periplus marts Erithr., viii, 49. On the date of the Periplus see Camb. Anc. Hist., x, 881. Dio Cassius (lxvi, 14, 5) mentions aurei in connection with eight, 49. On the date of the Periplus seex, 881. Dio Cassius ( sixty-six, 14, 5 ) mentions aurei in connection with vespasian

101

Prentice, Gk. and Latin Inscr., 352; Corp. Inscrip. Semit., 3923.

102

BMC., two, xiv ; Hultsch (

Metrol

., 306 ) gives an average of 7.29 grams .

103

Ondrouch (

Vyskovce

, 12 ) gives four weights : 3.20, 3.25, 3.28, 3.29 ; Edwards ( Yale Coll. ) gives 3.14, 3.4, 3.39, 3.24 ; Cardoso

(op. cit.)

gives 3.2, 3.0 :

Num. Chron.

( 1914, 228 ) gives 3.01, 3.34, 3.17, 2.93 ; Princeton Univ. has 2.90, 3.21, 2.91, 3.29, 2.83, 2.82, 3.12, 3.11, 3.49, 3.53 ; Amer. Num. Soc. has 3.19, 3.41, 3.18 ;

Num. Chron.

( 1931, 164 ) gives 54.9, 50.1, 49.4, 50.4, 49.2 grains.

Fundber. Schwaben

( 1913, 86 ) gives one at 3.35 grams, while

Notizie

( 1935, 366 ) gives 2 that average 3.45 .

DOMITIAN

domitian seems to have had ideas about the currentness differing radically from those of his brother and beget. Omitting the coins issued in A.D. 81 and those issued between A.D. 81 and 84, chiefly with the name of Domitia, the remaining aurei show an unsatisfactory period of concentration at 116 grains ( 7.52 grams ). The twelve coins of A.D. 81 show no bill, while the fifty-three coins issued with the name of Domitia show a vertex at 118 or 119 grains, forming the heaviest group of any issued during the reign of Domitian .
Mattingly 105 gives the modal burden of three aurei dated in A.D. 81/82 as 111.9 grains ( 7.25 grams ), and of forty minted between A.D. 82 and 96 as 117 grains ( 7.58 grams ). Of course it is insecure to draw inferences from the weights of three coins, though their average weight is in cheeseparing agreement with the weight of the aurei of Titus. The twelve coins dated in A.D. 81 that appear in Table O average about 113 grains .
Mattingly gives the average system of weights of 29 denarii dated in A.D. 81/82 as 49.1 grains ( 3.18 grams ), and of 144 denarii issued between A.D. 83 and 96 as 51.2 grains ( 3.32 grams ) with a bill at 53 grains ( 3.43 grams ). Mickwitz 106 gives the average of sixty denarii as 3.21 grams .
The distribution by weight of available denarii is as follows : 107

Weight in grains 81/82 81/84 83/96
Less than 44 6
44 1
45 1 4
46 1 1 9
47 6 11
48 3 1 19
49 4 34
50 1 22
51 3 46
52 5 27
53 3 24
54 1 12
55 1 10
56 3

The third group does not seem to bear out the statement of Mattingly that the point of concentration is at 53 grains. about 71 % of the coins in the show table fall within a scope of 49 to 53 grains with a point of concentration at 51 grains .
According to Wruck, twenty-three syrian tetradrachms average 14.43 gram with a high gear of 15.34 and a low of 12.21 grams. Sydenham gives the weights of seventeen didrachmae from Caesarea which average 104.5 grains and of two drachma which average 53.75 grains. 108 The syrian drachma averaged, therefore, 3.61 grams while the Caesarea drachma averaged 3.44 grams .
In Persia 52 tetradrachms and 24 drachmae issued by Pacorus II ( A.D. 77/110 ) average 11.72 and 3.55 grams respectively. 109
Using the actual weights of the aureus and denarius, the two periods, that of A.D. 81/82 and that of 83/96, both show approximately the lapp proportion between aureate and silver, namely 1 : 10.94 and 1 : 11 .
The reasons for Domitian ‘s render to the heavier standard current before the reform of Nero are difficult to see. The proportion of amber to silver was not changed. The change in weights should have reduced prices, even domitian well increased the base pay of the army. The change has been praised. One writer 110 says of domitian : “ he restored the currency and maintained it at a grade of purity that it had seldom reached before and was never to reach again. ” The practical basis for this eulogy is not clear .
Hammer 111 gives an psychoanalysis of seven coins, one with 92.5, five with 91.4, and one with 86 % of silver. Ondrouch 112 gives two analyses, one with 93.3, the other with 91.95 % of ash grey. soldierly 113 speaks of a price of one denarius for his script. An edict of A D. 93 issued at Pisidian Antioch 114 orders that the price of pale yellow is not to exceed one denarius per modius, while in Revelation 115 the price of one choinix of pale yellow, or of three choinices of barley, is given as a denarius .

Table ODomitian Aurei

Grains 81 81/4 82 83 84 85 86 88/9 90/1 92/4 95/6
99
100 1
101
102
103
104 1
105
106 1 1
107 1 1 1 1 1
108
109
110 2 2 1
111 2 1
112 3 1 1
113 1 4 2 1 1 1 2 1
114 1 3 1 1 1 3 1 2
115 3 1 1 10 6 1 1 1
116 1 5 2 7 7 4 5 1
117 6 3 1 1 1 1 3 3 2
118 2 12 3 2 1 3 1 2 5 1
119 10 2 1 1 3
120 5 1 2 2 4
121 1 1
122

End Notes

104

Ondrouch, 11 .

105

( Econ. Survey, v, 91) says the coins of BMC., two, fourteen. Frank, five, 91 ) says the coins of domitian

and Nerva are “ apt to be slightly heavier ” than those of vespasian

106

Arctos, three, 3 quoting Weber .

107

Ondrouch gives 3.24, 3.30, 3.35, 3.36, 3.36 ; Edwards ( Yale Coll. ) gives 3.11, 2.98, 3.35, 3.33, 3.22, 2.96, 3.16, 3.32, 3.26, 3.35 ; Cardoso

(op. cit.,

126 ) gives 3.0, 3.2 as Caesar and 3.2, 3.2, 3.3, 3.0 as Emperor. The Table includes weights given by Montelhet,

Musée Crozatier,

two, 79 ; Naville Sale 2 ; Helbing Sales of Mar. 4, 1927 and Oct. 24, 1927 ; Weber,

An Egyptian Hoard;

Naville Sale 17 ; Princeton Univ. ; american Num. Soc. ;

Num Chron.,

1931, 164.

Notizie

( 1935, 366 ) gives 9 dated after 81 that average 3.47 and

Fundber. Schwaben.

( 1913, 86 ) gives 3 that average 3.25 .

108

In addition, Egger Sale 46 gives didrachmae at 6.88 and 7.01 ; Egger Sale 45 gives 7.23 ; Naville Sale 15 gives 7.22 ; Ratto Sale of Apr. 4, 1927, gives 6.93, 7.10, 7.0 .

109

BMC. ; Naville Sale 12 ; Prokesch-Osten

op. cit.,

Markoff

op. cit.

110

Jour. Roman Studies.

, 1930, 70 .

111

Hammer, 97 .

112

Vyskovce

, 11 .

113

Martial, one, 117 ; denarii besides in nine, 32 ; nine, 100 .

114

Amer. Phil. Assoc. Trans.,

fifty-five, 5 .

115

Revel., six, 6 .

NERVA

The sixty-four aurei listed here show a poor point of concentration at 116 grains ( 7.52 grams ), with 75 % of the coins falling within a range of 114 to 118 grains. Nerva consequently was maintaining the heavy standard of Domitian .
Mattingly gives the average slant of thirteen aurei as 116.64 grains ( 7.56 grams ) with a point at the same home. 116 The average weight unit of 113 denarii whose weights are ascertainable is 50.18 grains ( 3.25 grams ). This compares with the average burden of 50.78 grains ( 3.29 grams ) for fifty-three denarii given by Mattingly and with an average of 3.24 grams for twenty-four coins given by Weber. 117 According to Wruck, thirteen syrian tetradrachms 118 average 14.83 grams with a gamey of

Table P Nerva Aurei

Grains 96 97/8
111 1
112 1 1
113 2 3
114 2 5
115 3 11
116 6 6
117 2 9
118 1 3
119 3
120 1 2
121 1
122 1

15.60 and a low of 13.39 grams. Sydenham gives the weights of twenty didrachmae from 15.60 and a low of 13.39 grams. Sydenham gives the weights of twenty didrachmae from Caesarea

which average 102.2 grains.

119

Mattingly gives the analysis of one coin with 89.1 % of silver, 120 while Hammer 121 gives one with 91.7 %, and Ondrouch 122 gives one with 91.2 % of flatware .
Based on the actual weights of the aureus and denarius, the ratio of gold to silver is 1 : 10.81 .

End Notes

116

Hultsch (

Metrol.,

306 ) gives 7.45 grams .

117

Ondrouch

(op. cit.,

12 ) gives 3.20, 3.35, 3.64 ; Edwards

(Yale Coll.)

gives 3.33, 3.26, 3.21 ;

Num. Zeit.

( 1914, 228 ) gives 3.40, 3.25 ; Cardoso

(op. cit.)

gives 3.0, 3.0 ; Montelhet

(Musée Crozatier,

two, 90 ) gives 2.86, 3.17, 3.08, 3.13, 3.06, 2.90, 3.38, 3.16, 3.40 ; Naville Sale 2 gives 3.08, 3.34, 3.08, 3.15, 3.47, 3.14, 3.10, 3.32, 3.59 ; Helbing Sale of Oct. 24, 1927, gives 3.1 ; Princeton Univ. has 3.01, 3.32, 3.26, 3.32, 3.22, 3.42 ; Amer. Num. Soc. has 3.20 .

118

Egger Sale 46 gives 14.63 .

119

In addition Naville Sale 15 gives 6.92 ; Ratto Sale of Apr. 4, 1927, gives 7.0, 7,0. 6.77 .

TRAJAN

It seems probable that early in his predominate Trajan reduced the weight of the aureus to the reform standard of Nero, but unfortunately the weights of the twenty-four coins assigned to A.D. 98/99 give no unclutter period of concentration. The coins of A.D. 100 and late show a point of concentration at 111 grains with over 78 % falling within a image of 109 to 113 grains .
Mattingly gives the average weight of four aurei issued in A.D. 98/99 as 117.25 grains ( 7.59 grams ) ; of eleven restoration aurei of A.D. 107 as 111.9 grains ( 7.25 grams ), and of 123 other aurei issued in A.D. 100 and late as 111.4 grains ( 7.22 grams ). 123 This last group has a definite vertex at 111 grains ( 7.19 grams ) .
According to Mattingly twenty-three denarii of the restitution series show an average weight unit of 47.48 grains ( 3.08 grams ) and 464 other denarii an average of 49.64 grains ( 3.21 grams ). This survive group has a definite acme at 49 grains ( 3.17 grams ). 124
The denarii whose weights are given in versatile sources may be classified as follows :

Number by chronological groups:
Weight in grains 98/99 100 101/2 103/11 112/14 114/17 Restor. Total
–38 1 1 2
38 2 2
39 1 1 1 3
40 4 2 2 1 9
41 1 5 2 2 10
42 2 11 3 2 18
43 1 2 2 19 7 6 1 38
44 1 2 4 11 6 7 2 33
45 3 2 2 25 3 5 2 42
46 4 1 9 37 6 10 2 69
47 9 2 6 20 4 7 6 54
48 5 3 2 31 7 5 3 56
49 7 2 14 35 15 10 1 84
50 11 5 4 30 7 5 1 63
51 6 3 5 31 6 4 1 56
52 5 5 17 5 9 2 43
53 12 1 1 16 6 10 46
54 1 12 7 3 23
55 1 1 2 3 4 3 14
56 3 3
57 and over 2 1 1 4

The seventy denarii listed here under the year A.D. 98/99 have no well-defined point of concentration, though their weights
indicate that it should be in excess of 50 grains. The 602 denarii dated in the year A.D. 100 and later have a reasonably
well-defined point of concentration at 49 grains, 45.5% of the coins falling within a range of 47 to 51 grains.

The seventy denarii listed here under the year A.D. 98/99 have no well-defined point of concentration, though their weights indicate that it should be in excess of 50 grains. The 602 denarii dated in the year A.D. 100 and late have a sanely chiseled distributor point of concentration at 49 grains, 45.5 % of the coins falling within a image of 47 to 51 grains. Mattingly gives an analysis of three coins with 90.73, 79.6, and 78.1 % of silver ; 125 Hammer gives one coin issued in A.D. 98/99 with 92.8 % of silver and for coins issued after that date one each with 88.4, 86.2, 85.5, 83.8, 79.2, and 78.5 % of silver medal ; Ondrouch 126 gives one each with 87.3 and 85.1 % of silver .
The coins of 98/99 indicate a ratio between gold and silver medal of 1 : 10.97, while the coins issued in A.D. 100 and former indicate a proportion of 1 : 11.04. 127 obviously no change in ratio can be assumed from differences that are therefore small .
Wruck gives the average weight of thirteen syrian tetradrachms dated in A.D. 98/99 as 14.56 grams with a high of 15.44 and a abject of 14.21 grams. The average system of weights of 166 tetradrachms dated in A.D. 100 and belated is 14.06 grams with a high of 15.25 and a low of 12.28 grams. 128
For the period A.D. 98/99 Sydenham gives the weights of sixteen didrachmae and of nine drachma of Caesarea that average 104 grains for the erstwhile and 51.1 grains for the latter. 129 The combined groups show an average of 51.8 grains for the dram .
For the period of A.D. 100 and subsequently Sydenham 130 gives the weights of twenty-five tridrachmae that average 162.4 grains ; of thirty-five didrachmae that average 102 grains, and of twenty-two dram that average 50.4 grains. The blend groups show an average for the dram of 52.3 grains .
These changes are not what would be expected. Comparing the years A.D. 98/99 with the rest of the reign, the denarius shows a drop of approximately 8 %, the syrian dram a drop curtain of approximately 4 %, while the Caesarea dram shows an increase of about 2 %. 131
The reasons that led Trajan to return to the Neronian standard for gold and silver are no more clear than the reasons that led Domitian to attempt a return to the standards of the pre-Neronian period .
In A.D. 107, after the Dacian wars, Trajan “ melted down all disused coins. ” 132 This is all of what Dio may have said on this topic that is preserved in the former prototype made by Xiphilinus. While many guesses have been advanced as to the entail of this sentence, including attempts to connect it with the reduction of weights that had taken place some seven years earlier, the carry through actually taken at this time by Trajan in regard to the “ disused ” coins seems to be distinctly shown by the analysis of coin hoards which appears on Table Q. In this postpone the vertical column list the coins of different periods that are found in hoards presumably buried during the life of the rule whose identify appears at the top of the column. The horizontal lines list the rulers whose coins appear in the hoards. About 115 hoards from all parts of Europe and over 30,000 coins appear in the tabulation. 133
Coins issued by Augustus, Tiberius, Caligula, and Claudius are sanely common in these hoards until the end of Trajan ‘s reign. It is noteworthy that merely four coins issued by these rulers occur among the thousands of other coins found in hoards buried from the clock time of hadrian to that of Alexander Severus. It may besides be noticed that the coins of Marcus Antonius persist through the stallion period. It seems clear that what Trajan did in A.D. 107 was to call in all the silver medal coins issued by Augustus, Tiberius, Caligula and Claudius. It would be reasonable to assume that the denarii issued by Nero before A.D. 63 were besides called in, but the lack of data about the dating of many of the Neronian coins in the hoards mentioned hera make certainty in this count impossible .
unfortunately besides few of the hoards of gold coins are recorded with sufficient accuracy to construct a table. The inference, however, from twenty-seven

Table Q

Augustus Tiberius Claudius Nero Vespasian Domitian Trajan Hadrian Pius Marcus

Commodus Septimius Caracalla Elagabalus Alexander
Alexander 249
Elagabalus 394
Macrinus 96
Caracalla 91 739
Septimius 626 332 2078
Didius 2 1 2
Pertinax 17 3 5
Commodus 132 633 102 463
Marcus

1142 1232 2031 313 1186
Pius 47 1550 1327 1990 301 1120
Hadrian 484 184 1535 951 1088 231 498
Trajan 204 641 216 1539 893 721 237 371
Nerva 61 74 19 129 82 61 29 26
Domitian 26 259 250 87 529 239 114 77 108
Titus 13 107 42 18 200 68 61 11 71
Vespasian 88 95 151 197 115 1220 469 407 99 429
Vitellius 23 15 7 11 4 62 25 21 5 21
Otho 9 3 4 6 3 45 11 7 5 7
Galba 22 11 6 9 6 38 19 11 6 15
Nero 1 3 31 13 15 12 106 39 23 8 31
Claudius 1 7 4 3 14
Caligula 3 2 1 16
Tiberius 354 46 80 13 41 3 1 2
Augustus 936 349 13 38 23 46 35 1
Republic 326 662 57 300 272 393 419 51 62 579 181 89 12 24

such hoards is that the gold struck before the reform of such hoards is that the amber strike before the reform of Nero

