The Metrology of the Roman Silver Coinage Part III: from Pertinax to Uranius Antoninus 9780860540045, 9781407346908
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Table of contents :
Front Cover
Copyright
CONTENTS
LIST OF FIGURES
ABBREVIATIONS
DEDICATION
INTRODUCTION
NOTE
CHAPTER 1: THE DENARIUS COINAGE
CHAPTER 2: THE CISTOPHORUS COINAGE
CHAPTER 3: GREEK-LEGEND SILVER COINAGE
CHAPTER 4: DEBASEMENT, MONETARY REFORM AND IMPERIAL ECONOMIC POLICY
APPENDIX 1
APPENDIX 2
APPENDIX 3
APPENDIX 4
Citation preview
The Metrology of the Roman Silver Coinage Part III from Pertinax to Uranius Antoninus
D. R.Walker
BAR Supplementary Series 40
1978
British Archaeological Reports 122, Banbury Road, Oxford OX2 7BP, England
GENERAL EDITORS A. C. C. Brodribb, M.A. Mrs. Y. M. Hands
A. R. Hands, B.Sc., M.A., D.Phil. D. R. Walker, M.A.
B.A.R. Supplementary Series 40, 1978: "The Metrology of the Roman Silver Coinage Part III." © D. R. Walker, 1978 The author’s moral rights under the 1988 UK Copyright, Designs and Patents Act are hereby expressly asserted. All rights reserved. No part of this work may be copied, reproduced, stored, sold, distributed, scanned, saved in any form of digital format or transmitted in any form digitally, without the written permission of the Publisher. ISBN 9780860540045 paperback ISBN 9781407346908 e-book DOI https://doi.org/10.30861/9780860540045 A catalogue record for this book is available from the British Library This book is available at www.barpublishing.com
CONTENTS Page List of Figures Abbreviations Introduction
1
CHAPTER 1: THE DENARIUS COINAGE
3
CHAPTER 2: THE CISTOPHORUS COINAGE
72
CHAPTER 3: GREEK-LEGEND SILVER COINAGES Caesarea in Cappadocia CUicia (iii) Syria-Phoenicia (iv) Uncertain mint (i)
(ii)
74 81 83 104
CHAPT�R 4: DEBASEMENT, MONETARY REFORM AND IMPERIAL ECONOMIC POLICY
106
Appendix 1: The Problem of "Standards"
149
Appendix 2: The Volume of the Gold Coinage of Trajan
151
Appendix 3: The Relation of Gold to Silver
154
Appendix 4: Eastern silver coinages possibly connected with the Mint of Rome
159
LIST OF FIGURES
Page
Figure 1
Denarii of Rome, A.D. 193-206
52
2
Denarii and Antoniniani of Rome, A .D. 207-18
53
3
Severan period, denarii, western and eastern mints
54
4
Den.arii and Antoniniani of Rome, A .D. 218-236
55
5
Denar_ii and Antoniniani of Rome, P. .D. 236-249
56
6
Antoniniani of Rome, A .D. 249-253
57
7
Antoniniani of Antioch, A.D. 238-53
57
8
Silver coinage of Rome, A.D. 180-253: of individual issues
9
Syrian tetradrachms, A. D. 180-253
mean fineness
58 98
10
No. of obverse dies per annum in sample; Fontus and Syria
113
11
No. of obverse dies per annum in sample; Tetradrachms of Tyrian stap.dard
116
12
Improvements in fineness, A .D. 70-100
119
13
No. of obverse dies per annum in sample: Tetradrachms of Tyrian standard, A. D. 108-117
123
14
Grams of silver in the denarius to A.D. 253
141
15
Rate of debasement of the denarius, expressed on a per annum basis
142
16
Ratio of gold to silver in aureus and denarius
156
ABBREVIAT IONS
1 .
C o l lect ions
AM
C o l lect ion o f t he Un ivers ity o f Ox ford , Ashmo lean Museu m
BM
Co l lect ion o f t he Br it ish Museum , L ondon
Ba ldw in
S tock o fA . H . Ba ldw in a nd S ons, L td., L ondon
C lay
P r iva te c o l lect ion o f C . L . C lay
Wa lker
P r ivate c o l lect ion o f D . R . Wa lker
2 .
P ub l ished w orks
ANS Museu m N otes
Amer ican Nu m is ma t ic S oc iety Museu m N otes
Be l l.
The S yr ian Tetradrachms o f Caraca l la a nd Macr inus, A. N .S. N um is mat ic S tud ies, 3 .
BMC, BMCRE
Br it ish Museu m Ca ta logue o f Greek Co ins, a nd Co ins o f t he Roman Emp ire ;
a lways BMC when t he
c on tex t i s o bv ious J RS
J ourna l o f Ro man S tud ies
Metro logy I
D . R . Wa lker, The Metro logy o f T he Ro man S i lver Co inage, Part i , f ro m Augustus t o Do m it ian ( B .A.R. S upp le men tary S er ies n o. 5 )
Metro logy I
D . R . Wa lker, T he Metro logy o f The Ro man S i lver Co inage, P art i , f ro m N erva t o Co m modus ( B.A.R. S upp le men tary S er ies n o. 2 2 )
NC
N um is mat ic Chron ic le
NNM
Amer ican N um is ma t ic S oc iety N um is mat ic N o tes a nd Monographs
R IC
Ro man Imper ia l Co inage, Ed. Mat t ing ly , S ydenha m , S u ther land a nd Carson
RN S ydenham
Revue N um is ma t ique E . A . S ydenha m , The Co inage o f C aesarea i n Cappadoc ia
Wruck
W. Wruck , D ie S yr ische Prov inz ia lprNgung v on Augustus b is T ra ian
YCS
Ya le C lass ica l S tud ies
Z fN
Z e itschr if t f ür N um is mat ik
For C . H . V . S utherland o n h is s even t ie th b irthday
Qu id a u te m m iru m e st h oc n os s p ir ita l iter a gere q uod q uot id ie c orpora l iter c ern i mus n um mu lar ios i mp lere?
Qu i c um n um is ma p erc ip iun t , p r ius q ual ita-
t e rn i l l ius, p ost f i gura m , a d e x tre mu m v ero p ondus e xa m inan t.... G regor ius Magnus, Mora l ia , 3 3, 3 5
I NTRODUCT ION
Th is i s t he t h ird v o lume i n as er ies d ea l ing w ith t he metro log ica l d eve lopmen t o f t he s i lver c o inages o f t he e arly Imper ia l p er iod. The f i rst v o lu me ( Br it ish Archaeo log ica l Report s S upp lemen tary S er ies 5 , 1 976 ) d ea lt w ith t he s i lver c o inages o f t he p er iod f ro m Augustus t o Dom it ian a nd a lso l ooked a t s o me o f t he c o inages o ut o f w h ich t he i mper ia l s er ies e vo lved. The s econd v o lu me ( Br it ish Archaeo log ica l Reports S upp le men tary S er ies 2 2, 1 977 ) c overed t he p er iod f rom N erva t o Commodus. Th is v o lu me i s d iv ided i n to t wo p arts. The f i rst s ect ion ( chap ters 1 -3 ) d ea ls i n d eta i l w ith t he s i lver c o inages o f t he Emp ire f rom t he a ccess ion o f P ert inax t o t he u surpa t ion o f U ran ius An ton inus ( A. D. 1 93-253 ). The s econd p art ( chapter 4 a nd Append ices 1 -4 ) i s ag enera l s urvey o f t he e conom ic a nd p o l it ica l f actors i nvo lved i n t he c hanges i n t he i mper ia l c o inage s ystem i n t he who le o f t he p er iod f ro m Augustus t o 2 53.
G enera l c om ment s w ere d e-
l i bera te ly a vo ided i n t he f i rst t wo v o lumes i n o rder t ha t t he who le o f t he p er iod c ou ld b e l ooked a t t ogether ; a nd t he r easons f or t h is w il l b ecome o bv ious t o t he r eader o ft he l ast c hapter, w h ich , i ti s h oped , w i l l b e o f i n teres t t o t he a nc ien t h istor ian a s w el l a s t o t he n um is ma t ist. As t he Roman p er iod a dvances t he s i lver c o inages b ecome more a nd more c om mon , a nd a s ar esu lt d estruct ive methods o f a na lys is b ecome i ncreas ing ly p oss ib le a nd p ub l ished a na lyses a re more p len t ifu l .1 I n t he p er iod c overed b y t h is b ook t here a re more p ub l ished a na lyses a va i lab le t han i n t he e arl ier p er iod , b u t e ven s o t hey w ere q u ite i nadequate t o e stab l ish many o f t he c hanges i n t he c o inage s yste m. I ndeed , t he s amp les u sed i n t he p resen t w ork a re o f ten f ar t oo sma l l , a nd a t an u mber o f p o in ts v ery l arge s amp les o f c o ins w il l b e n eeded b efore i ti s p oss ib le t o f u l ly u nders tand t he d evelop men t o f t he c o inage. Th is i s p art icu lar ly t rue i n t he r e ign o f S everus A lexander. I th as o n ly b een p oss ib le t o u ndertake t h is w ork a s ar esu l t o f t he g enero s ity o f p ersons a nd i nst itut ions w ho h ave w i l l ing ly made a va ilab le b o th t he n ecessary s c ien t if ic i nstrumen ts a nd t he n um isma t ic mater ia l i n t he s a me g eograph ica l l oca t ion .
P ro f. E . T . Ha l l a nd D r. R . E . M. H edges made
a va ilab le t o me t he X-ray f l uorescence s pectroscope i n t he Research L aborat ory f or Archaeo logy a nd t he H istory o f Art , Un ivers ity o f Ox ford.
The b u lk
o f t he c o ins a na lysed w ere a lso made a va i lab le b y t he Un ivers ity o f Ox ford , b u t t hey w ere a ga in s upp le men ted b y mater ia l w il l ing ly l en t t o me b y t he B r it ish Museum , Messrs. A . H . Ba ldw in a nd S ons a nd Mr. Curt is C lay.
I
c an o n ly r epeat my t hanks t o a l l t hese p eop le. Br it ish Archaeo log ica l Reports. J anuary , 1 978.
NOTE
1 .
Ab ib l iography o f a na lyses p ub l ished b efore 1 972 c an b e f ound i n E . T . Ha l l a nd D . M. Metca lf ( eds.), Methods o f Che m ica l a nd Meta l lurg ica l I nvest iga t ion o f Anc ien t Co inage , 1 972, 3 27f f .
To t h is s hou ld b e a dded
( f or t he p er iod A .D. 1 93-253 ) Gordus & Gordus , ' Neutron Act iva t ion Ana lys is o f Go ld Impur ity l eve ls i n S ilver Co ins a nd Art O b jects ' , i n C . W. B eck ( ed. ) Archaeo log ica l Che m istry , 1 24 ;
Carter & Car ter ,
' Che m ica l Co mpos it ions o f t en S ep t im ius S everus Denar i i ', Archaeometry 1 6 ( 1974 ) 2 01.
2
CHAPTER 1 THE DENAR IUS CO INAGE P er t inax - M in t o f Ro me J an- March 1 93 We ight No.
Reference
3 442
A M-R IC 1 (a )
3 443
A M-R IC 1 (a )
3 444
A M-R 1C 2
3 445
( g )
We ight o f % s i lver
Au
Pb
s i lver ( g )
2 .31
9 4.25
t r
1 .25
2 .18
3 .12
7 9.00
-
1 .00
2 .46
2 .85
8 6.00
t r
-
2 .45
A M-R IC 4 (a )
2 .87
9 1.00
t r
0 .50
2 .61
3 446
A M-R IC 8 (a )
3 .24
9 1.00
t r
0 .75
2 .95
3 447
A M-R IC 8 (a )
2 .98
7 8.00
-
1 .25
2 .32
3 448
AM-R IC 1 1(a )
2 .51
8 1.00
-
1 .75
2 .03
3 449
A M-R IC 1 3 (a )
3 .07
8 3.00
t r
0 .75
2-7 )
3 450
AM-R IC 1 3 (a )
3 .84
9 3.25
t r
0 .25
3 .58
3 451
AM-R IC 1 3 (a )
2 .33
9 1.00
-
t r
2 .12
3 452
A M-R IC 1 3 (a )
2 .69
9 0.75
-
1 .00
2 .44
Mean ( 11 c o ins )
2 .89
8 7.11
2 .52
S tandard d ev iat ion
0 .42
5 .66
0 .42
Corrected mean we igh t
3 .16
2 .75
D id ius J u l ianus - M in t o f Ro me March-June 1 93 AM-RIC 1
2 .92
7 3.50
3 454
A M-R IC 1
2 .56
9 3.00
3 455
A M-RIC 2
2 .85
7 4.50
3 456
A M-R IC 3
2 .86
7 4.00
3 457
AM-R IC 7 (a )
3 .21
9 1.50
1 .00
2 .94
3 458
AM-R IC 1 0
2 .94
8 1.50
t r
2 .37
2 .89
8 1.33
S tandard d ev iat ion
0 .19
8 .18
Corrected mean we ight
2 .95
3 453
Mean ( 6 c o ins )
t r
0 .75
2 .15
1 .25
2 .38
t r
t r
2 .12
t r
0 .50
2 .12
2 .35 0 .29 2 .40
S everus - M in t o f Ro me 1 .
Co inage o f J une-Dece mber 1 93
3 459
A M-R IC 1
3 .57
7 0.50
_
0 .50
2 .52
3 460
A M-R IC 1
3 .44
7 2.25
-
0 .50
2 .48
3 461
A M-R IC 2
3 .22
8 5.50
t r
1 .00
2 .75
3 462
A M-R IC 6
2 .64
7 4.00
-
0 .75
1 .95
3 463
A M-RIC 7
2 .55
7 1.00
_
0 .50
1 .81
3
We ight No.
Reference
( g )
We ight o f % s i lver
Au
Pb
s i lver ( g )
3 464
AM-R IC 8
3 .52
7 0 .00
-
0 .25
2 .46
3 465
AM-RIC 9
2 .43
8 3 .00
t r
1 .25
2 .02
3 466
AM-R IC 1 0
2 .56
7 8 .00
-
0 .50
2 .00
3 467
AM-R IC 1 1
2 .84
8 2.50
t r
0 .50
2 .34
3 468
AM-R IC 1 3
3 .45
7 3,50
-
0 .75
2 .54
3 469
AM-R IC 1 4
3 .39
7 1.50
-
0 .75
2 .42
3 470
AM-R IC 1 4
3 .68
8 3.00
-
0 .75
3 .05 2 .32
3 471
AM-R IC 1 4
2 .92
7 9.50
-
0 .50
3 472
AM-R IC 1 4
3 .65
8 0 .50
-
1 ,00
2 .94
3 473
AM-R IC 1 8
3 .11
8 4.00
-
t r
2 .61
3 474
AM-R IC 1 8
3 .37
7 5 .50
-
0 .75
2 .54
3 475
AM-R IC 2 2
3 .17
7 6.00
-
0 .25
2 .41
3 476
. AM-R IC 2 4
2 .85
7 9 .00
-
t r
2 .25
3 477
AM-R IC 2 4
2 .80
8 3.50
-
0 .75
23 4
3 478
AM-R IC ( A lb inus ) 2 .84
8 6.50
-
1 .50
2 .46
3 479
AM-R IC ( A lb inus ) 3 .47
7 3 .00
-
0 .75
2 .53
3 480
AM-R IC ( A lbinus ) 2 .81
8 3 .50
-
1 .00
2 .35
3 481
AM-R IC ( A lb inus ) 3 .39
8 1.00
-
1 .25
2 .75
S tandard d ev ia t ion
3 .12 0 .38
7 8 .12 5 .23
C orrec ted mean weigh t
3 .18
1 (a ) 1 (a ) 1 (c ) 1 (c ) Mean ( 2 3 c o ins )
2 .
2 .43 0 .29 2 .48
C oinage o f A .D . 1 94 ( IMP I , I I )
3 482
AM-R IC 2 7A
2 .87
8 3.50
-
0 .50
2 .40
3 483
AM-R IC 3 2
3 .12
7 3 .50
t r
0 .75
2 .29
3 484
AM-R IC 3 4
2 .72
7 9 .25
-
0 .50
2 .16
3 485
AM-R IC 3 4
3 .60
8 5 .00
-
1 .00
3 .06
3 486
AM-R IC 3 7
3 .17
7 9 .00
-
0 .50
2 .50
3 487
AM-R IC 3 8A
3 .12
7 2 .00
-
0 .50
2 .25
3 .10 0 .27
7 8 .71 4 .74
Mean ( 6 c oins ) S tandard d ev ia t ion 3 . 3 488
AM-R IC 4 0
3 489 3 490
2 .44 0 .30
C o inage o f A .D . 1 94-195 ( IMP I I I ) 2 .68
5 5 .00
-
0 .75
1 .47
AM-R IC 4 3
2 .95
7 7.50
-
0 .75
2 .29
AM-R IC 4 5
3 .39
7 2 .75
-
0 .50
2 .47
3 491
AM-R IC 4 6
3 .38
5 9 .50
-
0 .50
2 .01
3 492
AM-R IC 4 9
2 .96
5 6.00
-
0 .25
1 .66
3 493
AM-R 1C 5 2
2 .67
5 5 .50
-
0 .25
1 .48
4
We igh t
We igh t o f
9 ;s i lv er
No.
Reference
3 494
A M-R IC 5 4
2 .37
7 8.00
3 495
A M-R 1C 5 6
3 .20
7 2.50
Mean ( 8 c o ins )
2 .95
6 5.84
S tandard d ev ia t ion
0 .34
9 .60
4 .
( g )
Au
t r
P b
s i lver ( g )
1 .00
1 .85
0 .50
2 .32 1 .94 0 .36
Co inage i n t he n a me o f C lod ius A lb inus, A .D. 1 94-195
3 496
A M-R IC 2
2 .90
5 2.00
-
t r
1 .51
3 497
A M-R1C 2
2 .40
5 9.00
-
0 .75
1 .42
3 498
A M-R IC 4 (a )
2 .99
7 6.50
t r
0 .50
2 .29
3 499
A M-R IC 4 (a )
3 .29
6 6.00
-
1 .25
2 .17
3 500
A M-R IC 5 (c )
3 .59
7 1.50
t r
1 .00
2 .57
3 501
AM-R IC 7 (a )
3 .22
5 8.00
-
0 .25
1 .87
3 502
A M-R1C 7 (a )
3 .06
6 1.25
_
0 .50
1 .87
3 503
AM-R IC 7 (a )
2 .86
6 4.50
-
0 .50
1 .84
3 504
AM-R IC 7 (a )
3 .20
5 8.00
-
t r
1 .86
3 505
AM-R IC 1 1(a )
3 .41
7 2.75
-
0 .50
2 .48
3 506
AM-R IC 1 1(a )
2 .57
7 9.50
-
0 .50
2 .04
3 507
AM-R IC 1 1(b )
3 .47
7 9.00
-
0 .50
2 .74
Mean ( 12 c o ins )
3 .08
S tandard d ev ia t ion
0 .34
6 6.50 8 .81
5 ,
2 .05 0 .39
Co inage o fA .D. 1 95-196 ( IMP V , V I I )
3 508
AM-R IC 5 8
3 .73
6 6.00
t r
0 .75
2 .46
3 509
AM- R IC 5 9
3 .03
6 0.50
-
1 .00
1 .83
3 510
AM-R 1C 6 0
3 ,01
5 8.00
-
0 .50
1 .75
3 511
AM-R IC 6 0
2 .73
7 1.00
-
0 .50
1 .94
3 512
AM-R IC 6 1
3 .42
5 6.00
-
0 .50
1 .91
3 513
AM-R IC 6 2
3 .29
7 1.00
-
0 .75
2 .34
3 514
AM-R IC 6 3
2 .97
5 6.00
-
0 .25
1 .66
3 515
AM-R IC 6 4
3 .64
5 8.00
-
0 .50
2 .11
3 516
AM-R IC 6 7
2 .68
6 5.50
t r
0 .50
1 .75
3 517
AM-R IC 6 8
3 .14
5 6.50
-
0 .50
1 .77
3 518
AM-R IC 6 8
3 .28
6 4.00
-
1 .00
2 .10
3 519
A M-R IC 6 9
2 .91
6 7.50
-
t r
1 .96
3 520
A M-R 1C 6 9
2 .72
6 0.50
-
0 .75
1 .65
3 521
A M-R IC 7 1A
2 .97
4 9.00
-
0 .50
1 .46
3 .11 0 .31
6 1.40 6 .14
Mean ( 14 c o ins ) S tandard d ev ia t ion Corrected mean we igh t
3 .17
1 .91 0 .26 1 .95
5
6 .
Co inage o fA .D. 1 96-197 We igh t ( g )
We igh t o f
No.
Reference
% s i lver
Au
Pb
s i lver ( g )
3 522
AM-R IC 7 4
3 .64
5 3.50
t r
0 .50
1 .95
3 523
AM-R IC 7 4
3 .29
5 7.00
t r
0 .50
1 .86
3 524
AM-R IC 7 6
2 .66
5 6.50
-
0 .25
1 .50
3 525
AM-R IC 7 6
2 .49
6 2.50
-
0 .50
1 .56
3 526
AM-R IC 7 8(a )
3 .29
5 3.50
-
0 .25
1 .76
3 527
AM-R IC 7 9
2 .98
5 9.25
-
0 .50
1 .77
3 528
A M-R IC 8 0
3 .48
5 2.00
-
0 .25
1 .81
3 529
AM-R IC 8 1(a )
2 .31
6 7.50
-
0 .50
1 .56
3 530 3 531
A M-R IC 8 1 AM-R IC 8 1 v ar
3 .26
4 9.00
-
t r
1 .60
2 .52
6 9.00
t r
0 .25
1 .74
3 532
AM-R IC 8 2
3 .50
5 5.00
-
0 .25
1 .92
3 533
AM-R IC 8 3
3 .16
5 6.00
t r
0 .50
1 .77
3 534
AM-R IC 8 4
3 .07
5 2.50
-
0 .25
1 .61
3 535
AM-R IC 8 5
3 .05
6 6.00
-
0 .25
2 .01
3 536
A M-R IC 8 5
3 .80
5 2.50
t r
0 .50
1 .99
3 537
AM-R IC 8 6
3 .51
6 1.50
-
0 .25
2 .16
3 538
AM-R IC 8 6
3 .13
5 5.00
-
-
1 .72
3 539
AM-R IC 8 7
1 .81
5 2.50
-
t r
0 .95
3 540
AM-R IC 8 8(a )
2 .50
5 5.00
-
0 .25
1 .37
3 541
AM-R IC 9 2 (a )
2 .47
5 0.50
-
0 ,25
1 .25
AM-R IC 9 3
3 .10
5 4.50
-
t r
1 .69
3 543
AM-R IC 9 3
2 .69
7 2.00
-
0 .50
1 .94
3 544
AM-R IC 9 6 (c )
2 .47
6 3.00
-
0 .50
1 .56
3 545
AM-R IC 9 6 (a )
3 .27
5 6.50
t r
0 .50
1 .85
3 542
Mean ( 24 c o ins )
2 .98
5 7.59
1 .70
S tandard d ev iat ion
0 .48
6 .05
0 .26
Corrected mean w e igh t
3 .11 7 .
1 .79
Co inage o fA .D. 1 97
3 546
AN I-R IC 9 7
2 .83
5 1.00
-
3 547
AM-R IC 9 7
3 548
AM-R IC 9 7
3 549
AM-R IC 9 9
3 .10
3 550
AM-R IC 9 9
2 .93
0 .25
1 .44
3 .14
5 6.50
t r
0 .25
1 .77
2 .41
6 4.00
-
0 .50
1 .54
5 8.00
-
0 .50
1 .80
6 8.00
t r
0 .75
1 .99
3 551
AM-R IC 9 9
2 .97
6 4.50
-
0 .75
1 .85
3 552
AM-R IC 1 00
3 .28
6 2.00
-
0 .50
2 .03
3 553
AM-R IC 1 01
3 .25
4 8.50
-
0 .75
1 .58
3 554
AM-R IC 1 04
2 .76
6 2.50
-
0 .75
1 .72
3 555
AN I-R IC 1 04
2 .63
6 3.00
-
0 .50
1 .66
3 556
AM-R IC 1 05
3 .15
5 1.50
-
0 .50
1 .62
3 557
AM-R IC 1 06
2 .66
5 7.00
-
0 .25
1 .52
Mean ( 12 c o ins )
2 .92
5 8.88
S tandard d ev ia t ion
0 .26
5 .88
Corrected mean we igh t
2 .96
1 .72 0 .17 1 .74
6
8 .
Co inage o fA .D. 1 97-198 We igh t
No.
Reference
3 558
We igh t o f
( g )
% s i lver
Au
A M-R IC 1 07
3 .25
6 4.50
3 559
A M-R IC 1 08
3 .25
6 3.50
3 560
A M-R IC 1 10
3 .36
6 1.00
3 561
A M-R IC 1 11A
3 .06
6 1.50
-
3 562
A M-R IC 1 13
2 .69
5 8.00
3 563
A M-R IC 1 13
3 .24
5 6.00
3 564
A M-R IC 1 14A
3 .46
5 3.00
-
0 .75
1 .83
3 565
A M-R IC 1 14A
2 .82
5 3.00
-
0 .50
1 .49
3 566
A M-R IC 1 15
3 .28
5 1.50
-
0 .50
1 .69
3 567
A M-R IC 1 15
2 .35
5 1.50
-
0 .50
1 .21
3 568
A M-R IC 1 15A
3 .71
4 8.50
-
0 .75
1 .80
3 569
A M-RIC 1 17
2 .79
5 6.50
-
0 .75
1 .58
3 570
A M-R IC 1 17
2 .54
4 6.50
-
0 .50
1 .18
3 571
A M-R IC 1 18
4 .13
4 8.50
-
0 .75
2 .00
3 572
A M-R IC 1 18
2 .82
5 5.00
t r
0 .50
1 .55
3 573
A M-R IC 1 19A
3 .55
7 2.00
t r
0 .50
2 .56
-
Pb
s i lver ( g )
1 .50
2 .10
-
1 .50
2 .06
t r
0 .75
2 .05
1 .00
1 .88
t r
0 .50
1 .56
-
0 .75
1 .81
3 574
A M-R IC 1 20 (c )
2 .71
6 3.50
-
0 .75
1 .72
3 575
A M-R IC 1 20 (c )
3 .90
5 9.50
-
1 .25
2 .32
3 576
A M-R IC ( Caraca l la ) 3 .54
5 6.00
-
0 .50
1 .98
3 577
A M-R IC 2 4 (a )
3 .41
5 2.50
t r
0 .50
1 .79
2 4 (a ) 3 578
A M-R IC 2 5 (a )
3 .37
5 1.00
t r
0 .50
1 .72
3 579
A M-R IC 2 5 (a )
2 .96
4 8.00
-
0 .50
1 .42
3 580
A M-R IC 2 5 (a )
3 .16
5 3.00
-
0 .25
1 .67
3 581
A M-R IC 2 6(a )
3 .66
5 0.00
t r
0 .75
1 .83
Mean ( 24 c o ins )
3 .21
5 5.58
1 .78
S tandard d ev iat ion
0 .43
6 .18
0 .31
Corrected mean we igh t
3 .33 9 .
1 .85
Co inage o fA .D. 1 98-200
3 582
A M-R IC 1 22(c )
3 .29
5 1.00
_
1 .00
1 .68
3 583
A M-R IC 1 22(c )
3 .02
6 9.50
-
1 .00
2 .10
3 584
A M-R IC 1 26 (a )
3 .51
6 0.00
-
1 .25
2 .11
3 585
A M-R IC 1 30
3 .28
5 4.50
_
0 .50
1 .79 1 .81
3 586
A M-R IC 1 31
3 .44
5 2.50
-
0 .50
3 587
A M-RIC 1 31
2 .98
6 3.00
-
0 .50
1 .88
3 588
A M-R IC 1 34
3 .46
5 3.00
-
0 .50
1 .83
3 589
A M-R IC 1 35B
3 .42
5 4.00
-
0 .50
1 .85
3 590
A M-R IC 1 38
3 .26
5 5.50
t r
0 .75
1 .81
3 591
A M-R IC 1 39
3 .31
5 6.50
-
0 .50
1 .87
3 592
A M-R IC 1 42 (a )
2 .65
8 5.50
-
1 .00
2 .27
3 593
A M-R IC 1 44 (b )
3 .36
6 4.00
-
1 .00
2 .15
3 594
‘M-R IC 1 45 (a )
3 .08
5 5.50
-
0 .50
1 .71
7
We igh t N o.
Reference
3 595
AM-R IC ( Caraca l la )
3 596
A M-R 1C 2 9
3 597 3 598 3 599
We igh t o f
( g )
% s i lver
3 .51
4 5.00
t r
0 .75
1 .58
3 .11
4 6.00
-
1 .00
1 .43
AM-R IC 3 0 (a )
3 .48
5 0.00
t r
0 .50
1 .74
AM-R 1C 3 0 (a )
3 .36
5 0.00
-
0 .50
1 .68
AM-R IC 3 0 (a )
3 .01
5 6.00
t r
0 .75
1 .69
3 600
AM-R 1C 3 0 (b )
3 .24
5 6.00
t r
0 .75
1 .81
3 601
AM-R IC 3 0 (b )
3 .29
5 1.50
-
1 .00
1 .69
3 602 3 603
AM-R 1C 4 3 AM-R 1C 4 5
3 .16 3 .14
4 9.00 5 3.50
t r -
0 .75 0 .50
1 .55 1 .68
3 604
AM-R IC 4 5 (b )
3 .49
5 1.50
-
0 .25
1 .80
3 605
AM-R IC 4 7 (a )
3 .28
6 2.50
-
0 .25
2 .05
3 606
AM-R IC 4 7 (a )
3 .36
5 2.25
-
0 .50
1 .76
3 607
AM-R IC 4 7a )
3 .43
4 6.00
-
0 .50
1 .58
Mean ( 26 c o ins )
3 .27
S tandard d ev ia t ion
0 .20
5 5.53 8 .26
Corrected mean we igh t
3 .28
2 9
1 0.
Au
Pb
s i lver ( g )
1 .80 0 .19 1 .82
Co inage o fA .D. 2 00-201
3 608
AM-R IC 1 50
3 .42
4 7.00
t r
0 .50
3 609
AM-R 1C 1 57
3 .01
5 5.00
-
0 .25
1 .66
3 610
AM-R 1C 1 60
3 .43
6 2.00
-
0 .50
2 .13
3 611
AM-R 1C 1 60
2 .84
5 7.00
t r
0 .50
1 .62
3 612
AM-R 1C 1 61(a )
3 .42
5 2.00
-
0 .50
1 .78
3 613
AM-R IC 1 62
3 .35
6 1.50
-
0 .50
2 .06
3 614
AM-R IC 1 66
3 .16
5 3.50
-
0 .50
1 .69
3 615
AM-R IC 1 66
3 .17
5 1.50
-
0 .50
1 .63
3 616
AM-R IC 1 67 (a )
3 .40
5 7.00
-
0 .50
1 .94
3 617
AM-R IC 1 67 (a )
3 .35
6 2.00
-
0 .50
2 .08
3 618
AM-R 1C 1 67 (a )
3 .65
5 6.00
-
0 .50
2 .04
3 619
AM-R1C 1 67 (a )
3 .13
5 7.00
t r
0 .50
1 .78
3 620
AM-R 1C 1 67 (a )
3 .23
6 4.00
t r
0 .50
2 .07
3 621
AM-R 1C 1 67 v ar
3 .54
6 4.00
-
0 .50
2 .27
3 622
AM-R1C 1 68(a )
3 .31
5 6.00
t r
0 .50
1 .85
3 623
AM-R IC 1 68 ( a )
3 .08
5 3.50
t r
0 .75
1 .65
3 624
AM-R IC 1 68(a )
3 .06
6 4.00
-
1 .00
1 .96
3 625
AM-R 1C 1 70
3 .09
6 2.00
-
0 .50
1 .92
3 626
AM-R 1C 1 71(a )
3 .11
5 6.50
-
0 .50
1 .76
3 627
AM-R IC 1 71(a )
3 .37
4 7.50
t r
0 .50
1 .60
3 628
AM-R 1C 1 76
3 .44
5 2.50
t r
0 .25
1 .81
3 629
AM-R 1C 1 76
3 .45
6 4.00
t r
0 .50
2 .21
3 630
AM-R IC 1 76
3 .85
6 1.50
-
0 .75
2 .37
3 631
AM-R IC ( Caraca l la ) 3 .43
5 7.00
t r
0 .50
1 .95
3 .27
5 5.00
-
0 .50
1 .80
5 4 (a ) 3 632
AM -R IC 5 4 (b )
8
1 .61
We igh t ( g )
We igh t o f
No.
Reference
3 633
A M-R IC 5 4 (b )
3 .23
5 7.00
3 634
A M-H IC 5 4 (b )
3 .14
3 635
A M-R IC 5 4(b )
3 .50
3 636
AMHIC 6 3
3 637
A M-R IC ( Severus ) 1 50
% s i lver
Au
P b
s i lver ( g )
-
0 .50
1 .84
6 2.00
-
0 .50
1 .95
5 5.00
-
1 .00
1 .92
3 .14
6 0.00
t r
1 .00
1 .88
3 .53
6 8.00
t r
0 .50
2 .40
3 638
A M-RIC 1 50
3 .08
4 8.00
-
0 .50
1 .48
3 639
_A M-R IC 1 50
3 .48
5 3.50
-
0 .50
1 .86
3 640
A M-R IC 1 50
3 .25
5 7.50
-
0 .25
1 .87
3 641
A M-R IC 1 50
2 .44
6 0.00
t r
0 .50
1 .46
3 642
A M-R IC 1 67 (a )
3 .41
4 9.50
t r
1 .00
1 .69
3 643
A M-R IC 1 67 (a )
3 .34
5 2.50
-
0 .50
1 .75
Mean ( 36 c o ins ) S tandard d ev ia t ion
3 .28 0 .24
5 7.00 5 .14
Corrected mean we igh t
3 .31 1 1.
3 644
A M-R IC 1 82
3 645 3 646
1 .87 0 .23 1 .89
Co inage o fA .D. 2 02-203 3 .39
5 5.00
-
0 .75
1 .86
AM-R IC 1 84
2 .90
6 5.00
-
0 .25
1 .88
A M-R IC 1 84
3 .19
5 5.00
-
0 .50
1 .75
3 647
AM-R IC 1 84
3 .07
5 2.50
-
0 .25
1 .61
3 648
AM-R IC 1 85
3 .17
5 1.00
-
0 .25
1 .62
3 649
AM-R IC 1 85
3 .25
4 9.00
-
0 .50
1 .59
3 650
AM-R IC 1 86
3 .24
5 6.00
-
0 .50
1 .81
3 651
AM-RIC ( Caraca l la ) 6 5
3 .64
5 1.00
-
0 .75
1 .86
3 652
AM-R IC 6 5
3 .81
5 9.00
-
0 .50
2 .25
3 653
AM-R IC 6 8
3 .23
5 3.50
-
0 .50
1 .73
3 654
AM-R IC 6 9
3 .21
8 1.00
t r
1 .00
2 .60
3 655
AM-R IC ( Severus )
3 656
AM-H IC 1 89(b )
3 657
AM-H IC ( Caraca l la )
3 658
AM-R IC 6 9
1 89 (b )
2 .76
7 2.50
-
1 .00
2 .00
3 .24
5 5.00
-
1 .00
1 .78
3 .46
5 3.50
-
0 .50
1 .85
3 .16
5 6.00
-
0 .50
1 .77
Mean ( 15 c o ins ) S tandard d ev iat ion
3 .25 0 .25
5 7.67 8 .46
Corrected mean we igh t
3 .25
6 9
1 2.
1 .87 0 .25 1 .87
Co inage o fA .D. 2 04-205
3 659
AM-H IC 1 95
3 .23
6 1.50
3 660
AM-R IC 1 95
3 .60
5 6.00
3 661
AM-R IC 1 96
3 .30
5 3.00
3 662
AM-R IC 1 96
2 .75
5 2.00
9
t r
0 .50
1 .99
0 .50
2 .02
0 .75
1 .75
1 .00
1 .43
We igh t ( g )
We igh t o f
N o.
Reference
3 663
A M-R IC 1 96
3 .18
5 3.50
0 .75
1 .70
3 664
A M-R IC 1 97
3 .66
5 9.00
0 .75
2 .16
3 665
AM-R 1C 1 97
3 .11
5 5.00
0 .25
1 .71
3 666
A M-R IC 1 97
3 .95
5 4.00
0 .50
2 .13
3 667
A M-R IC 1 98
3 .22
6 0.00
0 .50
1 .93
3 668
AM-R IC ( C ar aca l la ) 3 .10
5 9.00
0 .75
1 .83
0 .50
1 .83
0 .50
1 .64
8 0 ( b )
% s i lver
Au
P b
s i lver ( g )
3 669
A M-R 1C 8 0 (b )
3 .21
5 7.00
3 670
A M-R IC 8 1
3 .35
4 9.00
3 671
A M-R 1C 8 1
3 .45
5 9.00
0 .75
2 .04
3 672
A M-R IC 8 2
3 .47
5 2.50
0 .50
1 .82
3 673
AM-R 1C 8 7 (a )
2 .92
7 7.00
0 .25
2 .25
3 .30 0 .29
5 7.16 6 .28
Mean ( 15 c o ins ) S tandard d ev ia t ion 1 3.
t r
1 .89 0 .21
Co inage o fA .D. 2 06
3 674
A M-R 1C 2 00
3 .14
5 2.00
0 .50
1 .66
3 675
A M-R 1C 2 01
3 .36
4 7.00
0 .50
1 .58
3 676
AM-R IC 2 01
3 .15
5 0.00
0 .75
1 .57
3 677
A M-R IC 2 02
3 .11
5 6.00
0 .25
1 .74
3 678
A M-RIC 2 03
2 .97
5 2.50
0 .75
1 .56
3 679
A M-R IC ( Caraca l la ) 3 .28
5 8.50
0 .75
1 .92
8 3 (a )
t r
3 680
A M-R IC 8 3 (a )
2 .73
7 8.00
1 .25
2 .13
3 681
A M-R IC 8 3 (b )
3 .75
4 9.50
0 .50
1 .86
3 682
A M-R 1C 8 3 (b )
3 .40
5 4.50
0 .50
1 .85
3 683
A M-R IC 8 4
3 .15
4 8.50
0 .50
1 .53
3 .20
5 4.75
Mean ( 10 c o ins ) S tandard d ev ia t ion 1 4. 3 684
A M-R IC 2 04
t r
1 .75
0 .28 8 .45 Co inage o fA .D. 2 07
0 .19
2 .70
6 4.50
-
0 .75
1 .74
-
0 .50
2 .15
3 685
A M-R IC 2 07
4 .02
5 3.50
3 686
AM-R IC 2 07A
3 .62
6 6.00
-
1 .25
2 .39
3 .84
5 0.00
t r
0 .75
1 .92
3 687
A M-R1C 2 07
3 688
AM-R IC 2 11
3 .40
5 8.00
-
0 .50
1 .97
3 689
A M-R 1C 2 11
2 .64
6 5.00
-
0 .50
1 .72
3 690
A M-R IC 2 11
3 .14
5 8.50
-
0 .50
1 .84
3 691
AN I-RDC 2 11
3 .38
5 5.50
-
0 .50
1 .88
3 692
A M-R IC 2 14
3 .51
5 1.00
-
0 .50
1 .79
3 693
AM-R IC 2 14
2 .16
6 0.50
-
0 .75
1 .31
3 694
AM-R IC ( Caraca l la ) 3 .41
5 2.00
-
0 .75
1 .77
-
0 .50
1 .97
-
0 .50
2 .22
8 8 3 695
AM-R IC 8 8
3 .31
5 9.50
3 696
AN I-LIC 8 9
3 .20
6 9.50
1 0
We ight No.
Reference
3 697
A M-R IC 8 9
3 698 3 699
( g )
We igh t o f % s i lver
Au
Pb
s i lver ( g )
2 .55
5 4.00
A M-R IC 9 2
3 .10
4 9.50
AN I-R IC 9 2
3 .62
5 1.00
t r
3 700
A M-R IC 9 3
2 .42
7 3.00
t r
0 .50
1 .77
3 701
A M-R IC 9 5
3 .27
4 9.00
0 .50
1 .60
3 702
A M-R IC 9 5
3 .31
5 6.00
0 .50
1 .85
3 703
AN I-RDC 9 6
3 .34
5 2.50
0 .25
1 .75
3 704
AN I-RDC 9 8
3 .42
5 0.00
1 .25
1 .71
3 .21 0 .46
5 7.07
S tandard d ev iat ion Corrected mean we igh t
3 .38
Mean ( 21 c o ins )
1 5.
0 .50
1 .38
0 .75
1 .53
0 .75
1 .85
1 .81 0 .25
6 .88
1 .93
Co inage o fA .D. 2 08
3 705
A M-R IC 2 16
3 .11
5 1.00
0 .75
1 .59
3 706
A M-R IC 2 16
2 .76
5 8.00
0 .25
1 .60
3 707
A M-RIC 2 18
2 .93
5 2.00
0 .50
1 .52
3 708
A M-R IC 2 18
2 .25
5 8.00
0 .75
1 .30
3 709
A M-RIC 2 18
3 .41
5 3.50
0 .25
1 .82
3 710
A M-RIC 2 19
3 .64
4 4.00
1 .00
1 .60
3 711
A M-R IC 2 20
2 .54
5 3.00
0 .75
1 .35
3 712
A M-R TC 2 25A
2 .53
6 8.00
0 .75
1 .72
3 713
A M-R IC ( Cara lu lla ) 3 .70
5 0.00
0 .75
1 .85
3 714
A M-R IC 1 07
3 .37
5 0.00
1 .00
1 .68
3 715
A M-R IC 1 07
3 .48
5 2.50
0 .25
1 .83
3 716
A M-R IC 1 08
3 .59
4 8.50
0 .75
1 .74
1 00
Mean ( 12 c o ins )
3 .11
5 3.21
S tandard d ev iat ion
0 .48
5 .77
Corrected mean we igh t
3 .20 1 6.
_ 1
1 .62 0 .17 1 .70
Co inage o fA .D. 2 09
3 717
A M-R IC 2 26
3 .24
5 0.00
-
0 .50
1 .62
3 718
A M-R 1C 2 26
2 .92
5 9.50
-
0 .50
1 .74
3 719
A M-R IC 2 26
2 .97
5 8.00
-
0 .25
1 .72
3 720
A M-R IC 2 28
2 .76
5 5.50
-
0 .25
1 .53
3 721
A M-R IC 2 29
2 .93
6 1.00
-
0 .50
1 .79
3 722
A M-R IC 2 30
3 .33
6 8.50
-
0 .25
2 .28
3 723
A M-R IC 2 30
3 .28
5 6.00
-
0 .50
1 .84
2 .98
6 5.00
-
0 .50
1 .94
3 724
A M-RIC 2 30
3 725
A M-R IC ( :arw ca l la ) 2 .98
5 3.50
-
0 .25
1 .59
3 726
A M-R IC 1 11
3 .04
6 3.00
t r
0 .25
1 .91
3 727
A M-R IC i ll
3 .42
5 4.00
-
0 .50
1 .85
3 728
A M- R IC 1 12
3 .05
6 5.00
-
0 .75
1 .98
1 11
1 1
We ight
We ight o f
N o.
Reference
3 729
A M-R IC 1 13
2 .97
6 7.50
0 .50
2 .00
3 730
A M-R IC ( Geta ) 5 9(a )
3 .39
5 2.50
0 .50
1 .78
% s i lver
( g )
Au
Pb
s i lver ( g )
3 731
A M-R IC 5 9 (b )
3 .36
6 7.00
0 .50
2 .25
3 732
A M-R IC 6 1(a )
3 .35
5 2.50
0 .75
1 .76
3 733
A M-R IC 6 1(a )
2 .90
4 7.50
0 .25
1 .38
3 734
A M-R IC 6 1(a )
3 .25
5 2.50
1 .50
1 .71
3 735
A M-R IC 6 2 (b )
3 .60
4 9.50
0 .50
1 .78
3 736
A M-R IC 6 8
3 .06
5 4.50
0 .50
1 .67
Mean ( 20 c o ins )
3 .14
S tandard d ev iat ion
0 .22
5 7.63 6 .36
1 7. 3 737
A M- R IC 2 31
3 738 3 739
t r
1 .81 0 .21
Co inage o fA .D. 2 10-211 3 .54
5 8.00
A M-R IC 2 33
3 .54
A M-R IC 2 34
3 .46
0 .75
2 .05
5 2.50
1 .00
1 .86
5 8.50
0 .50
2 .02
3 740
A M-R IC 2 34
2 .63
8 0.00
0 .50
2 .10
3 741
A M-R IC 2 38
3 .10
6 1.00
0 .75
1 .89
3 742
A M-RIC 2 39
2 .92
5 1.00
0 .25
1 .49
3 743
A M-R IC 2 39
3 .09
6 3.50
0 .50
1 .96
3 744
A M-R IC 2 40
3 .13
5 1.50
0 .50
1 .61
3 745
A M-R IC 2 41
3 .07
5 7.50
0 .25
1 .77
3 746
A M-R IC 2 41
3 .57
5 2.50
0 .50
1 .87
3 747
A M-R IC 2 42
3 .34
5 3.00
0 .25
1 .77
3 748
A M-R IC 2 42
4 .22
4 8.50
3 749
A M-R IC 2 43
3 .03
6 1.50
3 750
A M-RIC 2 44
3 .39
3 751
A M-R IC 3 30
3 .38
3 752
A M-R IC 3 31
3 .32
3 753
A M-R IC 3 32
2 .93
3 754
A M-R IC 3 33
3 .28
5 1.50
3 755
A M-R IC 3 35
3 .57
5 1.00
3 756
A M-RIC 3 36
3 .09
5 0.50
3 757
A M-R IC ( Caraca l la ) 3 .49
1 .6 (a )
t r
0 .50
2 .05
t r
0 .25
1 .86
5 2.00
t r
0 .25
1 .76
5 9.50
t r
0 .50
2 .01
5 2.50
0 .25
1 .74
5 4.00
0 .25
1 .58
0 .50
1 .69
0 .50
1 .82
0 .25
1 .56
5 4.50
0 .75
1 .90
1
3 758
AM-R IC 1 16 (a )
3 .09
5 3.00
0 .25
1 .64
3 759
A M-RIC 1 16 (b )
2 .68
5 4.50
0 .25
1 .46
3 760
AM-R IC 1 16(b )
3 .29
5 1.50
0 .25
1 .69
3 761
A M-RIC 1 17 (a )
2 .51
5 2.50
3 762
AM-R IC 1 17 (b )
3 .82
5 3.00
3 763
A M-R IC ( Geta ) 6 9 (a )
3 .02
5 3.00
0 .50
1 .60
3 764
AM-R IC 6 9 (a )
3 .30
5 4.50
0 .25
1 .80
3 765
AM-RIC 6 9(a )
2 .72
5 4.00
0 .50
1 .47
3 766
A M-R IC 7 0 (a )
3 .90
5 4.50
0 .50
2 .12
Mean ( 30 c o ins )
3 .25
S tandard d ev iat ion
0 .37
5 5.17 5 .79
1 2
t r
0 .25
1 .32
0 .25
2 .02
1 .78 0 .21
S everus - M in t o f Ro me Qu inar i i We ight No.
Reference
3 767 3 768
We igh t o f
( g )
% s i lver
Au
P b
s i lver ( g )
F JC 2 0
1 .23
9 0.50
-
1 .25
1 .11
B IC 5 59
1 .36
6 5.00
-
0 .25
0 .88
3 769
A M-R IC 5 59
1 .21
5 8.50
t r
0 .50
0 .71
3 770
A M-R IC ( Caraca l la ) 9 4
1 .15
7 3.00
t r
0 .75
0 .84
3 771
A M-R 1C 1 48
1 .09
7 2.50
-
0 .50
0 .79
3 772
AN I-R IC ( 3eta ) 4 8(a )
1 .15
7 7.50
-
0 .75
0 .89
Mean ( 6 c o ins )
1 .20
7 2.83
0 .87
S tandard d ev iat ion
0 .09
1 0.01
0 .12
C lod ius A lb inus - M in t o f L ugdunu m L a te 1 95-ear ly 1 97 3 773
A M-R IC 1 4 (b )
2 .59
3 774
A M-R IC 2 0 (b )
3 .55
3 775
A M-R IC 2 3 (d )
2 .48
3 776
C lay-obv . d ie a s BMC 2 84
3 .82
3 777
AM-R IC 3 0
3 .12
3 778
AM-R IC -
3 779
AM-R 1C 3 2a (b )
3 780 3 781 3 782
9 0.50
-
0 .75
2 .34
9 3.00
t r
t r
3 .30
9 2.00
t r
0 .50
2 .28
9 2.50
-
t r
3 .53
8 4.00
t r
0 .50
2 .62
3 .05
8 1.50
t r
0 .25
2 .48
2 .78
8 7.00
t r
0 .25
2 .42
AM-R IC 3 4 (c )
3 .05
8 8.50
t r
-
2 .70
AM-R IC 4 1
2 .82
9 6.00
t r
-
2 .71
AM-R 1C 4 3 (c )
3 .03
8 7.00
t r
0 .25
2 .64
Mean ( 10 c o ins )
3 .03
8 9.20
2 .70
S tandard d ev iat ion
0 .39
4 .21
0 .39
P escenn ius N iger - Eastern min ts A .D. 1 93-194 3 783
AN I-R1C 3 (d )
3 .01
5 9.50
-
0 .50
1 .79
3 784
AM-R IC 5 (e )
2 .83
7 1.00
-
1 .50
2 .01
3 785 3 786
AM-R IC 2 6 (d ) AM-R IC 3 4
3 .12 2 .73
6 2.50 6 9.00
-
t r 0 .25
1 .95 1 .88
3 787 3 788
AM-R IC 4 4 (b ) AM-R IC 4 5 (e )
3 .00 2 .71
6 5.50 4 5.50
-
0 .75 0 .50
1 .96 1 .23
3 789
AM-R IC 9 2 (b )
2 .67
5 2.00
-
0 .75
1 .39
Mean ( 7 c o ins )
2 .87
6 0.71
1 .74
S tandard d ev iat ion
0 .16
8 .53
0 .29
1 3
S everus - Eastern m in ts 1 .
' Alexandr ia ,
A .D. 1 93-194
We ight No.
Reference
( g )
We igh t o f % s i lver
Au
Pb
s i lver ( g )
3 790
C lay-B MC 3 19
2 .90
6 9.00
-
0 .50
2 .00
3 791
C lay-B MC 3 21
3 .10
6 6.50
-
0 .50
2 .06
3 792
C lay-B MC 4 24
2 .63
7 8.00
-
0 .50
2 .05
3 793
C lay-B MC- ( rev . 2 .48
5 5.00
-
0 .50
1 .36
2 .78
6 7.12
VENVS FEL IX ) Mean ( 4 c o ins )
2 . 3 794
AM-R IC 3 57 v ar
3 795
Wa lker , E IC
3 796
C lay , E JC p . 1 38, 5
3 797
C lay , R IC p . 1 38,11
3 798
C lay ,1 3N IC p .90
3 799
( 1) C lay , r ev . M INER
1 .87
Emesa , A .D. 1 93 2 .99
7 4.50
-
0 .50
2 .23
3 .45
5 0.50
-
0 .50
1 .74
3 .05
6 5.00
-
0 .50
1 .98
3 .71
6 0.00
t r
0 .25
2 .23
2 .59
6 2.00
-
0 .25
1 .61
3 .41
6 9.50
-
0 .50
2 .37
Mean ( 6 c o ins )
3 .20
6 3.58
2 .03
S tandard d ev iat ion
0 .37
7 .56
0 .28
p . 1 38, 1
V ICT, M inerva 1 ., h o ld ing l ong s cep tre
3 . 3 800
Emesa , A .D. 1 94-5
AM-R IC 3 64
2 .64
7 1.00
-
0 .25
1 .87
3 801
AM-R IC
3 .29
7 3.50
-
0 .75
2 .42
3 802
AM-R IC 3 64
3 .29
5 3.50
-
0 .50
1 .76
-
3 803
AM-RIC 3 69
2 .18
6 6.50
_
0 .75
1 .45
3 804
AM-R IC 3 69
3 .22
5 4.50
-
0 .50
1 .75
3 805
A le -R IC 3 70
3 806
AM-R IC 3 73
3 .87 3 .31
5 0.00 5 2.50
_
0 .25 0 .75
1 .94 1 .74
3 807
AM-R IC 3 74A
2 .98
' 64.50
_
0 .75
1 .92
3 808
AM-R IC 3 74A
3 .10
6 2.50
-
0 .75
1 .94
3 809
AM-R IC 3 77
4 .17
5 5.00
-
0 .50
2 .29
3 810
AM-R IC 3 79
3 .11
5 1.00
_
0 .75
1 .59
3 811
AM-R IC 3 79
2 .78
5 0.00
-
0 .50
1 .39 2 .13
3 812
AM-R IC 3 81
3 .91
5 4.50
-
0 .25
3 813
AM-R IC 3 89
2 .62
6 0.00
-
0 .50
1 .57
3 814
AM-R IC 3 89
3 .74
6 5.50
-
0 .50
2 .45
3 815
AM-R IC 3 98
4 .09
5 4.50
t r
0 .50
2 .23
1 4
We ight No.
Reference
( g )
We ight o f % s i lver
Au
Pb
s i lver ( g )
3 816
A M-R1C 4 00
2 .68
7 0.00
-
0 .75
1 .88
3 817
A M-RIC 3 99
2 .91
5 9.50
t r
0 .50
1 .73 2 .14
3 818
A M-R IC 4 00
2 .78
7 7.00
-
0 .75
3 819
A M-R IC 4 01
2 .69
6 5.50
-
0 .50
1 .76
3 820
A M-R IC 4 02
1 .99
8 4.50
-
0 .75
1 .68
3 821
A M-R IC 4 03
3 .51
5 6.00
t r
0 .50
1 .97
3 822
A M-R IC 4 05
2 .95
6 2.00
t r
0 .75
1 .83
3 823
A M-R IC 4 05B
2 .88
8 7.00
t r
0 .25
2 .51
3 824
A M-R 1C 4 06 (a )
3 .03
6 4.50
-
0 .75
1 .95
3 825
A M-RIC 4 11(a )
3 .00
5 9.00
t r
0 .50
1 .77
3 826
A M-R IC 4 11(a )
3 .56
5 7.50
t r
1 .00
2 .05
3 827
A M-RIC 4 13
3 .28
6 2.00
t r
0 .75
2 .03
3 828
A M-R1C 4 14
3 .53
5 4.50
-
0 .50
1 .92
S tandard d ev iat ion
3 .14 0 .51
6 2.00 9 .49
Corrected mean we igh t
3 .35
Mean ( 29 c o ins )
4 . 3 829
2 .08
Emesa, A .D. 1 95
A M-R IC 4 32
3 .32
6 6.50
3 830
A M-R IC 4 34
2 .84
3 831
A M-R 1C 4 35
2 .90
Mean ( 3 c o ins )
3 .02
5 8.67
Corrected mean we igh t
3 .20
5 . 3 832
0 .75
2 .21
5 3.00
1 .50
1 .51
5 6.50
0 .50
1 .64 1 .77 1 .88
L aod icea , A .D. 1 93 ( IMP o r IMP I )
AM-RIC -
3 .17
5 9.50
t r t r
3 833
A M-RIC 4 41B
2 .91
5 1.00
3 834
A M-R IC -
2 .55
5 7.50
2 .88
5 6.00
Mean ( 3 c o ins )
6 .
1 .92 0 .28
0 .50
1 .89
0 .50
1 .48
0 .50
1 .47 1 .61
L aod icea , A .D. 1 94 ( ear ly ) ( IMP I )
3 835
A M-R1C 4 55 (a )
3 .12
6 4.00
t r
1 .00
2 .00
3 836
A M-RIC 4 59
3 .04
5 5.50
-
0 .75
1 .69
3 837
A M-R IC 4 59
3 .01
5 7.50
t r
0 .50
1 .73
3 838
AM-R IC 4 61(c )
3 .01
5 0.50
-
1 .25
1 .52
3 839
C lay-R IC
3 .35
5 4.50
-
0 .25
1 .83
3 840
C lay-R IC 4 61(a )
2 .55
6 6.00
-
0 .25
1 .68
3 841
C lay-RIC 4 52 v ar
2 .74
5 1.00
-
0 .50
1 .40
3 842
C lay-R IC 4 52 v ar
2 .55
6 1.00
-
0 .25
1 .56
3 843
C lay-R IC 4 52 v ar
3 .49
6 0.50
t r
0 .50
2 .11
Mean ( 9 c o ins )
2 .98
5 7.83
1 .72
S tandard d ev ia t ion
0 .31
5 .15
0 .21
1 5
7 .
L aod icea , A .D. 1 95 ( IMP V ) We ight
N o.
Reference
3 844
A M-R IC 4 65 8 .
3 845
% s i lver
3 .40
5 1.00
Au t r
Pb
s i lver ( g )
0 .50
1 .73
1 .00
1 .73
L aod icea , A .D. 1 96-197 2 .96
AM-R IC 4 75
We igh t o f
( g )
5 8.50
t r
3 846
AM-R IC 4 79A
3 .28
5 3.00
-
0 .50
1 .74
3 847
AM-R IC 4 83
3 .34
5 2.00
t r
1 .50
1 .74
3 848
AM-R IC 4 85
3 .60
6 6.00
t r
0 .75
2 .38
3 849
AM-R IC 4 90 (a )
3 .41
5 5.00
-
0 .75
1 .88
3 850
AM-R1C 4 90 (a )
3 .12
6 0.00
-
0 .50
1 .87
3 851
AM-R IC 4 90 (a )
3 .26
5 0.00
-
0 .75
1 .63
3 852
AM-R IC 4 90 (a )
3 .27
5 4.50
-
0 .75
1 .78
3 853
AM-R IC 4 91(a )
3 .19
5 4.50
-
0 .75
1 .74
3 854
A M-R IC 4 91(a )
3 .24
5 4.00
-
1 .00
1 .75
3 855
AM-R IC 4 91(a )
3 .09
4 9.00
-
1 .00
1 .51
3 856
AM-R 1C 4 91(a )
3 .12
5 3.00
t r
0 .50
1 .65
3 857
AM-R IC 4 91(a )
3 .85
5 2.50
t r
0 .75
2 .02
Mean ( 13 c o ins )
3 .29
5 4.77
1 .80
S tandard d ev iat ion
0 .22
4 .33
0 .21
9 .
L aod icea , A .D. 1 97-198
3 858
AM-R IC 4 92
3 .18
5 7.00
-
0 .50
1 .81
3 859
AM-R 1C 4 92
2 .83
5 7.00
-
1 .25
1 .61
3 860
AM-R IC 4 93
3 .28
5 9.00
-
1 .00
1 .94
3 861
AM-R IC 4 94
3 .63
5 5.50
t r
0 .50
2 .01
3 862
AM-R 1C 4 94
3 .32
6 4.50
-
0 .75
2 .14
3 863
AM-R IC 4 95
3 .35
4 9.50
-
1 .00
1 .66
3 864
AM-R 1C 4 95 v ar
3 .30
5 5.50
t r
1 .00
1 .83
3 865
AM-R 1C 4 95 v ar
2 .74
5 7.00
-
0 .50
1 .56
3 866
AM-R IC 4 97 (a )
3 .30
5 5.50
-
0 .75
1 .83
3 867
AM-R IC 4 97 (a )
3 .18
5 5.50
t r
1 .00
1 .76
3 868
AM-R IC 4 97 (a )
3 .53
5 7.50
-
0 .50
2 .03
3 869
AM-R 1C 4 99
3 .39
6 6.00
t r
0 .50
2 .24
3 870
AM-R 1C 4 99
3 .40
5 5.00
-
1 .00
1 .87
Mean ( 13 c o ins )
3 .26
5 7.27
1 .87
S tandard d ev ia t ion
0 .24
4 .02
0 .19
1 0. 3 871
AM-R 1C 5 01
L aod icea , A .D. 1 98-202 3 .76
5 1.50
_
1 .00
1 .94
3 872
AM-R IC 5 01
3 .43
5 7.00
-
1 .00
1 .96
3 873
AM-R IC 5 02 (b )
3 .02
5 3.00
_
0 .50
1 .60
3 874
AM-R . 1 [C 5 03(a )
3 .62
5 7.50
t r
0 .50
2 .08
1 6
We ight
We ight o f
No.
Reference
( g )
% s i lver
Au
Pb
s i lver ( g )
3 875
A M-R IC 5 03(a )
3 .05
5 3.00
0 .75
1 .62
3 876
AN I-R1C 5 03 (a )
3 .29
7 4.50
1 .00
2 .45
3 877
A M-R IC 5 03(a )
3 .31
5 3.00
0 .50
1 .75
3 878
AN I- RIC 5 03(a )
3 .09
5 2.00
0 .50
1 .61
3 879
AN I-R IC 5 03(a )
3 .74
5 2.50
t r
0 .75
1 .96
3 880
AN I-R IC 5 03(a )
3 .34
5 2.00
t r
0 .25
1 .74
3 881
A M-R IC 5 04
3 .73
5 1.00
0 .50
1 .90
3 882
A M-HIC 5 04
2 .93
9 0.00
1 .25
2 .64
3 883
A M-HIC 5 05
3 .46
5 5.50
0 .50
1 .92
3 884
A M-R IC 5 07
3 .37
5 4.00
0 .75
1 .82
3 885
A M-R IC 5 09
4 .12
5 7.00
1 .50
2 .35
3 886
A M-R IC 5 10 (a )
3 .69
5 8.00
0 .50
2 .14
3 887
A M-HIC 5 10(a )
3 .21
5 3.50
1 .00
1 .72
3 888
A M- H IC 5 10(a )
3 .18
5 5.00
1 .00
1 .75
3 889
A M-R IC 5 10 (a )
2 .93
5 3.50
0 .75
1 .57
3 890
A M-R IC 5 10 (a )
3 .32
5 7.00
1 .00
1 .89
3 891
A M-R IC 5 11(a )
3 .31
5 7.00
0 .75
1 .89
3 892
A M- H IC 5 12A
3 .57
5 5.00
0 .75
1 .90
3 893
AN I-R IC -
3 .32
5 5.50
t r
1 .00
1 .84
3 894
A M-R IC 5 132 (
4 .16
5 8.50
t r
0 .75
2 .43
3 895
A M-R IC 5 14
4 .52
5 1.50
0 .75
2 .33
3 896
A M- H IC 5 14
3 .19
5 3.50
1 .00
1 .71
3 897
A M-R IC 5 16
3 .47
5 0.50
1 .00
1 .75
3 898
A M-R IC 5 16
3 .67
5 5.00
1 .00
2 .02
3 899
AN I-R IC 5 19
2 .51
7 8.00
1 .25
1 .96
Mean ( 29 c o ins )
3 .42
S tandard d ev iat ion
0 .40
5 7.07 8 .63
1 1. A M-R IC 5 23
3 .04
5 3.00
3 901
A M-R IC 5 23
3 .01
3 902
A M-R IC 5 23
2 .95
3 903
A M-RIC 5 26
3 904
A M-R IC -
S tandard d ev iat ion
1 .94 0 .27
Laod icea , A .D. 2 01-202
3 900
Mean ( 5 c o ins )
1 _
0 .50
1 .61
5 2.00
0 .50
1 .57
5 6.00
1 .00
1 .65
3 .31
5 4.00
0 .75
1 .79
3 .69
5 0.50
1 .00
1 .86
3 .20
5 3.10
1 .70
0 .27
1 .85
0 .11
Caraca l la - M int o f Ro me 1 .
Co inage o fA .D. 2 11
3 905
A M-R IC 1 84
2 .87
4 9.50
-
3 906
A M-R IC 1 84
3 .55
6 6.00
3 907
A M-R IC 1 84
2 .87
6 7.50
3 908
!N I-R IC 1 85
3 .19
4 8.00
1 7
0 .25
1 .42
t r
t r
2 .34
t r
0 .25
1 .94
-
0 .25
1 .53
We ight No.
Reference
( g )
We ight o f % s i lver
Au
Pb
s i lver ( g )
3 909
A M- H IC 1 85
3 .39
5 2.00
-
0 .25
1 .76
3 910
AN I-R IC 1 88A
3 .14
4 6.00
-
0 .75
1 .44
3 911
A M- H IC 1 89
2 .68
6 2.00
-
0 .25
1 .66
3 912
AN I-RIC 1 89
3 .49
5 5.00
-
0 .25
1 .92
3 913
AN I-R IC 1 91
3 .16
4 8.00
-
0 .75
1 .52
3 914
A M-R IC 1 91
2 .88
6 8.50
-
0 .50
1 .97
3 915
AN I-RIC 1 91
3 .83
5 1.50
-
0 .50
1 .97
3 916
A M-HIC ( Geta ) 7 8a
3 .30
5 2.00
-
0 .25
1 .72
3 917
AN I-RIC 8 0
3 .26
5 1.00
-
0 .25
1 .66
3 918
A M-R IC 8 1
2 .85
4 5.00
-
0 .50
1 .28
3 919
AM- H IC 7 4
3 .95
5 8.50
-
0 .50
2 .31
3 920
A M-R IC 7 5
3 .20
5 3.50
-
0 .50
1 .71
3 921
An -R IC 7 7
2 .85
5 0.50
-
0 .25
1 .44
3 922
A M-R IC 7 7
3 .64
5 3.00
t r
0 .25
1 .93
3 923
AM- H IC 7 9
3 .14
5 4.00
-
0 .25
1 .70
3 924
AM- H IC 7 9
3 .14
5 2.50
t r
0 .25
1 .65
3 925
AM- H IC ( Caraca l la ) 3 .04
5 5.00
t r
0 .25
1 .67
3 926
A M- H IC 1 91C
2 .84
5 4.50
-
0 .50
1 .55
3 927
AM- H IC 1 91F
3 .23
5 8.00
t r
0 .25
1 .87
Mean ( 23 c o ins )
3 .20
5 4.41
1 .75
S tandard d ev iat ion
0 .32
6 .29
0 .23
1 91B
2 .
Co inage o f A .D. 2 12
A M-R IC 1 92
3 .23
5 4.00
-
0 .50
1 .74
3 929
A M-R IC 1 92
3 .43
5 0.50
t r
0 .50
1 .73
3 928 3 930
A M-R IC 1 92
3 .22
5 0.00
-
0 .25
1 .61
3 931
A M-R IC 1 93
3 .24
4 9.00
t r
0 .50
1 .59
3 932
A M-R IC 1 94
3 .41
4 7.00
-
0 .75
1 .60
3 933
A M-R IC 1 94
3 .34
5 6.00
-
1 .50
1 .87
3 934
A M- H IC 1 95
3 .03
4 8.00
-
0 .50
1 .45
3 935
A M-R IC 1 96
2 .13
5 1.00
t r
0 .25
1 .09
3 936
A M-R IC 1 96
3 .26
4 8.00
-
0 .75
1 .56
3 937
A M-R IC 1 96
3 .12
5 3.00
-
0 .25
1 .65
3 938
An -R IC 1 96
3 .74
5 0.00
-
0 .50
1 .87
3 939
A M-R IC 1 99
3 .75
5 0.00
-
0 .50
1 .89
Mean ( 12 c o ins )
3 .24
5 0.54
1 .64
S tandard d ev iat ion
0 .40
2 .53
0 .21
3 .
Co inage o f A .D. 2 13 5 6.50
0 .75
1 .83
4 .30
5 3.50
0 .50
2 .30
3 .63
4 9.00
0 .75
1 .78
4 8.00
0 .25
1 .77
3 940
A M- H IC 2 06 (a )
3 .24
3 941
AM-R IC 2 06 (a )
3 942
A M- H IC 2 06
3 943
A M-R IC 2 06(b )
3 .68
1 8
We ight ( g )
We ight o f
No.
Reference
3 944
A M-R IC 2 08(a )
3 .07
5 0.00
-
t r
1 .54
3 945
A M-R IC 2 08(a )
3 .14
5 7.00
-
0 .75
1 .79
3 946
A M-R IC 2 08(a )
3 .26
4 9.00
t r
0 .50
1 .60
3 947
A M-R IC 2 09(a )
3 .25
5 3.50
-
t r
1 .74
3 948
A M-R IC 2 09(a )
3 .31
4 9.00
-
0 .50
1 .62
3 949
A M-RIC 2 35
3 .29
5 2.00
-
0 .25
1 .71
3 950
A M-R IC 2 35
3 .59
5 0.50
t r
0 .50
1 .81
3 951
A M-R IC 2 36
3 .40
4 9.00
-
0 .50
1 .67
Mean ( 12 c o ins )
3 .43
5 1.42
1 .76
S tandard d ev iat ion
0 .32
2 .94
0 .18
4 .
% s i lver
Au
Pb
s i lver ( g )
Co inage o fA .D. 2 14
3 952
A M-RIC 2 38
2 .81
4 7.50
-
0 .50
1 .33
3 953
A M-R IC 2 38A
3 .01
5 4.50
t r
0 .25
1 .64
3 954
A M-R IC 2 39
3 .64
4 9.50
-
0 .50
1 .80
3 955
A M-R IC 2 39
3 .41
5 1.00
-
0 .25
1 .74
3 956
A M-R IC 2 40
3 .45
5 1.50
t r
0 .50
1 .7t
3 957
A M-R IC 2 40
3 .48
5 6.50
t r
0 .50
1 .97
3 958
A M-R IC 2 40
2 .96
5 4.00
-
t r
1 .60
3 959
A M-R IC 2 44
3 .60
4 6.00
-
0 .50
1 .66
3 960
A M-R IC 2 46
3 .37
5 1.00
-
0 .50
1 .72
Mean ( 9 c o ins )
3 .30
5 1.28
1 .69
S tandard d ev iat ion
0 .28
3 .17
0 .16
5 . 3 961
A M-R IC 2 58(a )
An ton in ian i o fA .D. 2 15 4 .59
4 5.50
t r
0 .50
2 .09
3 962
A M-R IC 2 58(b )
5 .30
4 7.50
t r
0 .25
2 .52
3 963
AM-R IC 2 60(b )
4 .82
5 0.00
-
0 .25
2 .41
3 964
A M-R IC 2 60 (b )
4 .45
5 7.50
t r
0 .50
2 .57
3 965
A M-R IC 2 61(d )
5 .16
4 7.00
t r
0 .25
2 .43
3 966
A M-R IC 2 63(c )
5 .85
4 9.50
-
0 .50
2 .90
3 967
A M-R IC 2 63 (d )
5 .19
4 8.50
-
0 .25
2 .52
3 968
A M-R IC 2 64(b )
5 .16
5 2.00
t r
0 .25
2 .68
Mean ( 8 c o ins )
5 .07
4 9.69
S tandard d ev iat ion
0 .41
0 .22
Corrected mean we ight
5 .13
2 .55
We igh t o f t heoret ica l d enar ius 2 .57
1 .28
6 .
2 .52
Denar i i o f A . D. 2 15
A M-R IC 2 51
3 .21
5 5.00
-
3 970
A M-R IC 2 51
3 .10
5 5.50
3 971
P M-R IC 2 52
3 .25
5 7.50
3 969
1 9
0 .50
1 .77
t r
0 .75
1 .72
t r
0 .25
1 .87
We igh t ( g )
We ight o f
No.
Reference
% s i lver
3 972
AN I-R IC 2 52
3 .22
4 8.50
3 973
A M-R IC 2 53
3 .18
4 7.50
3 974
AN I-R IC 2 54
3 .48
Au
Pb
s i lver ( g )
t r
0 .50
1 .56
0 .25
1 .51
5 6.00
t r
0 .25
1 .95
4 8.50
t r
0 .50
1 .43
3 975
A M-R IC 2 54
2 .95
3 976
AN I-RIC 2 54
3 .43
5 0.50
0 .50
1 .73
3 977
AN I-R IC 2 55
3 .58
5 2.00
0 .50
1 .86
3 978
AN I-RIC 2 55
3 .70
4 7.50
0 .25
1 .76
3 979
1 ‘N I-RIC 2 58(c )
4 .14
4 3.50
0 .25
1 .80
3 980
AN I-R IC 2 61(a )
2 .94
5 1.50
0 .50
1 .51
3 981
AN I-RIC 2 6 4 )
3 .28
3 8.50
0 .50
1 .26
3 982
AN I-R IC 2 64 (a )
2 .91
5 7.00
0 .50
1 .66
3 983
AM-R IC 2 66
3 .12
4 8.50
0 .50
1 .51
3 984
AN I-R IC 2 66
2 .98
5 2.50
0 .50
1 .56
3 985
AN I-RIC 2 66
3 .03
4 4.50
0 .75
1 .35
3 986
A M-R IC 2 67
2 .60
5 2.00
0 .25
1 .35
3 987
AN I-RIC 2 67
2 .94
4 8.00
0 .50
1 .41
3 988
AN I-RIC 2 68
2 .61
4 9.50
t r
0 .25
1 .29
3 989
A M-R IC 2 68
3 .21
5 1.00
t r
0 .75
1 .64
3 990
A M-R IC 2 68
2 .74
5 7.00
0 .50
1 .56
Mean ( 22 c o ins )
3 .16
5 0.54
S tandard d ev iat ion
0 .35
4 .69
Corrected mean we ight
3 .17
7 .
t r
1 .60 0 .19 1 .60
Anton in ian i o fA .D. 2 16-217
3 991
A M-RIC 2 75(b )
5 .51
5 7.50
3 992
A M-R IC 2 77 (b )
5 .20
5 6.50
3 993
A M-R IC 2 80 (d )
5 .50
5 4.50
3 994
A M-R 1C 2 81(a )
4 .55
4 7.00
3 995
A M-R IC 2 81 ( a )
4 .71
5 2.00
t r
3 996
A M-R IC 2 82 (e )
4 .51
4 9.50
t r
3 997
A M-R IC 2 85 (c )
5 .11
5 4.00
3 998
A M-R 1C 2 85 (d )
4 .85
4 7.00
3 999
A M-R IC 2 93(e )
4 .29
5 1.00
t r
t r
0 .75
3 .17
0 .50
2 .94
0 .25
3 .00
0 .50
2 .14
0 .25
2 .45
0 .25
2 .23
0 .25
2 .76
0 .50
2 .28
0 .50
2 .19
0 .25
2 .86
0 .50
2 .43
4 000
A M-R1C 2 93(f )
5 .07
5 6.50
4 001
A M-R IC 2 97 (c )
5 .01
4 8.50
4 .94
5 2.18
2 .58
3 .69
0 .35
Mean ( 11 c o ins ) S tandard d ev iat ion
0 .38
Corrected mean we igh t
5 .03
2 .62
We igh t o f t heoret ica l d enar ius 2 .52
1 .31
8 .
Denar i i o fA .D. 2 16
4 002
A M-R IC 2 75 (a )
3 .09
5 9.00
t r
4 003
A M-R IC 2 75 (a )
3 .25
4 7.00
t r
0 .25
1 .53
4 004
A M-R IC 2 75 (c )
2 .52
5 0.00
-
0 .50
1 .26
2 0
0 .50
1 .82
We ight o f
We ight ( g )
% s i lver
A M-R IC 2 77 (c )
3 .25
5 2.00
0 .50
1 .69
A M-R IC 2 80 (c )
3 .24
5 8.00
0 .50
1 .88
3 .50
4 7.00
0 .25
1 .64
No.
Reference
4 005 4 006
Au
Pb
s i lver ( g )
4 007
A M-R IC 2 80(c )
4 008
A M-R IC 2 80 (c )
2 .86
5 0.50
0 .50
1 .44
4 009
A M-R IC 2 80 (c )
3 .04
5 4.00
0 .50
1 .64
4 010
A M-R IC 2 81(b )
3 .30
5 0.00
0 .25
1 .65
4 011
A M-R IC 2 81(b )
2 .80
6 8.50
t r
0 .25
1 .92
4 012
A M-R IC 2 81(b )
3 .74
5 1.50
t r
0 .50
1 .93
4 013
A M-R IC 2 82(f )
3 .08
5 4.00
4 014
A M-R IC 2 83(c )
Mean ( 13 c o ins ) S tandard d ev iat ion 9 .
3 .34
5 2.00
3 .15 0 .30
5 3.35 5 .56
0 .50
1 .66
0 .25
1 .74 1 .68 0 .18
Denar i i o fA .D. 2 17
4 015
AN I-R IC 2 85 (a )
3 .07
4 9.50
-
0 .25
1 .52
4 016
A M-R IC 2 85 (a )
3 .12
5 4.00
-
0 .25
1 .68
4 017
A M-R IC 2 87 (a )
2 .72
4 8.00
t r
0 .25
1 .31
4 018
A M-R IC 2 89 (c )
3 .46
5 0.00
_
0 .25
1 .73
4 019
A M-R IG 3 90
3 .07
5 2.00
-
0 .50
1 .60
4 020
A M-R IC 2 93 (d )
2 .83
5 5.00
_
0 .50
1 .56
4 021
A M-R IG 2 93 v ar
3 .11
5 0.50
t r
0 .50
1 .57
_
0 .50
1 .64
_
0 .25
1 .44
4 022
A M-R IC 2 96 (c )
3 .19
5 1.50
4 023
A M-R IC 2 97 (e )
3 .10
4 6.50
3 .07
5 0.78
1 .56
0 .20
2 .55
0 .12
Mean ( 9 c o ins ) S tandard d ev iat ion 1 0.
An ton in ian i o f 2 15-217
4 024
A M-R IC 3 10 (a )
5 .33
4 9.50
t r
0 .50
2 .64
4 025
A M-R IC 3 11(c )
5 .67
4 8.50
_
0 .50
2 .75
4 026
A M-R IC 3 11(c )
5 .17
5 4.00
t r
0 .25
2 .79
4 027
A M-R IC 3 11(c )
5 .35
5 1.00
_
0 .75
2 .73
4 028
A M-R IC 3 11(c )
5 .26
4 9.50
-
0 .50
2 .60
4 029
AM-R IC 3 11(d )
5 .16
4 9.50
-
0 .50
2 .55
4 030
AM-R IG 3 11(c )
5 .16
5 6.00
t r
0 .50
2 .89
4 031
A M-R IC 3 11(c )
4 .57
4 9.50
t r
0 .75
2 .26
4 032
A M-R IC 3 12 (c )
4 .94
5 1.50
-
0 .25
2 .54
4 033
A M-R IC 3 12 (c )
5 .01
4 8.50
-
0 .50
2 .43
-
0 .50
2 .80
4 034
AM-R IG 3 79 (a )
4 .37
6 4.00
4 035
AM-R IG 3 87
4 .55
4 8.50
t r
0 .25
2 .21
4 036
A M-R IG 3 88 (a )
5 .15
5 2.00
_
0 .50
2 .68
4 037
A M-R IG 3 88(a )
4 .83
5 2.50
t r
0 .50
2 .54
4 038
A M-R IG 3 88 (a )
4 .86
5 0.00
t r
0 .50
2 .43
4 039
AM-R IG 3 89 (a )
5 .16
5 2.50
_
0 .50
2 .71
2 1
We igh t No.
Reference
( g )
We igh t o f % s i lver
Au
Pb
s i lver ( g )
Mean ( 16 c o ins )
5 .03
5 1.68
2 .60
S tandard d ev iat ion
0 .33
3 .79
0 .19
Corrected mean we ight
5 .11
2 .64
We igh t o f t heoret ica l d enar ius 2 .56
1 .32
1 1.
Qu inarl i
4 040
A M-R IC 1 86 (a )
1 .90
4 6.00
-
0 .50
0 .87
4 041
A M-R IC 2 02 (a )
1 .20
8 1.50
-
0 .50
0 .98
4 042
A M-R IC 3 17 (a )
0 .85
7 5.50
t r
0 .25
0 .64
4 043
A M-R IC 3 76
1 .28
8 3.50
t r
0 .25
1 .07
Mean ( 4 c o ins )
1 .31
7 1.62
Corrected mean we ight
1. 34
0 .94 0 .96
Macr inus - M in t o f Ro me 1 .
Anton in ian i o f c . Apr il-Autu mn 2 17
4 044
A M-R IC 6 3 (d )
4 .83
4 7.00
0 .25
2 .27
4 045
A M-R IC 6 3 (e )
5 .09
5 0.00
0 .50
2 .54
4 046
A M-R IC 8 8(e )
4 .69
5 2.00
0 .50
2 .44
4 047
A M-R IC 9 5 (e )
4 .59
9 2.50
1 .50
4 .25
Mean ( 4 c o ins )
4 .80
6 0.38
Corrected mean we ight
4 .87
2 .
2 .90 2 .94
Denarl i o f c . Apr il-Au tu mn 2 17
4 048
A M-R IC 2 (b )
3 .39
6 0.50
4 049
A M-R IC 5 (b )
3 .02
4 050
A M-R IC 6 (b )
2 .87
4 051
A M-RIC 3 7
Mean ( 4 c o ins )
0 .50
2 .05
4 5.50
0 .25
1 .37
5 2.50
0 .50
1 .51
3 .81
4 3.50
1 .00
1 .66
3 .27
5 0.50
1 .65
S tandard d ev iat ion 3 .
Denar i i o f 2 17-218
4 052
A M-R IC 4 (b )
3 .48
6 4.00
0 .25
2 .23
4 053
A M-R IC 1 9 (c )
2 .80
5 6.50
0 .50
1 .58
4 054
AM-R IC 2 1(b )
3 .20
5 9.50
0 .25
1 .90
4 055
A M-R IC 2 1(c )
3 .38
5 3.50
0 .25
1 .81
4 056
A M-R IC 2 2 (a )
3 .35
5 9.00
4 057
A M-R IC 2 2 (a )
3 .10
5 6.50
4 058
A M-R IC 2 4 (b )
3 .29
7 8.00
4 059
A M-R IC 2 6 (a )
3 .28
5 2.50
4 060
A M-R IC 2 6 (a )
3 .13
5 3.00
4 061
A M-R iC 2 6 (a )
3 .11
5 6.50
2 2
0 .25
1 .98
0 .25
1 .75
t r
0 .50
2 .57
t r
0 .25
1 .72
0 .75
1 .66
0 .25
1 .76
t r
Weight o f
We ight No.
Reference
4 062
A M-R IC 2 7 (a )
4 063
A M-R IC 2 7 (a )
4 064
A M-R IG 3 2(b )
4 065
A M-R IG 3 5
2 .79
4 066
A M-R IC 3 6
4 067
A M-R IG 3 9(b )
4 068 4 069
% s i lver
( g ) 3 .27
Au
1 .55
-
0 .25
2 .01
-
0 .25
1 .82
5 1.50
-
0 .50
1 .44
2 .89
7 1.00
-
t r
2 .05
2 .89
6 9.50
-
0 .25
2 .01
A M-R IG 4 3 (b )
2 .92
6 9.00
-
t r
2 .01
A M-R IG 5 3 (a )
3 .32
5 8.00
-
0 .50
1 .93
4 070
A M-R IG 5 3 (a )
3 .60
5 6.50
-
0 .25
2 .03
4 071
A M-R IG 5 3 (b )
3 .30
6 1.00
-
0 .25
2 .01
4 072
A M-R IG 5 6
2 .73
5 3.00
-
0 .50
1 .45
4 073
A M-R IG 6 0 (b )
3 .20
3 9.00
-
0 .25
1 .25
4 074
A M-R IG 6 0 (b )
3 .24
4 1.00
t r
0 .25
1 .33
3 .15
5 7.85
1 .82
0 .25
4 .79
0 .30
S tandard d ev iat ion
t r
2 .75
7 3.00
3 .54
5 1.50
s i lver ( g )
0 .50
Mean ( 23 c o ins )
4 7.50
Pb
E lagaba lus - M in t o f Ro me 1 .
An ton in ian i o f 2 18-219
4 075
A M-R IG 1 (e )
4 .91
5 9.00
-
0 .50
2 .90
4 076
A M-R IG 2
5 .19
4 0.00
-
0 .50
2 .08
4 077
A M-R IG 1 (e )
5 .44
3 4.00
-
1 .00
1 .85
4 078
A M-R IC 1 2 (f )
4 .68
4 7.00
-
0 .25
2 .20
4 079
A M-R IC 1 4 (e )
3 .67
3 7.50
-
0 .50
1 .38
4 080
A M-R IG 1 4 (f )
5 .10
4 7.00
t r
0 .50
2 .40
4 081
A M-R IG 1 8(f )
4 .99
4 7.00
-
0 .50
2 .35
-
0 .50
2 .56
4 082
A M-R IG 2 2(f )
5 .34
4 8.00
4 083
A M-R IG 6 7 (e )
4 .28
4 1.50
-
0 .50
1 .78
4 084
A M-R IG 7 0 (e )
5 .46
5 2.00
t r
0 .50
2 .84
4 085
A M-R IG 7 0 (f )
5 .23
4 5.00
-
0 .75
2 .35
4 086
A M-R IG 7 2 (e )
4 .71
5 1.50
-
0 .50
2 .43
4 087
A M-R IG 7 2 (f )
5 .51
5 4.00
-
0 .50
2 .98
4 088
A M-R IG 9 0 (f )
4 .91
4 4.50
-
0 .25
2 .18
-
0 .50
2 .44
4 089
A M-R IG 9 4 (e )
4 .88
5 0.00
4 090
A M-R IG 9 4 (f )
5 .11
4 5.50
-
0 .50
2 .33
4 091
A M-R IG 1 22 (e )
4 .25
3 7.50
t r
0 .75
1 .59
4 092
A M-R IG 1 22 (e )
4 .62
4 2.50
-
0 .25
1 .96
4 093
A M-R IG 1 22 (f )
4 .38
4 3.50
-
0 .50
1 .91
5 .21
3 9.00
-
0 .50
2 .03
4 094
A M-R IG 1 22 (f )
4 095
A M-R IG 1 29 (f )
5 .21
5 8.00
-
0 .50
3 .02
4 096
A M-R IG 1 37 (f )
4 .10
4 6.50
-
0 .50
1 .91
4 097
A M-R IG 1 38 (e )
5 .38
4 2.50
t r
0 .50
2 .29
4 098
A M-R IG 1 38(f )
4 .89
4 1.00
-
0 .50
2 .00
4 .89 0 .47
4 5.58 6 .18
Mean ( 24 c o ins ) S tandard
ea v iat ion
2 3
2 .24 0 .42
We igh t N o.
Reference
( g )
We igh t o f % s i lver
Au
P b
S i lver ( g )
4 .94
2 .25
We igh t o f t heoret ica l d enar ius 2 .47
1 .13
Corrected mean we igh t
2 .