was besides called in. There are at least two crucial objections to the estimate 134 that Trajan debased the silver money in A.D. 107. In the first base place, the weights of extant coins seem to indicate that the reduction of weight and presumably of silver content had occurred at the same prison term ( A.D. 100 ) that the weight unit of the aureus was reduced. In the second plaza, the seduction of Dacia made available to the government identical considerable amounts of aureate and argent .
The estimate of profit for the government as the motivate cause 135 in such a remelting of old coins seems unsatisfactory, for the number of the honest-to-god coins in circulation must have been relatively little and the degree of degradation was not big. then, again, nothing appears to have been done about the heavy denarii of Domitian and of Nerva. This fact seems to make indefensible the theme that Trajan was interest in retiring all coins differing markedly from his own, as an aid toward clientele public toilet. It is interesting to note that Trajan ‘s “ melting ” of the honest-to-god coins coincided in date with the appearance of his own restoration series commemorating the big figures of the past .
Mickwitz 136 considers that Trajan ‘s degradation of the ash grey was occasioned by a fall in the price of aureate brought about by the sum of that metal thrown on the market as a result of the Dacian wars. The resultant role of these wars, he says, was a worsen in the relation of gold prices to silver prices of some 3 to 4 %, and that this is evidenced by the papyrus. But P. Baden 37, which is the headman corroborate of this idea, is besides indefinite in its think of to be used by rights in accompaniment of this or any other estimate. The apposite sentence of this document is as follows : “ gold ( an adjective, not a noun ), which was selling at 15 dram, has fallen to 11. ” many attempts at explanation have been made, but the wide divergent theories that are based on this text file show that no definite conclusions can be made as to its mean. Trajan was barely likely to upset the monetary market by a sudden spill of bullion .
This re-adjustment of the currency, both as to weight and to fineness, is one of the authoritative events, economically speaking, of Trajan ‘s reign. It is strange that no adequate rationality for it has been found. The history of the reign before the Dacian wars indicates no pressing necessitate of money on the function of the government, while the alleged “ orgy of outgo from 107 onwards, ” 137 if true, seems to have been based in part at least on the loot from Dacia. Currency depreciation is, it seems, always the resultant role of something that has already happened. The campaign in this example is difficult to find .
In Britain official coins seem to have been so ample that local imitations are rare, a condition that lasted well through the hundred. 138 This condition could have been brought about by a worsen in the activeness of local clientele, a well as by an increase in the issue of imperial coins. unfortunately we do not know which was the case here. In Scotland 139 ten-spot coins of pure tin have been found, eight of Trajan and one each of hadrian and of Marcus Aurelius. Just what these were intended to be is changeable .
The documents recording the gifts of C. Vibius Salutaris to Ephesus 140 in A.D. 103/4 introduce some matter to problems. The shortstop Latin inscriptions record the capital sums in sesterces which the accompanying greek text gives in denarii at the rate of four sesterces to the denarius. thus 17000 sesterces in one Latin text appears as 4250 denarii in the Greek ; 141 in another the Latin mentions 33333½ sesterces 142 which the Greek gives as 8333 denarii, 6 asses. This shows that 3/8 of a denarius is adequate to 6 asses ( 33333½ ÷ 4 = 8333⅜ ) and that the denarius consequently was equal to 16 asses. This is not in agreement with the long greek text given in BM * 481. Lines 245ff. indicate that 750 denarii are to be divided among 1500 persons with the giving to each stated as 9 asses. This indicates that the denarius was equal to eighteen asses. As will be seen, this rate of 18 asses was the one at which the bankers of Pergamum in the clock of hadrian were required to sell the denarius. possibly even under Trajan the rate of exchange fixed by the government was eighteen asses to the denarius, while the rate of sixteen asses found in the bilingual inscriptions was the old traditional relation between the coins. It is, however, far from clear why the bilingual inscriptions should give anything but the true current calculate .
Salutaris made two capital gifts, one of 20000 denarii, another of 1500 denarii. 143 The interest is given as 1800 and 135 denarii, respectively, which proves a rate of nine percentage. The text uses three ways of showing this rate of interest : ( a ) τόκος ἀσσαρίων δεκάδυο ἀργυρῶν, ( barn ) τόκος δραχμιαῖος and the curious ( carbon ) τόκος δραχμιαῖος ἀσσαριαῖος. The rates express the interest per calendar month on each 100 denarii of star and being legalistic terms naturally should refer to the traditional ratio between the coins concerned. It is not acquit why the word “ drachma ” should be used at all in this association. 144 The inscription besides contains a statement to the effect that if the rate of exchange should go up, more is to be distributed each year. This exchange can refer only to the relative values of the imperial denarius and of the local anesthetic as. It assumes a greater confidence in the future of the imperial money than in the local neologism. nothing is said about a fall in the pace of exchange .
A contemporary inscription from Pergamum 145 mentions “ silver denarii, ” as does a papyrus 146 of the class 117. A spanish inscription 147 gives the cost of a figurine as 62 denarii, while another 148 mentions a capital give of 100,000 sesterces which was to be loaned at five percentage interest, and which provided that separate, at least, of the income was to be distributed in denarii. An african inscription shows cattle taxed four denarii each, 149 and an italian text file 150 shows wheat at one denarius a modius .
Tacitus, in a passage dated in this reign, speaks of the affection of the german tribe for eloquent, as it was more convenient to spend than gold ; in another passage he says that the Germans prefer the honest-to-god silver. 151 Both Martial 152 and Juvenal 153 speak of aurei .
Epictetus 154 has a very interest statement : “ for just as neither the banker nor the greengrocer may legally refuse the neologism of Caesar, but if you present it, whether he will or no, he must turn over to you what you are purchasing with it … ” This statement, which is localized in Epirus, is not in agreement with the regulations laid down by hadrian at Pergamum, regulations which seem to limit the habit of imperial money under certain conditions .

Table R Trajan Aurei

Grains 98/9 100 101/2 103/11 107 112/14 114/17
100 1 1
101
102
103 2
104 1
105 2 1 2
106 2 1 2 1
107 2 1 1 5 3 2 3
108 1 2 4 18 3 10 15
109 2 6 23 2 14 18
110 5 3 25 6 8 26
111 4 5 6 26 8 21 36
112 1 4 4 24 6 18 24
113 1 1 4 17 4 10 9
114 2 2 7 2 4
115 2 1 1
116 2 1
117 3 1
118 2 1 1
119 1
120 1
121 1

End Notes

120

BMC., three, twenty-one .

121

Hammer, 97 .

122

Vyskovce, 11.

123

Hultsch (

Metrol

., 306 ) says 7.21 grams .

124

In the table appear coins from Ondrouch,

Vyskovce;

Edwards, Yale Coll. ; Montelhet,

Mus. Crozatier,

two, 94 ;

Univ. of Colo. Studies,

twenty-five, 237 ; Cardoso,

Buenos Aires,

136 ; Naville Sales 10, 17 ; Princeton Univ. ; Amer. Numis. Soc. ;

Num. Chron.,

1931, 164 ;

Fundber. Schwaben

( 1913, 86 ) gives four dated after 104 that average 3.05 .

125

Klio

( xxvi, 97 ) says 12 to 20 % disparagement. Mattingly

(Roman Coins

, 125 ) says about 15 % degradation .

126

( op. cit., 112) gives one tetraarachm from Hammer112 ) gives one tetraarachm from Caesarea

with 62.5 and one from Antioch

with 57.2 % of silver .

127

( Geld, 56) believes in a ratio of 1 : 10 for Aegypius, 1933, 102 for that ratio during the second century; Heichelheim ( Klio, xxv, 124) agrees.
Mickwitz56 ) believes in a proportion of 1 : 10 for Trajan

‘s reign ; in1933, 102 for that ratio during the second century ; Heichelheimxxv, 124 ) agrees .

128

Egger Sale 46 gives 14.85, 14.76, 15.44, 13.84, 14.37 grams ;

Num. Chron.

( 1931, 160 ) gives 221.2, 228.7, 214.7, 209.9, 209.6, 209.3 grains .

129

In addition Ratto Sale of Apr. 4, 1927, gives 10.17, 7.21, both of A.D. 98/99 .

130

Ratto Sale of Apr. 4, 1927, gives 7.44, 6.14, 6.88, 6.72, 6.54 ; Ciani Sale of Apr. 18, 1925 gives 14.30, 6.55, 3.05, 10.20, 3.20, 3.30, 6.45 ; Windisch-Graetz gives 6.20 ; Egger Sale 46 gives 3.45, 2.91, 3.07, 7.05, 5.64, 7.07, 6.95, 6.73, 5.73, 6.30, 6.45, 6.74 ; Naville Sale 15 gives 6.65 .

131

The weights of the alexandrian tetradrachms as given by Milne

(Catalogue of Alexandrian Coins in the Ashmolean Museum)

indicate no change after 98/99 A.D .

132

Dio Cassius, sixty-eight, 15 ; Mattingly ( BMC., three, eighty-eight ) says “ we must suppose that the wholly of the neologism down to the decrease of weights by Nero

was then called in. ” He besides suggests that the early gold was called in .

133

Because of uncertainties the alleged hoard of Kirkham in

Num. Chron.,

1936, 316 is not included .
The hoards used to form Table Q are as follows :
Augustus : Villate, Charentenay, Ribnik, Valpovo, Reckelsum. Tiberius : Laval, Onna, Krefeld, Mainz 1900. Claudius : Laluque. Nero : Dombreson. Vespasian : Stein, Rheingӧnnheim, Rome Domitian : Corbridge, Anglesey, Broos, Aubenton, Otricoli. Trajan : Bath, Lavenham, Sakka, Mozzatella, Broos, Muncsel. Hadrian : Gostynin, Niemegk, Swaley, Mallerstang, Waudrez, Volubilis, Castagnaro. Pius : Carlisle, London, Polnisch-Briesen, Middels Osterloog, Altenmarkt, Bonyhad, Heddernheim. Marcus : Castle Bromwich, Allerton, Fickmühlen, Chalfont St. Giles, Vyskovce, Lindloh, Freesemmoor, Frӧndenberg, Erfürt, Siedlimovo, Lengowo, Bor-u-Kluku, Hede, Hinckley, Nuneaton, Knapworth, Pyhrn, Mehr, Deutsch-Altenburg, Tibod, Sotin, Mont, Osiek, Mocsolad, Hallegarda .
Commodus : Djupbrunn, Trӓskvӓller, Oja, Lydney, Newbiggin, Havor, Borynia, Grӓpel, Bucharest, Ballo, Wien, Kristendorf, Sӓchsisch-Regen, Karlsburg, Prelasko, Unterammergau, Edwinstowe, Eskelhem, Iwno, Hirchhof. Septimius : Sindarve, Sojvide, Robbedale, Skovgaard, Denland, Silchester, Sigdes, Robbenarve, Regenwalde, Lashorst, Bristol, Flonheim, Oosterbeek, Waldkirch, Karajeno, Silli-en-Gauffern, Jupille, Starkcsova. Caracalla : Muswell Hill, Kristendorf, Annecy, Pre-Haut. Alexander : Hulterstad, Lengerich, St. Mary Cray, Falkirk, Reims, Colchester, Baden, Unterhaidin, Mehadia, Wetzheim, Kucevo.

134

Segre,

Metrol.,

360 .

135

Burns,

Money,

419 ; Despaux,

Les Devaluations,

117 .

136

Geld,

32 ; see besides

Klio,

1932, 124 ;

Econ. Hist.,

1935, 6 .

137

Camb. Anc. Hist.

, xi, 215 .

138

Econ. Survey

, three, 62 .

139

Num. Chron.,

1905, 10 .

140

Anc. Gk. Inscrip, in B. M.,

three, p. 130 ; revised textbook in

op. cit.,

four, * 481. CIL., three, 14195, 4, 5, 6, 7 ; Dessau, 7193, 7194. Date A.D. 103/4 .

141

This seems to be the kernel the retentive greek text ( BM * 481 ) gives as 4450 denarii .

142

Which the editor program reads twice adenine 33,323½ .

143

The inscription gives the sum as 11500 denarii due probably to a stone-cutter ‘s mistake .

144

The instruction in

Econ. Survey

, four, 900 that the dram refers to the Rhodian dram which equalled three quarters of a denarius does not inevitably seem to be implied in this inscription .

145

IGRR., intravenous feeding, 494 ;

ibid.,

1660 from Tira mentions 5 denarii .

146

PSI., 1063 ( A.D. 117 ) .

147

CIL., two, 1163 .

148

CIL., two, 4511 from Barcino ( A.D. 107 ) ; CIL., united states virgin islands, 10229 ( A.D. 108 ) mentions denarii .

149

Bruns,

Fontes,

114 ; Van Nostrand,

Imperial Domains,

26 .

150

CIL., xi, 6117 .

151

Tacitus, Germ., 5, 15; Pliny, ad Traian., x, 116 mentions denarii.
5, 15 ; Pliny, x, 116 mentions denarii .

152

Martial, xii, 65 .

153

Juvenal, vanadium, 122 .

154

Disc.,

three, 3, 3 .

HADRIAN

The 578 aurei of Hadrian and of members of his class show a point of concentration at 111 grains ( 7.19 grams ). Over 75 % of the total fall within a range of 109 to 113 grains .
Mattingly gives the average weight of 179 aurei as 111.91 grains ( 7.25 grams ) 155 with a flower at 110.5 grains ( 7.16 grams ). He besides gives the average weight of 733 denarii as 49.64 grains ( 3.21 grams ) with a peak at 49 grains ( 3.17 grams ) .
Weights of the denarius may be shown in tabular form as follows : 156

Numbers by dates of issue
Weight in grains 117/25 125/28 128/32 132/34 134/38 Sabina No date Total
35 1 1
36 1 1
37 1 1 2
38 1 1 2
39 2 2
40 1 2 1 4
41 4 4 8
42 10 3 1 1 4 2 21
43 8 2 2 2 8 1 1 24
44 13 2 3 3 17 4 42
45 10 5 2 2 17 2 3 41
46 20 8 3 6 16 3 11 67
47 18 8 9 5 24 1 2 67
48 21 8 3 3 19 2 4 60
49 27 16 4 7 30 1 6 91
50 23 10 5 4 17 9 3 71
51 28 13 10 4 28 5 5 93
52 27 10 3 4 23 3 5 75
53 13 9 3 3 16 6 3 53
54 14 3 2 3 5 2 3 32
55 4 1 1 7 2 2 17
56 2 1 2 1 6
57 1 1 2
58 1 1
59 2 2
60 1 1 2

As will be noticed, there is no well-defined bespeak of concentration, though the board indicates 50 or 51 grains as a possibility .
Two syrian tetradrachms are said by the B. M. Catalogue to weigh 224.4 and 215.2 grains. 157 Sydenham gives the weights of nine drachma, of thirty-three didrachmae, and of one tridrachma from Caesarea that average 50.5, 95.4, and 143.5 grains respectively. 158
In Persia 72 tetradrachms and 10 drachmae issued by Volagases II ( A.D. 78/147 ) average 11.09 and 3.64 grams respectively. 159
The ash grey coins issued at Amisus by Hadrian for himself and in the names of assorted members of his kin show the follow distribution. 160 The tridrachmae and the tetradrachms are not included in this tabulation : 161

Weight in grains Number Weight in grains Number
31 3 42 11
32 6 43 15
33 3 44 23
34 7 45 12
35 5 46 13
36 6 47 5
37 8 48 3
38 15 49 0
39 14 50 7
40 13 51 2
41 22

As was the case with the denarii, this table shows no chiseled point of concentration. It will be noticed that the coins are well lighter than the weight of the contemporary denarii .
The weights of the aureus and denarius indicate a ratio between gold and silver of 1 : 11.26 .
An analysis of three denarii given by Mattingly shows 85.7, 80.57, and 75.1 % of silver. Hammer 162 gives an analysis of nine denarii, one with 91.5, three with 86.7, two with 82.4, one with 81, and two with 80.9 % of flatware. Ondrouch 163 gives one each with 84.9 and 84.7 % of silver and one coin of Sabina with 92 % of silver .
The inscription from Pergamum, 164 to which address has good been made, illustrates the difficulties faced by merchants and bankers due to the different monies that were current : “ … I commanded them to appear in order that they might have opportunity to say what they wished. Their manner of exchange was illegal, and they permitted themselves to act unjustly and against their agreement. For although they should have accepted eighteen asses per denarius from the merchants, small dealers, and food dealers, who are accustomed to trade for small bronze coins, and should have paid seventeen asses to those who wished to exchange denarii, they were not satisfied with the commute of asses, but even in cases where a man bought food for eloquent denarii, exacted an as for each denarius. I have consequently decided that it would be well for me to correct this for the future so that they may not make collections from purchasers which they have no permission to receive. In the case, however, of food sold by weight unit, the price of which is set by the market-masters, I think it right that tied those who purchase several mina ‘s deserving should pay the price in tan neologism thus as to preserve for the city the tax income from the exchange ; therefore besides, where respective appear to join together in an agreement to make a purchase in ash grey denarii, and then to divide their purchases, they should pay the principal in small bronze, so that he may bring it to the banker ‘s table ; and they shall pay at the rate of seventeen asses, since the dealings in substitute is supposed to refer to the merchants only… ”
This dedication re-affirms the rally rate of the imperial denarius by the local savings bank : purchase at 17 asses, sale at 18 asses, frankincense giving a profit of about 6 % on each denarius handled. hadrian seems to have decided that buyers must offer bronze when purchasing those classes of foodstuffs, the price of which had been fixed by the market masters, therefore increasing the business of the money-changers .
It is interesting to note that a contemporary incision of the Digest 165 provides that law suits brought by bankers, or brought against them, were to be tried by the prefect. possibly there were other cases like to that at Pergamum .
A contemporary dedication 166 speaks of a endow of one denarius to each citizen of Beneventum, while one from Rome 167 provides gifts of three to five denarii to guild members. Another Pergamene inscription mentions denarii 168 in amounts from one to one hundred. An dedication from Thyatira 169 mentions a give of 1500 “ silver denarii. ” An endowment from Aphrodisias 170 had a das kapital of 264,179 denarii. A fragmental inscription from Athens, 171 which may or may not belong to this menstruation and which bears some resemblance to the alimentary grants of the former reign, is believed by Mommsen and subsequent commentators to show that one denarius was equal to six dram. This is barely probable, much less certain, and unfortunately the date is far from definite .
The Palmyrene customs dues were collectible in denarii. 172 The long-familiar inscription from Rhodiapolis 173 shows that in A.D. 131 Opramoas gave 15000 denarii to pay the cost of exchanging money at a festival, while under Hadrian and Pius he gave away more than 350,000 denarii .
A document from Dura dated A.D. 134 174 speaks of “ 100 dram of good silver of the Tyrian standard, ” while one from Jebel Halakah 175 dated A.D. 120 mentions 1500 denarii as the price of a wall. It is interesting to note that a exchangeable inscription from the lapp place some forty years earlier talk of dram .
The mining regulations of Vipascum 176 mention denarii as the monetary whole. A wax pad from Dacia 177 mentions twenty dollar bill denarii, while a similar document from Ravenna 178 preserves a contract for the sale of an imported slave for 625 denarii. Aurei are mentioned 179 in a section of the justinian Code .

Table S Hadrian Aurei

Grains 117/8 119/22 125/28 128/32 132/34 134/38 Sabina
98
99
100 1
101
102
103 1 2 1
104 1 1
105 1 2 1 1
106 1 1 1 4 5
107 1 2 1 3 2 8 1
108 1 9 7 4 2 15 7
109 7 18 8 2 1 24 7
110 12 23 13 5 5 34 9
111 14 32 33 10 2 42 2
112 1 26 10 5 2 25 7
113 8 13 6 3 1 21 5
114 1 3 5 1 1 15 2
115 3 3 1 1 8
116 2 1 4
117 1
118 2

End Notes

155

Hultsch (

Metrol.

, 306 ) gives 7.21 grams .

156

Includes besides weights from Ondrouch,

Vyskovce,

12 ; Montelhet,

Musée Crozatier,

two ; Edwards, Yale Coll. ; Cardoso,

Buenos Aires;

Naville, Sales 2, 17 ; Helbing Sale of Oct. 24, 1927 ; Amer. Numis. Soc. ;

Num. Chron.,

1931, 164 ;

Fundber. Schwaben

( 1913, 86 ) gives four that average 3.16 .

157

Hunter Coll. gives 194.9 grains ; Egger Sale 46 gives 6.42, 6.25, 6.32, 6.73 ; Ciani Sale of Apr. 28, 1925 gives 14.42, 13.47, 13.70, 13.87, 12.35 .

158

In summation Ratto Sale of Mar. 4, 1927 gives 10.61, 6.29, 3.29 .

159

BMC. ; Naville Sale 12 ;

Sammlung Petrowicz;

Prokesch-Osten,

op. cit.

160

The weights are from Fitzwilliam ; Hunter ; Weber ; BM Cat. ;

Rec. Gen.

As.

Min.

( Waddington ) ; Jameson ; Cahn, Sales 65, 71, 75 ; Grabow ; Schlessinger Sale 11 ; Hirsch Sale 25 ; Ciani Sale of Apr. 28, 1925 ; Dieudonne ; E. T. Newell .

161

grains nos. grains nos. grains nos.
102 1 120 1 135 1
111 1 121 2 136 1
112 1 126 1 139 1
115 1 127 4 144 1
117 1 128 2 145 2
119 1 129 1 162 1
132 2

These weights are :

162

Hammer, 98 .

163

Vyskovce, 11; Hammer ( op. cit., 112) gives a tetradrachm of 11 ; Hammer112 ) gives a tetradrachm of Caesarea

with 64.1 and one of Alexandria

with 16.5 % of eloquent .

164

Athen. Mitth.,

1902, 78 ; Dittenberger, OGIS., two, 484 ; the translation given here is that in

Econ. Survey

intravenous feeding, 893 with certain changes .

165

Digest, iodine, 12, 14, 2 .

166

CIL., nine, 1619 from Beneventum .

167

CIL., six, 33885. besides CIL., xiv, 4743 ( A.D. 129 ) from Ostia .

168

IGRR., four, 353 .

169

IGRR., intravenous feeding, 1281 credibly of hadrian

. Another Thyatira inscription, ibid, 1275, ( A.D. 127 or 183 ) mentions denarii. IGRR., three, 648 from Idebessus mentions 1500 denarii as a penalty for irreverence of a grave .