Denar i i o f A .D. 2 18-219
4 099
AM-R IC 3 (b )
3 .30
4 5.00
-
0 .50
1 .49
4 100
AM-R IC 3 (b )
4 101
AM-R IC 8 (b )
3 .42 3 .10
4 5.00 4 1.00
-
0 .75 0 .50
1 .54 1 .27
4 102
AM-R IC 8 (b )
4 103
AM-R IC 1 3
3 .25 3 .22
3 6.50 4 3.50
-
0 .75 0 .50
1 .19 1 .40
4 104
AM-R IC 1 7
3 .10
4 2.00
t r
0 .50
1 .30
4 105
AM-R IC 1 7
3 .13
4 7.50
-
0 .50
1 .49
4 106
A M-R IC 1 7
2 .85
4 6.50
t r
0 .25
1 .33
4 107
AM-R IC 6 8 (b )
3 .32
4 4.00
-
0 .75
1 .46
4 108
AM-R IC 6 8(d )
3 .15
4 2.00
-
0 .50
1 .32
AM-R IC 7 1( b )
3 .02
5 6.00
-
0 .50
1 .69
4 110
AM-R IC
3 .58
4 4.00
t r
0 .50
1 .58
4 111
A M-R IC 1 21(b )
3 .55
4 7.50
-
0 .50
1 .69
4 112
A M-H IC 1 21(a )
3 .20
4 7.50
-
0 .25
1 .52
4 113
A M-R IC 1 21(d )
3 .41
4 2.50
-
0 .50
1 .45
4 114
A M-R IC 1 23 (b )
3 .28
4 5.50
-
0 .50
1 .49
4 115
A M-R IC 1 23 (b )
3 .28
4 5.50
-
0 .25
1 .49
5 4.50
-
0 .25
1 .54
4 109
( b )
A M-R IC 1 23 (d )
2 .82
4 117
AM-R IC 1 23 (d )
2 .77
3 9.50
-
0 .50
1 .09
4 118
AM-R IC 1 28(b )
2 .89
4 9.00
-
0 .50
1 .42
4 119
AM-R IC 1 39 (f )
2 .94
4 4.00
-
0 .50
1 .29
4 120
AM-R IC 1 40 (b )
3 .08
4 5.50
-
0 .50
1 .40
4 121
AM-R IC 1 40 (b )
2 .73
4 9.50
t r
0 .50
1 .35
4 122 4 123
AM-H IC 1 40 (d ) AM-R IC 1 53
2 .81
4 7.50
t r
0 .50
1 .33
3 .62
4 1.50
-
0 .50
1 .50
3 .15 0 .25
4 5.30 4 .16
4 116
Mean ( 25 c o ins ) S tandard d ev ia t ion 3 .
1 .43 0 .14
Denar i i o f A .D. 2 19-220
4 124
A M-R IC 1 6
2 .83
4 7.50
0 .50
1 .34
4 125
A M-R IC 1 9
2 .72
4 5.50
0 .50
1 .24
0 .50
1 .47
4 126
AM- H IC 1 9
3 .20
4 6.00
4 127
AM- H IC 2 1
3 .51
4 8.50
0 .50
1 .70
4 128
AM-R IC 2 1
2 .41
4 5.50
t r
0 .25
1 .10
4 129
AM- H IC 2 1
3 .51
4 7.50
t r
0 .50
1 .67
4 130
AM-R IC 2 3
2 .26
4 7.00
0 .25
1 .06
4 131
AM-R IC 2 3
2 .65
5 9.00
0 .50
1 .56
4 132
AM-R IC 2 6 4
2 .79
4 4.50
0 .75
1 .24 1 .20 1 .37
4 133
AM-R IC 2 7
2 .73
4 4.00
0 .50
4 134
AM-R TC 2 7
2 .95
4 6.50
0 .50
2 4
We ight No.
Reference
4 135 4 136
We igh t o f
( g )
% s i lver
Au
Pb
s i lver ( g )
AM-R IC 2 8 (b )
3 .44
4 4.00
0 .75
1 .51
A M-R IC 2 8 (b )
3 .31
4 2.50
0 .75
1 .41
4 137
AM-R IC 2 8 (b )
3 .20
4 6.00
0 .50
1 .47
4 138
AM-R IC 5 9
3 .06
4 7.50
t r
0 .25
1 .45
4 139
A M-R IC 7 3(b )
3 .34
5 0.50
t r
0 .25
1 .69
t r
4 140
AM-R IC 7 3 (b )
2 .91
5 0.50
0 .50
1 .47
4 141
AM-R IC 7 3 (b )
2 .72
4 7.50
0 .50
1 .29
4 142
AM-R1C 7 3 (d )
3 .50
4 6.50
0 .50
1 .63
4 143
AM-R IC 8 9 (b )
1 .98
3 5.50
0 .50
0 .70
4 144
AM-R IC 9 1(d )
2 .26
9 2.50
0 .50
2 .09
4 145
AM-R IC 9 1(d )
2 .79
5 1.50
0 .50
1 .44
4 146
AM-R1C 9 1(d )
2 .26
4 2.50
0 .25
0 .96
4 147
AM-R IC 9 5 (b )
3 .13
4 5.00
0 .50
1 .41
4 148
AM-R 1C 9 5 (b )
2 .59
4 8.00
0 .50
1 .24
4 149
A M-R IC 9 5 (d )
3 .64
5 0.00
0 .75
1 .82
4 150
AM-R IC 9 9
3 .20
4 5.00
0 .75
1 .44
S tandard d ev iat ion
2 .92 0 .44
4 8.39 9 .49
Corrected mean we igh t
2 .96
Mean ( 27 c o ins )
4 .
1 .41 0 .27 1 .43
Denar i i o f A .D. 2 21-222
AM-R IC 4 0 (a )
3 .31
4 6.50
-
0 .50
1 .54
4 152
AM-R IC 4 0 (b )
2 .62
4 8.50
-
0 .25
1 .27
4 153
A M-R IC 4 6 (b )
2 .85
4 1.50
-
0 .50
1 .18
4 154
AM-R IC 4 8
3 .23
4 4.50
-
0 .50
1 .44
4 155
AM-R IC 4 9
3 .25
5 6.00
-
0 .50
1 .82
4 156
AM-R IC 5 1
2 .51
4 0.00
-
0 .25
1 .00
4 157
A M-R IC 5 2
2 .77
4 3.50
-
0 .50
1 .20
4 158
A M-R IC 5 3
2 .82
4 0.50
-
0 .50
1 .14
4 159
AM-R IC 4 0 (b )
2 .82
4 2.00
-
0 .50
1 .18
4 160
AM-R IC 4 2 (a )
3 .07
5 0.00
_
0 .50
1 .53
4 161
AM-R IC 4 2 (a )
3 .21
4 2.00
-
0 .75
1 .35
4 162
AM-R 1C 4 2 (b )
2 .74
4 1.50
-
0 .25
1 .14
4 163
AM-R IC 4 5 (a )
2 .91
4 9.50
-
t r
1 .44
4 164
AM-R IC 4 5(b )
3 .27
4 7.00
_
0 .50
1 .54
4 165
AM-R IC 4 5 (b )
3 .38
4 4.50
-
0 .50
1 .50
4 166
AM-R IC 4 6 (b )
3 .22
4 0.50
-
0 .50
1 .30
4 167
AM-R IC 4 6 (b )
3 .16
4 8.00
-
0 .25
1 .52
4 168
A M-R IC 4 6 (b )
3 .82
3 9.00
-
0 .50
1 .49
4 169
AM-R IC 8 7
2 .76
5 1.00
-
0 .75
1 .41
4 170
AM-R IC 8 8(b )
3 .18
4 8.50
_
0 .25
1 .54
4 171
AM-R IC 8 8(b )
3 .09
4 9.00
-
0 .25
1 .51
4 172
AM-R IC 8 8 (b )
2 .47
5 3.50
-
0 .50
1 .32
4 173
AM-R IC 8 8 (b )
2 .73
4 2.50
-
0 .50
1 .16
4 174
AM-R IC 8 8(b )
3 .38
3 9.00
-
0 .50
1 .32
. "M-R IC 8 8 (b )
2 .74
4 4.50
-
0 .25
1 .22
Mean ( 25 c o ins )
3 .01
4 5.48
1 .36
S tandard d ev iat ion
0 .32
4 .44
0 .18
Corrected mean w e ight
3 .05
4 151
4 175
1 .38 2 5
E lagaba lus -M in t o f An t ioch , A .D. 2 18-219 We igh t N o.
Reference
4 176 4 177
We ight o f
( g )
% s i lver
A M-R IC 1 67
2 .90
5 5.50
-
0 .50
1 .61
A M-R 1C 1 68(d )
2 .66
5 9.00
-
0 .50
1 .57
4 178
A M-R IC 1 69
2 .79
5 4.50
-
0 .25
1 .52
4 179
A M-R IC 1 87 (d )
2 .17
7 1.00
-
0 .50
1 .54
4 180
AM-R IC 1 87 (d )
2 .92
5 3.00
-
0 .50
1 .55
4 181
A M-R IC 1 88
2 .95
5 6.00
-
0 .25
1 .65
A M-R IC 1 88
3 .52
5 4.50
t r
0 .25
1 .92
4 182
Au
P b
s i lver ( g )
4 183
AM-R IC 1 89 (d )
3 .34
6 6.00
t r
0 .25
2 .20
4 184
A M-R IC 1 90 (d )
3 .39
5 6.00
t r
0 .25
1 .90
4 185
A M-R 1C 1 90 (d )
3 .30
6 0.00
t r
0 .25
1 .98
4 186
A M-R IC 1 95 (d )
2 .79
7 1.00
-
0 .25
1 .98
4 187
A M- R IC 1 95 (d )
3 .41
5 9.00
t r
0 .50
2 .01
4 188
A M-R IC 1 99
3 .99
5 6.00
-
0 .50
2 .23
4 189
AM-R IC 1 99
2 .81
6 9.00
-
0 .25
1 .94
4 190
AM-R IC 1 99
3 .62
4 7.50
-
0 .50
1 .72
4 191
A M-R IC 2 02
3 .30
5 2.00
-
0 .50
1 .72
4 192
A M-R IC 2 03
2 .73
6 5.00
-
0 .50
1 .77
Mean ( 17 c o ins )
3 .09
5 9.12
1 .81
S tandard d ev ia t ion
0 .43
6 .73
0 .22
Corrected mean we igh t
3 .17
1 .87
A lexander - M int o f Ro me 1 .
Co inage o fA .D. 2 22
4 193
AM -R1C 5 (c )
3 .03
4 9.00
t r
0 .25
1 .48
4 194
AM-R IC 5 (c )
3 .12
4 1.50
-
0 .50
1 .29
4 195
AM-R IC 5 (d )
3 .09
4 5.50
-
0 .25
1 .41
4 196
AM-R IC 7 (e )
2 .43
5 3.50
-
0 .50
1 .30
4 197
AM-R IC 7 (c )
2 .55
4 8.00
t r
0 .25
1 .22
4 198
AND -RIC 7 (d )
2 .79
4 2.00
-
0 .50
1 .17
4 199
AM-RIC 7 (d )
3 .43
4 6.00
-
0 .50
1 .58
4 200
AM-RIC 7 (d )
3 .46
4 6.00
-
0 .25
1 .59
4 201
AM -RIC 1 1(c )
2 .62
4 3.50
-
0 .25
1 .14
4 202
AM -R IC 1 1(d )
3 .38
4 2.00
t r
0 .25
1 .42
4 203
AM-R IC 1 1(d )
3 .71
4 2.50
-
0 .25
1 .58
4 204 4 205
AM -R IC 1 4 (c ) AM -R IC 1 4 (e )
3 .09 2 .31
4 3.00 4 7.00
t r t r
0 .25 0 .50
1 .33 1 .09
4 206
AM-R IC 1 4 (d )
2 .79
4 9.50
-
1 .25
1 .38
4 207
AM-R IC 1 4 (d )
2 .84
3 9.00
-
0 .50
1 .11
4 208
AM -R IC 1 41(c )
3 .08
4 6.50
-
1 .00
1 .43
4 209
AM-R IC 1 41(d )
3 .07
3 9.50
-
0 .50
1 .21
4 210
AM -R1C 1 48(d )
3 .52
5 3.00
-
0 .75
1 .87
4 211
AM-R IC 1 51(d )
2 .88
4 5.00
-
1 .00
1 .30
4 212
AM-R IC 1 55
2 .89
3 6.00
-
0 .75
1 .04
4 213
AM-R IC 1 56
2 .78
4 5.00
-
0 .25
1 .25
4 214
AM -RDC 1 60 (c )
2 .70
4 1.00
t r
0 .50
1 .11
2 6
We ight No.
Reference
4 215
We ight o f
( g )
% s i lver
A M-R IC 1 60(c )
3 .59
3 5.50
0 .50
1 .27
4 216
A M-R IC 1 60 (d )
3 .35
2 4.00
0 .25
0 .80
4 217
A M-R IC 1 60(d )
2 .86
4 2.50
0 .25
1 .22
1 .00
1 .36
0 .25
1 .11
4 218
A M-R IC 1 78(c )
2 .69
5 0.50
4 219
A M-R IC 1 78(d )
2 .65
4 2.00
Au
Pb
s i lver ( g )
Mean ( 27 c o ins )
2 .99
4 3.65
1 .30
S tandard d ev iat ion
0 .36
5 .85
0 .21
Corrected mean we igh t
3 .04 2 .
1 .33
Co inage o f A .D. 2 23
4 220
AN I-R IC 1 9
3 .08
4 3.00
-
0 .25
1 .32
4 221
AN I-R IC 1 9
2 .53
4 9.50
-
0 .50
1 .25
4 222
AN i-RIC 1 9
3 .07
4 2.50
t r
0 .50
1 .30
4 223
AN I-RJC 2 3
2 .87
3 5.50
-
0 .25
1 .02
4 224
AN I- WC 2 3
2 .70
4 7.00
t r
0 .25
1 .27
4 225
A M-R IC 2 3
3 .04
4 1.50
-
0 .25
1 .26
4 226
AN I-R1C 2 7
2 .95
4 5.00
-
0 .25
1 .G3
4 227
AN I-R IC 2 7
2 .37
3 7.50
-
0 .50
0 .89
4 228
AN I -R FC 2 7
2 .99
3 9.00
-
0 .50
1 .17
4 229
AN I -BIC 3 2
3 .35
4 3.00
-
0 .50
1 .44
4 230
A M-R IC 3 2
3 .19
4 4.50
-
0 .50
1 .42
4 231
AN I-RIC 1 65 (c )
2 .57
4 3.00
-
0 .50
1 .11
4 232
AN I-RDC 1 65 (c )
2 .54
3 7.50
-
0 .50
0 .96
4 233
AN I-RIC 1 65 (d )
3 .40
3 8.00
t r
1 .00
1 .29
4 234
AN I-R IC 1 72
3 .70
4 2.50
-
1 .00
1 .57
4 235
AN I-RIC 1 73
3 .34
4 1.50
-
0 .75
1 .39
4 236
A M-R IC 1 73
2 .87
4 1.50
-
0 .75
1 .19
4 237
AN I- M IC 1 74
2 .60
3 7.00
-
1 .50
0 .96
4 238
AN I-RFC 3 55
3 .10
5 0.50
-
t r
1 .57
Mean ( 19 c o ins )
2 .96
4 2.08
S tandard d ev iat ion
0 .34
4 .01
Corrected mean we igh t
3 .09 3 .
1 .25 0 .19 1 .30
Co inage o fA .D. 2 24
4 239
A M-R IC 3 5
2 .56
4 2.00
-
0 .25
1 .08
4 240
A M-R IC 3 7
2 .48
4 8.00
-
0 .50
1 .19
4 241
A M-R IC 3 7
2 .94
3 5.00
-
0 .75
1 .03
4 242
A M-R IC 4 0
3 .48
4 0.00
-
0 .25
1 .39
4 243
A M-R IC 4 0
3 .13
4 1.50
-
0 .75
1 .30
4 244
A M-R IC 4 2
3 .18
4 2.00
-
0 .50
1 .34
4 245
A M-R IC 4 2
2 .79
4 9.00
-
0 .50
1 .37
4 246
A M-R IC 4 4 (c )
3 .25
4 6.50
_
0 .25
1 .51
4 247
AM-RIC 4 4 (c )
2 .85
4 8.00
-
t r
1 .37
2 7
We igh t No.
Reference
( g )
4 248
A M-R IC 3 51
We igh t o f % s i lver
Au
Pb
2 .60
4 5.00
t r
0 .25
s i lver ( g ) 1 .17
Mean ( 10 c o ins )
2 .93
4 3.70
1 .28
S tandard d ev iat ion
0 .31
4 .18
0 .14
Corrected mean we ight
2 .96 4 .
4 249
A M-R IC 4 5
1 .29
Co inage o f A .D. 2 25 3 .28
4 3.50
-
0 .25
1 .43
4 250
A M-R IC 4 5
2 .07
4 2.00
t r
0 .25
0 .87
4 251
A M-R IC 4 5
2 .81
4 7.00
-
0 .25
1 .32
4 252
A M-R IC 4 8
2 .79
5 4.00
-
0 .25
1 .51
4 253
A M-R IC 5 0
2 .79
4 5.50
-
0 .25
1 .27
4 254
AN I-RDC 5 0
3 .05
4 7.00
-
0 .25
1 .43
4 255
A M-R IC 1 39
3 .22
4 8.00
t r
0 .25
1 .55
4 256
A M-RIC 1 39 (c )
3 .09
4 4.50
-
0 .25
1 .38 0 .84
4 257
A M-R IC 1 43
3 .28
2 5.50
-
0 .50
4 258
A M-RIC 1 43
2 .89
5 9.00
t r
0 .75
1 .71
4 259
A M-R IC 1 44
2 .98
5 5.50
-
0 .25
1 .65
4 260
A M-R IC 1 44
2 .86
6 1.00
-
0 .25
1 .74
4 261
A M-R IC 1 80 (a )
3 .14
4 9.00
-
0 .50
1 .54
4 262
AM-R IC 1 80 (c )
2 .97
4 6.00
-
0 .50
1 .37
4 263
A M-RIC 1 80 (c )
2 .93
5 0.50
-
0 .50
1 .48
4 264
A M-R IC 1 82 (a )
2 .61
6 5.50
-
0 .50
1 .71
4 265
A M-RIC 1 82 (c )
3 .18
5 2.00
-
0 .25
1 .65
4 266
A M-R IC 1 82 (c )
3 .05
5 0.00
-
0 .25
1 .52
4 267
AM-R IC 3 19
2 .87
3 7.50
-
0 .25
1 .08
4 268
AM-R IC 3 19
2 .86
4 8.00
-
0 .50
1 .37
4 269
A M-R IC 3 19
3 .14
4 1.50
-
0 .25
1 .30
4 270
A M-R IC 3 19
3 .10
3 6.50
-
0 .25
1 .13
4 271
AM-R IC 3 19
2 .59
2 8.00
-
0 .50
0 .73
S tandard d ev iat ion
2 .94 0 .26
4 6.83 9 .22
Corrected mean we ight
3 .02
Mean ( 23 c o ins )
5 . 4 272
A M-R IC 5 3
1 .37 0 .28 1 .41
Co inage o fA .D. 2 26 3 .23
4 4.00
1 _
0 .25
1 .42
4 273
A M-RIC 5 3
2 .81
4 3.00
0 .25
1 .21
4 274
AN I-RDC 5 5
2 .87
3 2.50
0 .75
0 .93
4 275
A M-R IC 5 5
2 .74
3 8.00
0 .50
1 .04
4 276
AN I-RDC 5 5
2 .81
4 6.00
0 .50
1 .29 0 .85
4 277
A M-R IC 6 1
2 .73
3 1.00
0 .25
4 278
AM -R IC 6 1
2 .74
4 6.00
0 .25
1 .26
4 279
A M-R IC 1 27
3 .61
3 5.00
0 .50
1 .26
4 280
A M-R IC 1 27 (c )
3 .14
5 0.00
0 .25
1 .57
4 281
A M-R IC 1 27 (c )
2 .45
4 5.00
0 .50
1 .10
2 8
We ight No.
Reference
4 282 4 283
We ight o f
( g )
% s i lver
Au
Pb
s i lver ( g )
A M- R IC 1 33
2 .97
3 9.00
-
0 .25
1 .16
A M-R IC 1 33
3 .03
3 6.00
-
0 .25
1 .09
4 284
AN I-RIC 1 33
3 .25
4 3.50
-
0 .75
1 .41
4 285
A M-R IC 1 54 (c )
2 .54
3 6.00
-
1 .00
0 .91
4 286
A M-R IC 1 68
2 .76
3 5.00
t r
1 .00
0 .97
4 287
A M-R IC 1 68
3 .22
3 5.50
-
0 .75
1 .14
4 288
A M-R IC 1 68
4 .29
3 7.50
-
0 .25
1 .61
4 289
A M-R IC 3 60
2 .77
3 6.50
-
0 .50
1 .01
4 290
A M-R IC 3 60
2 .97
3 9.00
t r
0 .25
1 .16
4 291
A M-R IC 3 60
2 .67
3 2.50
t r
0 .25
0 .87
S tandard d ev iat ion
2 .98 0 .40
3 9.05 5 .18
Corrected mean we ight
3 .04
Mean ( 20 c o ins )
6 . 4 292
1 .16 0 .21 1 .19
Co inage o f A .D. 2 27
A M-R IC 6 4
3 .27
4 2.00
-
0 .50
4 293
A M-R IC 6 4
3 .29
4 5.00
-
0 .50
1 .4,
4 294
AM - MC 6 5
2 .48
5 2.00
-
0 .75
1 .29
4 295
A M-R IC 6 5
2 .97
2 5.00
-
0 .25
0 .74
4 296
A M-R IC 6 5
2 .93
4 0.00
t r
0 .25
1 .17
4 297
A M-R IC 6 7
2 .97
3 7.50
-
0 .25
1 .11
4 298
AN I-R IC 6 7
2 .65
3 7.00
t r
0 .25
0 .98
4 299
A M-R IC 7 0
2 .27
3 3.50
-
0 .25
0 .76
4 300
A M-R IC 7 0
2 .64
2 4.50
-
0 .50
0 .89
4 301
am-R IC 7 0
3 .47
3 1.50
t r
0 .75
1 .09
4 302
A M-R IC 3 62
2 .96
2 4.00
-
0 .50
0 .71
4 303
A M -R IC 3 62
3 .13
4 4.00
-
t r
1 .38
S tandard d ev iat ion
2 .99 0 .34
3 6.33 8 .56
Corrected mean we igh t
3 .06
Mean ( 12 c o ins )
7 .
1 .37
1 .08 0 .26 1 .11
Co inage o f A .D. 2 28
4 304
A M-R IC 7 3
2 .87
3 2.50
-
0 .25
0 .93
4 305
A M-R IC 7 8
2 .86
2 8.00
-
0 .50
0 .80
4 306
A M-R IC 8 1
2 .37
4 7.00
-
1 .00
1 .11
4 307
A M-R IC 8 3 (a )
3 .08
5 3.50
-
1 .00
1 .65
4 308
A M -RIC 8 3 (a )
2 .86
4 9.00
-
0 .50
1 .40
4 309
A M-R IC 8 5
2 .57
5 2.50
-
1 .00
1 .35
4 310
A M-R IC 1 37
2 .93
4 7.00
-
0 .50
1 .38
4 311
A M-RIC 1 76
2 .75
2 4.00
-
1 .00
0 .66
4 312
A M-R IC 2 08
2 .78
4 4.00
-
0 .75
1 .22
4 313
AM-R IC 2 08
3 .10
5 1.50
t r
0 .25
1 .60
4 314
AM-R IC 2 24
2 .98
4 3.50
-
0 .75
1 .30
4 315
A M-R IC 2 24
2 .94
4 3.00
t r
0 .50
1 .26
2 9
We igh t
We ight o f
( g )
% s i lver
A M-R IC 3 35
3 .14
4 7.00
-
0 .25
1 .48
AM-R IC 3 35
3 .33
4 8.00
t r
0 .50
1 .60
t r
0 .25
1 .55
No.
Reference
4 316 4 317 4 318
A M-R IC 3 35
3 .22
4 8.00
Au
Pb
s i lver ( g )
4 319
A M-R IC 3 35
3 .03
4 6.50
-
0 .25
1 .41
4 320
A M-R IC 3 35
3 .17
4 7.50
t r
0 .50
1 .51
4 321
A M-R IC 3 35
2 .47
4 7.50
-
0 .25
1 .17
Mean ( 18 c o ins )
2 .91
4 4.44
S tandard d ev iat ion
0 .25
7 .89
8 . 4 322
AM-R IC 9 1
1 .30 0 .27
Co inage o f A. D .2 29 2 .04
3 4.50
-
0 .50
0 .70
4 6.00
-
0 .25
1 .31
4 323
AM-R IC 9 2 (a )
2 .84
4 324
A M-R IC 9 2 (b )
3 .15
2 9.50
-
1 .25
0 .93
4 325
A M-R IC 9 2 (a )
2 .66
4 5.50
-
0 .50
1 .21
4 326
A M-R IC 9 5 (a )
3 .17
2 2.50
t r
0 .50
0 .71
4 327
A M-R IC 9 7 (b )
2 .95
5 6.50
-
0 .75
1 .67
4 328
A M-R IC 1 84 (a )
2 .67
5 7.50
-
0 .25
1 .54
4 329
A M-R IC 1 84(b )
3 .18
4 5.00
-
0 .25
1 .43
4 330
A M-R IC 1 88(b )
3 .52
4 4.00
t r
0 .50
1 .55
4 331
A M-R IC 1 90(a )
2 .91
4 4.00
-
0 .75
1 .28
4 332
A M-R IC 1 90(b )
3 .16
4 7.50
-
0 .50
1 .50
4 333
A M-R IC 2 05
3 .75
4 0.50
-
0 .50
1 .52
4 334
A M-R IC 2 05
3 .64
5 2.50
-
1 .00
1 .91
S tandard d ev iat ion
3 .05 0 .44
4 3.50 9 .62
Corrected mean we igh t
3 .26
Mean ( 13 c o ins )
9 . 4 335
A M-R IC 1 01(a )
4 336
A M-HIC 1 01(b )
4 337
A M-RIC 1 02 (b )
4 338
A M-R IC 1 05 (a )
4 339
A M-R IC 3 58
1 .33 0 .35 1 .42
Co inage o f A. D. 2 30 4 3.50
t r
0 .25
1 .27
2 .37
5 9.50
-
1 .00
1 .41
3 .46
4 7.00
-
0 .50
1 .63
3 .28
4 8.50
-
0 .75
1 .59
2 .89
5 0.00
-
0 .50
1 .45
-
0 .50
1 .53
2 .91
4 340
A M-R IC 3 58
3 .22
4 7.50
4 341
A M-R IC 1 87
2 .75
4 7.00
-
0 .50
1 .29
t r
0 .50
1 .55
4 342
A M-R IC 1 88 (b )
3 .52
4 4.00
4 343
A M-R IC 1 93(a )
3 .13
4 5.00
-
0 .50
1 .41
4 344
A M-R IC 1 93 (a )
2 .63
5 4.00
-
0 .25
1 .42
4 345
A M-R IC 1 93(b )
3 .25
2 9.50
-
0 .75
0 .96
4 346
A M-R IC 1 98
2 .50
5 1.00
-
1 .00
1 .28
4 347
A M-R IC 2 00 (b )
2 .93
4 6.50
-
0 .75
1 .36
4 348
A M-R IC 2 02
2 .88
4 9.50
-
0 .25
1 .43
4 5.00
-
0 .50
1 .40
4 349
A M-R IC 2 02
3 .11
3 0
We ight
We ight o f
( g )
% s i lver
Au
Pb
A M-R IC 2 18(b )
2 .59
2 8.50
t r
0 .50
4 351
A M-R 1C 2 19 (a )
3 .56
4 3.50
-
1 .00
1 .55
4 352
A M-R IC 2 19(b )
2 .46
4 2.00
-
1 .25
1 .03
4 353
A M-R IC 2 21(a )
2 .55
3 9.50
-
1 .25
1 .01
4 354
A M-R IC 2 26 (a )
2 .97
7 1.00
t r
0 .25
2 .11
4 355
A M-R IC 2 26 (a )
2 .52
4 6.00
-
0 .25
1 .16
A M-R IC 3 38
2 .79
5 0.00
t r
0 .25
1 .39
No.
Reference
4 350
4 356
Mean ( 22 c o ins )
2 .92
4 6.73
S tandard d ev iat ion
0 .35
8 .51
Corrected mean we igh t
3 .22 1 0.
4 357
A M-R IC 1 08 (b )
4 358 4 359
s i lver ( g ) 0 .74
1 .36 0 .27 1 .50
Co inage o fA .D. 2 31 2 .57
4 9.50
-
0 .50
1 .27
A M-R IC 1 09
2 .34
A M-R IC 1 09 (d )
3 .13
6 1.00
-
t r
1 .43
3 3.50
t r
0 .50
1 .05
4 360
A M-R IC 1 09(d )
3 .36
4 5.00
-
0 .75
1 .51
4 361
A M-R IC 3 41
2 .31
2 6.50
-
0 .75
0 .61
4 362
A M-R IC 3 41
3 .05
5 2.00
-
0 .75
1 .59
4 363
A M-R IC 1 96 () )
3 .13
5 2.00
-
0 .25
1 .63
4 364
A M-R IC 2 12() )
2 .33
2 6.00
-
0 .50
0 .61
4 365
A M-R IC 2 20 (b )
3 .75
4 1.50
t r
0 .25
1 .56
4 366
A M-R IC 2 20 () )
2 .83
4 1.00
t r
0 .25
1 .16
4 367
A M-R IC 2 31
3 .20
5 4.00
-
0 .25
1 .73
4 368
A M-R IC 2 35
3 .14
4 9.50
t r
0 .25
1 .55
4 369
A M-R IC 2 35
2 .96
4 7.50
-
0 .25
1 .41
4 370
AM-R IC 2 35
3 .07
4 8.00
t r
0 .50
1 .47
4 371
A M-R IC 2 52 (a )
2 .69
6 1.50
t r
t r
1 .65
4 372
AM-R IC 2 52 () )
3 .58
4 8.50
-
0 .25
1 .74
4 373
AM-R IC 2 590»
2 .79
5 3.50
-
t r
1 .49
Mean ( 17 c o ins )
2 .95
4 6.50
1 .37
S tandard d ev iat ion
0 .41
9 .92
0 .33
Corrected mean we igh t
3 .05 1 1.
1 .42
Co inage o f A .D. 2 32-235
4 374
AM-R IC 1 12
3 .02
4 3.00
-
0 .25
1 .30
4 375
A M-R IC 1 12 (c )
3 .31
4 376
AM-R IC 1 14 (c )
2 .93
4 8.50
-
0 .25
1 .61
5 6.00
t r
t r
1 .64
4 377
A M-RIC 1 14
3 .15
4 378
A M-R IC 1 20
3 .71
4 8.50
-
0 .25
1 .53
4 6.00
t r
0 .25
1 .71
4 379
A M-R IC 1 25
2 .65
4 6.00
-
0 .25
1 .22
4 380
A M-R IC 3 31
2 .82
5 6.00
t r
1 .00
1 .58
4 381
AM-RIC 3 31
3 .12
5 2.50
-
0 .50
1 .64
4 382
A M-R IC 3 32
2 .15
5 5.50
-
0 .50
1 .19
A M-R IC 2 36
2 .99
4 7.00
t r
0 .50
1 .40
4 383
3 1
We ight o f
We ight ( g )
% s i lver
A M-R IC 2 38
2 .88
4 6.50
4 385
A M-R IC 2 39
2 .54
6 0.50
4 386
A M-R IC 2 39
2 .97
4 8.50
4 387
A M-R IC 2 46(c )
2 .72
7 6.00
4 388
A M-RIC 2 46 (c )
2 .55
4 6.50
t r
0 .50
1 .19
4 389
A M-H IC 2 46(d )
2 .35
5 0.00
t r
0 .25
1 .18
4 390
A M-R IC 2 46(d )
2 .74
6 0.50
-
t r
1 .66
4 391
A M- H IC 2 46 (d )
2 .70
5 9.00
-
0 .25
1 .59
4 392
A M-R IC 2 50(b )
3 .02
4 9.00
-
0 .25
1 .48
4 393
A M-HIC 2 50(b )
3 .33
4 6.00
-
0 .25
1 .53
4 394
A M-R IC 2 50(b )
3 .29
5 4.00
-
0 .50
1 .78
4 395
A M-H IC 2 50 (b )
2 .59
4 6.00
t r
0 .25
1 .19
4 396
A M-R IC 2 54 (c )
2 .25
4 2.00
t r
0 .25
0 .95
4 397
A M-R IC 2 54 (c )
3 .21
5 1.00
-
0 .25
1 .64
4 398
AM-R IC 2 54 (c )
2 .79
5 2.50
-
0 .25
1 .46
A M-R IC 3 32
3 .13
5 4.00
-
0 .75
1 .69
Mean ( 26 c o ins )
2 .88
5 1.58
1 .48
S tandard d ev iat ion
0 .35
7 .01
0 .24
Corrected mean we ight
2 .92
No.
Reference
4 384
4 399
1 2.
Au
Pb
-
0 .50
1 .34
0 .25
1 .54
-
0 .25
1 .44
t r
0 .50
2 .07
t r
s i lver ( g )
1 .51 Qu inar i i
4 400
A M-R IC 1 32 (c )
1 .42
5 9.50
t r
0 .50
0 .84
4 401
A M-R IC 1 45
1 .33
6 9.00
t r
t r
0 .92
4 402
A M-R IC 1 91
1 .25
5 2.50
-
0 .25
0 .66
4 403
A M- H IC 3 44
1 .30
4 4.50
-
0 .25
0 .58
1 .33
5 6.38
Mean ( 4 c o ins )
0 .75
A lexander - Eastern m int Co inage o f c . 2 22-223 4 404
A M-R IC 1 39A
2 .85
4 5.00
-
4 405
A M-R IC 2 15 (c )
4 406
A M-R IC 2 15 (d )
4 407
A M-R IC 2 15 (d )
4 408
A M-RIC 2 62(c )
4 409 4 410
1 .25
1 .28
2 .79
3 5.50
2 .85
4 0.50
-
1 .00
0 .99
-
1 .00
1 .15
3 .10 3 .67
4 9.00
-
1 .25
1 .52
4 4.50
-
1 .00
1 .63
A M-R IC 2 64
2 .88
4 0.00
-
0 .50
1 .15
A M- H IC 2 66(c )
2 .64
3 4.50
-
0 .75
0 .91
4 411
A M-R IC 2 74
3 .43
4 3.00
-
1 .50
1 .47
4 412
A M-R IC 2 74
3 .17
2 4.00
-
1 .50
0 .76
4 413
A M-RIC 2 74
3 .48
3 2.50
-
1 .00
1 .13
4 414
A M-R IC 2 74
3 .21
4 2.00
-
1 .00
1 .35
4 415
A M-R IC 2 74
3 .30
5 4.00
-
1 .25
1 .78
4 416
A M-R IC 2 74 (d )
3 .85
5 0.50
-
1 .50
1 .94
A M-R IC 2 75 (c )
2 .77
4 8.50
t r
1 .00
1 .34
4 417
3 2
We ight No.
Reference
4 418
AM -R IC 2 75 (d )
4 419
A M-R IC 2 75 (d )
4 420
AM -R1C 2 81
4 421 4 422 4 423 4 424
( g )
We ight o f % s i lver
Au
Pb
s i lver ( g )
2 .05
5 3.50
-
1 .00
1 .10
3 .19
4 4.00
-
1 .50
1 .40
3 .32
5 0.00
-
1 .25
1 .62
A M-R IC 2 81
3 .32
4 5.00
-
1 .00
1 .49
A M-R IC 2 85
2 .81
1 8.00
-
4 .00
0 .50
A M-R IC 2 86(c )
3 .08
4 1.00
-
0 .75
1 .26
A M-R IC 2 88
2 .95
4 3.00
-
0 .75
1 .27
4 425
A M-R IC 2 92(d )
2 .20
4 3.50
-
1 .00
0 .96
4 426
AM -R IC 2 98( i )
3 .28
4 2.50
t r
1 .25
1 .39
4 427
A M-R IC 2 98 v ar
2 .28
3 6.00
-
1 .00
0 .82
4 428
A M-R IC 2 98 ( 3c )
3 .02
3 9.00
-
1 .00
1 .18
4 429
A M-R IC 3 00
3 .35
4 4.50
-
1 .25
1 .49
4 430
A M-R IC 3 00
2 .27
4 4.50
-
1 .00
1 .01
4 431
A M-R IC 3 02 (d )
3 .88
3 6.00
-
0 .50
1 .40
4 432
A M-R IC 3 02 (d )
2 .69
5 2.50
-
1 .75
1 .41
Mean ( 29 c o ins )
3 .02
4 1.95
S tandard d ev iat ion
0 .45
7 .96
Corrected mean we igh t
3 .14
1 .27 0 .31 1 .32
Max im inus - M int o f Ro me 1 . 4 433
AM-R IC 1
Co inage o f A. D .2 35-236 0 .50
1 .05
-
0 .50
0 .94
4 1.50
2 .52
4 434
A M-R IC 1
2 .64
3 5.50
4 435
AM-R IC 1
2 .03
4 9.50
-
0 .25
1 .00
AM-R IC 3
3 .37
5 1.50
t r
0 .25
1 .74
4 437
A M-R IC 3
3 .08
4 9.00
-
0 .50
1 .51
4 438
A M-R IC 3
2 .83
5 0.50
-
0 .50
1 .43
4 439
A M-R IC 7
4 .14
4 9.00
-
0 .50
2 .03
4 440
A M-R IC 7 a
3 .39
4 7.00
-
0 .50
1 .59
t r
0 .50
1 .46
4 436
4 441
A M-R IC 7 A
2 .63
5 5.50
4 442
A M-R IC 7 A
3 .02
5 3.50
-
0 .50
1 .62
4 443
AM-R IC 1 2
2 .78
5 0.50
t r
0 .25
1 .40
4 444
A M-R IC 1 2
2 .89
5 0.00
-
0 .25
1 .45
4 445
A M-R IC 1 2
2 .71
6 4.50
t r
0 .50
1 .75
4 446
A M-R IC 1 3
3 .17
4 6.00
0 .25
1 .46
4 447
AN I-R IC 1 3
2 .72
5 0.50
t r
0 .50
1 .37
4 448
A M-R IC 1 3
3 .49
4 4.50
-
0 .50
1 .55
4 449
A M-R IC 1 3
3 .49
5 1.50
-
0 .50
1 .80
4 450
A M-R IC 1 3
2 .47
4 9.00
t r
0 .50
1 .21
4 451
A M-R IC 1 3
3 .16
4 5.50
t r
0 .25
1 .44
A M-R IC 1 3
3 .03
4 9.00
t r
0 .25
1 .48
4 452 4 453
AM-R IC 1 4
2 .95
5 3.50
-
0 .25
1 .58
4 454
AN I-RDC 1 4
2 .94
5 0.50
-
0 .50
1 .48
4 455
A M-R IC 1 4
3 .00
5 1.00
t r
1 .53
4 456
AM -R1C 1 4
3 .49
5 0.00
0 .50
1 .75
3 3
-
We ight No.
Reference
( g )
We ight o f % s i lver
Au
Pb
s i lver ( g )
4 457
A M-R IC 1 6
2 .80
5 1.50
-
0 .25
1 .44
4 458
A M-R IC 1 6
2 .57
4 5.00
t r
0 .25
1 .16
4 459
A M-R IC 1 6
3 .37
4 7.50
t r
0 .25
1 .60
4 460
A M-R IC 1 6
3 .23
4 7.50
t r
0 .25
1 .53
4 461
A M-R IC 1 7
3 .05
5 2.50
-
0 .25
1 .60
4 462
A M-R IC 1 (Max i mus ) 2 .76
5 1.50
-
0 .50
1 .42
Mean ( 30 c o ins )
2 .99
4 9.47
1 .48
S tandard d ev iat ion
0 .40
4 .74
0 .23
Corrected mean we ight
3 .01 2 .
1 .49
Co inage o fA .D. 2 36-238
4 463
A M-R IC 1 8
3 .10
4 6.00
t r
4 464
A M-R IC 1 8A
4 465 4 466 4 467
3 .40
5 3.50
t r
0 .25
1 .82
A M-R IC 1 9
3 .05
3 5.50
-
0 .25
1 .08
A M-R IC 1 9
3 .04
5 5.00
t r
0 .25
1 .67
A M-R IC 1 9
2 .32
4 6.00
-
0 .25
1 .07
4 468
AM-R IC 2 0
2 .70
3 1.00
t r
0 .50
0 .84
4 469
A M-R IC 2 0
3 .46
5 1.00
-
t r
1 .76
4 470
AM-R IC 2 0
3 .79
4 7.00
t r
0 .50
1 .78
4 471
A M-R IC 2 3
2 .81
4 9.00
-
0 .25
1 .38
Mean ( 9 c o ins )
3 .07
4 6.00
1 .43
S tandard d ev iat ion
0 .41
7 .51
0 .34
3 . 4 472
AM-R IC 2 1
0 .50
1 .43
Qu inar ius
1 .24
9 3.00
t r
t r
1 .15
Gord ian Ia nd Gord ian I - M in t o f Ro me A .D. 2 38 4 473
AM-R IC
4 474
A M-R IC
4 475
A M-R IC
( Gord ian I ) 2
3 .40
5 0.00
t r
0 .75
1 .70
2 .62
5 1.00
t r
0 .50
1 .34
2 .76
6 7.50
1 .00
1 .86
2 .67
7 1.00
t r
1 .90
2 .38
7 4.50
0 .50
1 .77
Mean ( 5 c o ins )
2 .77
6 2.80
1 .71
S tandard d ev iat ion
0 .34
1 0.29
0 .20
( Gord ian I )4 ( Gord ian I ) 1 4 476
AM-R IC ( Gord ian I ) 1
4 477
AM-R IC ( Gord ian I ) 3
3 4
Ba lb inus a nd Pup ienus - Min t o f Ro me 1 .
Denar i i
We ight No.
Reference
( g )
4 478
A M-R IC(Ba lb inus ) 7
4 479
A M-R IC(Ba lb inus ) 8
We ight o f % s i lver
Au
Pb
s i lver ( g )
2 .57
4 6.00
t r
0 .25
1 .18
2 .51
3 7.50
-
0 .50
0 .94
4 480
A M-R IC(Ba lb inus ) 8
2 .29
7 4.50
-
0 .75
1 .71
4 481
A M-R IC(Ba lb inus ) 8
3 .42
5 0.50
-
0 .50
1 .73
4 482
A M-R IC(Pup ienus ) 4
2 .73
5 3.00
-
0 .50
1 .45
4 483
A M-R IC ( Pup ienus ) 4
3 .12
9 1.00
t r
1 .00
2 .84
4 484
A M-R IC(Pup ienus ) 4
3 .04
5 1.00
-
1 .25
1 .55
4 485
A M-R IC(Pup ienus ) 5
2 .71
5 0.50
-
0 .25
1. 37
4 486
A M-R IC ( Pup ienus ) 5
3 .09
4 7.00
-
0 .50
1 .45
4 487
A M-R IC ( Pup ienus ) 6
2 .52
4 9.00
-
0 .25
1 .23
2 .80 0 .33
5 5.00 1 4.91
Mean ( 10 c o ins ) S tandard d ev iat ion 2 .
1 .55 0 .49
An ton in ian i
4 488
A M-R IC ( Ba lb inus ) 1 0
4 .39
4 4.00
4 489
AM-R IC(Ba lb inus ) 1 1
4 .15
4 5.50
-
1 .00
1 .89
4 490
AM-R IC ( Ba lb inus ) 1 2
5 .28
4 8.00
t r
0 .25
2 .53
4 491
AM-R IC ( Ba lb inus ) 1 2
4 .49
5 0.00
t r
0 .50
2 .25
4 492
A M-R IC ( Ba lb inus ) 1 2
4 .59
5 0.50
-
0 .50
2 .32
4 493
AM-R IC(Pup ienus ) 9 (b )
4 .43
5 2.50
-
1 .25
2 .34
4 494
A M-R IC(Pup ienus ) 1 0(b ) 4 .96
5 4.00
-
0 .50
2 .68
4 495
A M-R IC(Pup ienus ) 1 0 (b ) 4 .83
5 1.50
-
0 .50
2 .49
4 496
AM-R IC(Pup ienus ) 1 1
5 .08
4 6.00
-
0 .75
2 .34
4 497
AM-R IC ( Pup ienus ) 1 1(a ) 4 .15
5 2.50
-
0 .50
2 .18
4 498
A M-R IC(Pup ienus ) 1 1( b ) 5 .37
5 0.00
-
0 .50
2 .68
4 499
A M-R IC(Pup ienus ) 1 1( b )
5 .06
5 2.50
-
0 .50
2 .66
4 .73
4 9.75
2 .35
S tandard d ev iat ion
0 .40
3 .07
0 .26
Corrected mean we ight
4 .79
Mean ( 12 c o ins )
-
2 .50
1. 93
2 .38
We ight o f s i lver i n t heoret ica l d enar ius
1 .19 Gord ian I I - M in t o f Ro me 1 .