170

Laum,

Stiftungen,

no. 102. Another from Magnesia is mentioned in no. 125 .

171

Inscript. Graecae,

2nd Ed., two, 2776 ;

Hermes,

1871. 129 .

172

IGRR., three, 1056 .

173

IGRR., three, 739.

Econ. Survey,

four, 887 seems to miss the detail when it says : “ Opramoas made a giving of 500 doctor to change the federal neologism of Lycia, though in what way remains a question as the coinage was not changed. ”

174

Dura, six, 425 .

175

Prentice,

Gk. and Latin Inscr.,

104 ;

Hermes,

1902, 91, no. 5 .

176

CIL., two, 5181 .

177

CIL., three, p. 954 ( A.D. 131 ) .

178

Zeitsch. Savigny Stiftung, xlii, 452 ( forty-two, 452 ( hadrian

or Pius ). Digest twenty-one, 1, 31, 21 provides that the nationality of the slave must be given in a sales abridge .

179

seven, 4, 2.

Vita Hadr

., 7, 3 besides mentions aurei. A latin papyrus of A.D. 128 ( Winter,

Misc. Papyri,

166 ) mentions 375 sesterces .

ANTONINUS PIUS

While the 758 aurei of Pius and of the diverse members of his family show the lapp charge of concentration as under Hadrian, namely 111 grains ( 7.19 grams ), the accuracy in minting seems slightly improved, for over 80 % of the full number of coins fall within a rate of 109 to 113 grains. 180
The modal weight unit of 111 denarii found in versatile catalogues is 49.14 grains ( 3.19 grams ). 181 On this footing the proportion of amber to silver is 1 : 11.49. Sydenham gives the weights of ten didrachmae and of four dram from Caesarea that average 94.1 and 48.7 grains respectively. 182
Analyses of denarii show the follow results : Hammer 183 gives one coin each with the follow percentages of silver : 93.3, 81.3, 80.0, 78.3, 76.7, 74.8, 70.2 and of the coins of Faustina the Elder, one each with 92.4, 85.8, 81.3, 79.6, 77.3, 73.0 %. Ondrouch 184 gives one each with 81.4, 78.1, and 77.8 % of silver .
An analysis of the weights of denarii given in the B. M. Catalogue and other sources shows the follow results :

Grains Pius Faustina
36 and less 4 2
38 2 2
39 2 1
40 3 2
41 10 2
42 14 5
43 20 6
44 32 7
45 25 10
46 52 17
47 72 24
48 63 22
49 82 28
50 80 17
51 77 30
52 58 22
53 77 22
54 36 12
55 15 10
56 8 7
57 5 8
58 2 1
59 3 1
60 and over 1 1
Total 743 259

If there is a point of concentration here, it is somewhere between 53 and 49 grains. There seems to be no indication of two standards here but rather an aluminum marco neologism at about 100 pieces to the lebanese pound .
A section of the Gnomon of the Idios Logos 185 prohibits the exchange of a gold or flatware coin for more auxiliary copper coins than its legal value. While our copy of this document is dated A.D. 149, this detail section may be older. At any rate it presupposes a situate proportion between the coins .
respective inscriptions speak of money. One of A.D. 141 186 mentions a gift of one denarius to each citizen ; another, from Auximun, 187 of a gift of three denarii to each of the decuriones and of two denarii to each of the augustales. An dedication from Strongoli 188 mentions a capital gift of 100,000 sesterces, the income from which was to be distributed as denarii. Another 189 speaks of gifts of one to six denarii on respective occasions. A papyrus of A.D. 151 mentions 350 denarii. 190 A spanish dedication 191 of A.D. 147 speaks of gifts of one denarius each to the inhabitants of Sal pensa. One from Thyatira 192 mentions 1500 denarii .
Two of the Dacian wax tablets seem to give a relationship between gold and the denarius. One, dated May 6, 142, 193 seems to equate two ounces with 600 denarii ; the early, date October 4, 160, 194 seems to equate two ounces with 420 denarii. It does not seem potential, however, to assume that the expression “ pro uncis duabus ” that is found on both tablets actually refers to gold. 195 unfortunately this expression is not used similarly in any other place, but in hurt of this lack, it seems much more likely that it refers to some consequence tax on slaves, and that it has no connection at all with the denarii that are mentioned immediately after .
There are two other contemporary tablets which are not in fair treaty with any extremely low valuation of the denarius at this time ; one records 196 the sale of one-half of a house for 300 denarii, the other 197 records a list of expenditures where fractions of a denarius are mentioned. Lucian 198 tells a history of a trusting buyer who paid thirty gold pieces for a forged rare koran priced at 750 dram. Basing his

Table T Antoninus Pius Aurei

Grs. 138/9 139/41 140/3 143/4 145/6 147 148 149 150 151 152 153 154 155 156 157 158 159 160 161 no date
96
97
98 1 1
99 1
100 1 2 1 1
101
102 1
103 1
104 1 1
105 2 1 1 1 2
106 1 1 1 2 1 1
107 3 4 2 1 3
108 3 2 9 1 2 1 2 16
109 3 6 3 12 4 4 2 1 4 1 3 29
110 3 1 4 1 8 3 3 8 8 2 3 2 3 3 2 3 1 29
111 10 3 15 16 1 7 15 18 14 9 3 9 9 5 10 15 1 80
112 3 1 9 10 2 11 6 1 8 4 2 5 7 6 10 5 46
113 2 1 7 5 2 2 5 1 4 2 2 1 2 1 2 4 33
114 2 3 1 4 3 1 2 2 1 14
115 2 2 3 1 1 2
116 2 1 1 1 2
117 1
118
119 1
120

calculation on the fact that the denarius contained only 70% silver, Kubitschek

End Notes

180

Hultsch (

Metrol

., 306 ) says 7.27 to 7.21 grams .

181

Edwards ( Yale Coll., 96 ) gives 3.17, 2.99, 3.48, 3.07, 3.7, 2.98, 3.27, 2.91, 3.2, 3.0, 3.03, 2.98, 2.9, 3.46, 2.92, 3.26, 3.35, 3.25, 3.24, 3.15, 2.82, 3.11 and for Faustina senior : 3.01, 3.09, 3.07, 2.81, 3.08, 3.22, 2.85, 3.15, 3.47 ;

Num. Zeit.

( 1914, 228 ) gives 3.57, 3.24 and for Faustina : 3.31, 3.32 ; Cardoso gives 3.5, 3.5, 3.2, 3.2, 3.0, 3.0, 3.0, and for Faustina : 3.5, 2.7, 3.2, 3.0 ; Montelhet

(Musée Crozatier,

two, 133 ) gives 3.45, 3.21, 3.02, 2.99, 2.92, 3.18, 3.48, 2.83, 2.39, 3.06, 3.27, 3.16, 3.33, 3.87, 3.28, 3.46, 3.38, 2.83, 3.02, 3.11, 3.15, 3.15, 2.95, 3.20, 3.25, 3.24, 2.73, 3.13, 3.21, 3.47, 2.87, 2.85, 3.43 ; Helbing Sale of Oct. 24, 1927, gives 3.3 ; ibid. Sale of Apr. 4, 1927, gives 3.5, 3.8, 3.3 ; Princeton Univ. has 2.90, 3.39, 3.30, 3.05, 2.64, 3.26, 3.47, 3.27, 2.91, and for Faustina : 3.12, 2.99, 3.67, 3.60, 3.3, 3.01, 3.06 ; Amer. Num. Soc. has 3.17, 3.54, 3.42, 3.05, 3.21, 3.55, 3.25, 3.42 and for Faustina : 3.40, 3.56, 3.34, 3.35 ;

Num. Chron.

( 1931, 164 ) gives 53, 46.9, 54, 51.2, 51.6 grains.

Fundber. Schwaben

( 1913, 86 ) gives 19 that median 3.146. BMC. ( four, xiv ) gives 783 that average 3.23 .

182

In addition Egger Sale 46 gives 5.81, 5.63, 6.78 ; Ratto Sale of Apr. 4, 1927, gives 5.74, 3.26 .

183

Hammer, 99 .

184

Vyskovce

, 11 .

185

section 106. The word nomisma which is used means silver surely and gold probably .

186

CIL., xiv. 8 of Ostia .

187

CIL., nine, 5823 ( A.D. 159 ) ; besides xiv, 4554 ( A.D. 166 ) .

188

Dessau, 6468. CIL., xiv, 353 is like in its consumption of sesterces for the capital and denarii for the interest though here function of the money is given to guilds and not to individuals. See besides fourteen, 4642 .

189

CIL., six, 10234 ( A.D. 153 ) .

190

BGU., 887 as the price of a slave .

191

CIL., two, 1282.

192

IGRR., four, 1291. Denarii are besides mentioned,

ibid.,

three, 1010 from Kara .

193

CIL., three, p. 940 .

194

CIL., three, p. 959 .

195

Appleton in

Studi in onore do V. Scialoja

( not accessible to me ) says that the two ounces do not refer to gold but equals one sestertium or four asses. The editors of the CIL say that the two ounces on p. 959 equal 166 ⅔ denarii which is a mathematical error. There is another sign for the sale of a slave on p. 936, dated March 17, 139 which makes no citation of this idiom : “ pro uncis duabus. ”

196

CIL., three, p. 944 date A.D. 159 .

197

CIL., three, p. 953. Documents on pp. 948, 950 ( A.D. 163, 164 and 167 ) besides talk of denarii and one speak of 5 sesterces as a day by day wage .

198

Pseudologistes

, 30 .

calculation on the fact that the denarius contained merely 70 % silver, Kubitschek

199

obtains a proportion between gold and silver medal of 1 : 8.2 from this story. If he had disregarded the amount of alloy he would have found a ratio of about 1 : 10.75. This is to be compared with the ratio of 1 : 11.49 obtained from the weights given in the portray paper .

MARCUS AURELIUS

The 578 aurei of Marcus Aurelius and of the versatile members of his syndicate show a point of concentration at 111 grains ( 7.19 grams ). The coins display an exceeding choice of technical skill in mint, for over 95 % fall within a roll of 109 to 113 grains. 200
The modal system of weights of 100 denarii that appeared in catalogues and elsewhere before the publication of Vol. 4 of the british Museum Catalogue is 49.38 grains ( 3.20 grams ). 201 Using these figures as a basis, the ratio of gold to silver is 1 : 11.12 .

Grains Marcus Faustina Lucilla
36 3 1
37 5
38 3 1
39 5 1 2
40 9 4
41 3 2 1
42 12 3 2
43 26 7 3
44 37 6 1
45 18 5 3
46 43 7 5
47 32 10 5
48 50 6 4
49 67 19 3
50 56 17 3
51 76 18 5
52 68 18 8
53 52 11 5
54 32 3 4
55 9 2 1
56 16 4
57 10 1 1
59 1
60 2
over 60 2 1 __
Total 636 147 57

Using the weights given in the B. M. Catalogue and other sources a frequency table shows the results in table on p. 103. In the column headed Marcus appear denarii issued in the name of L. Verus and of Commodus as Caesar .
This besides looks like aluminum marco coinage at approximately 100 to the egyptian pound. Using 51 grains as the point of concentration, the ratio of gold to silver is 1 : 11.49 .
The british Museum Catalogue gives the burden of one syrian tetradrachm as 197.8 grains, while Sydenham gives the weights of thirty-two didrachmae and of one tridrachma from Caesarea that average 100.1 and 153.3 grains respectively. 202
In Persia 143 tetradrachms and 26 drachmae issued by Volagases III ( A.D. 147/191 ) median 12.36 and 3.45 grams respectively. 203
Hammer 204 gives an analysis of ten coins of Marcus, one with 93.6, and nine with 74.5 % of eloquent. Two coins of Faustina the Younger have 72.1 and one has 70.5 % of silver .
The analysis of silver hoards buried up to the fourth dimension of Alexander Severus ( see Table Q ) seems to make authorize that Marcus made no coherent attempt, if indeed he made any, to call in older coins that might be better than his own. It is clear, however, that the silver medal neologism suffered a disparagement of over 6 % during the predominate, due possibly to extraordinary demands made on the government because of earthquakes, plague and war. It is said to be the first disparagement of the coinage made to help the government at the expense of its citizens. 205 Whether this mind is right or not depends upon the answer to an obviously unanswerable question—whether the government was silent bequeath to exchange twenty-five denarii for an aureus. If it hush did then, then the politics saved in its monetary value of minting flatware and no one was hurt financially at the fourth dimension by the move. If the government was unwilling to make that central, then the add sum of adulteration was equivalent to a das kapital recruit .
It has been said 206 that after Marcus Aurelius the Empire quickly grew poorer and that the mint ceased to coin gold with any exemption. While the first affirmation may be true, the second does not rest upon a sufficient basis of fact, for the numismatic testify shows no great decrease in the issues of amber under the succeed emperors .
There are numerous contemporaneous references to the denarius. At Bovillae 207 a endowment was made to the adlecti scaenicorum of twenty-five denarii, to the decuriones of five denarii, to the augustales of three denarii, and to the citizens broadly of one denarius. At Gabii 208 a principal sum of 10,000 denarii was given, the interest from which was to provide an annual banquet. Among the Dacian wax tablets 209 is one recording a lend of 60 denarii. In a decree 210 for reducing the price of gladiatorial shows there is citation of aurei and of sesterces but no sexual intercourse between them is shown .
An inscription from Tira 211 mentions 250 “ silver denarii, ” while at Amasia 212 10,000 denarii are specified as a all right for violation of a grave. A military account from Egypt, dated about A.D. 180, shows denarii, obols and semisses, with the denarius equal to twenty-eight obols. 213
In a second gear spanish dedication 214 a giving of 7500 denarii is mentioned ; this was to be loaned at six percentage, and the income was to provide 250 denarii for a spectacle and 200 denarii for oil. An inscription from Volcii 215 records a giving of three denarii to the decuriones, two to the augustales, and one to the general populace. A large endowment from El Kef 216 mentions a das kapital sum of 1,300,000 sesterces, whose income, amounting to 16,250 denarii ( a rate of 5 % ), was to be used in the education of boys and girls .

Table U Marcus Aurelius Aurei

Grains 161 162 163 164 165 166 167 168 169 170 171 172 173 174 175 176 177 178 179 180 Lucilla Faust. Jun.
98
99
100
101
102
103
104
105 1 1 1
106 1
107 1 1
108 1 1 1
109 1 1 3 2 3 1 1 1 1 4
110 7 8 7 1 2 4 2 1 1 1 1 1 5
111 21 12 17 26 14 8 12 19 8 3 2 3 3 5 5 14 1 17 32
112 17 9 11 33 10 7 4 19 5 1 2 4 3 5 4 7 20 24
113 2 4 6 22 2 2 5 5 1 2 2 6 4 6 2 8 6
114 5 1 2 2 3 1
115 1
116
117 1
118 1

A papyrus of A.D. 166 mentions the sale of a slave for 200 denarii. 217 Three of the Dacian wax tablets 218 note denarii, while one mentions a day by day wage of five sesterces. In an dedication from Stobi, 219 twenty-five myriads of denarii are mentioned, an amazing trope if the inscription is correctly dated .
A document from Dura 220 dated A.D. 180 mentions 500 flatware dram of the Tyrian standard. An inscription from Iobacchi 221 mentions sums of 25 and 50 denarii, while one from Eumeneia mentions 222 3712 dram. A section of the Digest 223 gives the conjectural respect of a slave as ten aurei, which is two aurei higher than the actual price given above. The well-known letter written by the Tyrians in Puteoli in A.D. 174 mentions 250 denarii. 224 Aurei are mentioned by Dio Cassius. 225

End Notes

199

Quinquennium

, 103 .

200

Hultsch

(Metrol.,

306 ) says 7.25 grams from Aurelius to Septimiue. The figure of 95 % is due largely to the fine discipline of coins in the particular hoards that furnish the bulk of our information .

201

Num. Zeit. (1914, 228) gives 3.20, 2.83, 3.20 for Faustina; 2.85, 2.63 for Verus; and 3.44, 3.24 for Marcus; Cardoso ( Buenos Aires, 183) gives 3.0 for Marcus as ( Musée Crozatier, ii) gives 3.48, 2.89, 2.57, 3.68, 3.12, 2.63, 3.30, 3.32, 3.44, 3.22, 3.30, 3.19, 3.02, 2.86, 3.37, 2.89, 3.49, 3.03, 3.02,
2.62; Naville Sale 2 gives 3.21; Helbing Sale of Apr. 12, 1927, gives 3.9, 3.5, 3.6, 3.4; Helbing Sale of Oct. 24, 1927, gives
3.2; Princeton Univ. has 3.14, 3.12, 3.29, 3.40, 3.39, 2.90, 3.38, 3.43, 2.91, 3.51; and for Faustina: 2.94, 2.86, 3.16, 3.47,
3.23, and for Verus: 3.17, 3.65, 3.29; Amer. Num. Soc. has 3.37, 3.36; of Faustina: 3.39, 2.91, 3.34, 3.45, 3.27, 3.31, 3.41,
of Verus: 3.39, 3.32, of Lucilla: 3.41; Viestnika Hrv. Arheol. Drustva (1900, 6) gives 2.67; Fundber. Schwaben (1913, 86) gives an average of 3.09 for ten, and of 3.05 for four of Faustina; BMC. (iv, xiv) gives 3.21 (49.58 grains) as
the average of 639; Num. Chron. (1931, 164) gives 46.4, 50.5, 42.5, 51.3 and for Edwards ( Yale Coll., 99 ) gives 3.67, 3.3, 2.98, 2.75, 3.48, 3.38, 3.07, 3.18, 2.81, 3.05, 2.68, 3.71, 3.45, 2.83, and for Faustina junior : 3.2, 3.28, 3.44, 3.35, 3.33, 2.8, 3.01, and for L. Verus : 2.88, 3.38, for Lucilla : 2.99, 3.17, 3.07, 2.74, 3.41 ; ( 1914, 228 ) gives 3.20, 2.83, 3.20 for Faustina ; 2.85, 2.63 for Verus ; and 3.44, 3.24 for Marcus ; Cardoso, 183 ) gives 3.0 for Marcus as Caesar

; 3.5, 3.2, 3.0, 3.0 as emperor butterfly ; 3.0, 3.2, 3.7, 3.2, 3.2 for Faustina. Montelhetii ) gives 3.48, 2.89, 2.57, 3.68, 3.12, 2.63, 3.30, 3.32, 3.44, 3.22, 3.30, 3.19, 3.02, 2.86, 3.37, 2.89, 3.49, 3.03, 3.02, 2.62 ; Naville Sale 2 gives 3.21 ; Helbing Sale of Apr. 12, 1927, gives 3.9, 3.5, 3.6, 3.4 ; Helbing Sale of Oct. 24, 1927, gives 3.2 ; Princeton Univ. has 3.14, 3.12, 3.29, 3.40, 3.39, 2.90, 3.38, 3.43, 2.91, 3.51 ; and for Faustina : 2.94, 2.86, 3.16, 3.47, 3.23, and for Verus : 3.17, 3.65, 3.29 ; Amer. Num. Soc. has 3.37, 3.36 ; of Faustina : 3.39, 2.91, 3.34, 3.45, 3.27, 3.31, 3.41, of Verus : 3.39, 3.32, of Lucilla : 3.41 ; ( 1900, 6 ) gives 2.67 ; ( 1913, 86 ) gives an average of 3.09 for ten, and of 3.05 for four of Faustina ; BMC. ( intravenous feeding, xiv ) gives 3.21 ( 49.58 grains ) as the average of 639 ; ( 1931, 164 ) gives 46.4, 50.5, 42.5, 51.3 and for Commodus

45, 57.6, 44.6, 34.4 grains .