An ton in ian i o f A .D. 2 38-239
4 500
A M-R IC 1
3 .84
5 2.00
-
0 .75
2 .00
4 501
A M-R IC 1
3 .47
5 0.50
-
0 .75
2 .21
4 502
AM-R IC 1
3 .85
4 5.00
_
0 .75
1 .73
4 503
A M-R IC 2
4 .28
4 8.00
-
0 .50
2 .05
4 504
A M-R IC 2
4 .43
4 1.00
-
0 .50
1 .82
4 505
A M-RIC 3
4 .46
4 2.00
-
0 .50
1 .87
A M-R IC 3
5 .30
5 0.00
t r
0 .50
2 .65
4 506
3 5
We ight No.
Reference
( g )
4 507
A M-R IC 3
4 508
We ight o f % s i lver
Au
Pb
5 .21
5 0.50
« 1 _
0 .50
2 .63
A M-R IC 4
4 .22
4 8.50
t r
0 .50
2 .05
4 509
A M-R IC 4
4 .74
4 7.50
0 .50
2 .25
4 510
0 .75
2 .04
0 .75
1 .89
A M-R IC 5
4 .17
4 9.00
4 511
A M-R1C 5
3 .74
5 0.50
4 512
A M-R 1C 6
4 .63
3 6.50
0 .75
1 .69
4 513
A M-RIC 6
4 .32
4 7.00
0 .50
2 .03
4 514
A M-R IC 6
4 .65
4 8.00
0 .75
2 .23
4 515
A M-R IC 1 5
5 .05
5 0.50
0 .25
2 .55
A M-R IC 1 6
4 .74
5 2.00
0 .25
2 .46
4 516
t r
s i lver ( g )
4 517
A M-R IC 1 6
5 .14
4 8.50
t r
2 .49
4 518
A M-R IC 1 8
4 .61
4 6.50
t r
0 .75
2 .14
4 519
A M-R IC 1 9
3 .83
4 7.50
t r
0 .75
1 .82
4 520
A M-R IC 1 9
4 .77
5 0.50
t r
1 .00
2 .41
4 521
A M-R IC 2 0
4 .72
4 9.50
1 .00
2 .34
4 .45 0 .49
4 7.77
S tandard d ev iat ion Corrected mean we ight
4 .51
2 .15
We ight o f t heoret ical d enar ius
2 .26
1 .08
Mean ( 22 c o ins )
2 .
2 .15 0 .29
3 .69
An ton in ian i o fA .D. 2 40
4 522
A M-R IC 3 4
4 .85
4 8.00
t r
1 .00
2 .33
4 523
A M-R IC 3 4
3 .70
4 4.00
-
0 .50
1 .63
1 .00
1 .96
4 524
A M-R IC 3 4
4 .17
4 7.00
t r
4 525
A M-R IC 3 5
4 .37
4 9.50
t r
0 .25
2 .16
4 526
A M-R IC 3 5
4 .79
4 5.50
t r
0 .25
2 .18
4 527
A M-RIC 3 5
4 .60
4 6.00
0 .50
2 .12
4 528
A M-R 1C 3 5
5 .49
4 6.50
t r
0 .75
2 .55
4 529
A M-R IC 3 6
4 .09
5 5.00
t r
0 .25
2 .25
4 530
A M-R IC 3 6
4 .69
4 7.50
-
0 .75
2 .23
0 .25
2 .14
4 531
A M-R1C 3 7
4 .19
5 1.00
4 532
A M-R1C 3 7
5 .88
4 9.00
t r
2 .88
4 533
A M-R IC 3 8
5 .51
5 0.00
t r
0 .50
2 .76
4 534
A M-R IC 3 8
3 .55
6 7.00
t r
0 .50
2 .38
4 535
A M-R IC 3 9
4 .80
5 4.50
-
0 .25
2 .62
4 536
A M-R IC 3 9
4 .98
4 9.50
t r
0 .25
2 .47
4 537
A M-R IC 5 1
4 .58
4 8.50
t r
0 .25
2 .22
4 538
A M-R IC 5 2
4 .39
4 9.00
t r
0 .50
2 .15
4 539
A M-R IC 5 3
3 .43
4 6.00
-
0 .75
1 .58
0 .50
2 .04
4 540
A M-R1C 5 4
4 .20
4 8.50
t r
4 541
A M-R IC 5 5
4 .48
5 2.00
t r
0 .50
2 .33
4 542
A M-R IC 5 5
4 .01
5 1.50
-
0 .75
2 .07
4 543
A M-R 1C 5 6
4 .23
5 1.50
t r
0 .75
2 .21
4 544
A M-R IC 6 3
4 .94
5 1.00
-
1 .00
2 .52
4 545
A M-R IC 6 3
4 .64
4 6.00
-
0 .25
2 .13
3 6
We ight No.
Reference
( g )
4 546
A M-R IG 6 5
3 .47
4 547
A M-R IC 6 5
4 548 4 549
We ight o f Pb
s i lver ( g )
5 7.00
0 .50
1 .98
4 .25
4 0.00
0 .50
1 .70
A M-R IC 6 6
4 .52
4 6.50
0 .50
2 .10
A M -R IG 6 7
4 .53
5 3.00
0 .50
2 .40
4 550
A M-R IC 6 7
4 .30
4 7.50
0 .75
2 .04
4 551
A M -R IG 7 0
4 .13
5 5.00
0 .50
2 .27
4 .46
4 9.77
2 .22
S tandard d ev iat ion
0 .56
4 .79
0 .29
Corrected mean we ight
4 .48
2 .23
We igh t o f t heoret ical d enar ius
2 .24
1 .12
Mean ( 30 c o ins )
3 .
% s i lver
t r
Anton in ia n i o f A. D .2 41-243
A M -R IG 8 3
3 .84
4 553
A M- R IG 8 3
4 .32
4 554
A M-R IG 8 4
5 .52
4 555
A M-R IC 8 4
4 .63
4 7.00
4 556
A M-R IC 8 4
4 .92
4 557
A M-R1C 8 4
3 .83
4 558
A M-R IG 8 5
3 .67
4 559
A M-R IC 8 6
4 .92
4 560
A M-R IC 8 6
4 .32
4 552
Au
4 6.00
-
0 .50
1 .77
4 7.00
-
0 .75
2 .03
4 4.00
t r
0 .75
2 .43
-
1 .00
2 .18
5 0.00
-
0 .75
2 .46
4 4.50
t r
0 .75
1 .70
4 5.50
t r
1 .00
1 .67
4 6.00
-
1 .00
2 .26
4 4.00
-
0 .50
1 .90
4 561
A M-RIG 8 6
3 .45
4 1.00
-
0 .75
1 .41
4 562
A M-R IC 8 6
4 .13
4 5.50
_
t r
1 .88
4 563
A M-R IG 8 7
4 .04
4 5.00
-
0 .50
1 .82
4 564
A M- R IG 8 8
4 .57
4 3.00
-
0 .75
1 .97
4 565
A M-R IG 8 8
4 .10
4 8.50
_
0 .50
1 .99
4 566
A M-R IG 8 9
4 .96
3 9.00
-
0 .75
1 .93
4 2.50
_
0 .50
2 .18
A M-R IC 8 9
5 .13
4 568
A M-R IC 8 9
4 .67
4 5.00
-
0 .75
2 .10
4 569
A M-R IG 8 9
3 .98
4 7.50
_
1 .00
1 .89
4 570
A M- R IG 9 1
4 .58
4 4.00
-
0 .75
2 .02
4 571
A M-R IG 9 2
4 .18
4 7.00
-
1 .50
1 .96
4 572
A M-R IC 9 2
4 .49
4 3.50
-
0 .50
1 .95
4 573
A M-R IC 9 3
4 .62
4 4.50
-
0 .75
2 .06
4 574
A M-R IC 9 4
4 .32
3 9.00
-
0 .75
1 .68
4 567
4 575
A M-R IC 9 4
5 .42
4 7.00
-
1 .75
2 .55
4 577
A M-R IG 9 5
4 .06
4 1.00
-
0 .25
1 .66
Mean ( 25 c o ins )
4 .43
4 4.68
1 .98
S tandard d ev iat ion
0 .52
2 .68
0 .26
We ight o f t heoret ical d enar ius 4 .
0 .99
An ton in ian i o f A . D. 2 43-244
4 578
A M-R IG 1 40
3 .92
4 6.50
t r
0 .75
1 .82
4 579
A M-R IC 1 40
4 .20
4 5.50
-
0 .50
1 .91
A M- R IG 1 41
3 .30
3 2.00
-
0 .25
1 .06
4 580
3 7
We ight
We ight o f
No.
Reference
( g )
% s i lver
Au
Pb
s i lver ( g )
4 581
A M-R IC 1 42
3 .34
3 8.00
0 .25
1 .27
4 582
AM-R IC 1 42
4 .10
4 2.50
0 .25
1 .74
4 583
AN I-R1C 1 43
4 .39
4 2.50
0 .25
1 .87 1 .92
4 584
A M-HIC 1 43
4 .21
4 5.50
0 .75
4 585
A M-R1C 1 44
4 .20
3 0.50
1 .00
1 .28
4 586
ANI -R IC 1 45
4 .10
5 9.00
0 .75
1 .42
4 587
AN I-R IC 1 45
4 .13
3 5.50
0 .75
1 .47
A M-H IC 1 45
3 .92
4 2.50
0 .25
1 .67
4 589
AM-H IC 1 46
4 .66
2 3.00
0 .75
1 .07
4 590
AM-H IC 1 47
4 .02
4 2.00
0 .75
1 .69
0 .75
1 .56
4 588
4 591
A M-H IC 1 47
3 .71
4 2.00
4 592
AN I-R IC 1 48
4 .43
4 5.00
0 .75
1 .99
4 593
AN I-R IC 1 48
4 .28
4 6.50
1 .75
1 .99
4 594
AM -R IC 1 50
3 .71
4 8.50
1 .00
1 .80
4 595
A M-H IC 1 50
4 .24
4 4.00
1 .50
1 .87
4 596
A M-H IC 1 51
4 .30
4 5.00
1 .75
1 .94
4 597
AM-R IC 1 51
4 .83
4 0.50
0 .75
1 .96 1 .57
4 598
AN I-RIC 1 53
3 .70
4 2.50
0 .25
4 599
AM-R IC 1 53
4 .30
4 1.00
1 .25
1 .76
AN I-R IC 1 54
3 .28
3 7.50
2 .00
1 .23
4 .06
4 1.63
0. 39
6 .89
4 600
Mean ( 23 c o ins ) S tandard d ev iat ion Corrected mean we ight /We igh t o f t heoret ica l d enar ius 5 .
1 .65 0 .29 1 .73
4 .16
0 .83 Denar i i
AM-R IC 8 1
3 .17
4 7.50
-
0 .50
1 .81
4 602
A M-R IC 8 1
3 .04
4 3.50
-
0 .75
1 .32
4 603
A M-R IC 1 11
3 .05
4 6.50
-
0 .50
1 .42
4 604
A M-H IC 1 11
3 .66
5 0.00
-
0 .75
1 .83
4 605
A M-R IC 1 12
2 .59
4 9.50
t r
0 .50
1 .28
4 606
A M-R IC 1 12
3 .42
4 9.50
t r
0 .50
1 .69
4 607
A M-H IC 1 13
3 .33
4 5.50
t r
0 .50
1 .52
4 608
A M-H IC 1 14
3 .17
5 0.50
t r
0 .50
1 .60
4 609
A M-H IC 1 20
2 .93
4 5.50
t r
0 .50
1 .33
4 610
A M-R IC 1 27
3 .16
4 8.50
t r
0 .50
1 .53
4 611
A M-R IC 1 27
2 .60
4 8.00
-
0 .50
1 .25
4 612
A M-H IC 1 27
3 .13
4 0.50
-
0 .50
1 .27
4 613
AM-R IC 1 29
2 .39
3 6.00
-
0 .50
0 .86
4 614
A M-R IC 1 29
2 .88
5 0.00
t r
0 .25
1 .44
4 615
A M-H IC 1 29A
2 .71
5 0.00
-
0 .50
1 .36
4 616
AN I-R1C 1 29A
3 .64
4 5.50
-
0 .75
1 .66
4 617
AM-R IC 1 29A
2 .85
6 8.00
t r
0 .50
1 .94
4 618
AM- H IC 1 30
2 .59
4 4.50
-
0 .25
1 .15
4 619
A M-H IC 1 30
2 .90
4 9.50
-
0 .50
1 .44
A M- H IC 1 31
2 .68
5 1.00
-
0 .25
1 .37
4 601
4 620
3 8
We igh t
We ight o f
No.
Reference
( g )
4 621
A M-R IC 1 31
3 .12
5 1.50
0 .25
1 .61
A M-R IC 1 31
3 .20
4 7.50
0 .50
1 .52
3 .01
4 8.11
1 .45
S tandard d ev iat ion
0 .33
5 .64
0 .24
Corrected mean we ight
3 .03
4 622
Mean ( 22 c o ins )
6 .
% s i lver
Au
Pb
s i lver ( g )
1 .46
Qu inar i i
4 623
A M-R IC 1 3
1 .46
7 4.00
4 624
A M-R IC 1 17
1 .28
6 1.00
t r
t r
1 .08
0 .50
0 .78
Gord ian I I - mint o f An t ioch 1 .
An ton in ian i o fA .D. 2 38-239 4 .45
4 5.00
2 .25
2 .00
A M-R IC 1 89
3 .99
5 3.50
1 .25
2 .13
Wa lker-R IC 1 89
3 .85
5 0.50
0 .50
1 .94
4 628
A M-R IC 2 00
4 .15
5 4.00
2 .00
2 .24
4 629
Walker-R IC 2 00
3 .91
5 3.50
0 .50
1 .94
4 .07
5 1.30
4 625
A M-R1C 1 87 (a )
4 626 4 627
Mean ( 5 c o ins )
2 .08
We ight o f s i lver i n t heoret ica l d enar ius 2 .
1 .04
An ton in ian i o f A .D. 2 43-244
4 630
A M-R IC 2 09
4 .48
4 9.50
0 .50
2 .22
4 631
A M-R IC 2 10
4 .11
4 4.00
1 .50
1 .81
4 632
A M-R IC 2 10
4 .84
4 1.00
0 .75
1 .98
4 633
A M-R IC 2 10
4 .15
5 4.50
1 .00
2 .26
4 634
Wa lker-R IC 2 10
4 .63
4 9.50
0 .25
4 635
A M-R 1C 2 12 (b )
4 .61
5 2.50
0 .75
2 .29 2 .42
4 636
A M-R IC 2 13
4 .57
3 9.00
1 .50
1 .78
4 637
A M-R 1C 2 13
4 .32
5 2.50
0 .25
2 .27
4 638
A M-R IC 2 13
3 .67
4 1.00
0 .50
1 .50
4 639
A M-R IC 2 14 (b )
4 .17
4 6.00
0 .50
1 .92
4 640
A M-R IC 2 16(b )
4 .04
3 5.00
1 .00
1 .41
4 641
A M-R IC 2 16 (b )
3 .78
4 6.50
0 .50
1 .76
Mean ( 12 c o ins )
4 .15
4 5.92
1 .90
S tandard d ev iat ion
0 .34
5 .76
0 .31
We ight o f s i lver i n t heoret ica l d enar ius
0 .98
Ph il ip I - M in t o f Ro me 1 .
An ton in ian i o fA .D. 2 44-245
4 642
A M-R IC 2 6(b )
4 .49
4 643
A M-R IC 2 6(b )
4 .14
4 7.50
4 644
A M-R IC 3 1
2 .78
4 0.50
4 645
AM-R IC 3 2(b )
4 .78
4 4.00
-
3 9
3 4.50
t r
0 .75
1 .55
-
0 .50
1 .97
-
0 .50
1 .13
0 .50
2 .10
We ight
We igh t o f
( g )
% s i lver
AM-R IC 3 2(b )
4 .11
4 6.00
4 647
A M-R IC 3 6 (b )
4 .49
4 5.50
-
4 648
AM-R IC 3 7 (b )
3 .76
3 1.50
A M-R IC 3 8 (b )
4 .03
4 2.50
No.
Reference
4 646
4 649
Au
Pb
s i lver ( g )
0 .25
1 .89
0 .50
2 .04
-
0 .50
1 .18
-
0 .50
1 .71
0 .25
1 .86
4 650
AM-R IC 3 8(b )
4 .14
4 5.00
-
4 651
AM-R IC 4 0 (b )
3 .23
4 7.00
-
0 .50
1 .52
-
1 .00
1 .38
4 652
A M-R IC 4 1
5 .03
2 7.50
4 653
A M-R IC 4 6 (b )
4 .49
4 5.00
-
0 .50
2 .02
4 654
A M-R IC 4 7
4 .37
4 5.00
-
0 .75
1 .97
4 655
A M-R IC 4 7
4 .11
4 5.00
-
0 .75
1 .85
A M-R 1C 4 8(b )
3 .80
4 6.50
-
0 .75
1 .77
-
0 .25
2 .08
0 .50
1 .68
0 .75
1 .32
4 656 4 657
AM-R IC 4 8(b )
4 .62
4 5.00
4 658
AM-R IC 4 9(b )
3 .73
4 5.00
4 659
A M-R IC 4 9 (b )
3 .84
3 4.50
4 660
AM-R IC 4 9 (b )
4 .91
4 6.50
0 .75
2 .28
4 661
A M-R IC 5 0
4 .90
4 3.50
-
0 .50
2 .13
4 662
A M-R IC 5 1
4 .02
4 5.50
-
0 .75
1 .83
A M-RIC 5 2
3 .92
4 9.00
-
0 .75
1 .92
Mean ( 22 c o ins )
4 .17
4 2.82
1 .79
S tandard d ev iat ion
0 .53 4 .22
5 .50
0 .31 1. 81
4 663
Corrected mean we igh t
-
We igh t o f s i lver i n t heoret ica l
0 .91
d enar ius 2 .
An ton in ian i o fA .D. 2 45-247
A M-R IC 2 (b )
3 .41
4 1.00
1 .00
1. 40
4 665
A M-R IC 2 (b )
4 .33
4 4.50
0 .75
1. 93
4 666
A M-R IC 2 (b )
5 .43
4 3.00
0 .50
2 .33
4 667
A M-R1C 2 (b )
4 .31
4 4.50
0 .75
1. 92
4 668
A M-R IC 3
3 .81
4 0.50
0 .75
1. 54
4 669
A M-R IC 3
3 .77
4 7.00
0 .25
1. 77
3 .53
5 1.00
0 .75
1. 80
4 664
4 670
A M-R IC 4
4 671
AM-R IC 2 7 (b )
3 .99
4 3.50
0 .50
1 .74
4 672
A M-R IC 2 7 (b )
4 .37
4 7.00
0 .75
2 .05
4 673
AM-R IC 2 7 (b )
4 .14
4 5.50
0 .75
1. 88
4 674
AM-R IC 2 7 (c )
3 .87
3 8.50
1 .75
1 .49
4 675
A M-R IC 4 4 (b )
3 .75
3 9.00
0 .75
1 .46
4 676
A M-R IC 4 4(b )
3 .60
3 6.00
0 .50
1. 30
4 677
AM-R IC 4 4 (b )
3 .49
4 4.00
0 .75
1. 54
4 678
A M-R IC 4 4(b )
3 .52
4 6.50
0 .50
1. 64
4 679
A M-R IC 2 18(d )
4 .10
4 2.50
0 .75
1. 74
4 680
A M-R IC 2 18 (d )
3 .05
4 5.00
0 .25
1. 37
4 681
A M-R IC 2 18(d )
3 .99
4 3.50
0 .50
1 .74
4 682
A M-R IC 2 18 (d )
3 .89
4 1.50
0 .75
1 .61
4 683
A M-R IC 2 18(d )
4 .80
4 1.00
0 .50
1 .97
Mean ( 20 c o ins )
3 .96
4 3.25
1 .71
S tandard d ev iat ion
0 .52 4 .01
3 .36
0 .25 1. 73
Corrected mean we igh t V g hit uc i e f s i lver i n t heoret ica l
4 0
t r
t r
0 .87
3 .
An ton in ian i o f A. D. 2 47-248 We ight
No.
Reference
( g )
4 684
A M-R IC 5
4 685
A M-R IC 1 2
4 686
A M-R IC 1 2
4 .18
4 687
A M-R IC 1 2
4 .21
4 688
A M-R IC 1 2
4 .57
We ight o f % s i lver
Au
Pb
s i lver ( g )
3 .80
3 5.00
t r
0 .75
1 .33
3 .34
4 2.50
-
0 .50
1 .42
4 7.50
-
0 .75
1 .99
3 7.50
-
0 .75
1 .58
4 1.50
-
0 .50
1 .90
4 689
A M-R IC 1 2
4 .40
4 5.00
-
1 .00
1 .98
4 690
A M-R IC 1 5
3 .67
4 5.50
-
0 .75
1 .67
4 691
A M-R IC 1 5
4 .75
4 4.00
-
0 .75
2 .09
4 692
A M-R IC 1 5
4 .43
4 6.50
-
0 .75
2 .05
4 693
A M-R IC 1 5
4 .66
4 5.00
-
1 .00
2 .10
4 694
A M-R IC 1 9
3 .84
4 8.00
-
1 .00
1 .84
4 695
A M-R IC 1 9
4 .32
4 4.00
-
1 .50
1 .90
4 696
A M-R IC 1 9
4 .46
4 5.50
t r
1 .00
2 .03
4 697
A M-R IC 2 1
4 .15
4 2.50
-
1 .00
1 .76
4 698
A M-R IC 2 1
5 .31
4 1.50
-
1 .00
2 .20
4 699
A M-R IC 2 1
3 .78
4 5.50
-
1 .00
1 .72
4 700
A M-R IC 2 1
3 .82
4 8.50
-
1 .25
1 .85
4 701
A M-R IC 2 1
3 .83
4 6.00
-
0 .25
1 .76
4 702
A M-R IC 5 7
3 .25
3 6.50
-
0 .50
1 .19
4 703
A M-R IC 5 9
4 .06
3 4.00
-
0 .50
1 .38
4 704
A M-R IC 6 5
4 .63
3 8.00
-
t r
1 .76
4 705
A M-R IC 1 16(b )
3 .90
4 7.00
-
0 .50
1 .83
4 706
A M-R IC 1 16 (b )
4 .06
4 5.50
-
1 .25
1 .85
4 707
A M-R IC 1 16 (b )
3 .46
4 5.50
-
0 .50
1 .57
4 .12
4 3.25
1 .78
S tandard d ev iat ion
0 .48
4 .08
0 .26
Corrected mean we igh t
4 .14
Mean ( 24 c o ins )
1 .79
Weight o f s i lver i n t heoret ica l 0 .89
d enar ius
4 .
An ton in ian i o f A .D. 2 48-249
4 708
A M-R IC 7
3 .30
3 4.00
t r
0 .25
1 .12
4 709
A M-R IC 7
4 .55
4 8.50
-
0 .75
2 .21
4 710
A M-R IC 8
4 .78
4 7.50
-
0 .75
2 .27
4 711
A M-RIC 9
4 .35
5 2.50
-
1 .25
2 .28
4 712
A M-R IC 9
4 .27
4 8.00
-
0 .25
2 .05
4 713
A M-R IC 1 0
4 .14
4 8.50
-
0 .50
2 .01
4 714
A M-R IC 1 0
4 .31
4 8.00
-
0 .50
2 .07 2 .14
4 715
AN I-R IC 1 0
4 .50
4 7.50
-
0 .75
4 716
A M-R IC 2 4 (e )
4 .35
3 6.00
-
1 .25
1 .57
4 717
A M-R IC 2 4 (c )
4 .46
4 7.00
-
1 .00
2 .10
4 718
A M-R IC 2 50»
3 .29
4 6.00
-
0 .50
1 .51
4 719
A M-R IC 2 5 (b )
3 .63
5 1.00
-
1 .50
1 .85
4 720
A M-R IC 2 5 (b )
3 .79
5 1.00
_
0 .75
1 .93
4 721
A M-R IC 2 5 (b )
4 .23
4 4.50
_
0 .75
1 .88
4 722
A M-R IC 5 8
3 .80
4 8.00
-
0 .75
1 .82
4 1
We igh t No.
Reference
4 723
A M-R IC 5 8
4 724 4 725
( g )
We igh t o f % s i lver
Au
P b
4 .34
6 7.00
-
0 .75
2 .91
A M-R IC 5 8
4 .41
5 1.00
-
0 .25
2 .25
A M-R IC 5 8
4 .34
4 6.50
-
0 .75
2 .02
4 726
AM-R IC 6 0
3 .54
3 6.50
-
1 .25
1 .29
4 727
A M-R IC 6 0
4 .08
4 6.00
-
0 .75
1 .88
4 728
AM-R IC 6 0
3 .68
4 7.00
t r
0 .50
1 .73
4 729
AM-R 1C 6 2
3 .70
4 3.50
-
0 .75
1 .61
Mean ( 22 c o ins )
4 .08
4 7.07
1 .93
S tandard d ev iat ion Corrected mean we igh t
0 .41 4 .12
6 .43
0 .37 1 .94
We igh t o f s i lver i n t heoret ica l
s i lver ( g )
0 .97
d enar ius Ph il ip I - M in t o f An t ioch 1 . 4 730
An ton in ian i o f A .D. 2 44
AM-R IC 6 9
5 .31
2 9.00
-
1 .00
1 .54
-
0 .75
1 .96
4 731
A M-R 1C 6 9
4 .30
4 5.50
4 732
AM-R IC 7 0
4 .16
4 7.50
-
1 .00
1 .98
4 733
A M-R IC 7 0
5 .49
3 5.00
-
0 .75
1 .92
4 734
A M-R 1C 7 1
5 .13
3 8.00
-
4 735
Wa lker-R IC 7 1
4 .96
4 7.50
4 736
AM-R IC 7 3
3 .41
4 0.00
AM-R IC 7 4
5 .57
3 3.00
Mean ( 8 c o ins )
4 .79
3 9.44
1 .89
S tandard d ev iat ion
0 .71
6 .51
0 .28
4 737
2 . 4 738
1 .25
1 .95
0 .75
2 .36
-
1 .25
1 .36
-
1 .25
1 .84
An ton in ianus o fA .D. 2 46-249
AM-R IC 2 40 (a )
4 .04
4 2.50
-
1 .00
1 .72
-
0 .75
2 .13
P acat ianus 4 739
AM-R IC 5 (a )
3 .49
6 1.00
Dec ius - M in t o f Ro me 1 .
An ton in ian i o fA .D. 2 49
4 740
AM-R IC 1 (b )
4 .06
5 8.00
0 .25
2 .35
4 741
AM-R 1C 2 (b )
3 .48
3 8.00
1 .00
1 .32
4 742
AM-R IC 3 (b )
3 6.00 5 9.50
0 .50
1 .32
1 .00
1 .97
4 7.00
1 .00
2 .04 2 .42 1 .84
4 743
AM-R IC 4 (b )
3 .66 3 .31
4 744
AM-R IC 5
4 .34
4 745
AM-R IC 7 (c )
5 .09
4 7.50
0 .25
4 746
AM-R IC 7 (c )
3 .87
4 7.50
0 .50
Mean ( 7 c o ins )
3 .97
4 7.64
1 .89
S tandard d ev ia t ion
0 .31
8 .25
Correc ted mean we ight We ight o f s i lver i n t heoret ica l
4 .02
0 .41 1 .91
d enar ius
4 2
0 .96
2 .
An ton in ian i o fA .D. 2 50-251 We ight
No.
Reference
4 747
A M-R IC 1 0(b )
( g )
We igh t o f % s i lver
Au
Pb
s i lver ( g )
3 .51
4 4.50
-
0 .75
1 .56
4 748
A M-R IC 1 0(b )
4 .01
4 4.00
-
1 .50
1 .76
4 749
A M-RIC 1 0 (b )
4 .66
4 3.00
-
1 .00
2 .00
4 750
A M-R IC 1 0 (b )
3 .91
4 8.50
_
0 .75
1 .90
4 751
A M-R IC 1 1(b )
3 .16
5 6.00
-
1 .00
1 .77
4 752
A M-R IC 1 1(b )
3 .36
4 4.50
_
1 .25
1 .50
4 753
A M-R IC 1 1(b )
3 .85
4 7.00
_
0 .75
1 .81
4 754
A M-RIC 1 1( b )
4 .05
4 7.50
-
1 .00
1 .92
4 755
A M-RIC 1 2(b )
3 .95
4 6.00
_
0 .50
1 .82
4 756
A M-R IC 1 2 (b )
4 .81
4 3.00
-
0 .75
2 .07
4 757
A M-R IC 1 2 (b )
4 .23
4 7.00
t r
0 .75
1 .99
4 758
A M-R IC 1 2(b )
4 .81
4 1.00
_
1 .25
1 .97
4 759
A M-R IC 1 2 (b )
3 .65
2 7.50
-
1 .50
1 .00
4 760
A M-R IC 1 2 (b )
3 .48
2 2.00
-
1 .00
0 .77
4 761
A M-R IC 1 5 (b )
3 .73
3 5.00
_
1 .25
1 .30
4 762
A M-R IC 1 5 (b )
3 .63
4 5.00
-
0 .75
1 .63
4 763
A M-R IC 1 6 (c )
2 .90
4 1.50
_
1 .25
1 .20
4 764
A M-R IC 1 6 (c )
3 .05
2 7.50
_
0 .50
0 .84
4 765
A M-R IC 1 6 (c )
3 .95
2 0.00
_
1 .50
0 .79
4 766
A M-R IC 1 6 (c )
4 .06
4 0.00
-
0 .50
1 .62
4 767
A M-R IC 1 6 (c )
5 .48
4 3.00
-
0 .75
2 .36
4 768
A M-R IC 1 6 (c )
3 .87
4 5.50
_
0 .50
1 .76
4 769
A M-R IC 1 6 (c )
3 .56
4 5.50
_
1 .00
1 .62
4 770
AM-R IC 1 6 (c )
4 .31
5 1.50
_
0 .50
2 .22
4 771
A M-RIC 2 0
2 .51
3 8.50
_
1 .00
0 .97
4 772
AM-RIC 2 1(b )
4 .65
3 4.50
-
1 .25
1 .60
4 773
A M-R IC 2 1(b )
4 .08
4 3.50
_
0 .50
1 .77
4 774
A M-R IC 2 1(b )
3 .95
4 9.00
_
0 .25
1 .94
4 775
A M-R IC 2 1(b )
3 .95
3 1.00
-
0 .50
1 .22
3 .94
4 1.12
1 .61
S tandard d ev iat ion
0 .61
8 .42
Corrected mean we igh t
3 .97
0 .42 1 .63
Mean ( 29 c o ins )
We ight o f s i lver i n t heoret ica l d enar ius
0 .82
Dec ius - M in t o f "M ilan" A .D. 2 50-251
4 776
AM-R IC 3 6 (a )
3 .02
4 6.50
_
0 .75
1 .40
4 777
AM-R IC 3 6(a )
3 .86
3 9.00
-
0 .75
1 .51
4 778
AM-R IC 3 7 (b )
3 .58
4 2.00
-
1 .00
1 .50
4 779
AM-R IC 3 7 (c )
4 .52
4 2.50
-
1 .00
1 .92
4 780
AM-RIC 3 8(a )
3 .09
6 8.00
-
0 .25
2 .10
4 781
AM-R IC 3 8(b )
3 .73
4 2.00
t r
0 .75
1 .57
4 782
AM-R IC 3 8(b )
3 .69
3 9.50
-
0 .50
1 .46
( overstruck )
4 3
We ight o f
We ight N o.
Reference
4 783
A M-R IC 4 1(a )
% s i lver
( g )
Au
Pb
s i lver ( g )
0 .50
1 .48
3 .33
4 4.50
3 .60
4 5.50
1 .62
S tandard d ev iat ion
0 .45
8 .80
Corrected mean we ight
3 .75
0 .23 1 .71
Mean ( 8 c o ins )
We ight o f s i lver i n t heoret ica l 0 .86
d enar ius i ssues o f t he D iv i A M-R IC 7 7
3 .59
3 8.50
0 .50
1 .38
4 785
A M-R IC 7 8
3 .25
4 2.00
0 .50
1 .37
4 786
A M-R IC 8 0
3 .60
4 6.00
0 .25
1 .66
4 787
A M-R IC 8 0
3 .79
4 5.00
0 .75
1 .71 2 .16
4 784
4 788
A M-R IC 8 1(a )
4 .55
4 7.50
0 .50
4 789
A M-R IC 8 2(b )
3 .45
4 5.50
0 .50
1 .57
A M-R IC 8 3 (a )
2 .97
4 6.50
0 .75
1 .38
4 790 4 791
A M-R IC 8 5 (b )
3 .78
2 9.00
2 .00
1 .10
4 792
A M-R IC 8 6(b )
4 .61
3 6.00
1 .25
1 .66
4 793
A M-R IC 8 6 (b )
3 .87
4 2.00
0 .25
1 .63
4 794
A M-RIC 8 9
5 .26
4 6.00
0 .75
2 .42 0 .99
4 795
A M-R IC 9 0
3 .15
3 1.50
0 .25
4 796
A M-R IC 9 1(a )
2 .94
5 5.50
0 .75
1 .63 ( overstruck?)
A M-R IC 9 1(a )
3 .71
4 7.50
1 .25
1 .76
4 798
A M-R IC 9 5
3 .76
4 3.00
0 .50
1 .62
4 799
A M-R IC 9 7
3 .63
3 7.50
0 .25
1 .36
4 800
A M-R IC 9 8
5 .12
4 5.50
0 .50
2 .33
Mean ( 17 c o ins )
3 .83
4 2.62
S tandard d ev iat ion
0 .66
0 .37
Corrected mean we igh t
3 .99
1 .70
4 797
1 .63
We ighi o f s i lver i n t heoret ica l 0 .85
d enar ius Dec ius - M in t o f An t ioch 4 801 4 802
A M-R IC 1 96 (a ) A M-R IC 1 99 (a )
Mean
3 .61
3 0.50
3 .98
3 3.00
3 .80
3 1.75
1
1 .25
1 .10
0 .75
1 .31 1 .21
Ga l lus - M in t o f Ro me 1 .
An ton in ian i o f A .D. 2 51
4 803
A M-R IC 3 2
3 .07
3 3.00
1 .00
4 804
A M-R IC 3 2
2 .90
5 3.00
1 .00
1 .01 1 .54 ( overstruck?)
A M-R IC 3 2
3 .57
2 6.00
-
1 .00
0 .93
4 806
A M-R IC 3 2
3 .23
3 8.50
-
0 .75
1 .24
4 807
A M-R IC 3 2
3 .52
3 8.50
-
0 .50
1 .36
4 808
A M-R IC 3 4A
3 .31
2 1.00
-
0 .50
0 .70
4 809
A M-R IC 3 4A
2 .41
3 6.00
-
0 .25
0 .87
4 805
4 4
We ight
We ight o f
No.
Reference
4 810
A M-R IC 3 4A
4 .02
3 9.50
0 .75
1 .59
4 811
A M-R IC 3 4A
2 .83
3 7.00
0 .50
1 .05
4 812
A M-RIC 4 0
4 .08
3 9.50
0 .50
1 .61
4 813
A M-R IC 4 3
3 .87
2 9.50
0 .25
1 .14
4 814
A M-R IC 4 4
3 .71
4 4.50
0 .50
1 .65
4 815
A M-R IC 4 6(a )
3 .48
3 9.00
0 .50
1 .36
4 816
A M-R IC 4 6 (a )
3 .17
3 7.00
0 .75
1 .17
4 817
A M-R IC 4 7
3 .85
4 0.00
0 .50
1 .54
4 818
A M-R IC 1 31
3 .95
4 0.50
0 .75
1 .60
4 819
A M-R IC 1 67
2 .89
4 1.00
0 .75
1 .18
4 820
A M-R IC 1 67
3 .62
3 5.50
0 .75
1 .29
4 821
A M-RIC 1 67
2 .21
3 1.00
0 .25
0 .69
4 822
A M-R IC 1 67
3 .29
2 3.50
1 .00
0 .77
4 823
A M-R IC 1 71
3 .07
4 2.50
0 .25
1 .30
4 824
A M-R IC 1 72
4 .55
3 9.00
0 .75
1 .77
4 825
A M-R IC 1 72
3 .77
4 2.50
0 .50
1 .60
4 826
A M-R IC 1 73
3 .46
2 6.50
1 .00
0 .92
4 827
A M-R IC 1 77
3 .62
3 9.50
0 .7S
1 .43
3 .42 0 .52
3 6.54 6 .98
( g )
Mean ( 25 c o ins ) S tandard d ev iat ion
% s i lver
Au
^
Pb
s i lver ( g )
1 .25 0 .31
We igh t o f s i lver i n t heoret ica l 0 .63
d enar ius 2 .
An ton in ian i o f A .D. 2 52
4 828
A M-R IC 3 3
3 .49
2 8.50
-
0 .75
0 .99
4 829
A M-R IC 3 3
3 .80
4 3.50
-
0 .75
1 .65
4 830
A M-R IC 3 3
2 .84
3 6.00
-
0 .50
1 .02
4 831
A M-R IC 3 3
3 .34
2 8.00
-
0 .50
0 .94
4 832
A M-R IC 3 4
3 .44
4 1.50
-
0 .50
1 .43
4 833
A M-R IC 3 7
3 .43
4 1.50
-
0 .25
1 .42
4 834
A M-R IC 3 7
3 .53
3 2.00
-
0 .75
1 .13
4 835
A M-R IC 3 7
2 .60
3 1.50
-
0 .50
0 .82
4 836
A M-R IC 3 8
3 .31
2 0.00
-
0 .25
0 .66
4 837
A M-R IC 3 9
4 .55
2 9.00
-
1 .00
1 .32
4 838
A M-R IC 3 9
3 .76
5 2.00
-
0 .75
1 .96
4 839
A M-R IC 4 1
3 .17
3 5.50
-
0 .50
1 .13
4 840
A M-R IC 4 1
4 .40
3 9.00
-
0 .50
1 .72
4 841
A M-R IC 4 1
3 .34
3 8.50
-
0 .50
1 .29
4 842
A M-R IC 4 1
4 .18
4 4.00
-
0 .50
1 .84
4 843
A M-R IC 4 2
2 .99
2 4.50
-
0 .75
0 .73
4 844
A M-R IC 4 2
3 .23
3 0.00
-
0 .75
0 .97
4 845
A M-R IC 5 0
3 .91
4 1.00
-
0 .50
1 .60
4 846
A M-R IC 5 0
3 .95
3 7.00
-
1 .00
1 .46
4 847
A M-R IC 5 0
3 .20
3 4.50
-
1 .00
1 .10
4 848
A M-R IC 5 5
3 .66
3 8.50
t r
1 .00
1 .41
4 849
A M-R IC 5 7
2 .81
4 1.00
-
0 .50
1 .15
A M-R IC 1 68
3 .61
3 6.00
-
1 .25
1 .30
4 850
4 5
We ight No.
Reference
4 851 4 852
We ight o f P b
s i lver ( g )
5 3.50
1 .00
1 .82
3 .62
4 2.00
0 .75
1 .52
4 .02
2 1.50
0 .50
0 .86
Mean ( 26 c o ins )
3 .52
3 6.15
1 .27
S tandard d ev iat ion
0 .46
8 .07
0 .35
4 853
( g )
% s i lver
A M-R IC 1 68
3 .40
A M-R IC 1 69 AM-R IC 1 69
Au
We ight o f s i lver i n t heoret ica l
0 .64
d enar ius 3 .
Anton in ian i o f A. D .2 53
4 854
AM-R IC 3 0
4 .67
4 5.50
-
0 .75
2 .12
. 4 855
AM-R IC 3 0
3 .10
3 1.00
_
0 .75
0 .96
4 856
AM-R IC 3 1
2 .95
3 9.50
_
0 .75
1 .17
4 857
A M-R IC 3 1
3 .19
3 0.00
_
1 .00
0 .96
4 858
A M-R IC 4 8(a )
2 .52
3 8.00
-
0 .25
0 .96
4 859
A M-R IC 4 8(a )
3 .47
4 7.50
_
1 .00
1 .65
4 860
AM-R IC 1 40
3 .71
3 0.50
_
1 .00
1 .13
4 861
AM-R IC 1 40
3 .24
3 4.50
_
1 .25
1 .12
4 862
A M-R IC 1 41
2 .98
2 3.50
-
0 .50
0 .70
4 863
A M-R IC 1 41
3 .26
2 8.00
-
1 .00
0 .91
4 864
AM-R IC 1 66
3 .57
3 5.50
_
1 .00
1 .27
4 865
AM-R IC 1 66
3 .69
3 8.00
-
0 .75
1 .40
Mean ( 12 c o ins )
3 .36
3 5.12
S tandard d ev iat ion
0 .51
6 .75
Corrected mean we ight
3 .45
1 .19 0 .37 1 .21
We igh t o f s i lver i n t heoret ica l d enar ius
0 . 6 1
Ga l lus - M in t o f "M ilan" An ton in ian i 4 866
A M-R IC 6 9
3 .64
3 6.00
-
0 .75
1 .31
4 867
A M-R IC 6 9
3 .07
4 7.00
-
1 .00
1 .44
4 868
A M-R IC 6 9
3 .39
4 0.00
-
0 .50
1 .36
4 869
AM-R IC 6 9
3 .79
3 8.00
-
0 .50
1 .44
4 870
A M-R IC 7 0
3 .51
4 1.50
-
0 .50
1 .46
4 871
A M-R IC 7 0
3 .51
3 5.50
-
0 .75
1 .25
4 872
A M-R IC 7 0
3 .25
4 4.00
-
0 .75
1 .43
4 873
AM-R IC 7 1
3 .75
3 7.50
-
0 .75
1 .41
4 874
AM-R IC 7 1
3 .56
4 5.50
-
0 .50
1 .62
4 875
A M-R IC 7 /
3 .39
3 8.50
-
0 .50
1 .31
4 876
AM-R IC 7 1
2 .94
4 1.50
-
1 .00
1 .22
4 877
A M-R IC 7 2
4 .99
4 4.00
-
1 .25
2 .20
4 878
A M-R IC 7 2
2 .93
4 0.50
-
0 .50
1 .19
4 879
AM-R IC 7 2
4 .67
4 1.50
-
0 .75
1 .94
4 880
AM-R IC 7 2
3 .07
4 4.50
-
0 .50
1 .37
4 881
A M-R IC 7 2
3 .60
3 3.50
-
0 .50
1 .21
4 882
A M-R IC 7 6
4 .07
3 7.50
-
0 .50
1 .53
4 883
AM-R IC 2 05
3 .90
3 9.00
-
0 .50
1 .52
AM-R IC 2 05
3 .27
3 6.50
t r
0 .50
1 .19
4 884
4 6
We ight
( g )
No.