202

In addition Egger Sale 46 gives 6.68, 6.24, 5.48, 6.06 ; Ratto Sale of Apr. 4, 1927, gives 6.86, 6.35, 6.09, 7.02 ; Ciani Sale, 1925 gives 5.85 .

203

BMC. ; Naville Sale 12 ; Prokesch-Osten,

op. cit.;

Markoff,

op. cit.; Rev. Num.,

1898 .

204

Hammer, 99.

Klio

, xxvi, 97 ; Mickwitz,

Geld,

33 ; and Mattingly,

Roman Coins,

125, all assume a 25 % degradation. There is a sudden large adulteration about the middle of the reign in the alexandrian neologism, but this was not continued throughout the reign or in the succeed predominate .

205

Mickwitz,

Geld,

33 .

206

Num. Chron.,

1916, 43 .

207

CIL., xiv, 2408 ( A.D. 169 ) .

208

CIL., xiv, 2795 ( A.D. 168 ) .

209

CIL., three, p. 934 ( Oct. 20, 162 ) .

210

CIL., two, 6278 from Italica .

211

IGRR., four, 1662 ( A.D. 175 ). An endowment at Gythium is given in denarii : Laum,

op. cit.,

no. 9 .

212

IG., three, 104. In

ibid.,

four, 803 from Apamea 500 denarii are mentioned as the penalty .

213

Fayum Towns, 105.

214

CIL., two, 4514 from Barcino .

215

CIL., X, 416 probably of this period .

216

CIL., eight, 1641 .

COMMODUS

The relatively few aurei that may be dated to the sole reign of Commodus, seventy-nine in number, show a point of concentration at 112 grains ( 7.26 grams ), and a quality of craft closely peer to that found under Marcus, for 90 % of the coins fall within a range of 110 to 114 grains .
The average weight of 325 denarii is 44.89 grains

Grains Commodus Crispina
36 or less 25
37 14
38 4
39 11 1
40 16
41 21 1
42 23
43 13 4
44 24 5
45 25 1
46 13 3
47 11 1
48 15 1
49 11 4
50 14 3
51 14 1
52 11 2
53 9
54 11 2
55 2 1
56 3
57 1
58 1
59 2
60
61 and more 1 ___
Total 295 30

(2.91 grams). ( 2.91 grams ).

226

Results are given in a frequency board on p. 109. The ill defined degree of concentration here is at 45 grains, but as ahead, one can possibly assume alabama marco neologism at about 100 to the pound .
The british Museum Catalogue gives the weights of two syrian tetradrachms as 136.6 and 192 grains, 227 while Sydenham gives the weights of thirteen didrachms and two tridrachms of Caesarea that average 70.1 and 139.9 grains respectively. 228
Hammer gives an analysis of ten-spot coins : five with 72, four with 71 and one with 67.1 % of silver. These figures indicate a far depreciation from the clock time of Marcus of between 5 and 6 % .
The increase in the weight of the aureus and the marked and obviously irregular decrease in the weight of the denarius ( provided it is not due to the minor number of coins for which weights could be found ) indicates either a change in the proportion of amber to silver, or a reappraisal of the denarius in terms of the aureus. If one assumes that the old proportion of 25 denarii to one aureus placid held good, then the ratio of amber to silver is 1 : 10.02. If however, one assumes that Commodus revalued the denarius by making an aureus deserving 30 denarii, then the proportion of amber to silver is 1 : 12.02, approximately what it had been at the begin of the imperial time period .
Apuleius 229 whose writings may possibly be dated to this menstruation, mentions sesterces, denarii and aurei, in one place price donkeys at 11 and 17 denarii, abject prices for average animals. He besides uses two curious expressions “ aureos solidos ” and “ aureos folies ” which elsewhere are not known before the fourth hundred. Are these interpolations in the text ? If so, they seem to have been unnoted by the commentators .
Among other contemporary references to money may be mentioned an inscription from Ostia 230 recording not lone a capital gift which is stated in sesterces but besides a sportula of five denarii each to the decuriones and to the augustales. There are two inscriptions 231 from Anagnia reporting separate identical gifts of five denarii to the decuriones, two to the sevirs and one to the citizens broadly, at the commitment of the baths .
An inscription from Sagalassus 232 records a endow of 13,000 denarii, while at Oenoanda 10,000 denarii are mentioned as the penalty for rape of a grave. 233 An african inscription 234 estimates the value of a slave as 500 denarii. A contemporary papyrus mentions denarii, 235 while another speaks of two denarii, eight obols. 236
The mention of such sums as 1, 2 and 5 denarii seems conclusive evidence that marketwise this coin hush had substantial buy ability .

Table V
Commodus Aurei

Grains Commodus Crispina
97 1
98
99
100
101
102
103
104
105
106
107 1
108 1 1
109 4
110 5 2
111 17 7
112 20 5
113 9 6
114 1

End Notes

217

PBM., 229 ; Meyer,

Jur. Pap.,

37. In addition to the 200 denarii there was a “ capitularlo portitorio ” to be paid. possibly this is to be considered the like as the “ pro uncis duabus ” found on Dacian wax tablets under Pius. Grenfell,

New Class. Frag.,

two, 108 ( a Latin document ) mentions denarii .

218

CIL., three, pp. 948, 950 ( A.D. 163,164 and 167 ) .

219

Frey,

Corp. Inscr. Judaicarum,

694 and said to be dated in A.D. 165 .

220

Dura, united states virgin islands, 429 .

221

Dittenberger, IGS., 1109 ( before A.D. 178 ) .

222

Mon. As. Min. Antiq.,

intravenous feeding, 333 ( A.D. 173 ) .

223

twenty-one, 2, 21.

Vita Marci,

two, 4 besides mentions aurei .

224

IG., xiv, 830 .

225

Dio, seventy-one, 32, 1 .

226

Edwards ( Yale Coll., 102 ) gives 3.33, 2.45, 2.34, 2.64 and for Crispina 3.01 ;

Num. Zeit.

( 1914, 228 ) gives 2.29 and for Crispina 2.83 ; Montelhet

(Musée Crozatier,

two, 192 ) gives 2.80, 2.90, 2.59, 2.72, 3.35, 2.78, 2.72, 2.32, 3.13, 2.55, 2.45 ; Helbing Sale of Oct. 24, 1927, gives 3.2 ; Princeton Univ. has 2.92, 2.97, 2.64, 2.10, 2.43, 2.86, 3.29, 2.73 and for Crispina 3.28, 2.87 ; Amer. Num. Soc. has 3.23 and for Crispina 3.50, 3.38.

Fundber. Schwaben

( 1913, 86 ) gives 13 that median 2.663 ; BMC ( four, xiv ) gives 290 that modal 45.22 grains ( 2.93 grams ) ;

Viestvika Hrv. Arheol. Drustva

( 1900, 10 ) gives one at 2.83 .

227

Hunter Coll. gives 173.4 .

228

In addition Egger Sale 46 gives 6.32. Some of the weights given by Sydenham indicate tetradrachms rather than “ tridrachms ” as stated .

229

Metam.,

two, 13 ; four, 9 ; nine, 18 ;

A pol.,

42, 97 .

230

CIL., xiv, 367 ( A.D. 182 ). CIL., eight, 6948 from Cirta besides mentions capital in sesterces and income in denarii .

231

CIL., X, 5917, 5918 .

232

IGRR, three, 351. An endowment at Aphrodisias had a capital of 12600 denarii : Laum,

op. cit.,

no. 101 .

PERTINAX

The forty-three aurei of Pertinax show a orient of assiduity at 111 grains ( 7.19 grams ) with 93 % of the coins falling within a rate of 109 to 113 grains. In identical few places are weights given for the denarius. The few that have been found indicate an average of 48.14 grains ( 3.12 grams ). 237
Hammer 238 gives an analysis of two silver coins, one each with 90 and 62 % of silver .

End Notes

233

IGRR., three, 500 .

234

CIL., eight, 23958, 14 .

235

P. Princeton, 27 ( A.D. 191/192 ) .

236

Wilcken,

Gk. Ost.,

1265 ( A.D. 187 ) .

DIDIUS JULIANUS

The seventeen coins of this predominate show a decide devolve in weights. The point of assiduity is found at 103 grains ( 6.67 grams ), with 82 % of the coins falling within a stove of 101 to 105 grains .

Table W
Pertinax and Julianus Aurei

Grains Pertinax Julianus
91 1
101 1
102 2
103 7
104 2
105 2
106 2
107
108 2
109 3
110 8
111 15
112 13
113 1
114 1

Judging from very few examples the average weight of the denarius 239 is 44.18 grains ( 2.86 grams ). Hammer gives the psychoanalysis of one denarius with 81 % of silver .
Judging from the coins, and assuming that an aureus was worth 25 denarii, the proportion between gold and silver is practically the same for the two reigns. Under Pertinax it is 1 : 10.84 while under Didius it is 1 : 10.72 .

End Notes

237

Edwards ( Yale Coll., 103 ) gives 3.19, 3.08 ; Naville Sale 2 gives 3.36, 3.07, 3.17, 3.40, 2.61, 3.02 ; Helbing Sale of Oct. 24, 1927, gives 2.75, 3.05, 2.6 ; Princeton Univ. has 3.64 ; Amer. Num. Soc. has 3.60 .

238

Hammer, 100 .

SEPTIMIUS SEVERUS

The 523 aurei issued by Septimius for himself and in the names of versatile members of his family show a degree of concentration at 111 grains ( 7.19 grams ). Over 75 % of the coins fall within a range of 109 to 113 grains. 240 The average weight of the denarius, to judge from 257 coins, is 48.39 grains ( 3.14 grams ). 241 The average weight unit of fifty-four denarii of Septimius found at Müttersholz 242 is given as 3.2 grams, of thirty denarii of Julia Domna as 3.38 grams, and of fourteen denarii of Geta as 3.6 grams. Weights of the denarii of Septimius, adenine far as they are available, may be shown in tabular form as follows :

Weight in grains Number Weight in grains Number
39 or less 12 50 21
40 3 51 29
41 5 52 20
42 2 53 24
43 4 54 12
44 10 55 12
45 10 56 11
46 12 57 5
47 21 58 6
48 21 59 3
49 19 60 or more 2

A very unsatisfactory point of concentration is indicated at 51 grains .
Hammer 243 gives analyses of twelve denarii, two with 75.5, one each with 73.1, 56.9, 56.9, 56.8, three with 55.7, and one each with 54.9, 48.7, 47.4, 43.1 % of silver. One coin of Julia Domna shows 45.5 % of argent. The average silver content of 57.3 % is reasonably better than the 50 % of alloy which Septimius is normally credited with putting in his denarius. 244
The british Museum Catalogue gives the weights of seven syrian tetradrachms of Septimius that average 199.2 grains, and that show a high gear of 225.3 and a low of 183.7 grains. 245 twenty-one tetradrachms of Caracalla, struck during his father ‘s life, have an average of 200.2 grains with a high of 227 and a gloomy of 154.4 grains. The combined median is 199.96 grains. 246
Sydenham 247 gives the weights of forty-seven dram and of six tridrachmae of Caesarea that average 46.3 and 141.7 grains respectively .
In Persia the average weight unit of 42 tetradrachms and 14 drachmae struck by Volagases IV ( A.D. 191/208 ) is 11.75 and 3.59 grams respectively. 248
Using the actual weights of the aureus and of the denarius, the ratio of gold to silver is 1 : 10.90. As earlier, this figure is obtained by assuming that an aureus was hush worth 25 denarii .
After the time of Septimius, when good denarii 249 were unmanageable to obtain, the free Germans who had been heavy users of Roman silver turned to aureate and the increase in the number of gold coins in german hoards of the third gear hundred is very noticeable .
After the revolutions that marked his accession, Septimius did not immediately return to a system of centralize neologism, as vespasian had done in alike circumstances. For example, Septimius had opened a mint for gold at Antioch or Laodicea, and this was not closed until at least A.D. 202 .
About A.D. 210 Septimius issued a decree 250 proclaiming dangerous penalties for illicit exchange at Mylasa. Two extracts from this decree may be given : “ … Decreed by the council and fabrication : whosoever, be he freedman or slave, with the exception of the leaseholder and coach of the bank, shall be caught in any direction selling or bribe currentness shall be brought before the banker, after an accusation has been made before the council by any citizen that wishes. If he is convicted before the magistrates and council, but has done it without charging a commission for commute, the banker and the informer who secured the conviction shall have the right to exact the money from him, the banker having besides the proper to make exactions from him according to the guarantees ( in his lease ). If, however, he has charged a perpetration, a freeman shall pay the most consecrated treasury of our most divine lords, the emperors, 500 denarii, the assembly 250 denarii, and the informer who secured the conviction 100 denarii, and the money which he shall be found to have exacted shall be confiscated for the profit of the banker… In identical accuracy, the security of the city is shaken by the malice and villainy of a few people who assail it and rob the community. Through them guess in central has entered the marketplace seat and prevents the city from securing a supply of the necessities of life so that many of the citizens and indeed the community as a whole suffer from scarcity. And on this score besides the regular requital of the taxes to the emperors is delayed. ” The edict was an undertake to protect the lessees of the bank from losses ascribable to illegal rally by others. Notwithstanding Reinach and Dittenberger it is not clear that the adulteration of the silver medal currency was the primary cause for the difficulties that the decree sought to correct .
Another text file that is sometimes quoted to indicate contemporary distrust of the denarius is one from Palmyra dated A.D. 193 251 which mentions “ erstwhile Roman aurei. ” These coins were carried by a van to be used in meeting travel expenses. Under such conditions amber would be vastly more convenient, due to its smaller bulge and weight. In view of this it seems improbable that any distrust of the auxiliary neologism can by rights be inferred from this document .
On the other hand, there are numerous indications that the denarius was distillery a coin of substantial respect. An inscription from Perusia 252 records a endow of two denarii to the decuriones and of one to the plebeian ; another from Rome 253 a give of two denarii each to fellow members of the donor ‘s club ; another, from Verulae, 254 speaks of gifts of four and three denarii to assorted officials and of one denarius to the people. A story in Eusebius 255 mentions a monthly wage of 150 denarii. An endowment at Bitburg is said to have had a capital of 50 denarii, possibly a stone cutter ‘s error for 50,000 .
A papyrus of A.D. 194 shows that an knowledgeability fee of 100 denarii was paid on joining a long-familiar acrobatic affiliation. 256 An dedication from Ormela 257 mentions both Attic dram and the denarius but gives no relationship between them. The tariff of Zrai, 258 dated A.D. 202, gives rates in either asses, sesterces or denarii, and in these rates there is no indication of any depreciation of value for any of these coins. A papyrus of A.D. 197 shows that a fine levied as 250 denarii was paid with 1000 drachma. 259 The papyrus, however, does not show any relationship between gold and silver. An ostraca dated A.D. 205 260 mentions seven denarii. Both the Scriptores Historiae Augustae and Dio Cassius 261 note aurei .

Table X Septimius Severus Aurei

Rome East Laodicea Julia Antioch
Grains 193 193 193/6 196/202 196/211 197 198/202 198/201 202/210
100 1 1
101
102 1 1
103
104 1 1
105 1 1 1
106 1 4 2
107 1 1 5 5
108 3 3 2 12 8
109 1 1 2 5 4 24 10
110 2 4 6 1 5 1 33 30
111 1 1 18 4 6 8 51 1 43
112 3 12 2 2 4 33 21
113 2 1 3 3 3 29 15
114 1 2 4 3 19 15
115 1 12 4
116 1 4 4
117 1 1
118 2

End Notes

239

Naville Sale 2 has 2.56, 2.84, 2.75, 3.19 ; Amer. Num. Soc. has 3.02, 2.82 .

240

Num. Zeit., 1933, 17 for coinages of Les devaluations monétaires says See1933, 17 for coinages of Septimius

Caracalla, Geta and Macrinus

. Despaux, says Septimius

reduced the aureus from 7.40 to 7.28 grams .

241

The postpone includes coins from Edwards, Yale Coll., 104 ;

Num. Zeit.,

1914, 228 ;

Viest. Hrv. Arheol. Drustva,

1900, 6f ; Naville, Sale 17 ; Helbing, Sale of Oct. 24, 1927 ; Princeton Univ. ; Amer. Num. Soc. ;

Num. Chron.,

1931, 164, 1939, 42 ; BJ., 111/112, 419.

Fundber. Schwaben

( 1913, 86 ) gives 107 that modal 3.01 and 10 of Geta that average 2.90 .

242

Bull. Soc. pour conserv. Mon. Histor. d’Alsace

, 1926, 129 .

243

Hammer, 102 .

244

Camb. Anc. Hist.,

xii, 27, 221. These figures seem to be taken to indicate a general degradation of approximately 50 % as in

Klio,

twenty-six, 97, Mickwitz,

Geld,

33, though Mattingly,

Roman Coins,

125, says about 40 % adulteration .

245

Hunter Coll. gives 219.7 and for Geta 201.8, 225.5 grains ; Naville Sale 17 gives 13.26 ; Ratto Sale of Apr. 4, 1927, gives 14.12, 9.71 ; Ciani Sale 1925 gives 12.05, 13.95 grams ;

Num. Chron.

( 1931, 160 ) gives 215.2, 204.9, 189, 196.8, 230.3, 215.1, 202.7, 224.8, 221.1, 209.4, 183.6, 218, 221, 216.3, 204.9 grains .

246

These weights are not repeated .

247

In addition Egger Sale 46 gives 2.58, 3.07 ; Ciani Sale 1925 gives 8.85 ; Windisch-Graetz gives 3.46 ; Hamburger Sale 96 gives 2.47 .

248

BMC. ; Naville Sale 12 ; Prokech-Osten .

249

Bull. Correspond. Hell.,

1896, 523 says the denarius now was only a fiduciary coin .

250

Ibid.

251

IGRR., three, 1050 ;

Corp. Inscr. Semit.,

3948.

Vita Severi,

6.4 besides mentions aurei .

252

CIL., xi, 1926 ( A.D. 205 ) .

253

CIL., six. 85 ( A.D. 198 ) .

254

CIL., X, 5796 ( A.D. 197 ). CIL., x, 5064 from Atina ( A.D. 208 ) mentions gifts of 12 sesterces to the decuriones and six to the citizens. CIL., xi, 6014 from Sestinum mentions gifts of three denarii to the decuriones and two denarii to the seviri and people broadly. See besides xiv, 325 lend .

255

Eusebius,

Hist. Eccl

., vanadium, 28, 10 .

256

PBM., 1178 .

257

IGRR., intravenous feeding, 887.

Ibid.,

1282 from Thyatira mentions 2500 denarii, while ibid, three, 1480 from Iconium mentions 1000 denarii as does

ibid.,

intravenous feeding, 629 from Traianopolis.

Ibid.,

four, 758 from Dionysopolis ( A.D. 208/9 ) mentions 2500 denarii .

258

CIL., eight, 4508 .

259

P. Achmin, 8 .

260

Wilcken,

Gk. Ost.,

1128 .

261

Vita Severi,

6, 1 ; Dio, seventy-six, 1 .

CARACALLA

The monetary questions connected with this reign are made more unmanageable of solution because of the small number of coins that may be assigned to the period after the death of Septimius. For the period before A.D. 215, fifty-eight aurei display a point of concentation at 112 grains ( 7.26 grams ), with only 65 % falling within a range of 110 to 114 grains. For the time period after A.D. 215, blackjack coins show a steer of concentration at 100 grains ( 6.48 grams ), but with only 57 % of the coins falling within a range of 98 to 102 grains .
This pronounce change in weights seems successfully to contradict the idea 262 that Caracalla did not introduce a modern gold standard, and that there was no general reduction in the weight of the aureus. The negligence of the coinage, however, makes the cogency of any deductions less sealed than they should be .
The great invention of Caracalla was the insertion of the coin called, for lack of a better name, the antoninianus, and possibly intended to replace the denarius. 263 It has been suggested that the antoninianus was rated as one and one-fourth, one and one-half, and two times the denarius, 264 though its weight seems to have been fixed at one and one-half times the weight of the denarius. This gives a theoretical burden for the antoninianus of 5.11 grams ( 79 grains ). The actual weights of thirty- two antoniniani issued under Caracalla are given in the notes. The median is 77.30 grains ( 5.01 grams ). Of these coins, twelve weigh more than the theoretical system of weights, the heaviest weighing 5.72 grams ; and this is a coin in arrant condition. The flatware contentedness is said to have been 55 % 265 or 50 % 266. Outside of the Scriptores Historiae Augustae there is no mention of this mint in literature, in papyrus or in inscriptions. In view of the fact that the coin was struck in huge numbers over a long period of prison term, this is a very curious fact .
Hammer gives analyses of seven coins struck by Caracalla ; five ( including two antoniniani ) have 62.3 % of argent, one has 54 and one antoninianus has 52 % of silver. 267 The three antoniniani therefore average 58.9 % of silver, while the four denarii modal 60.2 %. This difference is excessively small to have any significance .
The median weight of nineteen denarii dated between A.D. 211 and 215 is 49.4 grains ( 3.20 grams ), and of thirteen denarii dated after A.D. 215 is 48.9 grains ( 3.17 grams ), 268 a difference that again is besides modest to have significance. Sydenham 269 gives the weights of four drachma and of four didrachmae of Caesarea that average 48.3 and 85.1 grains respectively. The syrian tetradrachm seems to have an average weight unit of 203.2 grains. 270
The relation of the aureus to the subsidiary company coins after A.D. 215 has been the subject of much dispute. diverse suggestions have been made, among them :

1 aureus = 15 antoniniani = 30 denarii
1 aureus = 20 antoniniani = 30 denarii
271

1 aureus = 12½ antoniniani = 25 minutuli
272

In view of the fact that there seems to be no appreciable remainder in silver subject between the two coins, it would seem that the proportional weights of the antoninianus and of the denarius would have determined the relative monetary value of the two coins. In other words 1½ denarii were worth one antoninianus. It is unmanageable to see why one or the early mint would not have gone into the mellow toilet if a different relationship had been attempted. There is, of path, the possibility that the government might have given some particular legal rights to the antoninianus about which we have no extant information, but it is difficult to see where it would profit under those circumstances .
It is interesting to note that in A.D. 215 the temple at Arsinoe 273 was making mortgage loans carrying six percentage interest and with the provision that interest payments were to be made in flatware. Dio Cassius 274 mentions aurei and a contemporary section of the Digest 275 gives five aurei as the conjectural value of a slave. An endowment at Rhodes 276 had a capital of 20,000 denarii .
On an dedication from Ambryssus 277 sums of 7, 12 and 15 denarii are mentioned, tell, surely, that this coin still had real values .
It is sometimes said 278 that by the clock of Caracalla gold was so barely that it had ceased to be promptly exchangeable for argent, or that 279 the greater part of the gold coins in circulation consisted of aurei minted under Nero and the rulers of the deep first and early second century. There seems little, if any, confirmation for either idea .

Table Y Caracalla Aurei

Grains 210/13 211 212 213 214 215 216/17 No Date
94 1
95 1
96 1 1
97 1 3
98 1 2
99 4
100 4
101 1
102 1 2
103 1 1
104 1
105 1
106 1 1
107 1 1
108 2
109 1 2 3
110 3 1 1
111 1 1 3 1
112 3 1 2 2 4
113 2 1 1 1 1 1 1 1
114 2 1 2 1 1
115 1

End Notes

262

Num. Chron., 1916, 41.

263

Mickwitz,

Geld,

33 .

264

Bernhart,

Handbuch,

21 .

265

Num. Chron.,

1919, 134 .

266

Giesecke,

Antikes Geldwesen,

170 .

267

Hammer, 102 .

268

Edwards ( Yale Coll. ) gives 2.52, 3.99, 3.15, 2.86, 2.99, 4.12, 2.87, 3.13, 4.83, 3.09, 3.0, 3.43, 2.65, and for Plautilla : 2.95, 3.24 ;

Num. Zeit.

( 1914, 228 ) gives 3.01, 2.95, 3.09, 2.75, 2.88 and for Plautilla : 2.40, 3.09 ;

Num. Chron.,

( 1939, 42 ) gives 49.6 grains ; Naville Sale 2 gives 2.91, 3.55, 3.35, 2.63, 3.01 for earlier A.D. 215 and 3.55 after A.D. 215. Naville Sale 17 gives for the period after 215 : 2.55, 2.90, and for Plautilla 3.54, 3.13, 3.22, 3.44, 3.88 ; Princeton Univ. has 3.74, 2.57, 3.11 and for antoniniani : 5.06, 5.23 ; for Plautilla ; 3.51, 3.86, 3.20 ; Amer. Num. Soc. has for antoniniani : 5.17, 5.18, 5.17, 4.70, 5.26, 5.15, 5.08 ; E. T. Newell has 5.11, 5.12, 4.92, 4.51. 4.95, 4.96, 5.17, 4.60, 4.80, 4.86, 5.05, 5.25, 4.87, 4.92, 5.30, 4.85, 5.48, 4.45, 5.72, 5.12, 4.53, 4.79. For denarii issued between 211/215 the Amer. Num. Soc. has 3.05, 3.40, 3.55, 3.16, 2.97, 3.04, 3.39, 2.96, 3.41, 2.99, 2.70, 3.86, 3.28, 3.59 and after 215 : 3.19, 2.96, 3.55, 3.25, 3.60, 3.46, 2.82, 3.17, 3.41, 3.12 and for Plautilla : 2.72, 3.37, 3.36, 3.48, 3.41. Naville Sale 17 gives an antoninianus as 4.94 ;

Bull. soc. pour Cons. mon. hist. d’Alsace

( 1926, 129 ) gives the average of 31 dateless coins as 3.07 grams .

269

In addition Windisch-Graetz gives 2.85 ; Ratto Sale of Apr. 4, 1927, gives 2.96 .

270

Egger Sale 46 gives 13.43, 11.95 grams ; Hunter Coll. gives 220.9, 213.3, 197.5 grains ; Ciani Sale 1925 gives 15.90, 11.30, 13.30, 12.0, 15.80 ; Ratto Sale of Apr. 4, 1927, gives 15.93, 13.67, 12.44, 11.52, 12.10, 11.28, 12.25, 11.90 ; Dieudonne gives 15.20, 13.75, 11.60 .

271

Mattingly-Sydenham, RIC., vanadium, one, 6 ; Mickwitz,

Geld,

33 .

272

op. cit., 170. There seems insufficient evidence to equate the minutulus and the denarius. The former seems to be first mentioned in
connection with Giesecke170. There seems insufficient tell to equate the minutulus and the denarius. The former seems to be beginning mentioned in connection with Alexander Severus

273

BGU., 362 .

274

Dio, seventy-seven, 10, 2 .

275

Digest, XV, 1, 11, 4 .

276

Laum

op. cit.,

no. 41 .

277

Dittenberger, IGS., 1063 ( after A.D. 212 ) .

278

Num. Chron.,

1916, 42 .

279

Mickwitz,

Geld,

35 .

MACRINUS

The eighty-three aurei of Macrinus and of Diadumenius show a degree of concentration at 111 grains ( 7.19 grams ), with approximately 70 % of the coins falling within a range of 109 to 113 grains. 280 Macrinus therefore had abandoned the unhorse weights introduced by Caracalla and had gone back to the standard that had been in general manipulation during the by century .
The average weight of thirty-six denarii is 49.17 grains ( 3.19 grams ). 281 The weight of one antoninianus is given as 5.14 grams. 282 Sydenham gives the weights of two tridrachmae of Caesarea as 125.8

Table Z
Macrinus Aurei

Grains 217 218 No date
93 1
94
95
96 1 1
97 1
98 2
99
100
101 2 1
102 1
103 2
104
105
106 1
107 2
108 2 1
109 6 3 1
110 5 5 1
111 13 6 3
112 4 4 1
113 3 3
114 2 2
115 1
116 1
117
118 1

and 174.5 grains. and 174.5 grains.

283

The british Museum Catalogue gives the weights of thirteen syrian tetradrachms that average 203.4 grains.

284

Using the slant of the denarius, the proportion of gold to silver is 1 : 11.07 ; using the antoninianus, the proportion is 1 : 10.71. From the two it would seem that a ratio of about 1 : 11 was indicated .

End Notes

280

Num. Chron. (1916, 41) says that all the aurei of ( 1916, 41 ) says that all the aurei of Macrinus

weigh between 110 and 112 grains .

281

Edwards ( Yale Coll. 109 ) gives 3.36, 2.29 ; Naville Sale 2 gives 3.47, 3.41, 2.54, 3.51, 3.71, 3.36, 3.18, 3.03, 3.19, 3.30, 2.88, 3.20, 3.14, 3.60, 3.10, 3.72, 3.27, 2.97, 2.88, 3.40, 3.24, 3.75, 3.0, 3.09, 3.07 ; Naville Sale 17 gives 3.62, 3.05, 3.53, 3.69 ; Princeton Univ. gives 2.38, 3.09, 3.72, 2.79, 3.05 .

282

Naville Sale 2 gives 5.14 .

ELAGABALUS

It is said that Elagabalus 285 at the begin of his predominate kept the heavy weights of Macrinus, but former went back to the reduce weights of Caracalla. however, Cohen 288 seems to disprove this if catalogues are discipline in assigning respective coins to this character. This coin was issued in A.D. 218 and its weight varies from 7.22 to 6.21 grams .
The coins of Elagabalus may, with some uncertainties, be divided between mints at Rome and at Antioch. If Cohen type 288 is divided between the two mints and if type 42 is transferred from Rome to Antioch, the assignment of coins to mints made by Mattingly-Sydenham results in two clear-cut groups. The Antioch mint seems to have struck on the basis of 45 to the lumber, the Roman mint on the basis of 50 to the pound. 286 Neither group shows a clear bespeak of concentration, though the Antioch criterion seems to have been 110 grains and the Roman 97 grains .
seventeen denarii strickle at Antioch have an average weight unit of 2.67 grams, while sixty-eight assume at Rome average 3.05 grams. 287 forty-two antoniniani 288 hit at Rome have an average weight of 5.1 grams ( 78.7 grains ). It is curious that the lighter denarii should be found at Antioch though possibly the number is excessively small to permit inferences of prize .
From coins struck at Rome ratios of 1 : 11.03 and 1 : 11.04 are found based on the denarius and antoninianus respectively. This stopping point result would seem to prove the valuation of the antoninianus at 15 to the aureus. Using the coins struck at Antioch a proportion of 1 : 9.4 is found. This is in fair accord with the proportion of 1 : 10 which two of the taiwanese annals translated by Hirth in his China and the Roman Orient say applied to Syria ( or Persia ? ) .
The british Museum Catalogue and other sources give the weights of seventeen syrian tetradrachms that average 201.2 grains. 289
In Persia 37 tetradrachms and 22 drachmae issued by Volagases V ( A.D. 208/222 ) median 12.60 and 3.60 grams respectively. 290
Hammer 291 gives analyses of eight silver coins, one each with 75, 44, 43.4 and five ( including three antoniniani ) with 42.8 % of silver .
Elagabalus seems to have stopped coinage of the antoninianus sometime in his predominate. In the East there is a great abundance of local coinage, indicating that economic activity there was at an extremely high point. 292

Table AA Elagabalus Aurei

Grains Antioch Rome Grains Antioch Rome
55 1 104 1
105 1
93 106 2
94 3 107
95 5 108 1
96 7 109 7
97 4 110 4
98 6 111 7
99 3 112 1
100 4 113 1
101 1 114
102 3 115 1
103 2 116 1

End Notes

283

Hunter Coll. has 174.2 grains. See last conviction in Note 228 .

284

In addition Ratto Sale of Apr. 4, 1927, gives 13.14, 14.69, 13.98 .

285

Festsch. Otto Hirschfeld, 298.

286

Elagabalus also opened a mint at Nicomedia . The American trade dollar used in the eastern trade may perhaps be mentioned as an instance of a coin struck to meet a particular situation.

287

Edwards ( Yale Coll., 109 ) gives 2.77, 3.47, 2.56, 3.04, 2.52, 2.92, 2.55,

Num. Zeit.

( 1914, 228 ) gives 2.85, 2.84, 2.64 ;

Num. Chron.

( 1939, 42 ) gives 45.3, 50.3 grains ; Naville Sale 2 gives 3.09 grams ;

ibid.,

( Sale 17 ) gives 3.27, 2.90, 3.10 ; Princeton Univ. has 2.84, 3.12, 3.07, 2.86, 2.98 ;

Bull. soc. mon. d’Alsace

( 1926, 129 ) gives the average of 32 denarii as 3.17 grams ;

Fundbericht Schwaben

( 1913, 86 ) gives 3 that average 2.91 ;

Viestn. Hrv. Arh.

( 1900, 10 ) gives 2.90 ; 3.04 .

288

Num. Chron.,

1939, 40 ; Princeton Univ. has 4.82 .

289

besides from Hunter Coll .

ALEXANDER SEVERUS

Although the aurei of Alexander may be dated within limits of about three years, the act of coins is excessively little to show any significant differences in the consecutive periods. With five exceptions all the gold coins of Alexander shown in the accompany table are clearly either aurei or quinarii minted on the basis of 50 to the pound. 293 Of these five exceptions, one is an irregular coin .
Alexander is thought to have been deeply concerned with the eloquent neologism. 294 The abandonment of the antoninianus seems to imply an attempt to maintain aureate and silver at the old proportion of 25 denarii to the aureus preferably than at some purportedly different figure introduced by Caracalla or by Commodus. Oertel 295 suggests that the aureus was now worth 50 denarii, but this is open to serious doubt. If it is assumed that this was the government rate of substitution between the coins, it implies a proportion between gold and silver of about 1 : 24. This ratio makes silver sol much cheaper than it was in the fourth hundred, that it needs definite ratification before it can be accepted .
The desertion of the antoninianus may possibly be considered a concession to conservatism in finance, but Alexander seems to have been abortive in maintaining the honor of the denarius. The silver medal capacity of his coins varies from 50 to 33.8 %, 296 at the worst a reduction of about 40 % since the meter of Caracalla, but on the average a decline of 33 % .
The average weight unit of the aurei issued by Alexander is 97½ grains ( 6.3 grams ) and of the quinarii 50 grains ( 3.25 grams ). 297 No one point of concentration is to be found. Ninety-one denarii have an average weight of 47.60 grains ( 3.08 grams ). 298
If it is assumed that an aureus was worth 25 denarii, the proportion of gold to silver is 1 : 12.15 .
In Persia 24 dram issued by Artabanes V ( A.D. 213/227 ) average 3.56 grams 299 while 13 issued by Artavasdes ( A.D. 227/8 ) average 3.56 gram. 300 One tetradrachm issued by Artaxerxes I ( A.D. 226/240 ), the first gear of the Sassanian Kings, weighs 13.91 grams, 301 while 44 drachmae, 9 halfdrachmae and 14 silver obols average 3.81, 1.94, and 0.67 grams respectively. Five gold pieces weigh 221, 131, 114.2, 22.4, 21.5 grains, indicating, so it seems, four different denominations. These differences may explain the versatile denominations in the gold coinages of some of the succeeding Roman rulers .
It is said that Alexander issued an extensive series of copper coinage of full quality and that the son “ moneta ” which occurs on certain coins refers to the copper dupondius. 302 In view of the fact that the copper currentness was wholly a keepsake neologism, this seems unlikely. Until the silver currentness had absolutely collapsed, the quality of the bull was a count of no practical importance .
An inscription from Rome 303 mentions ten aurei as a congiarium, while an dedication scratched on the manage of a small silver dish 304 indicates that it was sold or pledged for twelve and one-half denarii .
A text file from Dura 305 dated A.D. 232 gives a dowry list in denarii ; another of A.D. 227 mentions 175 “ eloquent ” denarii. 306
A section of the Justinian Code 307 dated in A.D. 229 refers to the semifinal and triens, but these may be by and by interpolations in the text .
Comparison of a section of the Digest, 308 presumably written in the time of Alexander Severus, with a department in Gaius, 309 written at least fifty dollar bill years earlier, is sometimes taken to indicate a transfer in the kinship between the aureus and the denarius. The earlier passage speaks of a fine of 10,000 sesterces ; the belated speaks of a all right of fifty aurei. There seems small if any justification for assuming that the two sums of money are identical. Mommsen believes that the words “ fifty aurei ” were in-

Table AB Alexander Severus Aurei

Grains Number Grains Number
46 1 96 12
48 1 97 6
49 1 98 9
50 2 99 10
52 1 100 5
63 1 101 9
70 1 102 5
83 1 103 4
86 2 104 2
90 2 105 6
91 1 106 3
93 4 107 1
94 8 109 1
95 6

serted by the editors of the Digest in the time of Justinian, so that there is no certainty as to the sum of money mentioned
by Ulpian and Modestinus. Savigny suggests that the 10,000 sesterces in serted by the editors of the Digest in the time of Justinian, so that there is no certainty as to the kernel of money mentioned by Ulpian and Modestinus. Savigny suggests that the 10,000 sesterces in Gaius

should be read as 5000 sesterces, while Lenel in his edition of the Edictum Perpetuum suggests “50,000 sesterces,” due seemingly to a misunderstanding of Roman monetary terms. Even if it is assumed that Ulpian
wrote “50 aurei” there is still no evidence that the amount of the fine had not been changed since the time of

End Notes

290

BMC. ; Naville Sale 12 ;

Rev. Num.,

1898 ; Markoff,

op. cit.;

Prokesch-Osten.

op. cit.

291

Hammer, 102 ;

Num. Chron.,

1919, 134 does not repeat this quite correctly .

292

Rev. Num.,

1899, 274 .

293

Num. Chron., 1919, 134; nor to about 3 grams as stated by Despaux, Les devaluations monétaires, 118.
There seems nothing in this list to confirm the statement that Alexander

reduced the weight of the aureus to 92 grains, as is stated in1919, 134 ; nor to about 3 grams as stated by Despaux,118 .

294

Although the “ moneta restituta ” of the coins probably refers to the rebuilding of the mint rather than to a revision or renovation of the coinage : see

Num. Zeit.,

1909, 87 .

295

Camb. Anc. Hist.

, xii, 725 .

296

Hammer ( p. 103 ) gives four with 50, two with 47.6, one each with 45, 40.7, 35.8, 35, and 33.8 % of ash grey .

297

The statement in Vita, 39 that Alexander

was the first to coin amber quinarii is incorrect .

298

Edwards ( Yale Coll., 111 ) gives 2.58, 3.0, 2.17, 2.83, 2.6, 3.21, 3.13 ;

Num. Zeit.

( 1908, 45 ) gives a heavy one as 4.35 ; Helbing Sale of Apr. 12, 1927, gives 3.5, 3.8 ; Naville Sale 2 gives 3.28 ;

Num. Chron.

( 1939, 42 ) gives 51, 48.8, 37.5, 49.1, 49, 51.3, 53.7, 48.7, 50.3 grains ; Princeton Univ. has 2.24, 2.86, 3.43, 2.98, 3.22, 2.55 ;

Bull. soc. mon. d’Alsace

( 1926, 129 ) gives the average of 64 coins as 3.09 grams ;

Fundber, Schwaben

( 1913, 86 ) gives one at 3.13 ;

Viestn. Hrv. Arh.

( 1900, 10 ) gives 3.36, 2.73 .

299

BMC. ; Prokesch-Osten

op. cit.;

Markoff,

op. cit.