Reference
4 885
A M-R IC 2 05
3 .51
4 886
A M-R IC 2 05
4 .28
4 887
A M-R IC 2 06
4 888
A M-R IC 2 06
We igh t o f
%s i lv er
Au
P b
s i lver ( g )
4 0.50
0 .25
1 .42
3 9.00
0 .50
1 .67
3 .52
4 0.50
1 .00
1 .43
3 .64
4 6.00
0 .50
1 .67 1 .57 1 .61
4 889
A M-R IC 2 06
3 .65
4 3.00
0 .50
4 890
A M-R IC 2 11
3 .83
4 2.00
0 .50
Mean ( 25 c o ins )
3 .63
4 0.52
1 .47
S tandard d ev iat ion We igh t o f s i lver i n t heoret ica l
0 .48
3 .42
0 .23 0 .74
d enar ius Ga l lus - M in t o f An t ioch An ton in ian i 4 .53
1 6.50
_
0 .50
0 .75
A M-RIC 7 9
3 .18
1 4.00
-
1 .00
0 .45
4 893
A M-R IC 7 9
3 .35
9 .00
_
1 .25
0 .30
4 894
A M-R IC 8 0
4 .52
1 8.50
-
1 .25
0 .84
4 895
A M-R IC 8 0
4 .06
1 8.50
_
0 .50
0 .75
4 896
A M-R IC 8 2
3 .59
1 9.00
_
1 .25
0 .68
4 897
A M-R IC 8 2
4 .18
2 3.50
_
2 .50
0 .98
4 898
A M-R IC -
3 .32
3 0.00
-
1 .50
0 .97
4 899
A M-R IC 8 3
2 .99
5 .00
-
0 .75
0 .15
4 900
A M-R IC 8 3
4 .05
2 4.50
_
1 .25
0 .99
4 901
A M-R IC 8 5
4 .87
2 1.50
_
1 .50
1 .05
4 902
A M-R IC 8 6
4 .67
2 0.00
-
1 .00
0 .93
4 903
A M-R IC 8 9
3 .60
1 7.50
-
2 .50
0 .63
4 904
A M-R IC 9 2
3 .74
2 8.00
_
1 .25
1 .05
4 905
A M-RIC 2 24 (a )
3 .61
2 1.00
-
1 .00
0 .76
4 906
A MRI C 2 30 (a )
4 .28
2 3.00
-
0 .75
0 .98
3 ,91
1 9.34
S tandard d ev iat ion
0 .55
6 .16
Corrected mean we ight
4 .28
0 .83
We igh t o f t heoret ica l d enar ius
2 .14
0 .42
4 891
A M-R IC 7 9
4 892
Mean ( 16 c o ins )
0 .76 0 .26
Ae m il ian - M in t o f Ro me A. D .2 53 A M-R IC 1
3 .55
3 8.00
_
0 .50
1 .35
4 908
A M-R IC 2 (b )
3 .54
3 6.00
-
0 .75
1 .27
4 909
A M-R IC 3 (b )
3 .48
3 6.50
-
0 .50
1 .27
4 910
A M-R IC 7
3 .01
2 9.50
_
0 .75
0 .89
4 911
A M-R IC 7 A
3 .87
3 4.00
_
0 .75
1 .32
4 912
A M-R IC 8
3 .63
3 8.00
-
0 .50
1 .38
4 913
A M-R IC 8
3 .29
3 9.50
-
0 .50
1 .30
4 914
A M-R IC 9
4 .83
3 5.50
_
0 .50
1 .71
A M-R 1C 9
3 .80
4 0.00
t r
0 .50
1 .52
4 907
4 915
4 7
We ight
We ight o f
No.
Reference
( g )
4 916
A M-R IC 1 0
2 .33
4 917
A M-R IC 1 4
3 .30
4 918
A M-R IC 1 5
3 .34
3 8.50
0 .50
1 .29
4 919
A M-R IC 2 2
3 .86
3 7.50
0 .50
1 .45
4 920
A M-R IC 3 0
3 .59
3 1.00
0 .75
1 .11
Mean ( 14 c o ins )
3 .53
3 5.50
1 .26
S tandard d ev ia t ion
0 .53
4 .88
0 .28
We igh t o f t heoret ica l d enar ius
1 .77
4 8
% s i lver
Au
Pb
s i lver ( g )
2 2.00
1 .00
0 .51
4 1.00
1 .25
1 .35
0 .63
S u m mary-S ilver c o inage o f Ro me I ssue a nd d ate
Mean we ight
Mean % s i lver
Mean we igh t o f s i lver
I ssue a nd d ate
( g )
Mean % s i lver
Pert inax , 1 93
3 .16
8 7.11
2 .75
D id ius J u l ianus, 1 93
2 .95
8 1.33
2 .40
1 , 1 93
3 .18
7 8.12
2 .48
2 , 1 94
3 .10
7 8.71
2 .44
i n d enar ius
S everus
3 , 1 94-5
2 .95
6 5.84
1 .94
4 , 1 94-5
3 .08
6 6.50
2 .05
5 , 1 95-6
3 .17
6 1.40
1 .95
6 , 1 96-7
3 .11
5 7.59
1 .79
7 , 1 97
2 .96
5 8.88
1 .74
8 , 1 97-8
3 .33
5 5.58
1 .85
9 , 1 98-200
3 .28
5 5.53
1 .82
1 0, 2 00-201
3 .31
5 7.00
1 .89
1 1, 2 02-3
3 .25
5 7.67
1 .87
1 2, 2 04-5
3 .30
5 7.16
1 .89
1 3, 2 06
3 .20
5 4.75
1 .75
1 4, 2 07
3 .38
5 7.07
1 .93
1 5 , 2 08
3 .20
5 3.21
1 .70
1 6, 2 09
3 .14
5 7.63
1 .81
1 7, 2 10-11
3 .25
5 5.17
1 .78
Caraca l la 1 , 2 11
3 .20
5 4.41
1 .75
2 , 2 12
3 .24
5 0.54
1 .64
3 , 2 13
3 .43
5 1.42
1 .76
4 , 2 14
3 .30
5 1.28
1 .69
5 , 2 15
5 .13
4 9.69
( 1 .28 )
6 , 2 15
3 .17
5 0.54
1 .60
7 , 2 16-217
5 .03
5 2.18
( 1 .31)
8 , 2 16
3 .15
5 3.35
1 .68
9 , 2 17
3 .07
5 0.78
1 .56
5 .11
5 1.68
( 1 .32 )
( 1 .47 )
1 0 , 2 15-217 Macr inus 1 , 2 17
4 .87
6 0.38
2 , 2 17
3 .27
5 0.50
1 .65
3 , 2 17-8
3 .15
5 7.85
1 .82
4 9
4 0
Mean we ight I ssue a nd d ate
Mean we igh t o f s i lver
( g )
Mean % s i lver
i n d enar ius ( g )
E lagaba lus 1 , 2 18-9
4 .94
4 5.58
( 1.13 )
2 , 2 18-9
3 .15
4 5.30
1 .43
3 , 2 19-20
2 .96
4 8.39
1 .43
4 , 2 21-2
3 .05
4 5.48
1 .38
A lexander 1 , 2 22
3 .04
4 3.65
1 .33
2 , 2 23
3 .09
4 2.08
1 .30
3 , 2 24
2 .96
4 3.70
1 .29
4 , 2 25
3 .02
4 6.83
1 .41
5 , 2 26
3 .04
3 9.05
1 .19
6 , 2 27
3 .06
3 6.33
1 .11
7 , 2 28
2 .91
4 4.44
1 .30
8 , 2 29
3 .26
4 3.50
1 .42
9 , 2 30
3 .22
4 6.73
1 .50
1 0 , 2 31
3 .05
4 6.50
1 .42
1 1, 2 32-5
2 .92
5 1.58
1 .51
1 , 2 35-6
3 .01
4 9.47
1 .49
2 , 2 36-8
3 .07
4 6.00
1 .43
2 .77
6 2.80
1 .71
Max im inus
Gord ians Ia nd I Ba lb inus & Pup ienus
2 .80
5 5.00
1 .55
4 .79
4 9.75
( 1.19 )
Gord ian I I 1 , 2 38-9
4 .51
4 7.77
( 1 .08 )
2 , 2 40
4 .48
4 9.77
( 1.12 )
3 , 2 41.3
4 .43
4 4.68
( 0.99 )
4 , 2 43-4
4 .16
4 1.63
( 0 .83 )
5 , 2 40-1
3 .03
4 8.11
1 .46
Ph il ip I 1 , 2 44-5
4 .22
4 2.82
( 0.91)
2 , 2 45-7
4 .01
4 3.25
( 0 .87 )
3 , 2 47-8
4 .14
4 3.25
( 0 .89 )
4 , 2 48-9
4 .12
4 7.07
( 0.97 )
1 , 2 49
4 .02
4 7.64
( 0 .96 )
2 , 2 50-51
3 .97
4 1.12
( 0 .82 )
1 , 2 51
3 .42
3 6.54
( 0.63 )
2 , 2
3 ,52
3 6.15
( 0.64 )
Dec ius
Ga l lus
5 0
Mean we igh t I ssue a nd d a te
Mean w e igh t o f s i lver
( g )
Mean % s i lver
i n d enar ius ( g )
Ga l lus 3 .42
3 6.54
3 , 2 53
3 .52 3 .45
3 6.15 3 5.12
( 0 .63 ) ( 0 .64 ) ( 0 .61)
Ae m il ian 2 53
3 .53
3 5.50
( 0 .68 )
1 , 2 51 2 , 2 52
Dur ing t he r e ign o f C o m modus t he d enar ius s u f fered t wo ma jor d ebasemen ts, t he f i rst o f wh ich w as c oup led w ith a r educt ion i n w e igh t. The r educt i on i nb oth w e igh t a nd f ineness t ook p lace o n t he emperor 's a ccess ion , a nd r epresen ted a l oss i n s i lver c on ten t o f a bout 1 5% f rom t he s tandard o f An ton inus;
t he s econd d ebase men t was i nA .D. 1 90 a nd r epresen ted a f ur ther
d ebase men t o f a bou t 5 %. I n o ther w ords t he r e ign o f Com modus s aw a v ery s harp i ncrease i n t he r ate a t wh ich t he d enar ius h ad b een l os ing s i lver d ur ing t he s econd c en tury ( Metro logy I , 5 9; b e low p p. 1 26-7 ). The e ven ts o f t he r e ign o f P ert inax a re t herefore t he more d rama t ic a nd i n terest ing. The d enar i i o f Com modus ' l ast t hree y ears g ive a mean f ineness o f a bou t 7 2-73% w ith v ery f ew c o ins r is ing a bove 8 0%. O f t he 1 c o ins o f P ert inax a va i lab le f or s tudy o n ly 3 a re l ow e nough t o o ver lap a t a l l w ith t he h ighest c o ins o f Co mmodus wh i le t he ma jor ity a re h igher t han t he h ighest c o ins o f Com modus a nd 6 a re o ver 9 0% f i ne ( F ig. 1 ) .
There i s n o d oubt w ha tever
t ha t t h is r epresen ts a ma jor r eform o f t he c urrency , a nd t he s pread o f f inen ess , t he ma jor ity b e ing o ver 9 0% f ine w ith a f ew t a i l ing o f f d own t o a bou t 7 8% f ine l ooks v ery l ike a r eturn t o t he o ld s tandard o f V espas ian , w h ich h ad b een a bandoned b y An ton inus P ius i n 1 48.
Further more, t he r educt ion i n
t he w e ight o f t he d enar ius wh ich h ad b een i n troduced b y C o mmodus w as a lso a bandoned , a nd t he w e igh t r eturns t o t hat o f t he N eron ian d enar ius. 1 T he r esu l t i s t ha t w ith a mean f ineness o f 8 7.11% f or o ur s a mp le, a nd a mean s i lver c on ten t o f c . 2 .7 g , t he d enar ius r eturns t o ap ur ity wh ich i th ad n ot k nown f or n ear ly 5 0 y ears. 2 The s ign if icance o f t h is r efor m , t he f i rst a t te mp t t o r everse t he d ec l ine i n t he s i lver c on ten t o f t he d enar ius s ince t he r efor m o f Dom it ian , c anno t b e o ver-e mphas ised.
N o t o n ly d oes i tu nder l ine t he h igh d egree o f o verva lua t ion
w h ich t he d enar ius o f Co m modus u ndoub ted ly e n joyed , b ut i ta lso r evea ls a h itherto u nknown f eature o f t he r efor ms wh ich t he i l l-fated P ert inax , a t t he v ery b eg inn ing o fh is r e ign , a t te mp ted t o u ndertake. b e r eturned t o l a ter ( p . 1 27 a nd 1 39 ).
Bo th t hese p o in ts w i l l
On ly s ix c o ins o f t he r e ign o fD id ius J u l ianus w ere a va ilab le f or a na lys is, a nd i ti s imposs ib le t o s ay more a bou t t he d enar ius d ur ing h is r e ign t han t hat t he p resence o f t wo c o ins o ver 9 0% f ine i nd ica tes t ha t t he r efor m o f P ert inax w as n o t i nstan t ly a bandoned , wh i le t he f act t hat t wo o f t he c o ins a re 7 3.50% a a nd 7 4% s i lver s uggests t ha t s ome o fh is c o ins a re s truck a t al ower s tandard t han t ha t o f Pert inax.
I ts hou ld b e n oted t hat t he ma in f eature o f t he r e ign
o f J u l ianus w as t he c ons iderab le r educt ion i n t he w e igh t o f t he a ureus , ar ed uct ion w h ich S ept im ius S everus i nstan t ly r eversed. 5 1
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F ro m t he a ccess ion o f S everus i n J une 1 93, h owever, t he s i tuat ion b ec omes much c learer. The n ew s tandard o f P ert inax h ad b een e n t ire ly a band oned b y t h is p o in t , a nd n one o f t he 2 3 c o ins a na lysed f rom t he l as t s ix mon ths o f t he y ear a re a s h igh a s 9 0% f ine ( F ig. 1 ) . I nstead t here i s ar ange o f f inen esses b etween a bou t 7 0% a nd 8 5% , g iv ing a mean o f 7 8%. I ti s s ign if ican t t ha t t h is i s b y n o means a r e turn t o t he s econd s tandard o f C o mmodus a nd i ndeed t he s tandard i s al i t t le h igher t han t hat w e w ou ld e xpect f or t he f i rst s tandard o f Co mmodus. I fa ny th ing t he c o ins o f t h is p er iod w ou ld s ee m t o r epresen t ar eturn t o t he s tandard b e ing u sed i n t he l ast y ears o f Marcus Aure l ius. A t t he b eg inn ing o fA .D. 1 94 t h is s tandard w as s t il l i n u se , f or a l l o f S everus ' c o ins d ated t o IMP I a nd IMP I I c on t inue t o b e s truck o n i t( nos. 3 482-3487, F ig. 1 ) . I tw as d ur ing t he p er iod w hen t he c o ins w ere marked IMP I I I t ha t t he g reat d ebase men t , t he o u t l ines o f wh ich h ave l ong b een k nown , t ook p lace. An e n t ire ly n ew s tandard w as a dopted , t he h ighest c o ins o f wh ich s how h ard ly a ny o verlap w ith t he l owest c o ins o f t he p rev ious p er iod. The c o ins o f IMP I I I, a l though o n ly 8 i n n u mber, q u ite c lear ly f a l l i nto b oth c ateg or ies ( Fig. 1 a ga in ). A lthough t he d ate a t wh ich S everus b ecame IMP I I I i s b y n o means c erta in w e c an d ate t he g rea t d ebase men t t o s ome t ime a t t he e nd o f 1 94, o r p oss ib ly t o t he v ery b eg inn ing o f 1 95. 3 I ti s i n terest ing t o n ote a t t h is p o in t t hat t he c o ins o f C lod ius A lb inus a s COS I ( nos. 3 496-3507 ) a re a lso , l ike t he I MP I I I c o ins o f S everus , s truck a tb oth t he o ld a nd t he n ew s tandard.
We c an , i n
o ther w ords, b e s ure t hat t he m in t o f Rome w as s t i l l s tr ik ing c o ins f or C lod ius i n t he s econd h a lf o f t he IMP I I I p er iod , p erhaps e ven i n to t he IMP V p er iod. Th is i s i mportan t e v idence o f t he d ate a t wh ich t he f or ma l b reak b etween S everus a nd h is C aesar t ook p lace. T he s tandard o f S everus, i n troduced a t Rome i n l ate 1 94/ear ly 1 95, c ont i nued i nu se u n t i l a f ter t he Emperor 's d ea th ( F ig. 1 ) . T he ma jor ity o f c o ins f a l l b etween 5 0% a nd 6 0% f ine , w ith n one , e xcep t f or s tragg lers , o ver 7 0% f ine a nd n one b elow a bou t 4 5% f ine. There i s c ons iderab le v ar iat ion w ith in t hese l im its, w ith s tandard d ev iat ions a s h igh a s 8 .5% ( F igs. 1 a nd 2 ) . Mean f i nenesses f or i nd iv idua l y ears a re g enera l ly a round 5 7% b u t c an b e s l igh t ly h igher o r l ower. These v ar ia t ions a re d oubt less d ue t o sma l l s amp le s ize a nd t here c an b e n o d oubt t ha t w e a re d ea l ing w ith a s ing le u na ltered s tandard d ur ing t he who le o f t he p er iod 1 9 4 /5211 ( F ig. 8 ). The w e igh t o f t he d enar ius d ur ing t h is p er iod i s o nt he who le w el l ma in ta ined a nd w e c an t herefore s ay t ha t t he 4d enar ius o f t he s tandard o f S everus h as a mean s i lver c on ten t o f a bou t 1 .85 g . Th is r epresen ts a r educt ion o f c . 3 8% f rom t he s tandard o f N ero a nd o f a bou t 3 5% f rom t he s tandard wh ich P ert inax h ad a t te mp ted t o r eturn t o a mere t wo y ears e ar l ier. The importance o f t h is d ebasemen t o f S everus h as l ong b een a pprec ia ted , b ut i ti s made f ar more s ign if ican t b y t he d iscovery t hat P ert inax h ad a t te mpted t o i n troduce a d irect ly c on trary p o l icy .
For
f urther d iscuss ion o f t h is s ee b e low , p . 1 33f f• T he c o mp lex ity o f t he h istory o f t he s i lver c urrency o f t he e arly S everan p er iod i s i ncreased w hen w e t urn t o t he p rov inc ia l m in ts w h ich p roduced d enar i i i n t h is p er iod.
A t L ugdunum, C lod ius A lb inus s truck d enar i i i n h is
own n ame a s Augustus i n t he p er iod 1 95-197 , c ommenc ing a f ter h e h ad b roken 5 9
w ith S everus ( nos. 3 773-3782 ).
These c o ins a re s l igh t ly l i ghter t han t he
c on te mporary d enar i i o f Ro me ( 3 .03 g f or t he Ashmo lean s pec i mens, 3 .08 g f or t he B r it ish Museum e xamp les ) b ut t hey a re s truck a t af i neness q u ite d ist i nct f rom a nd much h igher t han t hat o f Ro me ( F ig. 3 ).
The h ighest s i lver
c on ten t i s n o l ess t han 9 6% , wh ile t he l owest i s 8 1.50% , g iv ing a mean o f 8 9.20% , c ompared w ith c . 5 7% f or t he e xact ly c on te mporary d enar i i o f S everus a t Ro me a nd i n t he e ast:- The s pread o f f inenesses s uggests t hat C lod ius s truck o nt he s tandard o f Vespas ian ; t hat i s t o s ay , t he s tandard wh ich P ert inax h ad a t te mp ted t o r estore i n 1 93. The f act t ha t C lod ius c ou ld s tr ike o n as tandard s o much h igher t han t ha t o f S everus s erves t o emphas ise t he d egree o f o verva lua t ion w h ich S everus must h ave p laced o n h is d enar i i. I ti s i n terest ing t o n ote t hat o n t he l ast o ccas ion w hen m in ts i n t he w estern p rov inces h ad b een w ork ing , i n t he c iv i l w ar o f 6 8-69, t hey t oo s truck d enar i i o n ah igher s tandard t han t hat o f Rome ( Metro logy I , 17 ). On b oth o ccas ions t h is may b e p art ly d ue t o t he g rea ter p len t ifu lness o f s i lver i n t he w estern p rov inces, G a lba c erta in ly h av ing a ccess t o r ich m ines i n S pa in , C lod ius p erhaps d raw ing s i lver f ro m m ines i n B r ita in . However mo3t o f t he s i lver , o nb oth o ccas ions, p robab ly c ame f rom e x ist ing c urrency , Ga lba r eco in ing c o ins s truck o n t he Augustan s tandard , C lod ius t hose s truck o n t he V espas ian ic. The i mportan t p o in t i s t hat C lod ius d id n ot a dd c opper t o h is d enar i i a s S everus w as d o ing ;
a nd s ince C lod ius ' d enar i i ,
c on ta in ing c . 2 .70 g o f s i lver, c anno t h ave b een p roduced a t al oss, a nd s ince t he p r ice o fb u l l ion c anno t h ave v ar ied much f rom p rov ince t o p rov ince , t hey e nab le u s t o c a lcu la te a m in i mum o verva luat ion o f S everus ' d enar i i. T h is i s d iscussed a ga in l a ter , a s i s t he p oss ib le p o l it ica l s ign if icance o f t he r eforms o f b oth P ert inax a nd C lod ius ( pp. 1 27 a nd 1 30 ). I n t he e astern p rov inces a v ery d if feren t p ic ture p resen ts i t sel f. The s i lver c o inages o f t he e ast i n t he c iv il war p er iod a re s t il l i n as ta te o f g reat c on fus ion , a nd w ou ld r epay c arefu l s tudy.
P escenn ius w as u ndoubted ly
s tr ik ing s i lver a t C aesarea i n C appadoc ia , a t l east o n at e mporary b as is , f or d enar i i s hare c om mon o bverse d ies w ith G reek l egend ‚d rachmas '. 5 T h is w as, h owever , o n ly o ne o f an umber o f m in ts.
The ma in p rob le m w ith t he
e astern m in ts o f S everus i s t ha t t hey s tart p roduct ion t oo e ar ly t o b e b ased a t t he p laces t o w h ich t hey a re t rad it iona l ly a t tr ibu ted. I t s eems p robab ly t ha t b oth P escenn ius a nd S everus s truck most o f t he ir s i lver i n t he p er iod o f t he c iv il w ar a t t rave l l ing m in ts wh ich moved w ith t he m o n c ampa ign , a nd t ha t i t was o n ly a f ter t he d efeat o f P escenn ius t hat t hese m in ts s et t led a t ' Laod icea ' a nd ' E mesa '. 6 B e t ha t a s i t may , w hen P escenn ius s tarted t o s tr ike d enar i i h e d id s o a t as tandard q u ite d i f feren t f ro m a nd s ign if ican t ly l ower t han t hat b e ing u sed a t Rome i n 1 93, a nd , i ndeed , l ower t han a ny w h ich h ad e ver b een u sed f or d enar i i b efore. A l though v ery f ew c o ins w ere a va ilab le f or a na lys is i ti s a t l east c lear t hat t hey h ave a v ery w ide r ange o f f i nenesses, p erhaps m irror ing r ap id move men ts o f m in ts f ro m p lace t o p lace , a nd t ha t t hey a re l ower i n f ineness t han e ven t he Ro man d enar i i o f Commodus ' l ast p er iod ;
i n a dd it ion
t hey a re o f marked ly l ow w e ight , a s a lso a re P escenn ius ' a ure i.
I ti s a lso
c lear t ha t e ven i fo ur s a mp les a re f ar t oo sma l l t o s peak o f a' s tandard ' , t he e ar l iest c o ins o f S everus s truck i n t he e ast , a l l o f t he m p roduced b efore t he
6 0
g rea t d ebase men t a t Rome , f o l low t he C o ir IS o f P escenn ius i n t he ir c ho ice o f s tandard a nd n o t t ha t o f Rome.
Th is a pp l ies t o t he ' Alexandr ia ' g roup ( nos.
3 790-3793 ) t o t he e arl iest ' E mesa ' c o ins o f I MP I ( nos. 3 794-3799 ) a nd t o t he ' Laod icea ' c o ins o f IMP , I MP Ia nd I MP I ( nos. 3 832-3843 ). F urther more, c ompar ison w ith t he l ater c o ins o f t he e astern m in ts ( F ig. 3 ) s ugges ts s trong ly t hat t he c o ins o f t he l ater p er iod w ere i n tended t o b e s truck o n t he s ame s tandard a s t he e ar l ier o nes. These l a ter g roups g ive a mean f ineness wh ich i s s o c lose t o t hat o f Rome ,
5 7% ) t hat w e c an b e f a ir ly c erta in t hat t he
s tandard a dop ted a t Ro me a t t he t ime o f t he g reat d ebase men t w as v ery c lose t o , i fn ot a ctua l ly i den t ica l w ith t ha t a lready b e ing u sed i n t he e ast , a f ter w h ich d a te a l l d enar i i i nS everus ' d om in ions w ere s truck o n t he s ame s tandard. As F igure 3 makes p la in , l arger s amp les w i l l b e n eeded b efore w e c an s peak w ith a bso lu te c on f idence a bou t a l l t he e astern d enar i i o f t h is p er iod. S ome o f t hese g roups s how a v ery w ide r ange o f f inenesses i ndeed. What i s c lear , h owever , i s t ha t P escenn ius s truck h is d enar i i a t av ery l ow s tandard a nd t hat S everus d id l ikew ise w hen h e r eached t he e ast , b efore t he g reat d ebase men t a t Ro me, s o t ha t f or a t ime h e was s tr ik ing b ase d enar i i i n t he e ast a nd b et ter o nes .a t Ro me.
Th is i s n o n ew s i tuat ion , f or j ust a s p rev iously w e h ave f ound
d enar i i i nt he west b e ing s truck a t ah igher s tandard t han a t Rome, s o a lso w e h ave o n an umber o f o ccas ions f ound e astern d enar i i t o b e b aser t han c ont e mporary o nes f rom Ro me.
Th is w as t rue u nder Augustus ( Metro logy I , 2 4 )
a nd u nder Hadr ian ( Me tro logy I , 5 7 ). S everus d id n ot s tr ike d enar i i a t t wo s tandards f or l ong , f or l a te i n 1 94 o r e arly i n 1 95, p erhaps a s ar esu lt o f a pprec iat ing t he p rof its w h ich h e w as mak ing b y s tr ik ing b ase d enar i i i n t he e ast , t he m in t o f Ro me u ndertook a ma jor d ebase men t , wh ich b rought i ti n to l ine w ith t he e astern m in ts. Thereaf ter a l l S everus ' min ts s truck o n a s ing le s tandard. I t may b e h e lpfu l t o s u m mar ise t he c on fused s i tuat ion i n t h is p er iod a s f o l lows : 1 90-192
S econd s tandard o f Co m modus. Denar i i w ith mean f ineness o f c . 7 2-73% , c on ta in ing c . 2 .18 g o f s i lver.
1 93 J anuary
Access ion o f P ert inax. Reform o f P ert inax , r eturn ing t o t he s tandard o f V espas ian , d enar i i w ith c . 2 .75 g o f s i lver.
1 93 March
Access ion o fD id ius J u l ianus. Rap id f a l l ing away f rom t he r estored s tandard o f Vespas ian . ( L igh t w e ight a ure i.)
1 93 J une
Access ion o f S everus. A t Ro me S everus s tab il ises t he d enar ius a t C . 2 .50 g o f s i lver, a nd r estores t he w e igh t o f t he a ureus. I n t he e ast P escenn ius N iger s tr ikes d enar i i a t av ery l ow s tandard c on ta in ing c . 1 .75 g o f s i lver, a nd l i ght w e igh t a ure i.
1 93-194
C iv i l w ar w ith P escenn ius. S everus t akes o ver t he m in ts o f P escenn ius a nd s tr ikes d enar i i i n t he e ast o n ly a t a bou t t he s tandard o f Pescenn ius ( t hough h eav ier a ure i ). t inues a s b efore.
1 94 ( l ate, o r
S tandard o f S everus i n troduced a t Rome.
e ar ly 1 95 )
C . 1 .85 g o f s i lver.
Denar i i c on ta in ing
( Con t inu ing u n t i l 2 12.)
6 1
Rome c on-
1 95-197
C iv il w ar w ith C lod ius A lb inus. A t L ugdunum o n ly C lod ius s tr ikes d enar i i o n t he s tandard o f Vespas ian , w ith a bou t 2 .70 g o f s i lver ( i .e. i gnor ing t he s tandard o f S everus a t Rome ).
The s tandard i n troduced b y S everus w as, a f ter t he d efea t o f C lod ius A lb inus , u sed a t a l l t he min ts i nt he Emp ire s tr ik ing d enar i i , a nd c on t inued i nu se u n t i l A .D. 2 12. I n t hat y ear a sma l l b ut n ot iceab le r educt ion t ook p lace , b est o bserved i n F ig. 8 . T he mean f inenesses o f a l l i ssues i n t he p er iod 2 12-217 a re v ery c lose t o o ne a nother, w ith much l ess v ar ia t ion t han i n t he S everan p er iod.
Mean f inenesses n ever v ary much f rom C . 5 1% a nd
i n a l l c ases mean f inenesses a re l ower t han t he l owest r ecorded f or t he p rev ious p er iod.
When t he a na lyses o f i nd iv idua l i ssues a re e xam ined i n F ig. 2
i tc an b e s een t ha t t here d oes n ot s ee m t o h ave b een a ny d ownward s h if t i n t he l ower r ange o f i nd iv idua l f inenesses, b ut t hat c o ins o ver 6 0% f ine, w h ich w ere q u ite c om mon i n t he S everan p er iod , h ave b een a l most e n t irely e l im inat ed , p roduc ing a r educt ion i n t he mean f ineness , a s w el l a s ar educt ion i n t he s tandard d ev iat ion f ro m a bout 6 -8% i n t he S everan p er iod t o a bou t 2 -5% n ow. The r esu l t i s t ha t t he d enar ius o f t h is n ew s tandard o f Caracal la , i n troduced i n 2 12, c on ta ins a bou t 1 .70 g o f s i lver c ompared w ith c . 1 .85 g o f s i lver f or t he s tandard o f S everus, a r educ t ion o f a bou t 8 % f rom t he s tandard o f S everus o r 4 3% f rom t he s tandard o f N ero. F or t he p oss ib le s ign if icance o f t he d ebase men t o fA .D. 2 12 s ee b e low , p . 1 3Of f . A lthough t he f ineness o f t he c o inage r ema ined c onstan t a f ter t he g rea t r ef orm o f 2 15 , w ith ' an ton in ian i ‚a nd d enar i i b e ing s truck o n e xact ly t he s ame s tandard d ur ing t he who le o f t he p er iod 2 15-217 ( F ig. 2 ) t he who le monetary s yste m was s ubstan t ia l ly a ltered b y t he r efor m. Ou tward ly t h is r efor m t ook t wo f or ms ; f i rst ly t he w e ight o f t he a ureus w as r educed f rom c . 7 .20 g t o 6 .55 g , ar educ t ion i n w e ight o f c . 9 %. S econd ly a n ew s i lver d enom ina t ion was i n troduced , t he ' an ton in ianu—s ' , w e igh ing a bou t 1 1 t imes t he w e igh t o f t he d enar ius.
The p rob le m o f t he t rue n ature o f t he r eform r evo lves r ound t he
q uest ion o f t he v a lue o ft h is n ew d enom ina t ion , u sua l ly a ssumed t o b e t wo d enar i i, b u t s o met i mes c ons idered t o b e o n ly 1 1. The p o in t i s av ery imp ortan t o ne , f or i ft he n ew d eno m inat ion w as v a lued a t t wo d enar i i t hen t he r eform was , i n e f fect , ad ebase men t o f t he d enar ius, a l though a c tua l ly e ff ect ing o n ly a p roport ion o f t he c urrency b e ing i ssued b y t he m in t . C onc lus ions r eached i n t h is v o lume c an b e u sed t o a dd t o t he q uan t i ty o f e v idence t o s uggest t hat t he ' an ton in ianus ' w as i ndeed a d oub le d enar ius. F irst ly , t he r ad iate c rown . I th as l ong b een r ecogn ised t ha t t he r ad iate c rown s hou ld mean a d oub le v a lue, e ven when t he r ad iate c o in i s n o t d oub le t he w e ight o f t he l aureate. Thus t he r ad ia te d upond ius i s n o t d oub le t he w e igh t o f t he l aureate a s, n or i s t he r ad iate d oub le s estert ius o f T ra jan Dec ius d oub le t he w e igh t o f t he l aureate s estert ius.
O ther e xamp les o f t he d oub le
d enom inat ion n ot b e ing t w ice t he w e igh t o f t he s ing le c an b e c ited : l a ter i n t he t h ird c en tury t he b ronze d enar ius i s n ot d oub le t he w e igh t o f t he b ronze q u inar ius .7
Under Caraca l la , h owever , i ti s t rue t hat t he w e igh t o f t he n ew
r ad iate d oub le a ureus i s d oub le t he w e ight o f t he l aureate a ureus. We c an a dd a n ew p iece o f e v idence t o s uggest t ha t t he r ad ia te c rown o ugh t t o mean ' doub le ' i n t h is i nstance a nd n ot j ust ' b igger '. I n t he y ear o f t he r efor m a t Rome o r al i t t le l a ter , Caraca l la s truck a sma l l s i lver c o inage 6 2
a t Tarsus, ( be low , p . 8 2 ). I n t h is c o inage t here a re t wo d enom ina t ions , o f wh ich t he l arger h as t he l aurea te h ead a nd t he sma l ler t he r ad iate h ead—the r everse, i n o ther words, o ft he n or ma l s i tuat ion . As w e s ha l l s ee, t here i s n o d oubt t hat t he sma l ler c o in i s ad idrachm a nd t he l arger c o in a t r idrachm. The sma l ler c o in , t herefore , h as a r ad iate h ead t o mark i ta s ad oub le d rachma , e ven t hough i nt h is c ase t he s ing le d enom inat ion was n o t a ctua l ly b e ing s truck . S econd ly , a s w e h ave s een , t he f ineness o f t he s i lver c o inage was n o t a ctua l ly r educed i n 2 15.
However, t here a re a n u mber o f f ac tors wh ich l ead
u s t o e xpect s ome s ort o f d ebase men t t o b e p art o f t he r efor m o f t ha t y ear : ( a ).
The e v idence o fD io.
The e p itome o fD io s tates :
T ( i ) O ÜV %VTWVCVW 1 . 6 T E & XX c Y L x t ( 35 T 1Xov
r l v,T6
a t T b v 6µLo l aa
T E d c py l 5pLov x al T b x puctov ö n apctxcv
f igv.Totg 5 1 b b sP wµatoLg x tß5nXov x at T b d c pyüpLov x al T b x puctov n apciAcv . 8 N ow i ti s i nconce ivab le t ha t t h is p assage , r eferr ing t o e ven ts wh ich t ook p lace n ot much more t han 1 0 y ears b efore D io was w r it ing , d oes n o t h ave a t l east s ome b as is i n f act— in o ther words t hat i n 2 15 o r t hereabouts Caraca l la d id s ometh ing t o t he c urrency w h ich c ou ld i n g enera l t erms b e s a id t o h ave made t he g o ld a nd s i lver x i ,ß Er r iXov .9
S ince h e d id n ot , i n f ac t , a dd c opper
t o t he s i lver i ts ee ms most l ikely t hat wha t D io i s r eferr ing t o i s t he i n troduct i on o f t he ' an ton in ianus ', o verva lued a ga inst t he d enar ius b ecause i tw as v a lued a t t wo d enar i i b u t w e ighed o n ly 1 1 d enar i i , a s w el l a s t o t he r educt ion i n t he w e igh t o f t he a ureus. The im med iately f o l low ing p assage i nD io 's e p itome i s a lso worth c ons ide ra t ion :
6
,c x 1
" OTt .
ó af r rog T Ö C
T X ataxLaTa
vC i vT o epug 1 ç x o ct 3 4 . a .V x x ca . b rat v o l . )
Aavgpou,Tä 8 1 x al ö c xwv 5 L'a l 5Tr ov
C i VTLRATEOXEÜC C EV «g9aLVEV,EK I T EEp n ou
IV
« a l , n cp1 T C OV X p T I ATWV. 1 °
Wha tD io s ee ms t o b e s ay ing h ere i s t hat Caraca l la 's r efor m was c oncea led b u t t hat t he v ery a t te mpt a t c onäea lmen t made t he f raud o bv ious. Th is w ou ld n ot f i t v ery w e l l as tra igh t d ebase men t , w h ich w ou ld n o tb e o bv ious a t a l l , o r ar educt ion i n w e igh t , w h ich w ou ld n ot b e c oncea led a t a l l , b ut p erhaps f i ts q u ite we l l as i tua t ion i n w h ich a d oub le d enar ius w as f o isted o nt he p ub l ic wh ich w as l i ghter i n w e igh t t han t wo d enar i i. What i s s ure ly c lear f rom b o th t hese p assages i s t hat i f Caraca l la h ad s i mp ly i ssued a c o in wh ich b o th w e ighed a nd was wor th 1 1 d enar i i t hen t here wou ld h ave b een n oth ing i n t he a c t ion t o j ust ify D io ' sc r it ic is m. On ly t he r educt ion i n t he we ight o f t he a ureus w ou ld r e ma in ; b u t i ti s c lear t hat b oth g o ld a nd s i lver w ere t a mpered w ith i n s o me w ay . ( b ) As w e s ha l l s ee a t C aesarea a nd T arsus a nd i n S yr ia t he p er iod 2 152 17 was o ne o f d ra mat ic d ebasemen t o ft he s i lver c o inages i n t he e ast . A l l t he p rov inc ia l s i lver c o inages s uf fered a g reater d ebase men t i n t hese y ears t han i n a ny c omparab le e ar l ier p er iod ( be low , p p. 7 9, 8 2, a nd 9 7 ) a nd i n S yr ia t he s i lver c on ten t o f t he p rov inc ia l d rachma was h a lved.
We w ou ld e xpect
d ebase men t o f t h is k ind t o b e ar ef lect ion o f ad ebase men t o f t he c en tra l c urr ency ( compare f or e xamp le t he d ebase men t o f t he S yr ian t e tradrachm u nder T ra jan Metro logy I , 1 03 ). 6 3
( c )
The p er iod o f t he l ast y ears o f Caraca l la is r e ign was o ne o f g rea t ly
i ncreased e xpend iture b oth b ecause o f t he i ncrease i n a r my p ay a nd t he c osts o f t he Ger man a nd Parth ian c a mpa igns.
We k now t hat Caraca l la w as s hort
o f money , a nd r esort ing t o v ar ious e xped ien ts t o r a ise i t . I ti s t herefore e xact ly t he momen t when w e w ou ld e xpect a d ebase men t , ad ebasemen t wh ich i s p erfect ly r ef lected i n t he e astern c o inages a nd wh ich o ugh t t o b e r ef lected i nt he s i lver c o inage o f Rome a lso. ( d ) The r educt ion i n t he w e igh t o f t he a ureus wou ld l ead u s t o e xpect a d ebase men t o f t he s i lver c o inage , f or b o th a re r ef lect ions o f a n a t temp t t o meet i ncreased e xpend iture. I n a l most a l l c ases w e a re a b le t o s ee t hat c hanges i ng o ld w ere s i mu l taneous w ith c hanges i n s i lver. Th is i s t rue o f t he r efor ms o f N ero i n 6 4, a nd o f Dom it ian i n 8 2, wh i le T ra jan 's r educt ion i n t he w e igh t o f t he a ureus, t he o n ly o ther l as t ing a l terat ion i n t he w e igh t o f t he a ureus b efore n ow , was f o l lowed v ery s hort ly b y h is d ebasemen t o f t he d enar ius. We s ha l l s ee s hort ly t ha t Macr inus ' a bandonmen t o f t he a n ton ini anus was s i mu ltaneous w ith h is r estorat ion o f t he p re-Caraca l lan w e ight o f t he a ureus, a nd t hat t he r e in troduct ion o f t he a n ton in ianus i n 2 38 w as a lso e xact ly c on te mporary w ith a r educt ion i n t he w e ight o f t he a ureus , a lso a t a t ime o f v ery h igh e xpend iture .1 We a re t herefore p robab ly j ust if ied i n c on t inu ing t o s ee t he ' an ton in ianus ' a s i n tended t ob e w orth 2 d enar i i , a nd a s s uch t o r egard i ta s b e ing e f fect ively ad ebase men t—for t he s i lver c on ten t o f t he d enar ius c on ta ined w ith in t he a nt on in ianus i s o n ly c . 1 .30 g ( i .e. h a l f t he t o ta l s i lver c on ten t o f t he c o ins ) a s o pposed t o 1 .70 g f or t he t rue d enar ius. Ca lcu la t ion o f t he e f fec t ive d ebasemen t i nvo lved i n t he r efor m o f 2 15 i s n o t e asy s ince we d o n ot k now t he p rop ort ions i n wh ich a n ton in ian i a nd d enar i i w ere i n f act b e ing s truck . Modern s urv iva l r ates s uggest a p roport ion o f a bou t o ne t h ird a n ton in ian i a nd t wo t h irds d enar i i , b u t t h is f igure i s u sed p urely e xe mp l i g ra t ia.
I ti s , h owever, a
c onven ien t o ne, a l low ing f or a s many d enar i i b e ing s truck i n t he f or m o f a nt on in ian i a s i n t he f or m o f d enar ius c o ins a nd i ti s u n l ike ly t o b e a l l t ha t f ar f rom t he t rue p roport ion . I ft h is w ere s o , t hen w ith h a lf t he d enar i i c on ta ini ng 1 .70 g o f s i lver a nd h a lf 1 .30 g , w e h ave a n a verage o f 1 .50 g o f s i lver, a n e f fec t ive r educ t ion o f c . 1 2% f rom t he s tandard o f 2 12 o r 5 0% f rom t he s tandard o f N ero. Th is c ompares w ith a r educ t ion o f c . 9% i n t he w e igh t o f t he a ureus i n 2 15, a nd i ft he p roport ion o f a n ton in ian i b e i n g s truck w as r a ther l ess t han t hat wh ich w e h ave c a lcu lated t hen t he r educ t ions i n t he me ta l c ont en t o f g o ld a nd s i lver may h ave b een e xact ly t he s ame. The c o inage-syste m i n troduced b y Caraca l la i n 2 15 l asted u n t il o n ly v ery s hor t ly a f ter h is d ea th.
The c hrono logy o f t he s ucceed ing r e ign o f Macr inus
h as b ecome c onfused ow ing t o Matt ing ly h av ing a rgued t hat much o f Macr inus ' c o inage was i n f act s truck i n t he e ast. 1 2
The a bandonmen t o f t h is t heory
e nab les u s t o s ee t hat t he a n ton in ianus w as o n ly s truck i n t he v ery e ar ly d ays o f t he r e ign , d ur ing a p er iod w hen n o i mago o f Macr inus w as a va ilab le a t Ro me a nd t he emperor h ad n ot y et t aken t he o rnamen ta c onsu lar ia. The s tr ik ing o f a n ton in ian i c eased s hor t ly b efore, p erhaps s i mu l taneously w ith , t he a rr iva l o f a n i mper ia l i mago , w h ich e nab led t he m in t t o a bandon t he e ar ly p ortra it o f t he Emperor , wh ich i n f act r ese mb led t ha t o f Caraca l la , a nd u se an ew r ea l ist ic p ortra it w ith l ong b eard. A t a bout t he s a me t ime t he emperor a ppears a s COS. These e ven ts p robab ly t ook p lace i n t he l ate s um mer o f 6 4
2 17, a nd t he ir more o r l ess c on te mporane ity s uggests t hat t he a bandonmen t o f t he a n ton in ianus was t he r esu l t o f t he a rr iva l o f s ome o f t he f i rst imper ia l i nstruct ions t o r each t he c ap ita l.
Exact ly s i mu l taneous ly w ith t hese e ven ts
t he w e igh t o f t he a ureus w as r estored t o t he l evel i th ad e n joyed b efore t he r efor m o f 2 15. Ana lys is d e monstrates t ha t t he f ineness o f t he s i lver c o inage was a lso r a ised a t t h is t ime, a l though t oo f ew c o ins o f t he e arl ier p art o f t he r e ign a re a va i lab le t o make t he e xact n a ture o ft he c hange c lear.
N o. 4 047 , a n a n ton-
i n ianus o f t he f i rst p er iod , h as a f ineness o f 9 2.50% , b u t i ti s b est i gnored u n t i l c onf ir mat ion o f s im ilar f inenesses i s f orthcom ing.