300

BMC. ; Prokesch-Osten,

op. cit.;

Markoff,

op. cit.;

Naville Sale 12.

Zeit. deutsch. morgenlӓnd. Gesellsch, 1880.

301

Cahn Sale 71 ; Babelon,

Traité

three ; Paruck,

Sasanian Coins; ZDMG.,

1880 .

302

Camb. Anc. Hist.,

xii, 65 based on Pink,

Num. Zeit.,

1935, 13ff .

303

CIL., united states virgin islands, 2998 ( A.D. 229 ) .

304

CIL., V, 8122, 1 ( A.D. 234 ) .

305

Dura,

six, 434 .

306

Dura,

vii/viii, 434 .

307

Cod. Justin., III, 28, 12. In hurt of Frank,

Econ. Hist.,

489 there is apparently no section of the Digest that may safely be used to illustrate the spill of the denarius .

308

Digest, two, 4, 24 .

309

Gaius, four, 46 .

suggests “ 50,000 sesterces, ” due apparently to a misinterpretation of Roman monetary terms. even if it is assumed that Ulpian wrote “ 50 aurei ” there is however no testify that the total of the all right had not been changed since the time of Gaius

MAXIMINUS I

The eleven coins of this reign are excessively few in issue to permit deductions of any prize. The ten aurei average 89.8 grains ( 5.80 grams ), showing a serious decay from the preceding reign. It has been said that Maximinus coined gold lone in Rome and for the most part only in A.D. 235 .
Forty-one denarii show an average weight unit of 48.38 grains ( 3.14 grams ). 310 Hammer 311 gives an analysis of two coins with 45.5 % of silver. From this insufficient attest the ratio of amber to silver appears to be 1 : 12.10 .
An interesting patronize explanation from Dura, 312 dated between A.D. 235 and 240, gives prices in denarii. The accounts illustrate not only the small size of the transactions recorded, but besides the fact that there was as however no indication of any disparagement in the market valuation of the denarius. An inscription from Orcistus 313 dated in A.D. 237 mentions an endowment of “ 2500 Attic ( dram ) of eloquent of account. ” The editor program of the inscription intimates that this represents an effort to define the size of the giving more accurately than if the give voice “ denarius ” had been used. The explanation, as a matter of fact, raises more questions than it settles. italian inscriptions erected twenty years late still show that the denarius had a real value .

End Notes

310

Num. Zeit.

( 1914, 228 ) gives 3.76, 3.40 ; Edwards ( Yale Coll., 112 ) gives 3.57, 2.53, 2.28, 2.88, 3.08 ; Princeton Univ. has 3.01, 3.59 ;

Bull. soc. mon. d’Alsace

( 1926, 129 ) gives the average of 32 denarii as 3.14 grams .

311

Hammer, 103 .

312

Dura, Fourth Season, 128, 141.

313

Jour. Hellenic Studies,

1937, 1.

Pap. Oxyrh.,

705 ( A.D. 202 ) does not show that the Attic drachma was then worth four egyptian dram .

PUPIENUS AND BALBINUS

lone two aurei of this period are listed here. 314 Their modal burden is 85½ grains ( 5.54 grams ) which is about precisely on the footing of 60 to the irish pound .
For some reason these rulers restored the antoninianus to the coinage organization. According to a holocene authority 315 older denarii were simply overstruck as antoniniani and re-issued on that basis. One argent coin is said to weigh 49.2 grains ( 3.19 grams ), 316 while an psychoanalysis of one coin issued by Pupienus shows 49 % of silver. Twenty-one antoniniani testify an average weight of 71.76 grains ( 4.65 grams ) with a high of 84.3 and a humble of 47 grains. 317 These coins, like others found in the Dorchester roll up, show no wear. Mattingly points out that there is no difference in denomination between the high and broken weights, which indicates that the coins were struck alabama marco and not according to system of weights. The average weight of these anto-tininiani shows a decrease of about 10 % below the weight prevailing from A.D. 215 to 222 .
With the appearance of the antoninianus as the coarse silver coin, one is forced to question the mean of the bible “ denarius ” in papyrus and on inscriptions. Another trouble is raised as to the value of the older denarii that remained in circulation and that were not restruck as antoniniani. apparently some denarii remained in circulation until the clock time of Diocletian ( see Table AP ) .

Table AC Maximinus, Pupienus, Balbinus

Grains Maximinus Pupienus Balbinus
52 1
71 1
76 1
81 1
88 3 1
91 1
92 1
100 2
104 1

End Notes

314

Dura, Fourth Season

, 128, 141 .

315

Num. Chron., 1939, 44. Perhaps this is to be dated soon after the reign of 1939, 44. possibly this is to be dated soon after the reign of Balbinus

and Pupienus

preferably than during it .

316

Edwards, Yale Coll., 113 ;

Viestnika (op. cit.)

gives one at 2.79 .

317

Num. Chron.,

1939, 40 ; Naville Sale 17 gives 5.66 and 4.83 .

GORDIAN III

The ninety-five coins of this rule may include two quinarii and one 1½ aureus slice or possibly these coins represent two double trientes and one 1⅓ aureus piece. ninety-two coins are obviously aurei. Their average weight is approximately 75 grains ( 4.86 grams ), though the point of greatest concentration in the distribution of weights is 78 grains. 318 This is about one-half way between a basis of 60 to the pound and of 70 to the pound. It is interesting to point out that the coin weighing 52 grains represents precisely two-thirds of 78 grains. possibly this is the first appearance of the fractional parts of an aureus based on thirds. such coins are said to make their first base appearance reasonably later They were of hardheaded value if the aureus was equal either to fifteen or to thirty antoniniani ( or to any other multiple of three ) .
Following the example of Pupienus and Balbinus, Gordian minted the antonianus in large quantities. The average weight of 567 of these coins from the Dorchester hoard is 67.1 grains ( 4.35 grams ), with a high of 100 and a low of 40.4 grains. 319 The average weight of 345 coins from a hoard at Plevna is 68.8 grains ( 4.46 grams ). 320 The average weight of 675 coins from Baalan 321 is slenderly higher, being 69.22 grains ( 4.486 grams ). The average weight of all these coins shows a decrease of about 5 % from the preceding reign and of about 14 % from the time of Caracalla .
twenty-two coins have an average silver subject of 41.7 %, the best coin having 58.9 %. 322
The weights of a few denarii are known. 323 These average 51.2 grains ( 3.32 grams ), and are consequently heavier than any group since the first century. however, the number is excessively little to permit any valid deductions .

Table AD
Gordian III

Grains Number Grains Number
45 1 73 7
52 1 74 9
61 1 75 5
64 1 76 6
65 1 77 3
66 3 78 12
67 1 79 3
68 2 80 7
69 4 81 7
70 4 83 2
71 5 85 1
72 7 111 1

The british Museum Catalogue gives the weights of ten-spot syrian tetradrachms 324 that modal 189.4 grains. One tetradrachm from Caesarea is said to weigh 127.14 grains ( 8.24 grams ). 325
The low weights of the aureus that characterize the period from A.D. 238 to 268 may possibly be explained as an feat on the depart of the government to have that mint reflect a lower market, and possibly legal, valuation of the antoninianus. From the weights given here it appears that the proportion of gold to silver was 1 : 12.15 .

End Notes

318

Geldwesen, 172, that Gordian struck on the basis of 64 to the pound, equivalent to 5.11 grams to the aureus. The statement in Num. Chron., 1916, 45 that for a few years preceding A.D. 242 the “striking of aurei had ceased altogether ” save on a limited scale for
ceremonial purposes does not seem warranted.
Although a few gold coins of gordian I are known it has not been potential to find their weights. The weights of the amber coins of gordian III

do not seem to confirm the instruction of Giesecke,172, that gordian strike on the footing of 64 to the syrian pound, equivalent to 5.11 grams to the aureus. The argument in1916, 45 that for a few years preceding A.D. 242 the “ assume of aurei had ceased raw “ save on a limited scale for ceremonial purposes does not seem warranted .

319

Num. Chron.,

1939, 40 ; Princeton Univ. has 4.44, 5.01, 5.18, 3.97, 4.56, 3.41, 3.97, 3.87, 3.43, 3.83, 4.17 .

320

Num. Chron.,

1924, 237 ;

Num. Zeit.,

( 1914, 228 ) gives 4.65, 3.03, 2.94, 3.35 ;

Num. Zeit.,

( 1908, 45 ) gives certain heavy ones as 5.58, 5.58, 5.63, 5.7, 5.88, 6.56 ; Elmer (

Verzeichnis

) gives the theoretical weights of the denarius and antoninianus as 3.03 and 4.54 grams respectively .

321

Bull, archeol.,

1932/33. Seven from Müttersholz are said to average 4.20 grams ;

Bull. Soc. Mon. d’Alsace,

1926, 129. twenty-nine coins in

Bull. hist. et scientif. Auvergne,

1939, 56 have an average burden of 4.14 grams with a low of 2.6 and a high of 5.3 grams.

Viestnika (op. cit.)

gives 15 that average 4.10 .

322

Hammer ( 103 ) gives one with 58.9, five with 49, two with 44, five with 36.1 and one with 28.2 % of argent ;

Num. Chron.

( 1924, 238 ) gives one each with 25.88 and 45.42 % ;

Num. Zeit.

( 1893, 431 ) gives one with 27 % .

323

Naville Sale 17 gives 3.55 ;

Num. Chron.

( 1939, 42 ) gives 57.5 grains ; Princeton Univ. has 1.99 .

324

In addition the Hunter Coll. has 187.7, 166.8, 178.2, 220.7 grains ; Ratto Sale of Apr. 4, 1927 gives 13.12, 12.19, 13.08, 12.36, 13.50 .

325

Windisch-Graetz Coll .

PHILIP THE ARAB

The coins of this reign include not alone those of Philip, but besides those of his wife, M. Otacilia Severa, and of his son, Philip Caesar. The last group are the most uniform in burden, their average being 68.5 grains ( 4.44 grams ). The coins of Philip Augustus and of Otacilia may possibly be considered to include two doubling trientes, four 1½ aureus pieces, and the rest aurei on the footing of 70 to the ram, their average weight being 67.9 grains ( 4.40 grams ) .
The Dorchester roll up contained 711 antoniniani of this reign with an average weight unit 326 of 62.9 grains ( 4.11 grams ). These coins had a high of 99.8 and a low of 33.2 grains. The hoard of Baalan 327 contained 488 coins with an average weight unit of 4.27 grams. These weights make highly questionable the suggestion 328 that in A.D. 247 the theoretical slant of the antoninianus was reduced to 3.84 grams or to 1/84th of a pound .
Analyses of fourteen coins 329 show a silver capacity varying from 50 to 32 %, with an average of 43.7 % .
The british Museum Catalogue gives the weights of forty syrian tetradrachms that average 187.5 grains. 330
From the weights given here it appears that the ratio of gold to silver was 1 : 13.4, a very decide change from the preceding predominate but a ratio in reasonable harmonize with that of the future two reigns .
It has been suggested 331 that in the clock time of Philip the aureus was deserving 60 denarii or 65 denarii. 332 This is based on the well-known inscriptions from Kerdassi in Nubia, 333 which read as follows :
5008 : “ … I spent 6500 ( ? ) drachma in the second year for the god Pursepmonis. ”
5010 : “ … bow of Psentuaxis … priest of the club for the second time… For the first time 20 gold pieces were spent and for the second 30 gold pieces. ”
As first base read, these two inscriptions were used to support the statement that 20 aurei were then worth 3500 dram ; a late reading was used to support the statement that 20 aurei were then worth 6500 dram .

Table AE Philip

Philip
Grains Philip Otacilia Caesar
46 1
48 1
53 1
61 1
62 1
63 1
64 4 2
65 3 1
66 1 3
67 1
68 2
69 1 2 1
70 1
71 1
72 1 1
73 3 1 1
74 1
75
76 1 1
79 1
84 1
97 1
110 1
111 1 1

It is unfortunate that the figures representing the number of drachmae are a topic of doubt ; but, in view of that uncertainty, any inferences from these inscriptions should be made as possibilities preferably than as facts. To say that these inscriptions show a value of the drachma 31 % lower than in the meter of the Antonines 334 or a 170 % decrease from the time of Commodus 335 is, it seems, going beyond the testify. The inscription has besides been used to support the theory that the relative of gold to silver was 1 : 5.86, 336 but of naturally nothing in the dedication proves this, even if one accepts the second base reading as decline .

End Notes

326

Num. Chron., 1939, 40; Num. Zeit. (1908, 45) gives a heavy one as 5.73; Princeton Univ. has 4.01, 3.77, 4.06, 4.05, 3.39, 5.06, 4.10, 4.21, 4.19, 4.34, 3.38,
3.42, 3.89, 3.66; Atti east Memorie (1919, 36) gives one at 4.60; Viestnika ( op. cit. ) gives 8 that average 4.0 and 3 of Philip II that average 3.76 grains; Num. Zeit. (1893, 431) gives 10 that average 4.14 and 10 each of Philip II as Caesar and 1939, 40 ; ( 1908, 45 ) gives a heavy one as 5.73 ; Princeton Univ. has 4.01, 3.77, 4.06, 4.05, 3.39, 5.06, 4.10, 4.21, 4.19, 4.34, 3.38, 3.42, 3.89, 3.66 ; ( 1919, 36 ) gives one at 4.60 ; gives 8 that average 4.0 and 3 of Philip II that average 3.76 grains ; ( 1893, 431 ) gives 10 that average 4.14 and 10 each of Philip II as Caesar and Augustus

that average 4.30 and 4.08 respectively .

327

Bull. archeol.

, 1932/33 .

328

Elmer, Verzeichnis.

329

Hammer, 103 gives three with 50 and one each with 47.5, 47.4, 45, 44.3, 43.5, 39.8, 32 % of silver ;

Num. Chron.

( 1924, 238 ) gives one each with 36.05 and 44.90 % of silver medal .

330

In addition the Hunter coll. gives 175.1, 169.2, 198.2, 186.2, 174.6, 190.8, 222.9, 195, 192.8, 171.2, 207, 163, 190.4, 187, 187.3 grains ; Ratto Sale of Apr. 4, 1927, gives 8.82, 13.77, 13.04, 12.24, 11.92, 12.57, 11.88, 12.73, 13.83, 10.50, 11.71, 12.21 .

331

Camb. Anc. Hist.,

xii, 725 ; Wilcken in

Z. f. N.,

1887, p. 325 ; Kubitschek in

Quinq.,

p. 105 ; Mickwitz,

Geld,

p. 51 ; Heichelheim in

Klio,

XXVI ( 1933 ), p. 103 .

332

Num. Chron.,

XIX ( 1939 ), p. 44. Kubitschek,

Quinq.,

p. 105 says possibly 6 drachma to 1 denarius .

333

C.I.G.,

5008, 5010 ( 241/244 A.D. ) .

TRAJAN DECIUS

Decius struck gold not merely in his own name but besides in those of his wife and of his two sons. The distribution of weights is puzzling, anticipating as it does the confused neologism of Trebonianus, Volusianus, Valerian and Gallienus. The coins that may be considered aurei issued by Decius in his own name average about 66½ grains ; those issued for Etruscilla average about 67½ grains, while the few coins of the two sons are light. These differences, of course, may be due to the humble number of available weights, but it should be pointed out that the average weights mean little, ascribable to the wide-eyed range covered by the coins .
The average weight of 1364 antoniniani found at Plevna is 63.67 grains ( 4.12 grams ) ; 337 the average of 594 coins from Dorchester is 58.1 grains ( 3.76 grams ) ; the average of twelve coins in the Princeton collection is 3.83 grams. The difference in slant between the coins from Plevna and those from Dorchester is surprisingly big, particularly in view of the fact that the latter group are said to show no break. 338

Table AF Trajan
Decius Aurei

Grains Decius Etruscilla Herennius Etruscus Hostilian
38 1
50 1
52 1
54 2 1 1
56 1 1 1
57 1
58 1
59 1 1 1
60 1 1
61 1 1 2 2
62 2 3 1
63 2 1 1
64 3 1 1
65 2 1 1
66 2 1 1
67 7 3 1
68 2 3
69 3 1
70 2
71 3 2
72 2 1
73 1
74 4 1
75 1 2
76 2 2
77 1
78 1
79 1
82 2
94 1
120/130 1

The british Museum Catalogue gives the weights of thirty-nine syrian tetradrachms that average 190.6 grains. 339 It was in this predominate that the practice of overstriking old denarii as antoniniani became common 340 if one may judge from the Dorchester hoard. Thirteen coins 341 read a silver content varying from 75 to 40.6 %, with an average of 41.9 % .
From the weights given here, the ratio of gold to silver is 1 : 13 .
An inscription from Ostia 342 mentions a sportula of three denarii given to the decuriones, while one from Tenos 343 mentions sportulae of one and two denarii. Both these cases seem contemporary gifts preferably than the distribution of endowment income. Both indicate that there was still market value in the mint designated as a denarius .

End Notes

334

Mickwitz,

Geld,

p. 51 .

335

Klio,

XXVI ( 1933 ), p. 103. arithmetically this is an impossible decrease .

336

Kubitschek,

Quinq.,

p. 105 .

337

Viestnika (op. cit.) gives 3.73, 3.92, 2.89 for Num. Zeit. (1893, 431) gives 10 of Num. Chron., 1924, 237; Atti e Memorie (1919, 36) gives one at ( op. cit. ) gives 3.73, 3.92, 2.89 for Decius

; 3.22, 3.17 for Etruscilla ; 4.51, 3.93 for Etruscus ; ( 1893, 431 ) gives 10 of Decius

that average 3.90 ; ten of Etruscus at 3.90 and ten of Hostilian at 3.59 ; 1924, 237 ; ( 1919, 36 ) gives one at Decius

at 3.75 and one of Etruscilla

at 4.20 .

338

Num. Chron.,

1939, 40 .

TREBONIANUS GALLUS AND VOLUSIANUS

The coins of Trebonianus and of Volusianus, while offering a wide diverseness of weights and no clear assiduity at any steer, are intelligibly heavier than those of the preceding reign .
Blanchet 344 in an interest learn has divided the coins of these two rulers into aurei and double trientes on the basis of whether the fountainhead was glow or decorated with laurel. He found average weights of 5.86 and 3.65 grams respectively and no wide discrepancies. The larger number of pieces in the present tables, divided in the same means, give slenderly unlike results : 5.81 and 3.65 grams for Trebonianus, and 5.64 and 3.78 grams for Volusianus. Assuming descriptions have been correctly given in the catalogues and elsewhere, the present results offer some difficulties : a coin of 6.99 grams among the radiate coins of Trebonianus, one of 3.01 grams among the radiate coins of Volusianus, and one of 5.92 grams among the laureate coins of Volusianus. The lapp system of division seems to fail absolutely when applied to the coins of valerian and Gallienus, and not to work with the coins of Decius or Philip. excessively much stress should not, consequently, be laid on it here. This is made clear by table AG which includes coins up to 100 grains issued by Philip, Decius, Trebonianus and Volusianus .
Grouped by variations of 5 grains ( about 3/10th grams ) the coins of Trebonianus and Volusianus appear as shown in table on p. 146 .
Two points of concentration are apparent in this tabulation. The heavier shows thirty-nine coins weighing from 86 to 95 grains, the lighter thirty-four coins weighing from 51 to 65 grains. It will be noticed at once that the lighter group indicates weights about two-thirds those of the heavier group .
All the coins appearing in the tabulation can be accounted for by assuming there are four trientes ,

Number of coins
Weight in grains Trebonianus Volusianus Total
31/35 0 1 1
36/40 1 1 2
41/45 1 0 1
46/50 2 7 9
51/55 9 6 15
56/60 4 1 5
61/65 8 5 13
66/70 2 0 2
71/75 0 1 1
76/80 0 3 3
81/85 7 3 10
86/90 6 10 16
91/95 9 12 21
96/100 2 1 3
107 1 0 1
Total 52 51 103

forty-two double trientes, fifty-six aurei and one 1⅓ aureus piece or, to keep the standard in better agreement with that
of forty-two double trientes, fifty-six aurei and one 1⅓ aureus nibble or, to keep the standard in better agreement with that of Decius

, by assuming that there are four double trientes, forty-two aurei, fifty-six 1⅓ aureus pieces and one 1½ aureus piece. On this footing the aureus was struck either at fifty to the pound, or at eighty to the impound. however, there is nothing on the coins themselves to indicate this difference in denomination. The average weight of 550 antoniniani by and large from the Dorchester hoard 345 is 54.11 grains ( 3.51 grams ), with a high of 86.4 and a low of 27.9 grains. The argent subject of the coins of Trebonianus varies from 44 to 29.7 %, and of the coins of Volusianus from 80.6 to 33.2 %. 346 In the former the average silver subject is 34.9 %, while in the latter it is 60.9 % .
The british Museum Catalogue 347 gives the weights of twenty-three syrian tetradrachms of Trebonianus which average 187.9 grains and of seven coins of Volusianus 348 which average 182.8 grains .
Since only four aurei of Aemilianus appear in the tables, it is insecure to base any generalizations on them. forty-three antoniniani from the Dorchester roll up show an modal weight of 53.5 grains ( 3.47 grams ), with a high gear of 72.8 and a low of 43 grains. 349
From the weights given here a ratio of 1 : 13 is indicated for the three rulers .
In horizon of the fiscal thrashing that occurred under Valerian and Gallienus, it is possibly natural that we should find in this period the latest reference to a endowment of a few denarii that was deemed worthy of memorial. An inscription from Minturnae 350 records a sportula of three denarii. This besides is credibly a contemporaneous endow rather than a distribution of income from invested capital .

Table AG Laureate and Radiate Aurei

Philip Decius Trebon. Volus. Totals
Grains L R L R L R L R L R
32 1 1
40 1 1 1 1
42 1 1
46 1 1 2
47 1 1
48 1 1
50 2 2
51 1 1
52 1 1 1 1
53 1 1 1 1 1 3 2
54 1 3 1 5
55 1 1
56 1 1 1 3
57 1 1
58 1 1
59 1 1 2
60 1 1
61 1 2 1 4
62 1 3 1 5
63 1 1 2
64 1 3 4
65 4 5 2 11
66 2 2 1 5
67 5 5
68 1 5 6
69 1 1 1 3
70
71 1 3 3 1
72 1 1 2
73 1 1 2 1 3 2
74 1 3 3 1
75
Table AG—Continued

Philip Decius Trebon. Volus. Totals
Grains L R L R L R L R L R
76 1 3 4
77 1 1
78 1 1 1 1
79 1 1
80 1 1
81 1 1
82 2 2
83 1 1
84 1 1 1 1
85 2 1 3
86 1 2 2 1
87 1 4 5
88 1 1 2
89 2 2
90 1 1
91 2 1 1 1 3
92 1 4 5
93 2 1 3 1 5
94 4 4
95 1 1
96
97 1 1
98 1 ___ 1
97 48

Cohen numbers :
Philip —laureate 23, 56, 71, 86, 164, 191, 213 diversify 104, 118, 177
Decius —laureate 1, 3, 31, 48, 62, 85, 104, 107, 108
Trebonianus —laureate 1, 12, 16, 19, 60, 83, 92 radiate 18, 25, 28, 36, 62, 66, 82, 113
Volusianus —laureate 4, 6, 10, 56, 69, 83, 134 radiate 19, 24, 54, 57, 82, 88. 117

Table AH Trebonianus, etc., Aurei

Grains Trebonianus Volusianus Aemilianus
32 1
40 1 1
42 1
46 1
47 1 1
48 1 1
49 1
50 4 1
51 1 1
52 4 2
53 1 2
54 3 1
55 1
56 1
58 2 1
60 1
61 3 2
62 1 2 1
63 1
64 2
65 1 1
66 1
68 1
72
73 1
78 2
80 1
81 1
82 2
83 2 1
84 1
85 2 1
86 2 3
87 1 4
88 1 2
89 1
90 2
91 2 3
92 4 4
93 3
94 3 2
97 2 1
107 1

End Notes

339

In summation the Hunter Coll. has 183.3, 209.6, 205.5, 207.4, 183.6, 195.9, 176.2, 165, 183.9, 200.4, 193.6, 169.6, 170.7, 172.3, 166.7 ; Ratto Sale of Apr. 4, 1927 gives 11.76, 10.78, 12.44, 12.44 .

340

Num. Chron.,

1939, 40 .

341

Hammer, 103 gives one with 75, one with 44 and two with 40.6 % of silver ;

Num. Chron.

( 1924, 238 ) gives one each with 43.89, 42.76, 42.6, 42.47, 34.85, and 20.29 % of silver .

342

CIL., xiv, 352 .

343

Dittenberger, IGS., 890 .

344

Études de Numismatique

, two, 105ff .

345

Num. Chron., 1939, 40; Bull. hist. et scientif. auvergne (1939, 56) gives 35 coins of the two rulers that average 3.47 grams with a low of 2.7 and a high of 4.9 grams; Num. Zeit. (1893, 431) gives 10 of Viesinika (op. cit.) gives 17 of Atti e Memorie (1919, 36) gives one of Volusianus at 3.25.
1939, 40 ; ( 1939, 56 ) gives 35 coins of the two rulers that average 3.47 grams with a abject of 2.7 and a high of 4.9 grams ; ( 1893, 431 ) gives 10 of Trebonianus

and 10 of Volusianus that average 3.62 and 3.74 respectively. ( op. cit. ) gives 17 of Trebonianus

and 10 of Volusianus that average 3.49 and 3.58 grams respectively ; ( 1919, 36 ) gives one of Volusianus at 3.25 .

346

For Gallus, Hammer, 104 gives one each with 44, 37, 30, 29.7 % of silver and for Volusianus two with 80.6 and one each with 72.4, 38, 33.2 % of flatware .

347

See besides coins in the Hunter Coll .

348

See besides coins in the Hunter Coll .

349

Num. Chron.,

1939, 40.

Viestnika (op. cit.)

gives one at 3.13 ;

Num. Zeit.

( 1893, 431 ) gives 10 that average 3.60 .

350

CIL., X, 6012 ( dated under Aemilianus

) .

VALERIAN AND GALLIENUS

The gold coins of this period, covering the fifteen years from A.D. 253 to 268, and numbering about 500, present a particularly unmanageable problem. 351 Two hundred and five of these coins may be assigned to the period before the capture of Valerian, the rest to the sole predominate of Gallienus. It is interesting to note that, if the assignment of mints and dates in Mattingly-Sydenham is correct, 352 Gallienus alone coined gold after the get of Valerian. 353 apparently all the coins of Salonina and of Valerianus Caesar appeared before that time .
Of the coins dated to the joint reign only twenty-seven out of 205 count over sixty grains, while in the sole reign 138 out of 280 weigh over sixty grains. This fact in itself is evidence for some variety in the system of coinage. however, any attack to suggest a system of neologism for this period must be advanced with caution. Lack of technical skill in the mint hardly seems a satisfactory explanation for any of the difficulties .
An interesting comparison with the neologism of the sole reign of Gallienus is afforded by the neologism of Postumus, dated A.D. 260 to 268. The weights of aurei of Postumus are as follows : 354

Numbers by mints
Weight in grains Lyons Cologne Milan
69 1
71 1
73 1
74 1
75 1
76 1
78 1
80 2
81 2
82 1
83 1 1
84 3
85 1
86 2 2
87 2 1
88 2
89 1 1
90 2
91 5 2
92 4 1
93 4
94 1 1
95 2 1
96 2 1
97 3
98 2
100 1 1
101 1 1
103 1 3
104 1
105 1
108 2
111 1

The distribution of weights seems to indicate neologism on the footing of 50 to the pound, but with careless adhesiveness to that standard .
The difference between the neologism of Postumus and that of Gallienus as exclusive ruler may be shown by arranging the coins in groups of five grains :

Weight in grains Coins of Gallienus Postumus
to 24 53
25/29 6
30/34 12
35/39 11
40/44 10
45/49 10
50/54 24
55/59 15
60/64 14
65/69 34 1
70/74 24 3
75/79 17 3
80/84 15 10
85/89 8 12
90/94 12 20
95/99 6 11
100/104 5 9
105/109 4 3
110/114 1

Under Valerian and Gallienus there was a far degradation of the antoninianus, the silver content falling, so it is said, to about 25 %. 355 This state- ment, however, is based on besides few analyses to be thoroughly dependable. This decrease in the value of the antoninianus should, theoretically at least, have brought about a decrease in the weight unit of the aureus. If one considers the apparent decrease of weight unit in the aureus under Trebonianus, the duration of the reign of valerian and Gallienus, and the relatively good neologism of the succeeding ruler, Claudius, it seems that there should be apparent a period of decreasing weights following A.D. 253 and a period of increasing weights preceding A.D. 268 .
On the basis of the date suggested by Mattingly-Sydenham the coins of valerian and Gallienus may be analyzed chronologically as follows : 356
A.D. 253 :
valerian : 2.58, 2.62, 2.64, 2.79, 2.85, 2.88, 2.98, 3.20, 3.44, 4.03, 4.48, 6.48 grams. Assuming these represent nine doubly trientes, two aurei and one 1⅓ aureus slice, the average weight of the aureus is 4.40 grams or on the basis of 70 to the pound .
Gallienus : 4.16, 5.58 grams. These fall preferably badly into the standard of 70 to the british pound, if the heavier musical composition is considered a 1⅓ aureus slice .
A.D. 253/254 :
valerian : 2.67, 2.70, 2.72, 2.74, 3.15, 3.32, 3.60, 5.00, 5.30, 5.60 grams. Assuming that these coins represent doubling trientes, aurei, and 1 1/3 aureus pieces, the weight of the aureus is 3.80 grams, or a basis of 80 to the pound .
Gallienus : 2.30, 2.78, 2.84, 2.89, 3.07, 3.12, 3.29, 3.62, 3.64, 3.70, 3.84, 3.87, 3.88, 4.16 grams. On the presumption that these coins represent six double over trientes and eight aurei, the weight of the aureus is 3.92 grams ; if, however, the heaviest while is considered a 1⅓ aureus piece, the weight of the aureus is 3.82 gram. Both of these assumptions indicate a footing of 80 to the pound. If the weights of the coins are thought to indicate ten aurei and four bivalent trientes, then the indicate footing is ninety to the syrian pound .
A.D. 254/255 :
Gallienus : 2.06, 2.30, 2.78, 2.83, 2.93, 3.07, 3.14, 3.50, 3.75, 3.95 grams. Assuming that these coins represent either four or five aurei and the libra doubly trientes, the weight of the aureus is either 3.78 or 3.64 grams. In either case, the footing is 80 to the thump, identical badly adhered to. The footing of 90 to the irish pound is less probably .
A.D. 255/256 :
valerian : 2.08, 2.15, 2.33, 2.60, 2.67, 2.79, 2.89, 3.09, 3.09, 3.28, 3.38, 3.40, 3.40, 3.78, 5.00 grams. On the premise that these coins represent one 1⅓ aureus piece, seven aurei, and seven doubling trientes, the weight of the aureus is 3.53 grams, or on the footing of 90 to the pound .
Gallienus : 2.09, 2.30, 2.52, 3.36, 5.35 grams. On the premise that there is one aureus in this list ( 3.36 grams ), the footing is 90 to the pound .
A.D. 256/257 :
valerian : 1.55, 1.90, 2.03, 2.09, 2.10, 2.15, 2.22, 2.31, 2.36, 2.56, 2.57, 2.60, 2.66, 2.68, 2.95, 3.30, 3.30, 3.53, 3.74, 3.90, 4.11 grams. On the assumption that these coins represent three 1⅓ aureus pieces, four aurei, thirteen double trientes, and one triens, the average weight is about 3.3 grams, or on the basis of 90 to the beat .
Gallienus : 2.00, 2.07, 2.39, 2.45, 2.48, 2.49, 2.69, 2.72, 2.90, 3.65 grams. If two of these coins are assumed to be aurei and the symmetry of the coins double over trientes, the weight of the aureus is 3.50 grams, about 6 % heavier than the contemporary coins of Valerian .
A.D. 257/258 :
valerian : 2.50, 2.74, 3.50 grams .
Gallienus : 1.48, 2.17, 2.39, 3.40, 3.69 grams. Assuming these coins represent aurei, double trientes and trientes, the weight of the aureus is approximately 3.6 grams or on the footing of 90 to the ram .
A.D. 258/259 :
Gallienus : 1.65, 1.90, 2.03, 2.21, 2.30, 2.48, 2.72, 2.80, 3.05, 3.08, 3.10, 3.66, 3.85 grams. On the assumption that these represent seven aurei, five doubly trientes and one triens, the system of weights of the aureus is 3.3 grams, or on the footing of 90 to the pound .
The caption imp c p lic valerianus phosphorus fluorine august appears to have been used during the years A.D. 255 to 257. Weights are as follows : 1.55, 1.90, 2.03, 2.08, 2.09, 2.10, 2.10, 2.15, 2.22, 2.31, 2.32, 2.33, 2.36, 2.40, 2.47, 2.49, 2.50, 2.56, 2.57, 2.60, 2.60, 2.62, 2.66, 2.67, 2.79, 2.85, 2.89, 3.00, 3.09, 3.28, 3.30, 3.40, 3.53, 3.75, 4.11, 5.00, 5.30, 5.60 grams. On the assumption that these coins represent three 1⅓ aureus pieces, thirteen aurei, twenty-four double trientes, and one triens, the average weight of the aureus is 3.4 grams, or the footing of 90 to the egyptian pound .
There are sixteen legends on the reverse of the coins that are common both to Valerian and to Gallienus :

  • AETERNIT AVGG
  • AETERNITAS AVGG
  • APOLINI CONSERVA
  • FELICITAS AVGG
  • FIDES MILITVM
  • IOVI CONSERVA
  • IOVI CONSERVATORI
  • LAETITIA AVGG
  • LIBERALITAS AVGG III
  • ORIENS AVGG
  • PAX AVGG
  • PROVIDENTIA AVGG
  • RESTITVTOR ORBIS
  • ROMAE AETERNAE
  • VICTORIA AVGG
  • VIRTVS AVGG

Legends 5, and 6 were used by Gallienus in his exclusive predominate adenine well as in the joint reign. Weights of coins on which legends 1 and 8 were used indicate a basis of 80 to the pound ; weights of coins on which legends 3, 4, 7, 10, 11, 14 were used indicate a basis of 90 to the pound. The other groups afford no indication of any basis .
Of the coins struck by Gallienus in his exclusive reign, those with GALLIENAE AUGVSTAE—VBIQVE PAX which range in weight from 4.81 to 7.15 grams do not indicate any standard ; those with the masculine form of Gallienus and vbique pax indicate a basis of 80 to the pound ; those with votis x et xx, which are dated in A.D. 263 indicate a basis of 90 to the irish pound. If all the other coins of the lone reign are grouped together the result is as follows :
58 trientes averaging 62 grains to the aureus .
55 double trientes averaging 63.2 grains to the aureus .
99 aurei averaging 62 grains to the aureus .
14 heavier pieces averaging 63 grains to the aureus, if they are considered as 1⅓ aureus pieces. These results indicate a basis of 80 to the pound .
The preceding analyses may with some probability of correctness be summarized as follows :
A.D. 253/254 : coinage at 70 to the ram .
A.D. 255/263 : neologism at 90 to the pound .
A.D. 264/268 : coinage at 80 to the syrian pound. In opinion, however, of the inability to arrange chronologically coins issued after A.D. 260 there may well be, in this subsequently menstruation, coins issued at 70 to the pound .
That there was a definite scheme of neologism during these sixteen years seems more reasonable than that there was no standard. The latter opinion implies the concede of full exemption of action to the officials in accusation of the mints. To say that the aureate coins of this period represented bars of gold with pictures and legends but with no fixed value is an easy way of avoiding the trouble presented by the variety of weights found in the coins of valerian and of Gallienus, but the very kind of weights as of legends ( over eighty-five for Gallienus ) seems to be against that opinion. In big transactions between debtor and creditor, gold has, theoretically at least, passed by weight, whether in Roman or in modern days, but modest transactions, involving, let us say, a single gold man, are enormously handicapped if it is necessary for that single piece to be weighed and its exchange measure in subordinate coins made a matter of dicker. If the government were coining gold entirely for its own purposes, there would be a large and very obvious saving in reducing the number of pieces coined from a syrian pound of gold. It is interesting to note that, in the fashion letters said to have been written about Claudius by Valerian and Gallienus, amber coins, and those presumably of low weights, are referred to by number and not by weight. 357 In one case 300 trientes are mentioned. On the basis of 90 aurei to the pound, these total to over a lebanese pound of gold. 358 It is tempting to infer that a pound of gold was intended, which would imply aurei on the basis of 100 to the pound, but in that event it is strange to find a writer mentioning the phone number of pieces, at a prison term when it was accustomed to speak of gold and silver by the pound .
In Britain at this time, local anesthetic copies of imperial coins appear in a flood, due, possibly, to the depreciation of the official coins .
As was the case in Germany after the inaugural World War, this period of depreciating neologism, though an about insuperable disable to unconstipated business, was an ‘Eldorado for speculators. ‘ 359 Where the german operator made use of extraneous substitute as the basis of his trading, his Roman counterpart could make use of his politics ‘s amber coins .
It has been suggested 360 that in A.D. 264 there was a reduction in the theoretical weight of the antoninianus to 3.41 grams, or one ninety-sixth, and of the denarius to 2.27 grams, or 1/144th, of a beat. But hera again there is no real evidence for this affirmation. Al marco coins do not readily appearance changes in standards. The average weight unit of 409 antoniniani from the Dorchester hoard is 49.3 grains ( 3.20 grams ). 361 The average of 237 coins of valerian and of 482 coins of Gallienus found at Baalan 362 is 3.59 and 3.60 grams respectively. The average of 138 coins of the two rulers from another hoard 363 is 3.23 grams with a broken of 1.9 and a high of 4.9 grams .
Sapor I, who ruled in Persia from A.D. 241 to 272, issued both gold and silver. 364 His gold varied greatly in weight as may be seen from the following table :

Grains Pieces
149 1
127 1
115 2
114 1
113 2
112 1
111 2
104 1

It is apparent that these weights are more in keeping with the Roman gold of the first base century than of the period of valerian and Gallienus. In argent Sapor issued drachma, half-drachmae and obols. average weights are as follows :

Number Weight in grains
Drachmae 63 60.0
Half-drachmae 5 28.7
Obols 13 9.2

If one assumes that the amber unit of measurement was worth 25 dram, and that 113 or 114 grains was the weight unit

  • Valerian
  • Diva Mariniana
Table AJ Aurei

Grs. 253/4 255 255/6 256/7 253 257 257 258 256
to 20
21
22
23 1
24
25
26
27
28
29 1 1
30
31 1 1
32 1 2 1
33 1 1
34 1
35 1 1 1
36 2 2 1
37 1
38 1 3
39 1 2
40 1 1 1
41 2 1 2 2
42 2 1
43 1 1 1
44 3 1 2
45 1 1
46 1 1
47 2
48 1 1
49 1 1
50 1 1 3 1
51 1 1 1
52 1 2
53 1
54 1 1 1
55 1
56
57 1 1
58 1
59
  • Gallienus, joint
  • Salonina
  • Valerian Caesar
  • Gallienus, sole
Table AJ—Continued

c c c c c d e f
Grs. 253/4 254/5 255/6 256/7 257/8 256/8 257/8
to 20 36
21 1
22 1 4
23 7
24 5
25 1 2
26 1 1 2
27 1 1 1 2
28
29 1 1
30 1 3
31 1 1 2
32 1 1 2 1 5
33 1 2 1
34 2 1
35 2 1 1 3 3 3
36 1 3 2 3
37 1 2 1
38 2 1 2
39 1 1 1 1 1 2
40 1 1 1 1
41 1 1 1 2
42 1 1 1 2 3
43 3 2 1
44 3 1 1 3
45 1 1 1 1
46 1 3
47 1 2 3 1 3
48 1 2 1
49 2 3
50 1 5
51 1 1 6
52 1 7
53 1
54 2 1 6
55 1 3
56 2 4
57 2 2
58 1 1 2
59 2 1 1 4
  • Valerian
  • Gallienus, joint
  • Salonina
  • Valerian Caesar
  • Gallienus, sole
Table AJ—Continued

a a c d e f
Rome Rome Uncertain Rome Rome all all all
Grs. 253/4 255 256/7 253/4 254/5
60 1
61 1 2 4
62 1 1 1 1 3
63 2 3
64 1 1 1 3
65 1 10
66 5
67 1 1 7
68 5
69 1 7
70 2
71 8
72 4
73 4
74 1 6
75 7
76 3
77 1 1 2
78 3
79 2
80 1 2 3
81 4
82 1
83 6
84 2
86 1 1 1
88 8
92 5
93 1
94 6
95 2
96 2
97 1
98 1
100 1
101 3
102
103 2
106 2
110 2

of the gold unit, then the ratio of gold to silver was about 1 : 13. This is in close agreement with the contemporary Roman
ratio.

of the gold unit, then the proportion of gold to silver was about 1 : 13. This is in close agreement with the contemporary Roman ratio. A papyrus of the year A.D. 260 365 gives what is probably the earliest definite attest for democratic distrust of the subordinate coinage : “ Since the officials have assembled and accused the bankers of the Banks of Exchange of having closed them on account of their unwillingness to accept the divine coin of the emperors, it has become necessary that an injunction should be issued to all the owners of the banks to open them, and to accept and exchange all coin except the absolutely inauthentic and counterfeit, and not to them only, but to all who engage in commercial enterprise transactions of any kind whatever … ” This text file, however, can not be safely used to denote distrust of the imperial denarius or antoninianus. It would seem to apply only to the coins minted at Alexandria, for Egypt, in a monetary sense, was still a populace by itself .