I t may s uggest s ome
a t te mpt a t ar efor m f ar more d ra ma t ic t han t hat w h ich w e c an d e monstrate. L eav ing a s ide t h is c o in , t he s even c o ins o f t he e ar ly p er iod c lear ly s how t hat Caraca l la 's s tandard c on t inued t o b e u sed f or t he ir p roduct ion ( Fig. 2 ). Co ins o f t he s econd p er iod , a f ter t he a bandonmen t o f t he a n ton in ianus, s how a s pread d ist inct ly h igher t han t ha t o f t he p er iod 2 12-217, a nd l ook v ery much l ike a r eturn t o t he o ld s tandard o f S everus ( F igs. 1 , 2a nd 8 ) , a nd t he mean f ineness o ft he 2 3 c o ins a na lysed , a t 5 7.85% , e xact ly c on f irms t h is. I n o ther words, s hort ly a f ter h is a ccess ion , Macr inus u ndertook a t horoughg o ing r efor m wh ich swep t away a l l t he c hanges wh ich h ad b een i n troduced b y Caraca l la , c hanges wh ich , w hatever t he ir n ature, h ad , a s w e k now f rom D io , b een much d isapproved o f. The c urrency t hus r eturned t o i t s s tate u nder S everus. ( p . 1 32 ).
The s ign if icance o f t h is r e markab le r eform i s d iscussed l ater
L ike t he r efor m o f P ert inax i td id n ot l ast .
The a ccess ion o f E lagaba lus
p roduced a t Ro me a n i m med iate d ebase men t ( F igs. 4 a nd 8 ) , as i mu l taneous r educt ion i nt he we igh t o f t he a ureus a nd a r e in troduct ion o f t he a n ton in ianus. The n ew s tandard o f t he s i lver c o inage w as c ons iderab ly l ower e ven t han t ha t o f Caracal la , a nd g ives a mean f ineness o f a bout 4 5% , most c o ins f a l l ing b etw een 4 0% a nd 5 0% f ine w ith , f or t he f i rst t ime, c o ins f a l l ing b e low 4 0% f ine i n s ome n umbers. The w e ight o f s i lver i n t he d enar ius c o in o f t h is s tandard h as f a l len t o a bout 1 .40 g , b ut w ith t he a dd it iona l s tr ik ing o f a nton in ian i, a nd a l low ing , a s w e d id u nder Caraca l la , f or t he p roport ions o ne t h ird a n ton in ian i t o t wo t h irds d enar i i w e h ave a t heoret ica l d enar ius c on ta in ing o n ly a bou t 1 .26 g o f s i lver, a r educt ion o f a bou t 3 2% f rom t he s tandard o f S everus, 1 6% f ro m t he s tandard o f 2 15-217 a nd 5 8% f rom t he s tandard o f N ero. Th is was, h owever, a v ery t e mporary s i tuat ion f or t he a n ton in ianus w as f ina l ly a bandoned , t h is t ime f or n early 2 0 y ears, i n a bou t t he m idd le o fA .D. 2 19. Af ter t he a n ton in ianus c eased t o b e s truck t he d enar ius t herefore c on ta ins a bout 1 .40 g o f s i lver, a l i t t le l ower t han t he c a lcu la ted s i lver c on ten t o ft he d enar ius i n t he p er iod 2 15-217. I ts hou ld b e n o ted , h owever , t ha t n o a t te mp t was made t o r eturn t o t he p re-215 w e igh t o f t he a ureus. F ro m n ow o n t h is p art o f Caraca l la 's r efor m b ecame p er manen t. The c omp lex ity o f t he s i tuat ion i nt he r e ign o f E lagaba lus i s i ncreased b y t he f act t hat f or t he i ssue o fg o ld a nd s i lver wh ich h e made i n t he e ast t he Emperor r eta ined t he s yste m o f Macr inus—that i s t o s ay h e s truck h is g o ld a nd s i lver i n t he e ast o nt he s tandard o f S everus. As w e h ave s een ( above p . 6 1 )t he g reat e astern i ssues o f S ep t im ius S everus w ere , af ter t he i n it ia l s tages o f t he r e ign , s truck o n as tandard t he s ame a s t hat u sed a t Rome.
6 5
The
s tr ik ing o f d enar i i c eased i n t he e ast i n 2 02-3 a nd was n o t r esumed u n t il 2 18, when t here was a b r ief c o inage f or E lagaba lus i n 2 18-219, p robab ly f rom N ico med ia where t he Emperor s pen t t ha t w in ter.
Th is i s t he o n ly s ubs tan t ive
i ssue f or E lagaba lus i n t he e ast ; t here a re a f ew l ater c o ins , b u t t hey a re n ot r epresen ted h ere. Th is i ssue a lso i ncluded a g roup o f a ure i. The g o ld c o ins a re s truck a t t he h igh ( pre-215 ) w e igh t , i n c on trast t o t he g o ld c o ins s truck a t Ro me, wh ile t he s i lver , wh ich c ons ists e n t irely o f d enar i i, i s s truck a t ah igh s tandard , much h igher t han t hat o f t he c on te mporary c o ins o f Rome. I n o ther w ords t he c o ins o f t h is m in t f o l low t he p o l icy o f Macr inus i nh is a bo l it i on o f a l l t he c hanges made b y Caraca l la , d esp ite t he f act t ha t a t Rome E lagaba lus immed ia te ly a bo l ished t he r eforms o f Macr inus, d ebased t he d enar ius, b rough tb ack t he a n ton in ianus a nd r educed t he w e igh t o f t he a ureus a ga in . Th is d oub le p o l icy o f E lagaba lus i s i n terest ing. The r efor ms o f Caraca l la h ad , a s w e k now , b een u npopu lar; a nd t he f act t ha t E lagaba lus c on t inued t he p o l icy o f Macr inus i na bo l ish ing t he m a t t he m in t wh ich was a lmost c erta in ly a th is own h eadquarters, s uggests a d e l iberate p o l icy o f c onc i l iat ing t ha t o p in ion w h ich w as c losest t o h im a nd t herefore most i mportan t t o h im , ma in ly , o ne s uspects, mi l itary o p in ion . I ti s p erhaps s ign if ican t t ha t t he a n ton in ianus w as s truck a t Ro me i n t he e ar l iest p er iod o f t he r e ign , when E lagaba lus was n ot t here , wh ile i tc eased t o b e s truck f a ir ly s oon a fter t he emperor 's a rr iva l i n t he c i ty . N o a t te mp t , h owever , w as made t o i mp rove t he w e igh t o f t he a ureus, o r t o r everse t he i n it ia l d ebase men t o f t he d enar ius. We c an n ow s um mar ise t he c omp lex c hanges i nt he g o ld a nd s i lver c o inage i n t he y ears b etween t he a ccess ion o f Caraca l la a s s o le emperor a nd t he s econd y ear o f E lagaba lus a s f o l lows : 2 12
Caraca l la s o le emperor. S tandard o f Caraca l la ; d enar i i C . 5 1% f ine , c on ta in ing C . 1 .70 g o f s i lver. ( Aureu .s c on t inues a s b efore.)
2 15
Refor m o f Caraca l la ;
s tandard r e ma ins a s b efore ;
i n-
t roduc t ion o f t he a n ton in ianus, r educ t ion i n t he we igh t o f t he a ureus ; 2 17 ( l ate s u m mer )
c . 1 .50 g o f s i lver t o t he t heoret ica l d enar ius.
Refor m o f Macr inus; a bo l it ion o f t he c hanges o f 2 12 a nd 2 15 ; d enar i i c on ta in ing c . 1 .85 g o f s i lver ( i .e. s tandard o f S everus ).
2 18 ( su m mer )
Access ion o f E lagaba lus. i n troduced ;
A t Rome, s tandard o f E lagaba lus
r e int roduct ion o f t he a n ton in ianus , r educt ion
o f t he w e igh t o f t he a ureus t o t he w e igh t o f Caraca l la. C . 1 .26 g o f s i lver t o t he t heoret ica l d enar ius.
A t
N ico med ia t he r efor med c o inage o f Macr inus i s s truck . 2 19 ( l a te )
Part ia l r efor m ;
t he a n ton in ianus c eases t o b e s truck ;
d enar i i c on ta in ing c . 1 .40 g o f s i lver.
N icomed ia c loses.
As c an b e s een f rom F igs. 4 a nd 8 , c o ins c on t inued t o b e s truck o n t he s tandard o f E lagaba lus u n t il a t l east 2 25. A t t hat p o in t , h owever , w e e n ter ap er iod o f c on fus ion , a nd i tc anno t b e s a id t hat w e h ave b een a b le t o e stabl i sh w ith c erta in ty t he h istory o f t he c o inage f rom t ha t y ear u n t il t he e nd o f t he r e ign o f S everus A lexander.
The p rob le m c an b e s een i n F ig. 4 . 6 6
I n
g enera l t er ms w ha t w e s ee m t o h ave i s a marked r educt ion i n f ineness i n 2 25 , 2 26 a nd 2 27, f o l lowed b y ad ist inc t b u t g radua l i mprove men t f rom t hen u n t i l t he l ast i ssue o ft he r e ign i n 2 32-235.
However , t he m idd le y ears o f
S everus A lexander a re marked b y s uch l arge v ar ia t ions i n f ineness, w ith 4 0% s eparat ing t he h ighest a nd t he l owest c o ins w ith n o v ery c lear p eak , t ha t i ti s imposs ib le w ith s uch sma l l s amp les t o b e s ure e xact ly w ha t w as t ak ing p lace, l et a lone s peak o f s tandards. We c an o n ly s ay t hat t here w as ap er iod o f d ec l ine i n c . 2 25-226 a nd o f i mprove men t b etween 2 27 a nd 2 32/5 ; b ut t he improve men t d oes n o t s ee m t o b e a brup t e nough t o c onnec t i tw ith t he REST ITVTOR MON c o ins o f 2 28. An e astern m in t s truck a sma l l i ssue o f d enar i i f or A lexander i n 2 22-23, p robab ly t o b e a ssoc ia ted w ith t he a ccess ion ( nos. 4 404-4432 ). The s tandard i s v ery v ar iab le, b u t g ives a mean f ineness v ery s l igh t ly l ower t han t hat o f t he c on te mporary d enar i i o f Ro me; p robab ly t he s ame s tandard i s i n tended. The p receden t e stab l ished b y E lagaba lus , w hose e astern d enar i i ( as w e l l a s h is a ure i ) w ere b et ter t han h is w estern o nes h as t herefore n o t b een r epeated. T he s tandard e s tab l ished i n 2 32/5 i s much more s a t isfac tory , a nd d oes n o t i nclude a ny o f t he l ower w e igh t c o ins wh ich marked t he m idd le p er iod o f t he r e ign o fA lexander. M in t ing o n t h is s tandard , w h ich may p erhaps b e i nt ended t o b e t he s tandard s et b y E lagaba lus , c on t inued t hroughout t he r e ign o f Max im inus , a nd i ndeed , r e ma ined e f fect ive ly u nchanged u n t il A .D. 2 49 ( F igs. 4 , 5 , 6a nd 7 ). I t s u se w as, h owever, i n terrup ted i n A .D. 2 38 b y t he d ramat ic e ven ts o f t hat y ear. On ly 1 5 d enar i i o f Gord ians Ia nd I a nd o f Ba lb inus a nd P up ienus w ere a va i lab le f or a na lys is. O f t h is n umber 5 , 3o f Gord ians Ia nd I a nd 2 o f B a lb inus a nd Pup ienus, s ee m t o h ave b een s truck a t an ew a nd much h igher f i neness, a t as tandard t hat h ad n o t b een s een s ince t he r eform o f 1 94. Tha t t he Ro man m in t s hou ld h ave a tte mp ted a r efor m o f t he c o inage a t s uch a d if f icu lt t ime , w ith t he e stab l ished emperor s t i l l a l ive a nd money i n s hort s upp ly , s ee ms s carcely c red itab le , e ven more r emarkab le t han P ert inax ' a t te mp t i n l ess d i f f icu l t b u t s t i l l u ncer ta in c ircumstances .1 3 Un t il more c o ins a t t he h igh f i neness h ave b een a na lysed i ti s i mposs ib le t o s peak w ith a ny c erta in ty a bou t t h is r efor m , w h ich must h ave f o l lowed v ery s hort ly a f ter t he p roc lama t ion o f G ord ians Ia nd I ( Apr i l 2 38 ). I tw ou ld s eem t o b e t he c ase t hat a p roport ion o f t he d enar i i w ere s truck a t a bou t 7 0% f ine. Th is s i tua t ion p ers isted i n to t he e ar ly p art o f t he r e ign o f Ba lb inus a nd Pup ienus, when d enar i i c on t inued t ob e s truck . J ust a s t he i mprove men t e f fected b y P ert inax w as f o l lowed b y a ma jor d eb ase men tu nder S everus , s o n ow t he a pparen t i mprove men t o f Apr il 2 38 w as f o l lowed v ery r ap id ly b y w ha t w as i n e ffect t he most s er ious d ebase men t w h ich t he d enar ius h ad s o f ar u ndergone. I nb o th c ases t he c ause w as t he s ame, a nd t he g reater u rgency o f t he s i tuat ion i n e ar ly J une 2 38 i s r ef lected i n t he g rea ter d ecl ine. The s tr ik ing o f d enar i i w as e n t ire ly a bandoned a nd t he a n ton in ianus was r e in troduced a s t he s o le d enom inat ion i n s i lver. S ince w e h ave e very r eason t o b e l ieve t ha t t he a n ton in ianus w as a p iece o f 2d enar i i, t he d enar ius n ow c on ta ins o n ly a bou t 1 .20 g o f s i lver, f or t he a n ton in ianus w as s truck a t a we ight d ist inct ly l ower t han t ha t wh ich Caraca l la h ad employed w hen h e f i rst i n troduced t he d enom inat ion , a nd a t as tandard wh ich w as 6 7
p robab ly i n tended t o b e t hat o f t he l ast y ears o fA lexander a nd o f t he r e ign o f Max im inus. ( Figs. 5 a nd 8 .) A f urther d rop i n t he w e ight o f t he a n ton ini anus t ook p lace i n t he f i rst mon ths o f t he r e ign o f Gord ian I I , s o t ha t b y t he midd le o f 2 39 t he d enar ius h ad c o me t o c onta in o n ly a bou t 1 .10 g o f s i lver, c ompared w ith a bou t 1 .50 g a t t he b eg inn ing o f 2 38 a nd ( perhaps ) a bou t 1 .80 g i n Apr i l- May 2 38.
Th is r epresen ts a d ec l ine o f c . 3 0% i n l ess t han a y ear a nd
o f a bout 4 2% f rom t he c on jectured h igh s tandard o f Apr i l- May 2 38.
T he d e-
n ar ius , n ow , o f c ourse, a t heoret ica l c o in o n ly , h as d ec l ined b y a bou t 6 5% f rom t he s tandard o f N ero. I ti s i n terest ing t o c o mpare t he d ec l ine i n t he c a lcu lated s i lver c on ten t o f t he d enar ius o ver t h is p er iod a nd t he r educt ion i n t he w e igh t o f t he a ureus wh ich t ook p lace a t t he s ame t ime. The a ure i o f Gord ian I I a re a bout 2 5% l ighter t han t hose o fS everus A lexander, a nd w e h ave c a lcu lated a d ec l ine i n t he s i lver c on ten t o f t he d enar ius o f a bout 3 0% o ver t he s ame p er iod. 1 4
T hese
r educt ions w ere a l most c erta in ly s i mu ltaneous a nd a re p robab ly i n tended t o b e a t l east a pprox i mate ly e qua l. Th is a t te mp t t o k eep t he g o ld t o s i lver r a t io a bou t c onstan t i s s im i lar t o t ha t o f Caraca l la 's r efor m o f 2 15 ( above, p . 6 4 ). The c r is is o fA .D. 2 38 w as p erhaps t he most s er ious t ha t t he Emp ire, c erta in ly Ro me a nd I ta ly , h ad k nown s ince t he c iv i l w ar o f 6 8-69. I t was r ef l ec ted i n t he most s er ious d ebase men t o f t he s i lver a nd r educ t ion i n w e igh t o f t he g o ld c o inage s o f ar t o b e s een .
On t h is s ee b e low , p . 1 35.
Av ery b r ief a t te mp t t o h a lt t he d ecl ine was p robab ly made i n l ate 2 40 , e x tend ing i n to e ar ly 2 41, w hen t he d enar ius a s ad enom inat ion w as r e in troduced. 1 5 There h as b een a t endency t o r egard t hese d enar i i a s b e ing r are a nd p er iphera l , b ut t hey w ere s truck i n l arge n u mbers a nd i ts ee ms t o b e t he c ase t hat f or a v ery b r ief p er iod t hey were t he o n ly s i lver d enom inat ion s t ruck . They w ere s truck a t t he s a me f ineness a s t he a n ton in ian i a nd t herefore g ive a s i lver c ont en t o f a bout 1 .46 g ;
i n o ther words t hey w ou ld s eem t o r epresen t a n a t te mp t
t o r everse t he 3 0% d ebase men t o f 2 38. The a t te mp t was c learly n ot a s uccess, a nd t he a n ton in ian i o f Gord ian I I 's l ast t wo i ssues ( 241-243, 2 43-244 ) s ee m t o s how a d ist inct d ec l ine , w h ich c ont inues i nt he f i rst i ssue o f Ph i l ip Ia t Rome ( F ig. 5 ) . Th is d ec l ine, h owever , s ee ms t o b e r eversed i n Ph i l ip I ' s l a ter i ssues, s o t hat b y 2 48-249 t he a n toni n ianus s tands a t t he s ame f ineness a s i th ad e n joyed i n 2 38 ( F igs. 5 a nd 8 ). The c iv il war wh ich l ed t o t he a ccess ion o f Dec ius, t he g reat Go th ic war a nd t he d ea th o f Dec ius, a nd f ina l ly t he c iv il w ar w h ich l ed t o t he d ea th o f Treb on ianus Ga l lus a nd t he a ccess ion o f Aem il ian p roduced a p er iod o f more o r l ess c on t inuous d ec l ine i nt he f ineness o f t he a n ton in ianus a s we l l a s i n t he w e ight o f t he a ureus ( F igs. 6 a nd 7 ) .
By t he r e ign o f Ae m i l ian t he w e igh t o f
s i lver i n t he t heoret ica l d enar ius h ad d ecl ined f rom C . 0 .97 g i n 2 48/9 t o 0 .63 g i n 2 53, a d ecl ine o f c . 3 5% o ver t h is s hort p er iod. Thus , a t t he e nd o f t he p er iod c overed b y t h is b ook t he d enar ius h as d ec l ined b y a bou t 7 9% f rom t he we igh t i th ad e n joyed u nder t he s tandard o f N ero • 16
I ts hou ld b e n oted
t ha t i t was d ur ing t h is p er iod a lso t ha t an umber o f a n ton in ian i w ere o verstruck o n S everan d enar i i ( nos. 4 780 , 4 796 a nd 4 804 a re p robab ly e xamp les o f t h is ). The d ec l ine i n t he s i lver c urrency s truck a t Rome was l ess d rama t ic t han a t t he m in t a t An t ioch ( F ig. 7 ).
There w as n o e astern c o inage o f d enar i i o r
a n ton in ian i b e tween t he a ccess ion i ssue o f S everus A lexander a nd t he a ccess ion 6 8
o f Gord ian I I.
An e astern m in t , a l most c erta in ly An t ioch , p roduced a n
i ssue o f An ton in ian i a l most i m med iately a f ter t he s tart o f Gord ian I I 's r e ign ( nos. 4 625-4629 ). The n umber o f c o ins a na lysed i s v ery sma l l , b ut t he mean f ineness a t 5 1.30% s trong ly s uggests t ha t t he s tandard emp loyed w as t he s ame a s t ha t o f Ro me. A l arger i ssue i s t o b e d a ted t o t he l ast p er iod o f Gord ian 's r eign w hen t he Emperor w as h i mse l f a t An t ioch ( nos. 4 630-4641 ). Th is i ssue s hows a marked d ecl ine f rom t ha t o f t he f i rst y ear o f t he r e ign a nd t h is d ec l ine c on t inues i n e ach s uccess ive i ssue s o t hat b y t he r e ign o f Ga l lus, A .D. 2 512 53, n os. 4 891-4906 , t he a n ton in ianus h as a mean f ineness o f a mere 1 9.34% , g iv ing a d enar ius o f o n ly 0 .42 g o f s i lver. T h is c ompares w ith c . 0 .60 g o f s i lver f or t he d enar ius a t Rome u nder Ga l lus, s o t hat t he a n ton in ianus o f An t ioch i s a t t h is p o in t o verva lued b y a bou t 3 0% a ga inst t hat o f Rome.
I n
o ther w ords, f rom a bou t 2 44 o nwards t he e astern m in t p arts c ompany f ro m i t s w estern c oun terpart a nd t he d ebase men t p roceeds a t af ar g rea ter r a te i n t he e ast t han i n t he w est , t he a n ton in ianus l os ing h a lf i t s s i lver c on ten t i n t he s pace o f 8y ears.
When w e c ons ider a lso t he f ate o f t he An t iochene t etra-
d rachm o ver t he s ame p er iod ( be low , p . 1 02 a nd F ig. 9 )w e c an s ee t ha t t he s eeds o f t he t o ta l c o l lapse o f t he c urrency s ystem i n t he e ast , a lready f ores hadowed b y t he e arl ier c o l lapse o f t he t etradrachm i n t he p er iod 2 14-219 ( be low p . 1 00 ) w ere s own d ist inct ly e ar l ier i n t he e ast t han i n t he w est.
Th is
c ompares w ith t he v ery b r ief p er iod i n 2 18-219 w hen E lagaba lus w as s tr ik ing g o ld a nd s i lver i n t he e ast o f s uper ior q ua l ity t o t hat a t Rome a nd i ti s a lso i n c on trast t o t he s ituat ion s uggested b y Ty ler i n as l igh t ly l ater p er iod , when h e s uggests t ha tt he e astern c urrency was, f or a p er iod , s uper ior t o t he w estern . 18 I ti s i n t he l i gh t o f t he v ery r ap id d ec l ine i n t he c urrency o f t he e ast i n t he p er iod 2 44-253 t ha t t he ma jor , t hough a bor t ive, r eform o f U ran ius An ton inus must b e s een ( be low , p . 1 03 ).
NOTES
1 .
The s pec i mens a na lysed h ere g ive a r ather l ow mean w e igh t f or t he N eron ian d enar ius, b u t t he BM c o ins ( B MCRE p . x x ) h ave a mean w e igh t o f 3 .21 g .
2 .
I t s hou ld b e emphas ised t hat t he sma l l n umber o f e ar l ier a na lyses o f t he d enar i i o f P ert inax c on f ir m t hese f ind ings. Bo l in , S tate a nd Currency , 2 11 l i sts a c o in o f P ert inax a t 9 0% f ine wh i le Guey , RN i i ( 1961) 1 23, a lso f ound o ne o ver 9 0% f ine a nd c om men ted o n i t( p . 8 5 ).
3 .
There i s s ome d oubt a s t o whether IMP I I I r efers t o t he b a t t le o f N icaea o r t hat o fI ssus ( B MCRE p p. l xxx-lxxx i ).
The i mpor tan t p o in t i s n o t
a ltered b y t he d i f f icu lty—Severus was s tr ik ing c o ins i n t he e ast a t t he l ow s tandard o f P escenn ius b efore t he g reat d ebase men t a t Rome. 4 .
The r ange o f f i nenesses w h ich Ih ave d eter m ined f or t he S tandard o f S everus i s d ist inct ly h igher t han t ha t f ound b y Guey , a nd most e as i ly e xpressed i n C ope 's h istogra m ( NC v i i , ( 1967 ) 15 ).
Iwou ld n ot c are
t o c om men t o nt h is d i f ference, wh ich d emonstrates t he d anger o f c o mpar ing a na lyses p erfor med b y d if feren t methods.
6 9
5 .
F or t hese c o ins s ee n ow D . N ony , L e monnayage d e Pescenn ius N iger ä Cesarde d e Cappadoce , L ato mus 2001 ( 1 971) , 3 45 ; P . Bast ien , Une n ouvel le monna ie d 'argen t d e Pescenn ius N iger, C erc le d 'Etudes N um is mat iques, 9 n o. 4 ( Oct-Dec. 1 972 ) 6 9.
6 .
Wh ichever c hrono logy o f t he imperator ia l a cc lama t ions i s a dop ted t he t rad it iona l c lass if ica t ion o f BMC i s c on trad ictory , u n less t he t rave l l ing m in tt heory i s a dop ted. The b at t le o f I ssus c anno t b e e arl ier t han t he s econd h a l f o f 1 94, f o l lowed r ap id ly b y t he o ccupat ion o f S yr ia ; r epresen te ither IMP I I I o r I MP V . S everus a s IMP , IMP Ia nd I MP I .
i t may
Bu t t here a re e astern c o ins o f I td oes n ot h e lp mat ters t o p o in t t o
t he e arly r evo lt o f L aod icea f ro m P escenn ius s ince t he t ypes a lone o f t he e arly i ssues makes i tc lear t hat t hey a re t he money o f a mil itary c a mpa ign c hest , n ot o f a n i so lated c i ty d eep i n t he t err itory o f t he r iva l emperor.
The d iscovery t hat Pescenn ius was s tr ik ing a t l east s ome
c o ins i n As ia Minor a nd n ot S yr ia , As ia Minor b e ing , a f ter a l l , h is f ron t l ine, makes i tv ery much more p robab le t hat S everus d id t he s ame , b efore t he o ccupa t ion o f S yr ia.
To a vo id c onfus ion t he t rad it iona l c las-
s i f ica t ion i s r eta ined h ere, b u t i ti s worth p o in t ing o u t t hat e ven f or t he l a ter p er iod o fS everus ' e astern c o inage i ti s e n t ire ly c on jectura l , n o tw ithstand ing i t s b e ing e nshr ined i n BMC a nd R IC. I ts hou ld b e n oted t hat N iger 's f orces r ecaptured L aod icea a f ter i t s r evo lt ( Herod ian 3,3 ). 7 .
Iam i ndebted t o Dr. C . E . K ing f or p o in t ing t h is o u t.
8 .
Cass ius D io l xxv i i i , 1 4, 4 .
The p assage d if fers b etween X iph i l inus
a nd Exc. Va l., b u t t he mean ing i s t he s a me. Ig ive b o th v ers ions h ere. The w ho le p assage i s , h owever , f i l led w ith d if f icu lt ies. The im med iately p reced ing p assage i s a bout C araca l la g iv ing t he G ermans
d az ieci .g
x pvCoi ig i n r eturn f or p eace. Wha t must p resumab ly b e mean t i sh eavy p re-refor m c o ins —or p erhaps t he r ad iate d oub le a ure i?. The f o l low ing p assage i s a bout Caraca l la i ssu ing p lated g o ld a nd s i lver , a nd s ure ly c annot b e p art o fD io 's t ex t . D io must h ave k nown more a bout wha t w as g o ing o n t han t o make s uch a m is take. 9 .
The a d ject ive x tß br iXog o ugh t s tr ict ly s peak ing t o mean ' adu ltera ted ' , i .e. w ith b ase meta l a dded , b ut i tc an a lso b e u sed i n ag enera l s ense t o mean d ishonest o r f raudu len t.
As D io u ses i ti t i s o bv ious t hat t he
word i s b e ing u sed i n ar hetor ica l a nd mora l ist ic s ense. I t was n o t o n ly t he money wh ich w as b ase, b u t e very th ing e lse a s w e l l-T6 TE 6 1XXc c Z onaras ( x i i, 1 2B ) l iked D io 's u se o f t he w ord a lso , a nd h e c op ied i t ; t he a nc ien ts c ared f ar more a bout mora l is ing t han t hey d id f or e conom ics :
7 1 6 : \na
a ir ry x t gn IXa o lal
A uTb T b v 641 .04a.
1 0.
D io l xxv i i i , 1 5 , 1 .
1 1.
Th is a rgumen t i s t he e xact o ppos ite o f t ha t o fR . A . G . C arson , RN 7 ( 1965 ) 2 25 f . C . a rgues t hat ' i f t he s i lver c o ins h ad b een t okens, i ti s d iff icu l t t o s ee wha t n ecess ity t here wou ld h ave b een f or a ny a ltera t ion i n t he s tandard o f t he a ureus '.
Th is i s ar e markab le a rgumen t.
Tha t
t he s i lver c o ins w ere, i n t h is p er iod , t okens, o verva lued a ga inst meta ll i c s i lver, i s q u ite b eyond d ispute. 7 0
There a re t wo p oss ible r easons
w hy Caraca l la migh t r educe t he we ight o f t he a ureus.
The f i rst i s t hat
i tw as s i mp ly a nother way o f mak ing money t o p ay f or h is g rea t ly i nc reased e xpend iture, j ust a s h e made money b y t he i n troduct ion o f t he a n ton in ianus.
The s econd i s t hat i tw as i n o rder t o r educe p ressure
f or a n a lterat ion i n t he o f f ic ia l 1 :25 e xchange r ate. C arson i s w edded t o t he i dea t ha t t he r a t io o f me ta l l ic g o ld t o s i lver mus t h ave r e ma ined more o r l ess c onstan t , s o t ha t t he 1 :25 r a t io o f a ureus t o d enar ius c anno t h ave c on t inued a s l a te a s t h is.
However, t he s tate h ad
e very r eason t o t ry t o impose t he 1 :25 r a t io f or a s l ong a s i tc ou ld , f or o therw ise t he b enef its t o i tf rom d ebas ing t he s i lver w ou ld b e l ost . For t h is s ee b e low , p . 1 54. 1 2.
T h is s trange a berrat ion o n t he p art o f Mat t ing ly h as s ince b een c orrected , t hough o n ly i n af ootnote, i n t he r ev ised BMCRE, c cx i i, n ote 1 .
1 3.
One 's f i rst t hough t i s t ha t t hese c o ins a re i n f act f orger ies o f wha t i s , a f ter a l l , av ery r are s er ies, b u t e xa m inat ion d oes n ot c on f ir m t h is. I ts hould b e n o ted t ha t t he l i gh t mean w e ight o f o ur s pec i mens i s p roba b ly c hance a nd i s n ot c on f ir med b y t he BM s pec i mens, wh ich s ugges t n o r educt ion i n mean w e igh t f ro m t he w e igh t o f Max im inus.
1 4.
F or t he a ureus Ih ave u sed t he w e igh ts o f Bo l in , S tate a nd Currency , 2 53. It ake t he mean o f A lexander 's c o ins t o b e a bou t 1 00 g ra ins , n ot 9 5.30 a s g iven b y Bo l in , wh ich i nc ludes s tragg lers.
The v ery r are a ure i o f
Ba lb inus a nd P up ienus d e monstra te t ha t i t was t hey a nd n o t Gord ian I I a s s ta ted b y Bo l in ( 255 ) who i n it iated t he c hange, e ven i ft hey d id n o t c o mp lete i t . 1 5.
Th is i s v ery much wha t we wou ld e xpec t.
F or a r e-da t ing o f t he d enar i i o f Gord ian I I s ee K . J . J . E lks ' , T he Denar i i o f Gord ian I I ', NC
X ii
( 1972 ) 3 09.
He d e monstra tes t ha t t here
i s n o s uch t h ing a s a' marr iage i ssue ' , wh ich t ends t o c on f ir m t ha t t hese c o ins a re i ndeed i n tended t o b e as ubstan t ive i ssue.
The f act t ha t o ne
o f t he g roups o f 6r everses h as n o a cco mpany ing a nton in ian i s uggests t hat t here was a b r ief t ime w hen t he a nton in ianus w as n o t b e ing s truck . 1 6.
The a t tr ibut ion o f l arge g roups o f a n ton in ian i t o M i lan h as n ow b een q uest ioned b y E lks , Rea t tr ibut ion o f t he Mi lan Co ins t o t he Min t o f Ro me , NC
Xii
( 1972 ) 11.
The metro log ica l e v idence d oes n o t c on trad ict h is
c onclus ions. 1 8.
P . Ty ler , The P ers ian Wars o f t he Th ird C en tury a nd Roman Imper ia l Monetary Po l icy , 2 5-26.
7 1
CHAPTER 2 THE C ISTOPHORUS CO INAGE , S ep t im ius S everus We igh t
We igh t o f
( g )
% s i lver
Au
BMC 7 58
8 .20
7 1.25
t r
5 .84
4 922
BM
9 .15
7 9.00
t r
7 .23
4 923
BMC 7 59 ( obv.
9 .81
7 3.00
4 924
BMC 7 60
7 .41
6 8.00
4 925 4 926
BMC 7 61 BMC 7 62
7 .68 1 0.06
9 2.75 7 9.50
4 927
C lay ( obv. d ie
7 .48
6 9.00
N o.
Reference
4 921
Pb
s i lver ( g )
7 .16
d ie a s BMC 7 58 ) 0 .75 0 .50
5 .04 7 .12 8 .00
t r 0 .50
5 .16
a s l ast r ev, d ie a s BMC 7 59 ) 7 .98
7 0.50
0 .50
5 .63
1 0.22
5 8.50
2 .50
5 .98
Mean ( 9 c o ins )
8 .66
7 3.44
Corrected mean we igh t
9 .06
6 .65
We igh t o f d rach ma
2 .27
1 .66
4 928
C lay-R IC 5 29
4 929
AM-R IC 5 32 ( obv. d ie a s BMC 7 58 & 7 59, r ev. d ie a s 7 62 )
6 .35
There i s o n ly o ne v ery sma l l i ssue o f C istophor i i n t h is p er iod.
They
f a l l i n to t wo g roups , s truck i n c . 1 98 a nd c . 2 05 , b ut t he s a mp le a va ilab le f or a na lys is i s t oo sma l l t o s eparat e o ut h ere .1
There i s n o e v idence o f a ny
c hange o f s tandard b etween t he t wo g roups, b ut t he r ange o f f inenesses i s s o w ide w ith in t he g roup o f 9c o ins a na lysed t ha t c onc lus ions must n ecessar i ly b e v ery t en tat ive.
Wha t i s c erta in i s t ha t t he s tandard u sed , g iv ing a mean
f or o ur s a mp le o f 7 3.44% a nd w ith o ne s pec i men n ear ly 9 3% f ine, i s c ons ide rab ly h igher t han t ha t o f t he S everan d enar i i;
t h is t ends t o c on f ir m t he v iew
e xpressed e ar l ier t hat t he c istophorus was, s ince t he t ime o f Hadr ian , v a lued a t 4d enar i i r a ther t han 3 ( Metro logy I , 6 4 ).
Va lued a t 4d enar i i t hese c is-
t ophor i h ave a t heoret ica l d rach ma/denar ius c on ta in ing 1 .66 g o f s i lver, a nd a re o verva lued a ga inst t he r ea l d enar ius b y C . 1 0%.
Th is means t hat t he
c istophor ic d rach ma h as t he s a me s i lver c on ten t a s t he c on te mporary Cappad oc ian d rachma a nd t he s a me o verva luat ion ( be low , p . 7 9 ) .
I fo n t he o ther
h and t hese c o ins a re s t i l l v a lued a t 3d enar i i , t hen t he s i lver c on ten t o f t he t heoret ica l d rach ma/denar ius i s 2 .21 g , wh ich wou ld mean t hat t he c istophorus
7 2
i s o verva lued a ga inst t he d enar ius b y 1 6% , ah igh ly i mprobab le s i tuat ion . The c o ins w ou ld h ave b een p roduced a t ac omparat ive l oss t o t he s tate a nd wou ld h ave t ended t o g o o ut o f c ircu lat ion . However, i ti s p art icu larly n ot iceab le t hat , sma l l a s t h is i ssue i s , c o ins a re o f ten f ound i n av ery worn c ond it ion , s how ing t hat t hey c ircu lated f or many y ears.
Th is i s wha t w e wou ld e xpect
o f a n o verva lued c urrency , n ot o f a n u nderva lued o ne.
I ti s s tr ik ing t o c om-
p are t h is w ith t he s i tuat ion o f t he S everan t e tradrachms o f S yr ia , w h ich w ere s l igh t ly o verva lued a ga inst t he d enar ius , a nd c ircu lated f or a v ery s hor t p er iod o n ly , b efore b e ing r eco ined a t al ower s tandard ( be low , p . 9 7 ).
1 .
A . M. Woodward , The c istophor ic c o inage a nd i t s p lace i n t he Roman c o inage, i n E ssays p resen ted t o Haro ld Mat t ing ly , 1 70-171.
7 3
CHAPTER 3 GREEK-LEGEND S ILVER CO INAGE
( i ).
Caesarea i n Cappadoc ia
S ep t im ius S everus - d rach mas o f y ear B We igh t No.
Reference
4 930
( g )
We igh t o f % s i lver
Au t r
P b
s i lver ( g )
BMC 2 22
3 .23
5 8.00
4 931
BMC 2 34
2 .74
5 5.00
-
4 932
Ba ldw in ( obv . d ie a s l ast )
3 .07
7 6.50
_
Wa lker ( t ype a s l ast )
3 .31
6 3.00
_
_
2 .08
Wa lker ( t ype a s l ast )
3 .18
5 2.00
_
_
1 .65
Ba ldw in ( type a s l ast )
3 .06
5 6.00
_
.
1 .71
4 936
BM ( rev. moun ta in )
2 .68
6 3.00
0 .50
1 .69
4 937
Wa lker ( t ype a s l ast )
3 .31
5 5.00
_
1 .82
BMC 2 19 ( t ype a s l ast )
2 .92
5 3.00
t r
BMC 2 20 ( t ype a s l ast )
2 .96
6 4.00
t r t r
4 933 4 934 4 935
4 938 4 939
t r _
t r
1 .87
0 .50
1 .51
• •••
t r -
2 .35
1 .55 1 .89
4 940
BMC 2 21 ( t ype a s 3 .03
5 4.25
-
1 .64
4 941
AM ( t ype a s l ast)
2 .91
3 9.50
_
_
1 .15
4 942
Wa lker ( t ype a s l ast )
2 .92
6 3.00
_
_
1 .84
3 .02
5 7.86
1 .75
0 .19
8 .28
0 .28
l ast )
Mean ( 13 c o ins ) S tandard d ev iat ion Corrected mean we igh t
2 .92
( 29 c o ins )
1 .69
S ept im ius S everus - t r idrach ms o f y ear 5 4 943
BMC 2 33
4 944
Ba ldw in ( t ype a s
4 945
Wa lker ( t ype a s
l ast ) l ast )
0 .50
5 .75
9 .66
5 9.50
9 .79
4 6.00
4 .50
9 .23
5 9.00
5 .45
7 4
We ight
We igh t o f
No.
Reference
( g )
4 946
BMC 2 63
9 .87
4 1.00
4 .05
4 947
Wa lker ( type a s l ast )
9 .98
5 4.00
5 .39
9 .71
5 1.90
5 .03
Mean ( 5 c o ins )
% s i lver
Au
Pb
s i lver ( g )
Corrected mean we ight ( 10 c o ins ) We ight o f t heoret ical d rach ma
9 .38
4 .87
3 .13
1 .62
d rach mas o f y ear 5 4 948
BMC 2 23
3 .11
5 1.00
t r
t r
1 .59
4 949
Wa lker ( d ies a s l ast )
2 .98
6 0.00
-
-
1 .79
4 950
Wa lker ( t ype a s l ast )
3 .31
5 4.50
-
-
1 .80
4 951
Wa lker ( type a s l ast )
3 .05
6 2.00
-
-
1 .89
4 952
BMC 2 52
2 .62
6 3.75
-
0 .50
1 .67
4 953
Wa lker ( obv . d ie a s 3 .24
5 1.00
-
-
1 .65
3 .24
5 7.00
_
_
1 .85
l ast ) 4 954
Wa lker ( obv . d ie a s l ast )
4 955
Wa lker ( rev . moun ta in )
3 .56
4 9.50
-
-
1 .76
4 956
BMC 2 58
3 .33
4 6.00
_
_
1 .53
4 957
BM ( type a s l ast )
3 .25
5 1.00
-
-
1 .66
4 958
AM ( type a s l ast )
2 .91
5 4.50
-
t r
1 .59
4 959
Wa lker ( type a s l ast )
2 .85
5 9.50
-
-
1 .69
4 960
Ba ldw in ( type a s l ast )
2 .77
7 6.00
_
_
2 .10
4 961
BM
3 .17
6 4.50
_
0 .75
2 .04
4 962
Ba ldw in ( t ype a s l ast )
3 .18
6 4.50
-
-
2 .05
4 963
BMC 2 64
2 .98
4 4.50
-
0 .75
1 .33
4 964
BMC 2 65
2 .74
5 6.00
_
_
1 .53
4 965
BMC 2 66
3 .10
7 9.50
t r
t r
2 .46
4 966
AM ( t ype a s l ast )
2 .96
5 5.00
-
-
1 .63
4 967
BM ( type a s l ast )
2 .42
4 9.50
-
-
1 .98
4 968
Wa lker ( type a s l ast )
3 .11
4 6.50
-
-
1 .45
Mean ( 21 c o ins )
3 .04
5 6.94
1 .76
S tandard d ev iat ion
0 .26
8 .97
0 .25
Corrected mean we ight ( 42 c o ins )
2 .96
1 .68
Tr idrach ms o f y ears 1 2-19 4 969
BMC 2 24 ( year 1 4,
4 970
Wa lker ( t ype a s l ast )
4 971
Wa lker ( year 1 4,
4 972
BMC 2 27 ( year 1 5 ,
moun ta in )
r ev. Apo l lo ) r ev . moun ta in )
8 .21
6 7.00
9 .19
4 7.00
4 .32
9 .06
4 8.50
4 .39
9 .40
4 4.00
7 5
1 .25
0 .25
5 .50
4 .14
We igh t N o.
Reference
4 973
Ba ldw in ( obv. a nd r ev. d ies a s l ast ) 1 0.07
4 974
( g )
We igh t o f % s i lver
Au
P b
s i lver ( g )
4 5.00
-
-
4 .53
1 0.21
4 6.50
-
-
4 .75
Wa lker ( year 1 6 , r ev . moun ta in )
4 975
AM ( t ype a s l ast )
8 .12
4 3.00
-
-
3 .49
4 976
BMC 2 55 ( Do mna , y ear 1 6, r ev . moun ta in )
9 .77
3 9.00
_
0 .75
3 .81
9 .22
6 7.00
-
-
6 .18
7 .93
5 3.50
-
2 .00
4 .24
4 977
Ba ldw in ( as l ast , b ut r ev . Apo l lo )
4 978
BM ( Caraca lla , y ear 1 7, r ev . moun ta in )
4 979
Wa lker ( Severus , y ear 1 8, r ev. Apo l lo )
7 .95
5 6.00
-
t r
4 .45
4 980 4 981
Ba ldw in ( as l ast ) AM ( obv. d ie a s l ast )
9 .95 7 .92
5 8.00 4 1.00
-
-
5 .77 3 .25
4 982
Wa lker ( rev . d ie a s l ast ) 9 .31
4 1.00
-
-
3 .82
Mean ( 14 c o ins )
9 .02
4 9.75
4 .47
S tandard d ev ia t ion
0 .81 8 .84
8 .89
Corrected mean we igh t
0 .81 4 .40
We igh t o f t heoret ica l d rachma
2 .95
1
1 .47
Drach mas o f y ears 1 2-19 4 983
Wa lker ( year 1 2 )
3 .14
5 9.50
t r
-
1 .87
4 984
BM ( year 1 3 )
2 .42
6 4.00
-
-
1 .55
4 985
BM ( year 1 3, o bv. d ie 2 .94
6 8.00
-
t r
2 .00
4 986
Wa lker ( year 1 3 )
3 .12
5 8.00
-
-
1 .81
4 987
BMC 2 67
3 .28
4 7.50
t r
0 .25
1 .56
4 988
BMC 2 68
3 .64
8 3.00
-
-
3 .02
4 989
Wa lker ( P lau t i l la , 3 .52
6 6.00
-
-
2 .32
4 990
BMC 2 25
3 .17
5 0.50
-
0 .50
1 .60
4 991
BMC 2 26
2 .44
7 1.50
-
0 .75
1 .74
4 992
BM ( Do mna , y ear 1 4 )
2 .74
8 2.50
-
-
2 .26
4 993
BMC 2 28
3 .08
4 5.75
t r
0 .50
1 .41
4 994
AM ( obv. d ie a s l ast )
2 .88
5 6.00
t r
-
1 .61
4 995
AM ( t ype a s l ast )
2 .92
4 3.50
t r
-
1 .27
4 996
Wa lker ( t ype a s l ast )
3 .19
6 4.00
-
-
2 .04
4 997
BMC 2 69 ( year 1 5 , Caraca l la )
3 .51
5 7.50
-
-
2 .02
4 998
BM ( year 1 5 , Do mna )
2 .97
5 8.00
-
2 .25
1 .72
4 999
BM ( year 1 6, Caraca l la ) 2 .56
4 7.50
-
t r
1 .22
5 000
BMC 2 29
3 .10
4 8.50
t r
0 .75
1 .50
5 001
AM ( type a s l ast )
3 .23
4 3.00
-
t r
1 .39
5 002
BM ( year 1 7 , Do mna )
3 .15
5 7.00
-
0 .75
1 .79
5 003
BMC 2 30
3 .54
6 3.50
-
0 .75
2 .25
a s l ast )
y ear 1 3 )
7 6
We igh t
We igh t o f
No.
Reference
( g )
5 004
BMC 2 31
3 .13
5 8.00
5 005
BMC 2 56
2 .90
5 3.50
5 006
Wa lker ( year 1 8, 2 .95
6 8.00
Do mna )
% s i lver
Au
Pb
s i lver ( g )
-
0 .25
1 .81
-
0 .25
1 .55
-
-
2 .01
5 007
BM ( year 1 8, Do mna )
2 .67
7 8.50
-
0 .25
2 .09
5 008
BMC 2 32
3 .04
5 7.50
-
1 .00
1 .75
5 009
BMC 2 57
3 .15
4 6.00
-
-
1 .45
5 010
BMC 2 77 ( Ge ta , y ear 3 )
3 .13
6 2.50
-
1 .00
1 .96
5 011
BMC 2 78
3 .05
7 0.00
t r
-
2 .14
5 012 5 013
Wa lker ( type a s l ast ) BMC 2 53
2 .97 2 .86
5 6.00 5 6.00
t r
t r -
1 .66 1 .60
5 014
BMC 2 54
2 .66
8 2.00
-
-
2 .18
Mean ( 32 c o ins )
3 .03
6 0.08
1 .82
S tandard d ev iat ion
0 .29
1 1.08
0 .36
Corrected mean we igh t ( 102 c o ins )
2 .94
1 .79
Caraca l la D idrachms o f y ear 2 0 5 015
B MC 2 70
5 .45
3 9.00
5 016
B M- Weber 7 815
5 .15
2 9.50
5 .30
3 4.25
Mean ( 2 c o ins )
2 .12 0 .25
1 .52 1 .82
Corrected mean w e igh t ( 6 c o ins ) We igh t o f t heoret ica l d rach ma
4 .74
1 .62
2 .37
0 .81
Macr inus 5 017
Wa lker ( D iadu men ian , y ear A )
We ight o f t heoret ica l d rach ma
D idrach m
3 .96
4 3.00
t r
1 .98
1 .70 0 .85
Gord ian I I Tr idrach ms o f y ears 3 -4 5 018 5 019
Wa lker ( year 3 ) BMC 3 40 ( year 3 )
8 .68 6 .77
5 6.50 5 3.00
-
4 .00
4 .90 3 .59
5 020
BMC 3 41 ( year 4 )
7 .44
3 0.00
_
2 .50
2 .23
5 021
Wa lker ( type a s l ast )
8 .10
3 8.00
_
-
3 .08
5 022 5 023
AM ( t ype a s l ast ) Ba ldw in ( t ype a s l ast )
9 .46 9 .71
3 5.50 4 4.50
_
t r -
3 .36 4 .32
7 7
We ight No.
Reference
( g )
We igh t o f % s i lver
Au
Pb
s i lver ( g )
Mean ( 6 c o ins )
8 .36
4 2.92
3 .59
S tandard d ev iat ion
1 .05
9 .44
0 .86
Corrected mean we igh t ( 16 c o ins ) We igh t o f t heoret ica l d rachma
8 .60
3 .69
2 .87
1 .23
Drach mas o f y ears 4 -5 5 024
Wa lker ( year 4 )
5 025
Wa lker ( year 4 , r ev. d ie a s l ast )
3 .23
3 9.00
2 .90
2 .00
1 .26 -
1 .50
0 .058
( . 2 . 5 0% S n ) 5 026
Wa lker ( type a s l ast )
2 .68
1 .57
5 8.50
5 027
BM ( type a s l ast )
2 .99
4 6.00
0 .75
1 .38
5 028
AM ( type a s l ast )
2 .82
4 0.50
1 .14
6 3.00
3 .00
2 .24
5 029
BM ( year 5 )
Mean ( 6 c o ins )
3 .56 3 .03
Mean ( exc lud ing n o . 5 025) S tandard d ev iat ion
0 .29
4 1.50 4 9.40
1 .52
9 .66
0 .39
Corrected mean we igh t ( 18 c o ins )
3 .08
7 8
1 .52
The m in t a t Caesarea i n C appadoc ia l ast s truck s i lver i n t he f ourth c ons u lsh ip o f Co m modus ( Metro logy I , 8 4 ).
Co inage i n s i lver w as r esu med
i n t he r e ign o f Pescenn ius N iger, w hen t here was a r are i ssue, o n ly r ecen t ly r ecogn ised , o f b o th Greek l egend ' drach mas ' a nd L at in l egend d enar i i , t og ether w ith b il ingua l c o ins ;
t h is i s u sefu l c on f irma t ion o f t he c on t inued p ar ity
o f t he C aesarea d rachma a nd t he d enar ius .1
N o c o ins o f t h is i ssue w ere
a va i lab le f or a na lys is. Co inage a t Caesarea i n t he n a me o f S everus p robab ly s tarted a s s oon a s t he c ity f e l l i n to t he h ands o fh is f orces, b etween t he b at t les o f N icaea a nd I ssus.
To t h is p er iod s hou ld b e d ated t he l arge g roup o f d rachmas o f h is
r egna l y ear B , a nd p erhaps a lso s o me d enar i i.
The i ssue was o f s hort d ura-
t ion a nd d oes n ot e x tend i n to t he t h ird r egna l y ear, when c o inage was b e ing c onso l ida ted i n S yr ia.
A s econd l arge c o inage was p roduced i n t he c ourse
o f t he f i f th r egna l y ear 2 ( 196/197 ) a nd i s p robab ly t o b e a ssoc ia ted w ith t he p repara t ions f or S everus ' s econd e astern c a mpa ign .
The c o inage o f t h is
y ear c ons ists o f t r idrach ms a s w el l a s d rachmas. Dur ing t he t we lf th r egna l y ear o f S everus Caesarea s tarted o ne o f i t s r are p er iods o f c on t inuous p roduct ion a nd c o ined t r idrachms a nd d rachmas c on t inu ous ly f ro m t hen u n t il s hort ly a f ter t he d eath o f S everus, i n t he n a mes o f a l l t he me mbers o f t he i mper ia l f am i ly.
The l ast c o ins o f t h is g roup a re o f t he
1 9th r egna l y ear o f S everus a nd t he t h ird y ear o f Geta. 3 A l l t hree o f t hese c o inages o f S everus w ere s truck o n t he s a me s tandard. The d rach mas o f y ears 2 a nd 5 a nd t he t r idrachms o f y ear 5 a l l p roduce a d rachma c on ta in ing b etween 1 .60 a nd 1 .70 g o f s i lver , v ery c lose t o t he s i lver c on ten t o f t he c on te mporary C istophor ic d rachma , a nd g iv ing a n o verva luat ion o f t he d rachma a ga inst t he c on te mporary Ro man d enar ius o f a bou t 1 0%.
Th is
i s as o mewha t l ower d egree o f o verva luat ion t han t ha t wh ich w as n or ma l i n t he s econd c en tury , a nd i ti s p art icu lar ly n o t iceab le t ha t t he e xper i men t o f Co mmodus, who h ad ( probab ly ) i n troduced a l igh t w e ight d idrachm o verva lued a ga inst t he d enar ius b y a s much a s 4 0% ,has b een v ery s harp ly r eversed.
The
s i tua t ion i s al i t t le l ess c lear i n t he t h ird o f t he S everan c o inages , f or t he t r idrach ms o f o ur s amp le s ee m t o h ave b een s truck a t al ower s tandard t han t he d rachmas.
The r esu l t i s t ha t t he t r idrachms g ive a s i lver c on ten t f or
t he d rachma r a ther l ower t han t hat w h ich w e h ave c a lcu la ted f or t he e arl ier i ssues o f S everus wh ile t he d rach mas g ive a r a ther h igher v a lue ( 1 .47 a nd 1 .79 g a s a ga inst 1 .62 a nd 1 .69 g ).
P robab ly , h owever , t he s a me s tandard
i s i n tended t hroughou t . The e x istence o f ac o inage a t Caesarea i n t he l ast y ears o f Caraca l la 's r e ign h as n ot b een p rev ious ly r ecogn ised.
S ydenha m a ssu med t ha t t he sma l l
g roup o f ' d idrach ms ' o f y ears 1 9 a nd 2 0 , i n t he n a me o f Do mna a nd C araca l la , w ere d ated b y t he r egna l y ears o f S everus ( wh ich Caracal la h ad i ndeed u sed w h ile h is f a ther was a l ive ) a nd t ha t t hey t herefore f o l lowed o n d irect ly f ro m t he e ar l ier c o ins, t he i ssue e nd ing i n 2 13. i s i ncorrect.
There i s n o d oubt t ha t t h is v iew
Th is sma l l g roup o f c o ins i s s truck a t aw e igh t a nd f ineness
q u ite d if feren t f rom t ha t o f t he e ar l ier c o ins , a nd t he s ty le, p art icu larly t hat o f Caraca l la 's p ortra it , s uggests a d ate l ate i n t he r e ign .
F urther more,
t h is g roup , h ere n os. 5 015-5016 a re c learly c lose ly l inked b oth i n s ty le a nd metro logy t o t he r are c o ins o f Macr inus a nd D iadu men ian s truck a t Caesarea ,
7 9
( no. 5 017 ) a nd a lso t o t he l ate c o ins o f Caraca l la s truck a t T arsus ( b elow ). The c on fus ion a s t o t he d at ing o f t h is i ssue i s c aused b y t he f act t hat t he r egna l y ears 1 9 a nd 2 0 h ere u sed a re n ot y ears o f S everus, b ut t hose o f Caraca l la i nh is own r igh t , t he i ssue t herefore d a t ing t o 2 16-217. T he i ssue c on t inues i n to t he r e ign o f Macr inus, w ith a r are g roup o f t r idrachms ( not r epresen ted h ere ) a nd a s ing le d idrachm o f D iadumen ian . s i lver c eases a ga in b efore t he a ccess ion o f E lagaba lus.
The p roduct ion o f
A l though w e o n ly h ave t hree c o ins o f t h is i ssue a va ilab le f or a na lys is t hey s how a d rachma o f v ery g rea t ly d ecreased s i lver c on ten t , c on ta in ing o n ly c . 0 .85 g o f s i lver, a bout h a lf t ha t o f t he S everan i ssue.
Th is c orresponds
v ery w e l l w ith t he d ebase men t i nS yr ia f or wh ich C araca l la w as a lso r esponsi b le ( be low p . 9 7 ) . S ince t he t heoret ica l d enar ius o f Caraca l la c on ta ined c . 1 .50 g o f s i lver ( above, p . 5 9 )t hen t h is means t hat t he o verva lua t ion o f t he Caesarean c urrency h as i ncreased f rom c . 1 0% u nder S everus t o a bout 4 3%—a r eturn t o t he s ort o f o verva lua t ion w h ich w as f ound b r ief ly u nder Commodus. Caesarea s truck n o s i lver b etween 2 18 a nd 2 40.
I n t he t h ird r egna l y ear
o f Gord ian I I af i na l s i lver c o inage w as p roduced , t r idrachms i n Gord ian 's t h ird y ear, t r idrachms a nd d rachmas i n h is f ourth a nd d rachmas a lone i nh is f i f th. 4 As i s a lso t he c ase a t An t ioch , Gord ian 's c o inage s hows a v ery d ist inct i mprove men t o n t hat o f 2 16-218, w ith t he d rachma c on ta in ing 1 .23 g o f s i lver i nt he t r idrachm, o r 1 .53 g i n t he d rachmas. Th is c auses s ome d i ff i cu lty , f or t he d enar ius a t Rome af ter 2 38 c on ta ins o n ly 1 .05 g o f s i lver ( 2 .10 t o t he a n ton in ianus ) mean ing t ha t t h is c o inage i s s uper ior t o t he a n toni n ian i o f Rome. One p oss ib le e xp lanat ion i s t hat t h is c o inage may h ave b eg un l ate i n 2 40 w hen t he a n ton in ianus was t e mporar i ly a bandoned a nd a b r ief a t te mp t w as made t o r eturn t o t he d enar ius ( wh ich c on ta ined 1 .46 g o f s i lver a bove , p . 6 8 ) . I ti s worth n o t ing t ha t s o me a t l eas t o f t he c o ins s ee m t o b e f raudu len t—for n o. 5 025 , f ro m t he s ame d ie a s an orma l c o in , h as p ract ica l ly n o s i lver a nd l arge q uan t it ies o f t in . • Th is c o inage o ft he y ears 2 40-242 may b e c onnected w ith t he e arly s tages o f t he Pers ian war.
I tw ou ld s ee m t o c orrespond t o t he p er iod w hen t here i s
ab reak i n s i lver c o inage a t An t ioch.
Caesarea was f ort if ied a t t h is t ime, a nd
An t ioch may h ave b een t hrea tened , p erhaps e ven t aken .
The i ssue e nds
s hort ly b efore t he a rr iva l o f Gord ian I I i n t he e ast , w hen t he p roduct ion o f a n ton in ian i w as r esumed a t An t ioch.
8 0
( i i )
C il ic ia
S e leuc ia a d Ca lycadnu m We igh t No. 5 030
Reference
We igh t o f
( g )
BMC 2 3 ( t etradrachm ,
% s i lver
Au
Pb
s i lver ( g )
1 2.08
5 2.50
0 .50
6 .33
1 2.68
4 4.75
0 .75
5 .67
8 .91
4 2.50
2 .00
3 .78
8 .50
5 0.00
S everus ) 5 031
BMC 2 9 ( Caraca l la , t etradrach m )
5 032
BMC 2 8 ( Do mna , t r idrachm )
5 033
Wa lker ( t ype a s l as t )
4 .25
Tarsus-Tr idrach ms o f Caraca l la 5 034
BM ( NC 1 971, p. 2 6 )
6 .55
3 9.25
1 .00
2 .57
5 035
BMC 1 79
6 .54
4 6.75
0 .25
3 .06
5 036
BMC 1 80
6 .40
2 8.50
0 .75
1 .82
( t r. S n ) Mean ( 3 c o ins )
6 .50
3 8.17
2 .48
Corrected mean w e igh t
6 .84
2 .61
2 .28
0 .87
( 11 c o ins ) We ight o f t heoret ica l d rachma
Tarsus -Didrach ms o f Caraca l la 5 037
BM ( rev. Pa l las )
3 .81
4 2.50
1 .62 ( t r S n )
5 038
Wa lker ( rev. V ictory )
,4 .50
3 4.00
Wa lker ( rev. V ictory ,
4 .47
4 7.00
Mean ( 3 c o ins )
4 .26
4 1.16
Corrected mean w e igh t
4 .43
1 .82
2 .21
0 .91
5 039
1 0%Sn
2 .00
1 .53
t r
2 .10
Do mna ) 1 .75
( 17 c o ins ) We igh t o f t heoret ica l d rach ma
Tarsus -Tr idrach m o f Macr inus 5 040
Wa lker ( rev. Tyche )
5 .26
4 2.50
-
-
2 .24
5 041
Ba ldw in ( t ype a s l ast )
8 .06
2 7.00
-
0 .50
2 .18
Mean ( 2 c o ins )
6 .66
3 4.75
Corrected mean w e ight
6 .55
2 .28
2 .18
0 .76
2 .21
( 6 c o ins ) We igh t o f t heoret ica l d rach ma
Tarsus -Didrach m o f Macr inus 5 042
Wa lker ( D iadu men ian ,
4 .10
4 0.00
1 .64
r ev. V ictory ) We igh t o f t heore t ica l d rach ma
2 .05
0 .82 8 1
Two C i l ic ian m in ts w ere a ct ive i n t h is p er iod.
S e leuc ia a d Ca lycadnu m
s truck v ery s porad ica l ly t hroughou t t he S everan p er iod , b u t t he c o ins a re s o l im ited i n n u mbers t ha t i ti s imposs ib le t o make many c o m men ts o n t he m. I ndeed , t hey a re s o r are t hat i t may b e t hat t hey a re i n s o me way ' meda l l ic ', a nd n o t i n tended f or w ide c ircu la t ion.
The metro logy o f t he l atest p iece ,
w h ich d oes n ot s ee m t o f i t i n w ith c on te mporary c o inage , i n s o me r espects s upports t h is.
The e ar l iest c o in i s h ere n o. 5 030 , t he s ty le o f wh ich s uggests
ad a te v ery e ar ly i n t he r e ign .
I ti s at etradrachm i n t he n a me o f S everus,
a nd p roduces a d rach ma c on ta in ing 1 .60 g o f s i lver, c orrespond ing w e l l w ith t he e ar ly c o ins o f S everus a t Caesarea.
A sma l l g roup o f t r idrach ms i n t he
n ame o f Geta wou ld s ee m t o d a te t o a bou t 2 02 5 b ut t hey a re n o t r epresen ted h ere.
A t h ird t etradrachm i s i n t he n a me o f Caraca l la ( no. 5 031).
t ra it i s c lear ly v ery l a te, a nd s hou ld d ate t o c . 2 15-17.
The p or-
I tp roduces a d rach ma
c on ta in ing c . 1 .42 g o f s i lver a nd i ti s c lear t hat t he s yste m b e ing u sed i s f unda men ta l ly d if feren t t o t hat emp loyed a t Tarsus, Caesarea a nd a t t he S yr ian m in ts, a l l o f wh ich a re u s ing a d rach ma w ith a v ery much sma l ler s i lver c on ten t.
The f ourth a nd l argest g roup c ons ists o f t r idrach ms i n t he
n ame o f J u l ia Do mna ( nos. 5 032-33 ).
These a re n o t a t a l l e asy t o d a te a nd ,
i ndeed , t he s ty le s uggests t ha t t hey may b elong t o more t han o ne o f t he t hree p er iods a lready men t ioned.
The t wo c o ins a na lysed h ere p robab ly d ate f ro m
t he r e ign o f S everus r a ther t han l a ter, a nd t hey p roduce a d rach ma w ith a mean s i lver c on ten t o f c . 1 .42 g , w h ich s uggests a s tandard f a irly n ear t o o r al i t t le l ess t han t hat u sed b y S everus a t Caesarea. T he c o inage a t Tarsus i s b oth l arger a nd l ess c omp lex , d a t ing e n t irely f ro m t he p er iod 2 15-218.
The c o inage u nder Caraca l la c learly d ates f rom t he
l ast y ears o f t he r e ign when t he emperor was i n t he e ast a nd t he m in t o f Caesarea a s w el l a s t hose o f S yr ia w ere a ct ive.
I t c ons ists o f t wo d eno m ina-
t ions, t he l arger a lways h av ing t he l aureate h ead o f t he emperor a nd a mean w e igh t o f C . 6 .84 g ( nos. 5 034-5036 ), wh ile t he sma l ler a lways h as a r ad iate h ead o f t he-emperor , o r p la in b ust o f J u l ia Do mna, a nd h as a mean we ight o f C . 4 .43 g ( nos. 5 037-5039 ).
I t i s c lear t ha t t hese c o ins a re t r idrach ms a nd
d idrachms, a lbe it o f v ery r educed w e igh t , f or t he c alcu la ted s i lver c on ten ts f or t he d rachma o f b o th d eno m inat ions a re v ery c lose t o o ne a no ther ( 0.87 a nd 0 .91 g r espec t ively ). Th is c o inage c on t inued u nder Macr inus, w ith t r idrach ms w ith l aureate h ead ( nos. 5 040-5041 ) a nd a s ing le d idrach m i n t he n a me o fD iadu men ian . Desp ite t he sma l lness o f t he s amp le t he s i lver c on ten ts o f t he d rach ma r e ma in c lose t ogether ( 0 .76 a nd 0 .82 g ) b ut w ith a s l igh t r educt ion f ro m t he i ssue o f Caraca l la.
The a bsence o f c o ins o f E lagaba lus s uggests t hat t he c o inage
e nded b efore t he e nd o f t he r e ign o f Macr inus, a s was t he c ase w ith t he m in ts a t Caesarea a nd i n S yr ia. The s i lver c on ten t o f t he d rach ma i n t hese c o ins i s v ery c lose t o t hat o f Caesarea i n t he s a me p er iod ( above , p . 8 0 )a nd s uggests a v ery h igh o verv a luat ion a ga inst t he d enar ius o f a bou t 4 5% ;
t h is i s h igher t han t hat o f t he
S yr ian t etradrachms b ut i n l ine w ith t he g enera l ly h igh o verva lua t ions i n trod uced b y Caraca l la i n a l l h is e astern c urrenc ies.
8 2
( i i i ) S yr ian t etradrach ms Pescenn ius N iger We ight No.
Reference
5 043
1 3 I V IC 3 46
( g )
We igh t o f % s i lver
1 1.56 Per iod A . D. 2 02-212
Pb
5 8.00
s i lver ( g ) 6 .70
( a ) An t ioch
5 044
B M Bel l. 1
1 2.76
5 9.50
5 045
B MC 3 53 Bel l. 1
1 3.04
5 2.75
5 046
B MC 3 52 Bel l. 2 1 1.88
7 1.50
5 047
B MC 3 51 Bel l. 3
1 3.53
5 5.75
5 048
B MC 3 50 Bel l. 3
1 2.10
5 049
Ba ldw in Bel l. 3
1 1.87
5 050
B MC 3 80 Bel l. 5
1 3.80
( obv. d ie a s l ast )
Au
t r
1 .25
7 .59
1 .50
6 .88
t r
1 .00
8 .49
_
2 .50
7 .54
5 7.75
_
2 .50
6 .99
6 0.50
-
1 .00
7 .18
6 3.00
-
1 .00
8 .69
5 051
Wa lker Bel l. 6
1 2.15
5 3.00
-
0 .50
6 .44
5 052
Wa lker Be l l. 8
1 4.52
5 0.00
-
1 .00
7 .26
5 053
Ba ldw in Bel l. 8 1 4.95
6 3.00
-
1 .00
9 .42
( obv. d ie a s l ast ) 5 054
Ba ldw in Bel l. 8
1 4.60
6 0.00
-
-
8 .76
5 055
Ba ldw in Bel l. 8
1 3.70
5 0.50
-
1 .00
6 .92
5 056
Ba ldw in Bel l. 8
1 2.31
5 3.00
-
1 .00
6 .52
5 057
B M Bel l. 8
1 3.14
6 3.00
-
1 .00
8 .28
5 058
Ba ldw in Bel l. 9
1 2.70
5 8.50
_
1 .00
7 .43
5 059
Baldw in Bel l. 1 1
1 4.80
6 8.00
_
1 .00
1 0.06
5 060
B M Bel l. 1 4
1 4.03
5 8.00
-
1 .00
8 .14
5 061
B M Bel l. 1 4
1 4.18
5 2.00
-
1 .50
7 .37
5 062
B MC 3 82 Bel l. 1 4
1 3.52
7 7.00
-
1 .00
1 0.41
5 063
B MC 3 81 Be l l. 1 4
1 1.75
6 5.50
-
1 .75
7 .70
5 064
B M Be l l. 1 4
1 4.33
6 4.50
-
1 .00
9 .24
5 065
BM Bel l. 1 4
1 3.35
5 9.00
-
2 .00
7 .88
1 3.32
5 9.81
1 .00
6 .73
Mean ( 22 c o ins ) S tandard d ev iat ion We ight o f t heoret ica l d rach ma
7 .97 1 .08
3 .33
P er iod A.D. 2 02-212
1 .99 ( b )
Laod icea a d Mare
5 066
B MC 3 50 Be l l. 4 9
1 2.10
5 7.75
-
2 .50
6 .99
5 067
Ba ldw in Be l l. 5 0/53
1 2.53
5 7.50
-
1 .00
7 .20
5 068
B M Be l l. 5 0/53
1 2.26
6 3.00
t r
1 .75
7 .72
5 069
Ba ldw in Be l l. 5 0/53
1 4.11
5 7.00
-
1 .00
8 .04
5 070
B MC 3 47 Bel l. 5 0/53
1 2.20
5 9.00
_
-
7 .20
5 071
Wa lker Be l l. 5 0/53
1 2.77
6 7.50
-
-
8 .62
8 3
We ight No.
Reference
( g )
5 072
A M Bel l. 5 0/53
5 073
BM Bel l. 5 0/53 ( obv. d ie a s l ast )
We ight o f % s i lver
Au
Pb
s i lver ( g )
1 2.16
5 7.50
-
0 .50
6 .99
1 3.22
5 7.25
t r
1 .75
7 .57
5 074
BMC 3 49 Bel l. 5 0/53
1 4.58
5 7.00
_
-
8 .31
5 075
BMC 3 48 Bel l. 5 0/53
1 3.04
6 7.00
-
2 .00
8 .74
5 076
BM Bel l. 5 0/53
1 3.96
6 9.25
t r
t r
9 .67
5 077
Ba ldw in Bel l. 5 0/53
1 4.10
6 0.00
-
-
8 .46 8 .57
5 078
BM Bel l. 5 4
1 4.40
5 9.50
-
3 .00
5 079
BMC 3 59 Bel l. 5 4
1 2.82
7 1.00
-
1 .00
9 .10
5 080
Ba ldw in Be l l. 5 4
1 4.20
6 9.00
-
1 .00
9 .86
5 081
BMC 4 16 Bel l. 5 7
1 4.24
6 2.00
-
1 .50
8 .83
5 082
Wa lker Be l l. 5 8
1 5.73
6 2.00
-
-
9 .75
5 083
BM Bel l. 6 1
1 1.35
6 7.00
_
1 .75
7 .60
5 084
Ba ldw in Bel l. 6 3
1 4.39
7 4.00
-
1 .00
1 0.65
5 085
BM Bel l. 6 6
1 4.56
5 8.50
-
5 .00
8 .52
5 086
BM Bel l. 6 7
1 3.57
5 7.00
_
2 .25
7 .73
5 087
BM Bel l. 7 1
1 4.14
7 9.00
-
1 .00
1 1.17
5 088
Ba ldw in Bel l. 7 1 ( obv. 1 3.82
6 1.00
-
1 .00
8 .43
1 3.49
6 3.03
1 .09
6 .12
d ie a s l ast ) Mean ( 23 c o ins ) S tandard d ev iat ion We ight o f t heoret ica l d rach ma
1 .11
3 .37
2 .12
P er iod A .D. 2 02-212 5 089
8 .50
BM Bel l. 2 95
1 4.92
( c ) Tyre
5 5.50
t r
1 .75
8 .28 9 .28
5 090
BMC 4 0 Bel l. 2 96
1 5,59
5 9.50
_
0 .50
5 091
BM Bel l. 2 96
1 2.56
4 5.50
-
5 .00
5 .71
5 092
BMC 3 7 Bel l. 2 98
1 4.20
5 7.50
-
2 .75
8 .17
5 093
Wa lker Be l l. 3 00
1 5.23
6 1.00
-
3 .75
9 .29
5 094
Ba ldw in Bel l. 3 00
1 4.40
8 4.00
-
1 .00
1 2.10
5 095
BM Bel l. 3 00
1 3.30
7 2.50
-
0 .50
9 .64
5 096
BMC 4 2 Bel l. 3 01
1 4.48
6 0.50
-
1 .00
8 .76
1 4.34
6 2.00
0 .93
1 0.83
Mean ( 8 c o ins ) S tandard d ev iat ion We ight o f t heoret ica l d rach ma
8 .89 1 .66
3 .59
2 .22
Caraca lla , A .D. 2 13-217 An t ioch 5 097
BMC 3 62 Bel l. 2 0
1 3.68
4 0.50
-
4 .00
5 .54
5 098
BMC 3 63 Bel l. 2 1
1 4.71
3 4.00
-
5 .00
5 .00
5 099
BMC 3 61 Bel l. 2 3
1 2.65
3 3.00
-
4 .50
4 .17
5 100
Ba ldw in Bel l. 2 5
1 4.68
2 9.00
-
2 .00
4 .26
5 101
BMC 3 66 Bel l. 3 2
1 3.73
4 2.50
-
4 .00
5 .84
5 102
BMC 3 67 Bel l. 3 3
1 2.32
3 7.50
-
5 .00
4 .62
8 4
We ight No.
Reference
5 103 5 104 5 105
We ight o f
( g )
% s i lver
Au
Pb
s i lver ( g )
Wa lker Bel l. 3 5
1 4.59
3 2.50
0 .75
4 .74
BMC 3 73 Bel l. 3 7
1 4.68
4 7.00
3 .75
6 .90
AM Bel l. 3 7
1 1.91
3 6.00
2 .00
4 .29
1 3.66
3 6.89
5 .04
S tandard d ev iat ion
1 .10
5 .30
0 .85
We ight o f t heoret ica l d rachma
3 .42
Mean (9 c o ins )
1 .26
L aod icea 2 8.00
6 .00
3 .58
1 2.21
3 2.00
2 .00
3 .91
1 2.89
4 6.00
6 .00
5 .93
1 2.62
3 4.50
1 .00
4 .35
5 106
BMC 3 65 Bel l. 7 2
1 2.80
5 107
Ba ldw in Bel l. 7 2
5 108
B MC 3 64 Bel l. 7 2
5 109
A M Bel l. 7 2
Beroea 5 110
Wa lker Bel l. 8 0
1 2.82
3 1.00
-
0 .25
3 .97
5 111
B M Bel l. 8 4
1 1.20
2 9.00
-
5 .00
3 .25
H ierapo l is 5 112
BMC 4 2 Bel l. 9 4
1 2.67
3 4.50
2 .25
4 .37
5 113
BMC 4 0 Bel l. 9 5
1 2.50
4 8.00
2 .50
6 .00
5 114
BMC 4 1 Bel l. 9 7
1 3.06
4 1.50
3 .25
5 .42
5 115
A M Bel l. 9 9
1 3.55
3 5.00
0 .50
4 .74
5 116
BM Bel l. 1 00
1 2.83
3 7.00
2 .25
4 .75
5 117
BM Bel l. 1 01
1 2.13
4 4.50
6 .00
5 .40
1 2.79
4 0.08
5 .13
0 .44
5 .01
0 .55
Mean ( 6 c o ins ) S tandard d ev iat ion
Cyrrhus 5 118
BM Bel l. 1 12
1 3.25
2 8.00
1 .50
3 .71
5 119
BM Bel l. 1 16
1 1.60
3 2.50
7 .00
3 .77
5 120
BMC 3 76 Be l l. 1 17
1 2.80
3 2.50
2 .50
4 .16
5 121
BMC 3 77 Be l l. 1 17
1 2.21
4 7.50
2 .00
5 .80
1 2.47
3 5.13
Mean ( 4 c o ins )
4 .38
Zeug ma 5 122
Wa lker Be l l. 1 28
1 4.63
4 0.00
5 123
BMC 2 0 ( Bell. 1 29
1 2.50
4 0.00
8 5
5 .85 1 .00
5 .00
Edessa We igh t N o.
Reference
5 124 5 125
BMC 3 79 Bel l. 1 52 AM Bel l. 1 53
( g )
We ight o f % s i lver
1 2.83 1 5.56
Au
P b
s i lver ( g )
3 9.00 4 2.00
2 .75
5 .00
1 .00
6 .54
Carrhae 1 1.87
2 1.00
3 .00
2 .49
5 127
BMC 3 69 B el l. 1 58 BMC 3 70 Be l l. 1 58
1 3.33
3 0.75
3 .25
BMC 3 68 Be l l. 1 59
1 0.79
5 0.00
1 _
4 .10
5 128
4 2.50
4 .75
5 126
5 .40
Rhesaena 5 129
BM Be l l. 1 74
1 3.04
5 .54
Em isa 5 130
BM Bel l. 1 83
1 4.30
4 0.50
2 .50
5 .79
5 131
AM Be l l. 1 85
1 1.71
9 .00
2 .00
1 .05
5 132
BMC 7 Be l l. 1 87
1 1.59
3 4.00
3 .25
3 .94
5 133
BMC 9 Be l l. 1 89
1 1.65
2 8.00
4 .50
3 .26
5 134
A M Bel l. 1 90
1 1.58
3 2.50
1 .00
3 .76
5 135
AM Be l l. 1 90
1 2.46
1 3.50
1 .00
1 .68
5 136
Ba ldw in Be l l. 1 94
1 0.01
4 0.00
2 .00
4 .00
5 137
BMC 8 Be l l. 1 94
1 1.68
4 0.00
2 .75
4 .67
5 138
BMC 1 0 Be l l. ?
1 1.68
1 1.50
1 .75
1 .34
1 1.85
2 7.67
3 .28
1 .06
1 2.22
1 .52
Mean ( 9 c o ins ) S tandard d ev ia t ion
He l iopo l is 5 139
BMC 4 3 Be l l. 2 12
1 2.39
2 0.00
6 .00
2 .48
5 140
BMC 4 4 Be l l. 2 15
1 2.40
3 5.50
5 .50
4 .40
4 .86
Da mascus BM Bel l. 2 19
1 4.94
3 2.50
4 .00
5 142
BM Be l l. 2 19
1 3.87
3 8.00
0 .25
5 .27
5 143
AM Be l l. 2 20
1 5.26
2 4.50
1 .00
3 .74
4 0.00
2 .50
5 .18
2 9.00
1 .50
3 .17
5 141
Aradus 5 144
BMC 3 75 Be l l. 2 29
1 2.95 Or thos ia
5 145
AM Be l l. 2 52
1 0.92
8 6
We igh t No.
Reference
( g )
We igh t o f % s i lver
Au
Pb
s i lver ( g )
Tr ipo l is 4 .23
5 146
BM Bel l. 2 57
1 3.63
3 1.00
5 147
BMC 3 4 Bel l. 2 57
1 4.35
4 5.50
5 .00
6 .53
5 148
BMC 3 5 Bel l. 2 60
1 2.18
2 9.00
3 .25
3 .53
5 149
Ba ldw in Be l l. 2 60
9 .34
9 .50
3 .00
0 .89
1 2.37
2 8.75
Mean ( 4 c o ins )
5 .50
3 .56
Byb lus 5 150
Ba ldw in Be l l. 2 65
1 3.73
3 7.00
-
1 .00
5 .08
Bery tus BMC 3 2 Bel l. 2 82
1 2.19
5 3.00
2 .25
6 .46
5 152
BMC 3 1 Be l l. 2 82
1 3.98
4 3.50
3 .50
6 .08
5 153
Wa lker Be l l. 2 82
1 4.71
4 5.00
5 154
AM Bel l. 2 82
1 3.33
3 7.00
2 .50 0 .50
4 .93
1 3.55
4 4.63
5 151
Mean ( 4 c o ins )
6 .62
6 .05
S idon 5 155
BMC 3 3 Bel l. 2 89
1 2.13
2 5.50
-
2 .25
3 .09
Tyre BMC 4 1 B e1 1.303
1 0.77
4 3.00
-
3 .50
4 .63
5 157
BM Bel l. 3 03
1 4.86
4 3.50
-
3 .25
6 .46
5 158
AM Be l l. 3 03
1 2.73
4 1.00
-
2 .00
5 .22
5 156
5 159
BMC 3 6 Bel l. 3 03
1 2.13
9 .50
-
6 .00
1 .15
5 160
BMC 3 9 Bel l. 3 03
1 3.58
4 3.00
-
4 .00
5 .84
5 161
BMC 3 8 Bel l. 3 03
1 6.72
3 2.50
5 162
BM Bel l. 3 03
1 6.43
4 4.00
_
1 .25 2 .25
5 .43 7 .23
1 3.88
3 6.64
Mean ( 7 c o ins )
5 .09
Gadara 5 163
BMC 3 71 Be l l. 3 25
1 2.98
3 5.50
2 .25
4 .61
Ael ia Cap ito l ina 5 164
AM B el l. 3 45
1.51
4 9.50
1 .00
5 .70
5 165
BMC 3 72 B e l l. 3 46
1 3.12
4 4.50
1 .50
5 .84
Caesarea 5 166
BMC 3 78 B e l l. 3 64
1 4.58
4 9.50
1 .50
7 .22
5 167
AM B el l. -
1.50
3 7.00
0 .50
4 .26
8 7
We ight No.
Reference
( g )
We igh t o f % s i lver
Au
Pb
s i lver ( g )
3 7.50
-
1 .75
4 .68
1 .75
6 .18
Gaza 5 168
BM Bel l. 3 80
1 2.47 Cyprus 1 3.88
4 4.50
1 2.94
3 5.59
4 .64
S tandard d ev iat ion
1 .38
9 .69
1 .41
We igh t o f t heoret ica l d rach ma
3 .24
5 169
BM B el l. 3 82
Mean ( 73 c o ins )
1 .16
Macr inus Ant ioch 5 170
BMC 3 93 Bel l. 3 9
1 2.42
4 0.00
-
3 .00
4 .97
L aod icea 5 171
BMC 3 92 Be l l. 7 3
1 2.86
3 3.50
-
2 .75
4 .31
5 172
BMC 3 91 Bel l. 7 4
1 1.55
3 1.00
-
2 .25
3 .58
S e leuc ia 5 173
BMC 4 01 Be l l. 7 7
1 5.59
4 6.75
5 174
Wa lker ( obv. d ie a s l ast ) 1 3.67
3 3.00
-
1 .75
7 .29
1 .75
4 .51
Beroea 5 175
AM Be l l. 8 7
1 4.99
1 4.50
2 .00
2 .17
5 176
BMC 1 9 Be l l. 8 8
1 3.18
2 8.50
3 .25
3 .76
5 177
BMC 2 0 Be l l. 8 8
1 2.23
2 5.00
2 .50
3 .06
H ierapo l is 5 178
AM Bel l. 1 06
1 2.55
3 6.00
-
2 .00
4 .52
5 179
BMC 5 4 Be l l. 1 07
1 2.14
2 6.00
-
2 .50
3 .16
2 6.50
-
2 .00
3 .54
-
1 .00
4 .08
1 .50
3 .99
3 .00
4 .84
Cyrrhus 5 180
BMC 4 15 Bel l. 1 27
1 3.39 Edessa
5 181
AM Be l l. 1 43
1 2.75
3 2.00
5 182
BM Be l l. 1 49
1 0.93
3 6.50
Carrhae 5 183
BMC 3 98 Be l l. 1 63
1 4.68 8 8
3 3.00
-
We igh t No.
Reference
( g )
We igh t o f % s i lver
Au
P b
s i lver ( g )
5 184
BMC 3 99 Be l l. 1 64
1 3.44
2 4.50
1 .75
3 .29
5 185
AM ( obv . d ie a s l ast )
1 3.82
2 8.00
2 .00
3 .87
5 186
BMC 3 96 Bel l. 1 66
1 2.17
2 1.00
2 .50
2 .56
5 187
BMC 3 94 Be l l. 1 68
1 3.43
3 9.25
2 .25
5 .27
5 188
BMC 3 95 Be l l. 1 68
1 3.27
1 9.00
2 .25
2 .52
1 3.46
2 7.46
Mean ( 6 c o ins )
3 .70
Em isa 5 189
A M Be l l. 1 99
1 3.00
2 3.00
2 .00
2 .99 3 .05
5 190
BM Be ll. 2 01
1 3.85
2 2.00
2 .50
5 191
AM Be l l. 2 01
1 0.50
1 1.00
2 .00
1 .16
5 192
BM Bel l. 2 02
1 2.46
4 0.50
2 .00
5 .05
5 193
BMC 3 97 Bel l. 2 08
1 2.57
3 6.50
2 .00
4 .59
5 194
BM B el l. -
1 0.58
2 5.00
2 .50
2 .65
1 2.16
2 6.33
Mean ( 6 c o ins )
3 .20
Byb lus 5 195
BM Be l l. 2 68
1 2.08
3 2.50
2 .00
3 .93
5 196
AM Bel l. 2 76
1 2.42
1 7.00
0 .75
2 .11
5 197
AM Be l l. 2 77
1 2.20
1 3.50
0 .50
1 .65
Be r y tus 5 198
BMC 4 3 Bel l. 2 85
1 4.57
3 6.00
-
1 .25
5 .25
5 199
BM Be l l. 2 85
1 3.10
3 5.50
-
3 .00
4 .65
Tyre 5 200
AM Be l l. 3 13
1 4.36
2 5.00
5 201
BM Be l l. 3 14
1 3.22
3 7.75
-
0 .50 2 .00
3 .60 4 .99
2 6.50
_
1 .50
3 .46
3 4.75
-
0 .75
4 .44
1 3.17
3 2.50
_
1 .50
4 .28
1 2.94
2 9.23
3 .80
1 .18
8 .25
1 .19 0 .94
Gadara 5 202
BMC 4 00 Be l l. 3 31
1 3.04 Ae l ia
5 203
BMC 4 02 Be l l. 3 58
1 2.78 Caesarea
5 204
BM Bel l. 3 74
Mean ( 35 c o ins ) S tandard d ev iat ion We igh t o f t heoret ica l d rach ma
3 .24 8 9
We igh t o f
We ight No.
Reference
( g )
Pb
% s i lver
s i lver ( g )
E lagaba lus ( a )
rapery o n f ar s hou lder Co ins w ith c oarse b ust , d
5 205
BMC 4 17
1 2.55
1 3.00
3 .00
1 .63
5 206
BMC 4 18
1 4.69
1 7.50
2 .00
5 207
BMC 4 19
1 3.68
2 3.00
3 .25
2 .57 3 .15
5 208
BMC 4 20
9 .70
7 .50
2 .00
0 .73
4 9.00
5 .00
6 .52
5 209
BM ( obv. d ie a s l ast )
1 3.31
5 210
BMC 4 23
1 1.85
2 1.25
3 .00
2 .52
5 211
BMC 4 24
7 .20
3 5.50
3 .00
2 .55
5 212
BMC 4 25
1 3.99
2 0.50
2 .50
2 .87
5 213
Ba ldw in
1 2.15
3 9.00
t r
4 .74
t r
2 .22
5 214
Ba ldw in
1 2.32
1 8.00
5 215
AM
1 4.10
2 6.00
1 .25
3 .67
5 216
AM
1 3.34
1 8.00 (0.75Sn )
6 .00
2 .40
5 217
AM
1 3.65
1 2.00 (1.00Sn )
7 .50
1 .64
5 218
AM
1 2.74
AM
1 2.63
2 .00 1 .00
1 .53
5 219
1 2.00 (tr S n ) 1 1.50
5 220
BM
1 3.26
2 8.00
1 .50
3 .71
5 221 5 222
AM AM
7 .62 1 1.70
5 .00 (1.00Sn ) 1 0.00
0 .50 1 .00
0 .38
2 .50
2 .99
1 .75
2 .14
t r
2 .10
1 .45
1 .17
5 223
BM
1 2.20
2 4.50
5 224
BM
1 0.98
1 9.50
5 225
Ba ldw in
1 2.02
1 7.50 (tr S n )
5 226
BM
1 2.94
1 3.50
3 .75
1 .75
5 227
AM
1 2.57
1 7.00 (1.00Sn )
1 .00
2 .14
5 228
BM
1 0.45
2 6.50
1 0.00
2 .77
5 229
AM
1 0.43
5 .00
1 .00
0 .52
5 230
AM
1 3.48
6 .50 (2.00Sn )
3 .00
0 .88
5 231
AM (obv . &r ev , d ies 1 2.16
1 0.00
1 .00
1 .22
5 232
BM
1 1.67
2 2.25
2 .00
2 .60
5 233
BM
1 3.48
3 3.50
3 .50
4 .52
1 2.17
1 9.40
2 .38
1 .72
1 0.34
Corrected mean w e igh t ( 52 c o ins ) 1 2.64
1 .32 2 .45
We ight o f t heoret ica l d rach ma
0 .61
a s l ast )
Mean ( 29 c o ins ) S tandard d ev iat ion
( b )
3 .21
Co ins o f f iner s ty le , w ith d raped b usts
5 234
BMC 4 21
1 3.62
4 0.50
4 .00
5 .52
5 235
BMC 4 22
1 1.58
2 5.00
5 .00
2 .89
5 236
Ba ldw in ( obv. d ie a s 1 3.62
2 7.50
l ast )
U .