End Notes

351

Handbuch zur Münzkunde. Bernhart, op. cit., 19, indicates that the custom of weighing gold began about the middle of the third century.
For unlike ideas as to the syndicate of valerian

and Gallienus

compare Mattingly-Sydenham, vanadium, i, 28, and Bernhart, Bernhart,19, indicates that the custom of weighing gold began about the middle of the third century .

352

Num. Chron., 1929, 218 and Berylus, 1938, 47.
For the go steady of valerian

and Gallienus

go steady also1929, 218 and1938, 47 .

353

Chron. an., 354 speaks of a two aureus piece in connection with 354 speaks of a two aureus assemble in connection with Gallienus

354

Found in BMC. ; Hirsch Sale 24 ; Naville Sales 16,17 ; Bachofen Coll. ; Basel Munzhand., Sales 6, 8 ; E. T. Newell Coll .

355

Handbuch, 21, suggests that until A.D. 256 the antoninianus had averaged 50% of silver. Hammer, 104 gives two coins of Bernhart,21, suggests that until A.D. 256 the antoninianus had averaged 50 % of silver. Hammer, 104 gives two coins of valerian

with 40 % of silver and one each of Gallienus

with 72, 50, 47, 34.6 % of argent. The coins called “ silverplate ” have much less argent .

356

Mommsen,

Rom. Münzwesen,

776 n. 116 says, the inaugural certain one-third aureus piece is found at this time .

357

Vila Claud.,

14, 17 .

358

Geldwesen, 173. Certainly until well into the reign of There seems no tell that higher officials were paid in gold rather than in subordinate coins, in hurt of Giesecke,173. surely until well into the reign of diocletian

, pay classifications were inactive on the erstwhile basis of sesterces. It is possible that the bull coins because of their greater burden were worth more than the identical debased “ eloquent ” coins .

359

Mickwitz,

Geld,

59 .

360

Elmer, Verzeichnis.

361

Num. Chron., 1939, 40. Atti east Memorie (1919, 36) gives 13 of Num. Zeit. (1893, 431) gives 10 of Viestnika ( op. cit. ) gives 78 of Wiltshire Arch, and Nat. Hist. magazine 1937/38 gives one of 1939, 40. ( 1919, 36 ) gives 13 of valerian

averaging 3.90 and 31 of Gallienus

averaging 3.0 ; ibid. ( 1921, 63 ) gives one of valerian

at 3.90 ; ( 1893, 431 ) gives 10 of valerian

that median 3.20 ; 10 of the fourth year of Gallienus

that average 3.20 and 10 others that average 3.63.gives 78 of valerian

and 67 of Gallienus

that average 3.02 and 2.93 respectively ; 1937/38 gives one of Gallienus

at 41 grains .

362

Bull. Archeol., 1932/33.

363

Bull. hist. et scientif. Auvergne

, 1939, 56 .

364

Babelon,

Traité

three ; Paruck ;

Zeit. deutsch. morgenlӓnd Gesellsch.,

1880. The coin suggested by Paruck as 1/8 drachma has been figured here as an obol .

CLAUDIUS II

Whatever the arrangement used by Gallienus, Claudius seems to have had early ideas. The fifteen coins for which weights are available, issued both by Claudius and in the identify of his brother, compass from 86 to 71 grains. 366 Their average weight is 80 grains, indicating a basis of 60 to the ram, if indeed the number of coins is great enough to permit an opinion. The change from the apparent miss of arrangement under Gallienus is equally accomplished as it is sudden. 367 It is a curious fact that a few more weights can be found for aurei issued by Victorinus, who reigned in Gaul from A.D. 268 to 270, than for Claudius. Their distribution is as follows : 368

Weight in grains Number of coins Weight in grains Number of coins
72 2 82 1
73 1 83 2
74 1 85 1
75 4 87 2
78 2 93 1
79 2 97 2

These coins cover a slightly wider range than the aurei of Claudius and their average weight is slightly above that found for Claudius .
Homo 369 says that the antoniniani mint by Claudius outside of Rome averaged 3.409 grams, while those struck in Rome averaged 3.067 grams, indicate, so he says, a cheat of about 10 % by those running the mint at Rome. The coins minted at Rome contained from 1.7 to 2.4 % of silver, those minted at Ticinum ( not Tarraco as he says ) from 2.5 to 2.7 %, those minted at Siscia from 2.75 to 3 % and those minted at Antioch about 8.75 %. These variations, according to Homo, were the rationality for Aurelian ‘s try to correct the performance of the Roman mint. 370 however, similar differences in the gold coins of Galba and Elagabalus imply no cheating and it may well be there is no idea of malfeasance here .

Table AK Claudius II

Grains Rome Milan Uncertain Quintillus
71 1
72 1
75 1
77 1
80 2 1
81 1
82 1
84 1
85 1 1
86 1 2
94 1*

End Notes

* possibly a counterfeit .

365

P. Oxyrh.,

1411 .

366

Disregarding one whose authenticity is questioned .

367

Geld, 58, applies the words “grosse Unordnung” to the coinage of Mickwitz,58, applies the words “ grosse Unordnung ” to the coinage of Gallienus

and Claudius

. obviously the term does not by rights apply to Claudius

368

Weights from BMC. ; Bachofen Coll. ; and

Rev. Num.,

1889, 514. There seems to be a difference between the two mints operated by Victorinus .

369

Aurelian, Atti east Memorie (1921, 63) gives 3 that average 3.70; Num. Zeit. (1893, 431) gives one at 3.35; Wiltshire A. & NH. ( op. cit. ) gives 42, 27, 40, 35.5 grains.
156 ; ( 1921, 63 ) gives 3 that average 3.70 ; ( 1893, 431 ) gives one at 3.35 ; gives 42, 27, 40, 35.5 grains .

AURELIAN

Because Aurelian made a dangerous campaign to reform the currency a well as to correct alleged abuses in the mints, the dating of his aureate coins is a matter of great importance. 371 It is unfortunate that it has not yet been satisfactorily done. only ten coins are decidedly dated to the pre-reform period, four from the Roman mint, six from the mint at Siscia. The Roman coins average 74 grains in burden, the Siscia coins 85 grains. The erstwhile are on the footing of 70 to the thump, the latter at 60 to the syrian pound. This is not a satisfactory result for coins presumably contemporary, but the small number of coins may distort the result .
Three coins from the Roman mint marked tr phosphorus seven carbon monoxide II, and consequently decidedly assigned to the post-reform period, weigh 6.31, 6.52, and 6.63 grams, credibly normal variations for a basis of 50 to the pound. The thirteen coins from the Milan mint, which seem to include two quinarii ( or double trientes ), obviously fall into two groups, one at 70 to the pound, the other at 60. The coins of Severina Augusta, whether from Rome or Antioch, are distillery heavier, with one exception all coming within the range of 50 to the british pound .
The aurei of Tetricus, who ruled in Gaul from A.D. 270 to 275, have weights as follows : 372

Weight in grains Number of coins Weight in grains Number of coins
47 1 65 4
50 1 66 3
51 4 67 2
52 1 68 1
53 1 69 2
55 2 70 2
Weight in grains Number of coins Weight in grains Number of coins
56 2 71 3
57 2 72 4
58 2 73 1
59 3 75 1
60 4 77 1
61 4 78 1
62 1 79 1
63 1 119 1

about 40 % of these coins are found within a crop of 56 to 65 grains and only one weighs over 80 grains. Their average system of weights, consequently, is much lower than is the character with the coins of Aurelian. In this respect they differ from the coins of Postumus and Victorinus, which were heavier than the contemporary imperial coins .
Giesecke 373 divides the gold coinage of Aurelian into three periods, corresponding to the three periods in the subordinate neologism as described by Mattingly-Sydenham. The weights as given by Giesecke are as follows :

Period Weight of Aureus Ratio Gold to Silver
1 5.45 grams 1 to 7.82
2 4.36 grams 1 to 9.76
3 6.54 grams 1 to 6.50

The weight of the aureus at these respective periods does not seem supported by the weights given in the deliver newspaper, while the decrease assumed for the moment period does not seem legitimate. There is no evidence for the ratios between gold and silver that are given by Giesecke, and as a matter of fact there is no period in the Roman Empire when ratios equally broken as these are even probable .
Elmer 374 suggests that at the clock of Aurelian ‘s monetary reform, the theoretical system of weights of the antoninianus was increased to 3.84 grams or to l/84th of a hammer, and of the denarius to 2.59 grams or to 1/126th of a ram. For this hypothesis, however, there seems no testify .
The disgust of the mint employees at Rome 375 is not discussed here because it has not so far been proved that it was due chiefly to dishonest practices in the mint. Whether Aurelian ‘s reform virtually demonetized the Gallic issues as suggested by Sutherland 376 seems doubtful in opinion of the cover presence of those coins in late third hundred hoards .
The weights and analyses of Aurelian ‘s antoniniani may be summarized as follows from the figures given by Rohde : 376a

Average Weights

Pre-Reform Reform
Period I II III
Mint No. Wt. No. Wt. No. Wt.
Spain 20 3.50 488 3.48 155 3.79
Gaul 2 2.60 2 4.11
Rome 12 3.17 22 3.80 118 3.69
Siscia 20 3.53 246 3.51 343 3.79
Serdica 62 3.55 97 3.59
Cyzicus 76 3.56 59 3.61 65 3.91
Antioch 40 3.84
Tripolis 9 3.73
Unknown 144 3.37
Average 128 3.49 1023 3.49 829 3.77
Analyses Percentages of Silver
Period II III
Spain 8 3.14 4 4.475
Rome 3 3.83
Siscia 3 3.93 4 3.72
Serdica 1 2.85
Cyzicus 2 3.95 2 3.75
Antioch 1 4.45
Unknown 4 3.27
Average 18 3.37 14 4.02

While the median silver contentedness is approximately ½ % higher in Period III than in Period II, the rate of single coins varies from 4.40 % to 2.80 % in Period II and from 4.90 to 2.575 % in Period III. Dattari gives the analysis of two dateless coins as 3 % silver, while Hammer gives nine analyses that vary from 5.8 to 0.98 % .

Table AL
Aurelian Aurei

Rome Siscia Rome Rome Siscia Severina
Grains pre pre post n.d. Milan Lyons post n.d. Antioch Rome Siscia
47 1
54 1
57 1
61 1
64 1 1 1 1
67 1
69 1 1
70 2
71 1
72 1
73 1
74 3
75 1 2
76 1 2
77 1 2
78 1 3
79 1
80 3 1
81 3 1 1
82 1 2
83 1
Table AL—Continued

Rome Siscia Rome Rome Siscia Severina
Grains pre pre post n.d. Milan Lyons post n.d. Antioch Rome Siscia
84 1 2
85 1 2 1
87 1 1
88 1 1
89 2
92 1
94 1 1 1
95 1 1
96 1 1
97 1 1
98 1 1 1
99 1
100 1 1
101 1
102 1
103 2
105 1
109 3
115 1
118 1
119 2
120/130 5

The gold and silver coins issued in Persia 377 may be classified as follows :
Gold strike by Varahran I ( A.D. 272/276 )

Grains Number
224 1
112 2
110 1

The silver occurs in three denominations :

Hormisdas (A.D. 272) Varahran I

Number Average in grains Number Average in grains
Drachma 1 67 14 61.4
Half-drachma 1 29 1 28
Obol 2 8.3

End Notes

376a

Rohde, T. Die Münzen des Kaisers Aurelianus

, 305 ff .

370

Num. Zeit. (1893, 431) shows variations from 3 to 13.1%.
Hammer, 104 gives one with 7.93, 4.22, two with 2.1, and one with 1.86 % of argent. A tetradrachm from Alexandria

shows 3.81 % of silver ; on p. 107 an antoninianus of Quintillus from Tarraco with 3, one from Rome

with 2.3, one from Siscia

with 2.9 and two from Cyzicus

with 0.8 % of argent ; ( 1893, 431 ) shows variations from 3 to 13.1 % .

371

How much effect the gold captured in Palmyra had in bringing about the reform of the neologism arrangement is unknown but it would seem to be of relatively little importance .

372

Weights from BMC. ; Naville Sale 17 ; Bachofen Coll. ; E. T. Newell Coll. ;

Rev. Num.,

1889, 514 .

373

Geldwesen

, 185 .

374

Verzeichnis

.

375

Econ. Survey, iv, 223 and Malalas, xii, 301 seem wrong in locating this revolt at ( Amer. Jour. Archaeology, 1924, 75) suggests a reading of “5 holokottinoi” in a document he dates about A.D. 270 but this seems unlikely.
intravenous feeding, 223 and Malalas, xii, 301 seem ill-timed in locating this disgust at Antioch

; Zosimos ( one, 61 ) says Aurelian

minted “ newsworthiness ilver ” for the people. Sanders1924, 75 ) suggests a understand of “ 5 holokottinoi ” in a text file he dates about A.D. 270 but this seems improbable .

376

Coinage and Currency in Roman Britain

, 69 .

TACITUS

Considering the shortness of his reign, there is a surprise number of coins extant bearing the name of Tacitus : nine from Gallic 378 mints, eight from the Roman mint, and thirty-eight from the batch at Siscia. The coins from the Gallic and Roman mints seem to be on the basis of 70 to the hammer, with one mint that may be either a 1⅓ or a 1½ aureus man. The coins from the mint at Siscia do not fall promptly into any single standard and have no obtrusive point of concentration, although they seem to indicate a basis of 60 to the pound .
The coins of Florianus seem to fall into two groups ; those from the mint at Ticinum on the

Table AM Tacitus Aurei

Grs. Gaul Rome Siscia Ticinum Antioch Florianus Ticinum
Cyzicus Rome
63 1
64 2 1 1
66 1 2
67 1 1
68 1 2
69 1 1 1
70 1 1
71 1 2 2 1 2
72 3 1 1
73 1 1
74 1 2 1
75 3
76 2 1
78 1
79 2
80 1 1
82 1
83 1 1
84 1
87 1
90 1
91 1
92 1
96 3 1
97 1
98 4
99 1 2 1
101 1
102 1 1 1
103 1
107 2

basis of 70 to the pound; the few from basis of 70 to the ram ; the few from Rome

and Cyzicus

that are decidedly heavier and that seem to be on the footing of 50 to the pound, unless they are to be considered as 1⅓ or 1½ aureus pieces. Weights of the antoninianus are rare. 379 sixteen coins from one roll up 380 average 63.26 grains ( 4.10 grams ) .

End Notes

377

Babelon; Paruck; Zeit. deutsch. morgenlӓnd Gesellsch.

, 1880 .

378

Either Lyons

or Arles but not Cologne .

PROBUS

The 144 gold coins of Probus show two clear-cut points of concentration when arranged by weights. The first is about 80 to 82 grains, the second around 98 grains. The four unaccented weight coins from the Roman mint are obviously quinarii on the basis of 60 to the pound, judging them by their modal weight, but if judged individually one is on the basis of 50 to the irish pound. These are the two bases indicated by the distribution of weights of the coins considered to be aurei .
Two hundred and ten antoniniani have an average burden of 57.5 grains ( 3.73 grams ). 381 The silver medal content 382 varies from 5.2 to 2.24 %, with an average from ten analyses of 3.12 % .
It is interesting to note, in scene of the apparent increase in system of weights of the aureus, that contemporary documents from Egypt give the first evidence extant of a marked increase in prices. A lease of the year A.D. 280 records the rental of a store room which is at a digit approximately thirty times as

Table AN Probus Aurei

Grains Rome Ticinum Lyons Siscia Serdica Cyzicus Antioch Uncertain
30 1
35 1
40 1
49 1
73 1
74 1 1
75 1
76 1 1
78 1
79 1 1
80 1 1 1 2 2 1
81 1 1 1
82 1 2 3
83 1 1 1 1
84 1 1 1 2
85 2 1
86 1
87 1 1 1
88 1
89 1 1
90 2 1 1 1
91 2 2
93 2 1 1 1
94 1
95 2 1
96 1 1 1 2 4
97 3 2 1 1
98 2 1 4 2 1
99 1 3 1 2 1
100 2 2 1 1
101 2 1 1
102 1 2 1
103 1
104 1 1 1 2 1 1
105 1 4
106 2 1 1
108
109 1 1
111 1 1
114 1
115 2
117 1
120/130 1 3

great as the rental for the identical room twenty-one years earlier.

End Notes

379

Bernhart (

Mitteil. Bay. Num. Gesellsch.,

twenty-nine, 1911 ) gives a quinarius at 2.24 and a denarius of Florianus at 3.2 grams. Hammer, 107 gives one coin each with 5.9, 4.9, 4.4 % of silver .

380

Atti e Memorie

, 1921, 63 .

381

Bernhart

(op. cit.),

gives 3.6, 4.18, 3.4, 5.48, 5.35, 3.3, 3.57, 4.0, 4.54, 3.25, 3.68, 4.35, 2.95, 4.05, 4.0, 3.91, 4.51, 4.34, 4.46 and a possible quinarius at 2.7 grams .

382

Hammer 107 gives four with 5.2 and one each with 4.4, 3.82, 3.76, 3.4, 3.22, 2.24 % of silver .

big as the lease for the identical room twenty-one years earlier.

383

unfortunately no european prices for this period are preserved .

source : https://leowiki.com
Category : Economy

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