5 237
BM
1 3.19
4 2.50
3 .75
5 .61
5 238
AM
1 3.89
2 7.00
t r
3 .75
5 239
AM
1 2.79
1 7.50
2 .25
2 .24
5 240
Ba ldw in
1 2.21
4 3.50
9 0
5 .31
We igh t
We igh t o f
No.
Reference
( g )
5 241
AM
1 3.89
3 5.00 (tr S n )
1 3.10 0 .79
3 2.31
4 .24
8 .86
1 .19
Mean ( 8 c o ins ) S t andard d ev ia t ion We igh t o f t heoret ica l d rach ma
% s i lver
Pb
s i lver ( g )
6 .00
4 .86
1 .06
3 .27
Gord ian I I A .D. 2 38-239 5 242
B MC 4 94
1 2.07
3 4.00
2 .00
4 .10
5 243
B MC 4 96
1 0.91
3 8.00
1 .00
4 .15
5 244
BMC 4 96
1 2.08
3 2.00
2 .00
3 .87
5 245
B MC 4 97
1 3.37
3 1.50
4 .00
4 .21
5 246
BM ( as l ast )
1 2.81
3 7.75
2 .50
4 .84
5 247
Wa lker ( as l ast )
1 2.96
3 9.50
1 .50
5 .12
5 248
AM ( as l ast )
1 1.22
3 6.00
1 .00
4 .04
5 249
AM ( rad iate h ead l ef t )
1 0.59
3 9.00
0 .50
4 .13
5 250
BMC 4 98
1 2.07
3 5.50
2 .00
4 .28
5 251
Wa lker ( obv . d ie a s l ast )
1 0.50
3 4.50
1 .00
3 .62
Mean ( 10 c o ins )
1 1.85
3 5.77 2 .66
S tandard d ev iat ion
0 .96
4 .24 0 .42
Corrected mean we igh t ( 28 c o ins ) 1 2.27
4 .39
We ight o f t heoret ica l d rach ma
1 .10
3 .07 A .D. 2 40
5 252
BMC 4 99
1 1.52
4 1.50
2 .50
4 .78
5 253
BM ( type a s l ast )
1 1.89
3 4.00
1 .50
4 .10
5 254
BMC 5 00
1 4.42
2 7.50
1 .50
3 .96
5 255
BMC 5 01
1 2.40
3 5.75
2 .50
4 .43
5 256
BMC 5 02
1 3.08
2 4.50
2 .75
3 .20
5 257
BMC 5 03
1 0.69
2 0.00
2 .50
2 .14
5 258
AM ( as BMC 5 01 )
1 2.61
2 5.00
1 .50
3 .15
5 259
Wa lker ( as l ast )
1 3.28
2 9.50
2 .50
3 .92
5 260
AM ( as l ast )
1 1.60
1 1.00
1 .00
1 .28
5 261
Ba ldw in
1 2.48
1 7.00
1 .50
2 .12
5 262
Ba ldw in
1 3.04
2 2.50
2 .00
2 .93
5 263
e i l Nd ( as BMC 5 02 )
1 3.26
2 9.00
1 .50
3 .85
5 264
BMC 5 04
9 .33
3 0.00
2 .25
. 80
5 265
BMC 5 05
1 1.59
1 9.50
2 .00
2 .26
5 266
BMC 5 06
1 1.15
2 8.50
2 .25
3 .18
5 267
BM
1 1.26
2 0.50
2 .50
2 .31
1 2.10
2 4.30
2 .97
1 .26
6 .16
Corrected mean w e igh t ( 22 c o ins ) 1 2.63
0 .85 3 .07
We ight o f t heoret ica l d rach ma
0 .77
Mean ( 14 c o ins )(exc lud ing f irst t wo c o ins ) S tandard d ev iat ion
3 .16 9 1
We ight o f
We igh t N o.
Reference
( g )
% s i lver
Pb
s i lver ( g )
Ph il ip I , A .D. 2 44-245 3 0.00 1 9.50
2 .25 2 .00
1 3.10
1 5.00 ( t r S n )
2 .50
1 .96
1.15
2 8.50
2 .25
3 .18
BM ( as l ast )
1 1.26
2 0.50
2 .50
2 .31
AM ( as l ast )
1 0.99
2 3.00
2 .25
2 .53 2 .19 2 .26
5 268 5 269
BMC 5 04 BMC 5 05
9 .33 1 1.59
5 270
AM ( as l ast )
5 271
BMC 5 06
5 272 5 273
2 .80 2 .26
5 274
BMC 5 40
1 1.85
1 8.50
2 .50
5 275
AM ( as l ast )
1 1.89
1 9.00
2 .00
5 276
BM ( as BMC 5 40 , b u t 1 2.60
9 .50
3 .00
i .98
5 277
AM ( as l ast )
1 1.53
3 0.50
2 .50
3 .52
5 278
BMC 5 46
1 4.17
2 7.00
2 .50
3 .83
5 279
BMC 5 47
1 0.44
3 0.00
1 .00
3 .13
1 .00
1 .46 3 .80
r ev , b ust l ef t )
5 280
AM ( as l as t )
1 2.13
1 2.00
5 281
BM ( as l ast )
1 3.10
2 9.00
1 .75
2 0.50
2 .00
1 .99
1 0.41
2 4.00
2 .25
2 .50
1 0.58
2 8.50
1 .00
3 .02
5 282
BMC 5 48
9 .71
5 283
AM ( as l ast )
5 284
Ba ldw in ( Ph il ip I , b are h ead l ef t )
5 285
BMC 5 41
1 1.71
3 1.00
3 .00
3 .63
5 286
BM ( obv . d ie a s l ast )
1 0.98
3 3.00
2 .50
3 .62
Mean ( 19 c o ins ) S tandard d ev iat ion
1 1.50 1 .17
2 3.63 6 .70
Corrected mean w e igh t
1 1.71
2 .77
2 .93
0 .69
We igh t o f t heoret ica l d rachma
2 .73 0 .70
MON VRB c o inage 5 287
BMC 5 07
1 2.93
2 1.50
2 .00
2 .78
5 288
BMC 5 08
1 1.21
2 4.50
0 .75
2 .75
5 289
Wa lker ( as l ast )
1 2.72
3 8.00
1 .00
4 .83
5 290
BMC 5 10 ( o f f . A )
1 0.57
2 9.25
1 .25
3 .09
5 291
BMC 5 09 ( o f f . B )
1 3.97
1 9.50
5 292
BM ( of f . a)
1 2.14
2 6.50
1 .00 0 .75
2 .72 3 .22
5 293
AM ( of f .. Ä)
1 2.92
3 5.00
2 .00
4 .52
5 294
BM ( of f . S )
1 1.65
2 4.25
2 .00
2 .82
Mean ( 8 c o ins )
1 2.26
2 7.31
3 .34
Corrected mean we igh t
1 1.90 6 .02
3 .25 0 .79
S tandard d ev iat ion
1 .02
We igh t o f t heoret ica l d rach ma
2 .97
0 .81
Co inage o f Cos I I , A .D. 2 47-8 5 295
BMC 5 13
1 . 1.75
2 2.00
3 .75
2 .58
5 296
BM ( as l ast )
1 1.70
2 2.50
4 .00
2 .63
5 297
Wa lker ( as l ast )
1 3.54
2 4.00
5 .00
3 .25
5 298
BM ( l aureate b ust l ef t )
1 3.53
1 1.75
2 .50
1 .59
9 2
We ight o f
We ight
( g )
%s i lver
Pb
s i lver ( g )
No.
Reference
5 299
BMC 5 12
1 3.95
2 2.50
3 .50
3 .14
5 300
BMC 5 14
1 2.83
1 4.50
4 .00
1 .86 2 .44
5 301
BM ( as l ast )
1 1.88
2 0.50
3 .75
5 302
BM ( as l ast )
1 2.58
1 8.00
5 .00
2 .26
5 303
BM ( as l ast )
1 3.68
2 9.50
5 .00
4 .04
5 304
BM ( as l ast )
1 2.43
1 8.50
BM ( as l ast )
1 1.71
1 8.50
3 .25 4 .00
2 .30
5 305 5 306
AM ( as l ast )
1 2.07
1 5.50
t r
1 .88
5 307
BMC 5 15
1 2.10
1 5.00
2 .50
1 .81 1 .47
2 .17
5 308
BMC 5 16
1 2.81
1 1.50
8 .00
5 309
BM ( obv . d ie a s l as t )
1 3.41
1 8.00
5 310
BM ( type a s l ast )
1 6.00
5 .50 3 .00
2 .41
1 2.91
5 311
BMC 5 49
1 2.17
2 1.00
5 .00
2 .56
5 312
BM ( as l ast )
1 2.58
1 9.00
3 .00
2 .39
5 313
AM ( as l ast , b ut b are h ead o f Ph i l ip I Caesar 1 2.63
1 0.50
2 .75
1 .33
BMC 5 50
1 1.34
2 7.50
4 .00
3 .12
5 315
BMC 5 51
1 0.46
1 3.50
5 .00
1 .41
5 316
BM ( as l ast )
1 1.14
2 0.00
3 .00
2 .23
5 317
BMC 5 56
1 1.23
1 5.50
4 .00
1 .74
l ef t ) 5 314
2 .07
5 318
BMC 5 52
1 2.82
1 9.50
5 .50
2 .50
5 319
BMC 5 53
1 1.14
2 2.00
4 .00
2 .45
5 320
AM ( d ies a s l as t )
1 2.77
1 2.00
7 .50
1 .53
5 321
BMC 5 42
1 2.12
1 8.00
4 .00
2 .18
5 322
Wa lker ( as l ast )
1 1.92
2 9.00 (5.00Sn )
5 .00
3 .46
Mean ( 28 c o ins )
1 2.33
1 8.78
2 .31
S tandard d ev iat ion
0 .85 1 2.08
4 .96
0 .64 2 .27
Corrected mean we igh t( 6 1 c o ins ) We igh t o f t heoret ica l d rach ma
3 .02
0 .57
Co inage o f ' Cos I I I ' , A .D. 2 49 5 323
BMC 5 17
1 1.95
9 .50
4 .00
1 .14
5 342
BMC 5 /8
1 2.90
1 5.50
3 .75
2 .00
5 325
AM ( as l ast )
1 3.27
1 0.00 ( t r S n )
1 .00
1 .33
5 326
AM
1 3.87
1 2.00
4 .00
1 .66
5 327
AM
1 1.02
1 8.00
2 .50
1 .98
5 328
BMC 5 59
1 2.43
1 1.50
3 .50
1 .43
5 329
BMC 5 60
1 1.95
1 4.50
6 .00
1 ,73
5 330
BMC 5 61
1 1.74
1 9.50
4 .50
2 .29
5 331
BMC 5 62
1 0.66
1 1.00
3 .00
1 .17
5 332
BMC 5 63
1 3.93
2 2.50
6 .50
3 .13
5 333
AM ( as l ast )
1 1.61
5 334
Wa lker ( as l ast )
1 2.31
1 8.00
5 .75 1 .00
2 .22
5 335
AM ( as l ast )
1 1.55
2 1.00 ( t r S n )
5 .00
2 .43
5 336
BM ( as l ast )
1 1.49
1 9.50
3 .00
2 .24
3 3.00
9 .50 (1.00Sn )
5 337
Ba ldw in ( as l ast )
1 1.77
5 338
Ba ldw in ( as l ast )
1 1.87
1 5.50
5 339
Ba ldw in ( as l ast )
1 2.37
2 1.00
9 3
1 .10
3 .88 1 .00
1 .84
2 .00
2 .60
We ight o f
We ight % s i lver
Pb
1 2.52
2 0.00
2 .50
2 .50
9 .78
2 7.00
2 .00
2 .64
1 2.20
1 7.00
3 .00
2 .07
1 7.00
2 .00
•1 .91
No.
Reference
( g )
5 340
BMC 5 10
5 341
Ba ldw in ( as l ast )
5 342
BM ( as l ast )
s i lver (g )
5 343
AM ( as l ast )
1 1.24
5 344
BMC 5 55
1 3.54
1 9.75
6 .50
2 .67
1 8.00
7 .50
2 .30
5 345
Wa lker ( as l ast )
1 2.44
5 346
BM ( as l ast )
1 2.29
5 .00
8 .00
0 .61
5 347
BMC 5 20
1 2.48
1 9.00
4 .00
2 .37
5 348
BMC 5 23
1 2.39
2 0.50
4 .00
2 .54
BMC 5 57
1 1.61
1 6.50
3 .50
1 .92 1 .95
5 349 5 350
BMC 5 58
1 4.45
1 3.50
4 .00
5 351
BM ( as l ast )
1 1.98
1 5.00
2 .25
1 .80
5 .00
0 .42
5 352
BMC 5 21
1 1.94
3 .50
5 353
AM ( as l ast )
1 0.76
1 2.00
2 .25
1 .29
5 354
BMC 5 54
1 1.66
1 8.00
5 .50
1 .99
5 355
BMC 5 22
1 2.00
2 4.00
4 .00
2 .88
1 2.12
1 6.58
2 .03
0 .95
5 .88
0 .70
Mean ( 33 c o ins ) S tandard d ev iat ion Corrected mean we igh t We ight o f t heoret ica l d rach ma
1 1.98
1 .99
2 .99
0 .50
Tra jan Dec ius, A . D .2 49-251 5 356
BMC 5 78
1 1.43
1 3.50
3 .50
1 .54
9 .00
9 .00
1 .25
5 357
BM
1 3.88
5 358
BM
1 1.48
1 2.00 ( t r S n )
2 .50
1 .38
5 359
BM
1 2.74
1 5.50
2 .25
1 .97
5 360
BM
1 1.70
1 1.25
3 .00
1 .32
5 361
BMC 5 79
1 2.37
1 9.00
5 .50
2 .35
5 362
BM
1 2.46
1 7.00
3 .25
2 .12
5 363
BM
1 2.23
1 2.50
1 .75
1 .53
5 364
BM
1 2.00
6 .00
6 .50
0 .72
5 365
BMC 5 80
1 3.17
1 4.50
3 .50
1 .91
5 366
BMC 5 81
1 2.27
1 4.50
4 .50
1 .78
5 367
BMC 5 82
1 1.58
8 .50
3 .50
0 .98
5 368
BM
1 1.99
2 3.50
1 .50
2 .82
5 369
BMC 5 83
1 0.08
1 7.00
5 .25
1 .71
5 370
BMC 5 84
1 2.90
1 9.50
3 .50
2 .52
5 371
BM
1 3.16
1 5.00
2 .75
1 .97
5 372
BMC 5 85
1 3.47
2 6.00
3 .00
3 .50
5 373
BMC 5 86
1 1.59
1 7.00
1 .75
1 .97
5 374
BM
1 2.80
1 6.00
2 .50
2 .05
5 375
BMC 5 87
1 3.34
2 0.00
3 .00
2 .67
5 376
BM
1 1.04
1 8.00
3 .00
1 .99
5 377
BMC 5 88
1 1.77
2 3.00
2 .50
2 .71
5 378
BMC 5 89
1 2.06
2 0.00
3 .00
2 .41
5 379
BM
1 3.02
9 .00
2 .50
1 .17
5 380
BMC 5 90
1 2.07
1 1.00
1 .50
1 .33
5 381
BMC 5 91
1 2.26
5 .00
2 .25
0 .61
9 4
We ight
We ight o f
No.
Reference
( g )
% s i lver
5 382
BMC 5 92
1 2.53
2 0.00
1 .75
5 383
BM
1 1.16
1 5.00
4 .25
5 384
BM
1 .75
1 2.53
1 5.00
3 .50
5 385
BM
1 .88
1 1.17
8 .50
1 0.00
5 386
BMC 5 93
0 .95
1 2.56
1 8.00
5 387
BM
5 .00
2 .26
1 0.62
2 3.00
4 .25
2 .44 3 .86
Pb
s i lver ( g ) 2 .51
5 388
BM
1 2.44
3 1.00
5 389
BM
3 .00
1 1.40
1 6.50
5 390
BM
4 .25
1 .88
1 2.12
1 9.50
5 391
BM
3 .00
2 .36
1 3.55
1 3.50
4 .25
5 392
BM
1 .83
1 1.58
1 3.50
5 393
BM
5 .50
1 .56
1 1.69
1 3.00
3 .50
2 5.50
3 .25
1 .52 3 .35
5 394
BMC 5 95
1 3.15
5 395
BMC 5 96
1 1.48
2 4.50
2 .00
2 .81
5 396
B MC 5 97
1 1.26
1 1.00
4 .00
1 .24
5 397
BMC 5 98
1 2.65
1 3.50
3 .50
1 .71
5 398
B MC 5 99
1 2.67
1 7.50
5 .00
2 .22
5 399
BM
1 1.22
5 .50
3 .50
0 .62 1 .12
5 400
BM
1 2.46
9 .00
5 .00
5 401
BMC 6 04
1 2.70
1 2.50
2 .50
1 .59
5 402
B MC 6 05
1 1.38
1 5.00
5 .00
1 .71
5 403
AM
1 1.48
8 .00
3 .00
0 .92
( 1 .00 S n ) 5 404
AM
1 0.47
8 .50
2 .75
0 .89
5 405
AM
1 3.64
1 1.00
4 .25
1 .50
2 .00
1 .41
5 406
AM
1 0.10
1 4.00
5 407
AM
1 1.55
1 5.00
3 .00
1 .73
5 408
AM
1 1.41
1 1.00
1 2.50
1 .26
5 409
AM
9 .72
1 4.00
3 .75
1 .36
AM
1 1.29
9 .00
4 .50
1 .02
1 2.02
1 4.99
1 .81
0 .92
5 .49
0 .70
5 410
Mean ( 55 c o ins ) S tandard d ev iat ion Corrected mean we ight We ight o f t heoret ica l d rach ma
1 1.99
1 .80
3 .00
0 .45
Trebon ianus Ga l lus, 2 51-253 5 411
BMC 6 45
1 0.90
5 .75
2 .50
0 .63
5 412
BM
1 4.33
1 4.50
1 .75
2 .08
BM
1 1.78
1 3.50
2 .00
1 .59 1 .01
5 413 5 414
BMC 6 46
1 3.49
7 .50
2 .75
5 415
BMC 6 47
1 3.75
6 .50
3 .50
0 .89
5 416
BMC 6 48
1 0.51
7 .00
2 .00
0 .74
5 417
BMC 6 49
1 2.18
9 .50
1 .50
1 .16
5 418
BMC 6 50
1 2.35
5 .00
1 .50
0 .62
5 419
BM
1 1.63
2 0.50
2 .50
2 .38
5 420
BM
1 2.59
2 5.50
2 .50
3 .21 0 .59 0 .60
5 421
BM
1 0.81
5 .50
2 .25
5 422
BMC 6 51
1 2.73
4 .75
3 .50
9 5
We ight o f
We ight No.
( g )
Reference
% s i lver
1 3.08
P b
s i lver ( g )
5 423
BMC 6 52
1 0.00
5 .00
5 424
BM
5 425
BMC 6 58
1 1.55
8 .00
3 .00
0 .92
1 2.94
1 5.50
8 .50
2 .01
5 426
BMC 6 59
1 3.84
5 427
BMC 6 60
1 0.87
1 6.00
3 .00
2 .21
1 7.50
3 .00
5 428
BMC 6 61
1 1.34
1 .90
8 .00
2 .00
0 .91
5 429
BMC 6 62
8 .90
7 .50
3 .25
0 .67
5 430
BMC 6 63
1 3.17
1 9.00
2 .75
2 .50
5 431
BMC 6 64
1 1.72
6 .50
4 .25
0 .76
5 432
BMC 6 66
1 0.40
7 .50
1 .00
0 .78
5 433
AM
1 1.31
8 .50
1 .50
0 .96
5 434
AM
1 2.22
1 4.00
2 .50
1 .71
5 435
AM
1 0.86
1 8.00
2 .50
1 .95
5 436
AM
1 1.47
9 .00 (0.75Sn )
4 .00
1 .03
5 437
AM
1 3.14
7 .50
3 .00
0 .99
5 438
AM
9 .67
1 2.00
1 .75
1 .16
5 439
AM
1 2.35
1 3.50
2 .00
1 .67
5 440
AM
1 1.02
9 .50
2 .25
1 .05
5 441
AM
1 1.32
1 .25
0 .28
5 442
Wa lker ( Herenn ius )
1 2.70
1 1.00
2 .25
1 .40
5 443
Wa lker ( Ga l lus )
1 3.15
9 .00
6 .00
1 .18
1 1.94
1 0.77
1 .30
1 .23
5 .17
0 .66
Mean ( 33 c o ins ) S tandard d ev ia t ion Corrected mean w e ight
2 .50 (1.00Sn )
1 .31
1 2.06
We ight o f t heoret ica l d rach ma
3 .01
0 .32
Uran ius An ton inus ( a )
Pre-reform c o inage
5 444
BMC 2 2
1 2.91
1 4.00 (2.00Sn )
1 .50
1 .81
5 445
BMC 2 3
1 2.90
1 5.00 (2.50Sn )
0 .75
1 .94
1 2.90
1 4.50
Mean (2 c o ins ) We igh t o f t heoret ica l d rach ma ( b )
1 .87
3 .22
0 .47
Postreform c o inage
5 446
BM ( 1972, 2 -13, 1 )
8 .69
9 0.60
0 .50
7 .87
5 447
BM ( 1972, 2 -13, 2 )
7 .84
9 4.70
0 .80
7 .42
5 448
BM ( 1972, 2 -13, 3 )
8 .32
9 5.50
1 .70
7 .94
5 449
BM ( 1975 , 9 -20, 1 )
8 .40
9 3.60
1 .20
7 .86
8 .31 2 .07
9 3.60
Mean ( 4 c o ins ) We igh t o f t heore t ica l d rach ma
9 6
7 .77 1 .94
S i lver t etradrach ms w ere s truck i n l arge q uan t it ies i n S yr ia-Phoen ic ia i n t he p er iod 1 07-120, a nd t he s tandard u sed , a f ter t he d ebase men t o f 1 08 , w as a bou t 6 5% f ine, g iv ing a d rachma c on ta in ing c . 2 .30 g o f s i lver ( Metro logy I , 1 03-105 ). Th is was t he l ast s ubstan t ive i ssue o f t etradrachms i n t he e ast u n t il A .D. 2 02 —a p er iod o f s ome e ighty y ears. I n t he i n terven ing y ears t here w ere o n ly t wo v ery sma l l i ssues , o ne u nder Marcus Aure l ius i n 1 78-179, wh ich p roduced c o ins o f av ery h igh s tandard , a nd a no ther i n 1 93/4 w hen P escenn ius N iger s truck a n e ven sma l ler n umber o f t etradrachms , o f w h ich o ne i s r epresen ted h ere ( no. 5 043 ).
The f ineness o f t h is s ing le c o in , a t 5 8% ,
s uggests o n ly a v ery sma l l r educ t ion f rom t he s tandard w h ich h ad b een emp loyed b y T ra jan . Th is i ssue o f Pescenn ius w as o f v ery s hort d ura t ion a nd was n o t c on t inued b y S everus, whose S yr ian s i lver b etween 1 94 a nd 2 02 c ons isted e n t ire ly o f d enar i i. I n 2 02 t he s tr ik ing o f d enar i i a t ' Laod icea ' c eased a nd p robab ly s imu ltaneously ( t he t wo e ven ts s ure ly b e ing i n terconnected ) t he s tr ik ing o f t etrad rachms w as r esu med a tb o th An t ioch a nd L aod icea. Both m in ts s truck t etradrach ms c on t inuously f ro m t hen o n a nd w ere j o ined i n a bou t 2 08 b y Tyre. T here i s n o d oubt t ha t t he s tandard i n troduced b y S everus i n 2 02 r e ma ined c onstan tu n t il Caracal la b eca me COS I I I i n 2 13. The r e markab le a spect o f t h is c o inage, wh ich i s b y n o means o f sma l l e x ten t , i s t ha t t he s tandard u sed i s s o h igh ; f or w ith a mean f ineness r ang ing f rom 5 9.81% f or An t ioch t o 6 3% f or L aod icea S everus i s s tr ik ing t e tradrachms a t as tandard w h ich i s o n ly a l i t t le l ower t han t ha t u sed b y T ra jan , w ith t he r esu lt t ha t t he d rachma c ont a ins 1 .99 g o f s i lver f or t he Ant ioch c o ins a nd 2 .22 g f or t hose o f Tyre. T h is c ompares w ith 1 .85 g o f s i lver i n t he d enar ius o f t he S everan s tandard a nd means t hat t he t etradrachm o f S everus i s u nderva lued a ga inst t he d enar ius—a v ery u nusua l s ituat ion f or a n e astern c o inage. I ti s v ery c ur ious t hat t h is s hou ld b e s o , c ons ider ing t he e x ten t t o w h ich S everus d ebased t he d enar ius, b u t i tw as t o b e av ery t rans ien t s ituat ion . The c o ins d id n ot c ircu la te f or l ong , w ith t he r esu l t t ha t f ew S everan t etradrach ms e ver s how s igns o f w ear. N owhere a re t he d epradat ions w reaked b y Caraca l la o n t he c urrency o f t he Ro man Emp ire b et ter s een t han i n t he t etradrachms o f S yr ia-Phoen ic ia. B ecause Caraca l la 's c o ins o f t he p er iod 2 13-217 a re o n ly d a ted t o COS I I I i ti s i mposs ib le t o d iv ide t he m c hrono log ica l ly , b u t i t wou ld s eem t o b e t he c ase t ha t a l most a l l t he c o ins, p art icu lar ly t hose s truck a t t he mu lt itude o f m in ts wh ich Caraca l la o pened f or t he f i rst t ime, d ate f rom t he p er iod w hen t he Emperor was h i mse lf i nt he e ast , f rom 2 15 t o 2 17. I ndeed , t he f act t hat w e d o n ot s ee m t o h ave a ny c o ins o f Caraca l la a s COS 1 1 1 a nd s truck a t h is f a ther 's s tandard m igh t b e h e ld t o s uggest t ha t t he m in ts w ere c losed f rom a bou t t he t ime o f t he d eath o f S everus u n t il 2 15 ; f or i ti s more r easonab le t o a ssoc ia te Caraca l la 's d ebase men t w ith 2 15 , a f ter t he r efor m i n t he c en tra l c urrency , t han w ith 2 13.
I tw ou ld n o tb e u nexpected i ft he S yr ian m in ts
c losed i n 2 11/12, f or Caesarea i n Cappadoc ia , wh ich h ad s tarted p roduc t ion a t more o r l ess t he s ame t ime a s t he S yr ian min ts , c erta in ly c losed s hort ly a f ter t he d eath o f S everus a nd d id n ot r eopen u n t i l 2 15/16. The d ebase men t w h ich C araca l la i n troduced f or t he t e tradrachms w as o f mam mo th p roport ions ( F ig. 9 ). a l most h a lved.
The s i lver c on ten t o f t he t e tradrachm w as
The v a lues t hat w e h ave c a lcu la ted f or t he t e tradrachms o f 9 7
C l C l
C l
C l
C l
0 0
0 C . 5 3
0 0 0
0 L ' '
0 C D
0 u l
. 1 I l e < &
9 8
0 ' e l
0 C e
0 C l
0 . 4 1
mean f i neness o f i nd iv idua l i ssues
C l
Caraca l la a re v ery v ar iab le f rom m in t t o m in t , p robab ly d ue ma in ly t o t he sma l lness o f t he s amp les a nd t he t re mendous r ange o f i nd iv idua l f inenesses e ncoun tered , wh ich c an f a l l a s l ow a s 9 .00% o f s i lver. Probab ly t he b est w e c an d o i s t ake t he mean o f a l l 7 3 c o ins a na lysed f rom a l l t he m in ts , a nd t hese g ive u s a mean f ineness o f 3 5.59% , a nd a w e igh t o f s i lver i n t he d rachma o f c . 1 .15 g , c ompared w ith a bout 2 .00 g b efore t he d ebase men t. The S yr ian d rachma h as t herefore l ost 4 2.50% o f i t s v a lue a t as troke , a nd i nstead o f b e ing r a ther u nderva lued a ga inst t he d enar ius , a s i tw as u nder S everus, i ti s n ow o verva lued b y a bou t 2 3% ( us ing t he v a lue o f t he s i lver c on ten t o f t he d enar ius a f ter 2 15 o f 1 .50 g ).
Th is i s b ecause, g reat a s w as Caraca l la 's
d ebase men t o f t he d enar ius, b o th b y t he r educt ion i n t he s i lver c on ten t i n 2 12 a nd b y t he i n troduct ion o f t he a n ton in ianus, h is d ebase men t o f t he S yr ian t e tradrachm w as e ven g reater.
Th is, t ogether w ith t he s i mul taneous d e-
b ase men t o f t he d rachma a t C aesarea , i s t he l argest s ing le a c t o f d ebasemen t o f t he Ro man c o inage wh ich w e h ave s o f ar e ncoun tered. I tr evea ls t he t rue s ign if icance o f t he p ro l iferat ion o f m in ts i n Caraca lla 's r e ign , a nd t he h uge n umber o ft etradrachms w h ich t hey s truck . I ti s c lear t ha t t hey w ere c harged w ith t he r eco inage o f e x is t ing c urrency o n al arge s ca le, a nd t he d egree o f d ebase men t i nvo lved g ives a n i nd ica t ion o f t he p rof it t o b e a ccrued , p resu ma b ly t o t he s ta te , b y t he o pera t ion . I ti s h ard t o b e p rec ise a s t o e xact ly w ha t w as b e ing me l ted d own , s ince h oard e v idence i s s can ty a t t h is t ime. By t he t ime h oards b ecome p len t ifu l i n t he 2 40s a l l t e tradrachms s truck b efore Caraca l la 's t ime h ad d isappeared f rom c ircu lat ion .
However, what h oard e v idence w e h ave s ugges ts t ha t
Caraca l la 's m in ts mel ted d own a g rea t d ea l o f t he e x ist ing c urrency , a nd t h is i s s upported b y t he g enera l ly u nworn s ta te o f most s urv iv ing S everan t etrad rach ms. F or e xa mp le, t he N ineveh h oard , b ur ied i n a bout 2 12, c on ta ined av ery l arge n umber o f Posthu mous c o ins o f Ph il ip Ph ilade lphus a s w el l a s o thers f ro m t he p er iod N ero-Severus.
The Gush Ha lav h oard , o n t he o ther
h and , wh ich w as b ur ied i n a bout 2 20 , e igh t y ears l ater, c on ta ins n o c o ins a t a l l e arl ier t han N ero a nd 13 c o ins o f t he p er iod 2 15-217 a s a ga inst o n ly 6 o f S everus a nd 1 o f N ero. 6 T he c o inage o f Caraca l la i s f o l lowed b y a no ther d ist inct d ec l ine i n t he r e ign o f Macr inus ( 2 17-218 ), a nd t he mean f ineness o f t he 3 5 c o ins a na lysed i s 2 9.23% , ad ec l ine o f 6 % f rom t he c o ins o f Caraca l la. The s i lver c on ten t o f t he d rachma h as n ow s unk t o 0 .94 g .
The ma jor ity o f Macr inus ' t etra-
d rachms w ere p robab ly s truck i n t he f i rst h a lf o f t he r e ign , a nd a l l t he m in ts p roduc ing t etradrachms h ad c losed b efore t he e nd o f t he r e ign , f or n one w ere a ct ive a t t he a ccess ion o f E lagaba lus. Th is t i es i n w el l w ith t he r efor m ing t endenc ies wh ich Macr inus d isp layed e lsewhere i n t he Emp ire, a bo l ish ing monetary i nnova t ions o f Caraca l la a t Ro me a nd c eas ing t o s tr ike t he h igh ly d ebased c urrency wh ich Caraca l la h ad i n troduced a t Caesarea a nd Tarsus. I n S yr ia-Phoen ic ia w e s ee h im a bandon ing t he Caraca l lan t e tradrachm , b u t n o t b efore i th ad s unk t o al eve l e ven l ower t han t hat o f t he p rev ious r e ign . J ust a s a t Rome E lagaba lus r eversed t he i mprove men ts made b y Macr inus , s o i n S yr ia h e s truck a no ther g rea t i ssue o f t e tradrachms, e ven more d ebased t han t hose o f Macr inus.
They w ou ld a l l a ppear t o d ate f rom t he y ear 2 19. 7
T he ma jor ity o f t he c o ins o f t h is i ssue ( nos. 5 205-5233 ) s how y et a nother f a l l i n f ineness , t he mean b e ing a f u l l 1 0% l ower t han t hat o f Macr inus , s o t hat 9 9
t he d rachma c on ta ins a mere 0 .61 g o f s i lver, a nd s ome o f t he c o ins f a l l a s l ow a s 5 % f ine.
However , i ti s j ust p oss ib le t hat s hort ly b efore t he i ssue
e nded a n a t te mpt was made t o i mprove t he s i tuat ion ;
a sma l l g roup o f
E lagaba lus ' t e tradrachms a re o f ad ist inct ly b et ter s ty le t han t he ma jor ity , b e ing s truck o n w ide f l ans w ith f a ir ly g ood d raped b usts. These c o ins ( nos. 5 234-5241 ) a re b oth h eav ier a nd t end t o b e o f r ather b et ter s i lver, b ut u n t i l t he s truc ture o f t h is c o inage i s b e tter k nown i tw ou ld b e r ash t o s pecu late t oo much a bou t t he n ature o f t h is c hange. F ig. 9 s hows v ery c lear ly t he a l most t ota l c o l lapse o f t he t etradrachm c urrency i n t he b r ief p er iod b etween 2 13 a nd 2 19.
A t t he b eg inn ing o f 2 13
t he S yr ian t e tradrachm c on ta ined a bout 2 .00 g o f s i lver , mak ing i ti fa ny th ing r ather b et ter t han t he Ro man d enar ius. I n 2 15 i tc on ta ined 1 .15 g o f s i lver a nd , i t s d ec l ine b e ing e ven f aster t han t ha t o f t he d enar ius , i tw as n ow o verv a lued b y a bout 2 3%. b y 3 7%.
I n 2 17 i tc on ta ined 0 .94 g o f s i lver a nd w as o verva lued
I n 2 19 i tc on ta ined 0 .61 g o f s i lver a nd w as o verva lued b y n o l ess
t han 5 6%.
I ti s sma l l wonder t hat t he p roduct ion o f t etradrachms c ame t o a n
a brup t h a lt .
I th ad l ost more t han t wo t h irds o f i t s s i lver c on ten t i n t he s pace
o f 6y ears. I ts eems r easonab le t o s uppose t ha t , e ven i ft he p opu lat ion o f t he Emp ire was a b le t o a ccep t t he d ebase men t o f t he d enar ius w h ich Caraca l la i n troduced , a nd t he r educt ion i nt he w e igh t o f t he a ureus, i ti s v ery u n l ikely t hat t he c o ll apse i n t he S yr ian c urrency c ou ld h ave t aken p lace w ithou t av ery s er ious l oss i n c on f idence o n t he p art o f t he p ub l ic.
We w ou ld e xpect p eop le t o h ave r e-
f used t o a ccep t t he d egree o f o verva luat ion w h ich t he t etradrachm n ow b ore. One i n terest ing p iece o f e v idence s uggests t hat t h is w as i ndeed s o. S o c omp lex a re t he monetary t er ms emp loyed i n t he a nc ien t n ear e ast t hat i ti s o f ten v ery h ard t o u nderstand t he m , l e t a lone d raw s at isfactory c onc lus ions f rom t he m.
I f , h owever, w e l ook a t t he w ay i n w h ich money was r eckoned a t t he
s ing le s ite o f Dura Europos d ur ing t h is p er iod i tc an b e s een t hat a r e markab le c hange t akes p lace, w h ich may w e l l b e c onnec ted w ith t he d ebase men t w h ich w e h ave n o t iced i n t he S yr ian t etradrachm. Un t i l t he e nd o f t he s econd c en tury t he f or ma l method o f r ecord ing a t Dura w as b y t he t er m C c pyyptov ) t aXöu -c up C oy x 6 1 . 1p ,ou rog o r v ar ious a bbrev ia ted f or ms o f t h is. The l a test u ses o f t h is t er m wou ld s eem t o d a te t o A .D. 1 80. 8 N ow w e h ave a lready d e monstrated ( Metro logy I , 7 0 ) t ha t ' s i lver o f Tyr ian s tamp ' means i n f act t he t etradrachms o f Roman S yr ia ; t h is i s n o t t o s ay t hat p aymen ts w ere a lways made i n S yr ian t e tradrachms f or, a s B el l inger h as p o in ted o u t , d enar i i w ere i n f act much c ommoner i n s econd c en tury Dura ,
9
b ut w e h ave a lso d e monstrated t hat t he Tyr ian d rachma w as e qua l i n v a lue t o t he Ro man d enar ius, s o t ha t i n p ract ice p aymen ts c ou ld b e made i n e ither c urr ency . Un t il t he d ebase men t o f Caraca l la t here i s n o r eason w hy t h is e quat ion o f d rach ma a nd d enar ius s hou ld h ave b een q uest ioned , f or i n p rac t ice t he S yr ian t etradrachm w as g enera l ly l ess o verva lued a ga inst t he d enar ius t han o ther e astern c urrenc ies, a nd s omet i mes i tw as n ot o verva lued a t a l l. The t er m ' d rach mas o f Tyr ian s ta mp ' c eases t o b e u sed a t a bout t he e nd o f t he s econd c en tury.
Un fortuna te ly t here a re n o c lear ly d ated d ocumen ts
a t Dura b e tween 1 80 a nd 2 27 , b u t b etween 2 27 a nd t he e nd o f t he l i fe o f t he c i ty t here a re a w ho le mass o f p apyr i a nd g raf f it i .1 ° 1 00
A lmost w ithout e xcep t ion
t he s ums o f money a re r eckoned i n d enar i i, a nd n one u se t he o ld method. Cons ider ing t he i n tense c onservat is m o f a nc ien t a ccoun t ing methods t h is i s ar e markable c hange , a nd i ti s p robab ly d ue t o t he d enar ius h av ing c eased t o b e e xact ly i n terchangeab le w ith t he d rachma. W ith E lagaba lus "Tyr ian d rach ma ' c on ta in ing h a l f t he s i lver o f h is d enar ius t h is i s h ard ly s urpr is ing , a nd t he l oss o f c onf idence w as p robab ly p rogress ive f rom 2 15 o nwards, a nd c o mp lete b y 2 19. I ft he p ub l ic c eased t o b e p repared t o a ccep t t he t e tradrachm a s b e ing v a lued a s 4d enar i i , t hen i tw as o bv ious ly n ecessary t o r eckon p aymen ts i n t er ms o f ac urrency i n wh ich t here w as more c on f idence—hence t he sw itch t o a ccoun t ing i n d enar i i. Th is d oes n ot mean t hat t etradrachms c eased t o c ircu la te a t Dura— indeed , i ti s c lear f ro m t he f inds t ha t t he f i rst h a lf o f t he t h ird c en tury was t he t ime when t etradrach ms c ircu la ted most i n tens ive ly t here.
What i s c lear i s t ha t
t hey must h ave h ad a d if feren t v a lue i n t er ms o f d enar i i t o t hat wh ich t hey h ad e n joyed e ar l ier, o r a t l east t hat e ven i ft he s ta te t r ied t o s t il l impose t he s ame e xchange i n i t s own t ransact ions ( as i th ad e very r eason t o t ry t o d o ) t he p opu la t ion w as r eluctan t t o a ccep t i t . T he e laborate s tructure o f t he Roman c urr ency w as b eg inn ing t o c ru mb le. When t he t e tradrach m was i ssued a ga in b y G ord ian I I l a te i n 2 38 o r e ar ly i n 2 39 i ti s c lear t ha t t he g overnmen t h ad l earn t f rom i t s e xper ience o f 2 0 y ears e arl ier , a nd t herefore c eased t o t ry t o i mpose a ny s ort o f o verva luat ion a ga inst t he d enar ius. Gord ian I I 's t etradrachms o f t h is i ssue ( nos. 5 2425 251 ) h ave n early d oub le t he s i lver c on ten t o f t hose o f E lagaba lus , a nd p roduce ad rachma w ith c . 1 .10 g o f s i lver. Our c a lcu lat ion o f t he s i lver c on ten t o f t he d enar ius i n t he f i rst p art o f Gord ian 's r e ign w as 1 .08 g—so c lose t o t he v a lue o f t he d rachma a s t o make i tc erta in t hat Gord ian 's t etradrachm w as i n tended t o h ave e xact ly t he s i lver c on ten t o f 4d enar i i, o r, i n o ther w ords, t o b e ad oub le a n ton in ianus, w ith n o d egree o f o verva lua t ion . Aga in t he i mprove men t w as s hort l i ved.
Gord ian 's t etradrachms a s
COS I a re a l most c erta in ly c onf ined t o t he y ear 2 40, t he i ssue e nd ing b efore t he e nd o f t ha t y ear. Two s uccess ive i ssues c an b e i den t if ied i n t h is y ear. N os. 5 252-5253 a re a c on t inua t ion o f t he i ssue o f t he p rev ious y ear, a nd a re s truck o n t he s ame s tandard a s t he e ar l ier c o ins.
T he r e ma in ing c o in s a re
o f ar a ther d if feren t s ty le a nd b ear a r am o n t he r everse ; d i f feren t min t a nd a re i n ar ather c oarser s ty le.
t hey may b e o f a
They a re c erta in ly more
d ebased , a nd c on ta in a bou t 1 0% l ess s i lver t han t he c o ins o f t he p rev ious y ear. The d rach ma t herefore h as C . 0 .77 g o f s i lver, a nd s ince t he a n ton in ianus o f A .D. 2 40 s t il l h as a bout 2 .2-0 g o f s i lver t he t e tradrachms h ave b ecome o verv a lued a ga in , b y c . 3 0%.
Th is s tandard c on t inued t o b e u sed f or t he b r ief
i ssue o f t e tradrachms b y P h il ip Ii n 2 44-245 ( nos. 5 268-5286, g iv ing a d rachma o f 0 .69 g ). T he n ex t g roup o ft etradrachms i s t he r e markab le g roup w ith t he m in ts ignature MON VRB o n t he r everse , w h ich h ave b een t he s ub ject o f a n e xhaust i ve s tudy b y Ba ldus, a nd a re d a ted b y h im t o A .D. 2 46. 1 1
H is c onc lus ion
t ha t t hese c o ins a re t he work o f Ro man d ie-cut ters h e h as d emonstrated b eyond d oubt ;
wha t i s l ess c erta in i s w hether t he c o ins w ere a lso s truck a t Rome , o r
1 01
whe ther t he d ies were s h ipped o u t f ro m R o me t o An t ioch , ap heno menon wh ich c an c er ta in ly b e d e monstra ted o n o ther o ccas ions. I ti s d if f icu lt t o r each a c onc lus ion o n t h is ; t he s i lver c on ten t o f t he c o ins o f t h is g roup wh ich we h ave b een a b le t o a na lyse ( nos . 5 287-5294) i s s l igh t ly h igher t han t ha t o f t he p rev ious g roup , b u t n ot s ign if ican t ly s o .
Wha t i s more i n terest ing , p er-
h aps, i s t ha t t he l ead c on ten t o f t hese c o ins d oes s ee m t o b e s ign if ican t ly h igher t han t ha t o f t he c on te mporary a n ton in ian i o f t he m in t o f R o me . O f t he 8c o ins wh ich we h ave a na lysed , 6h ave 1 .00% l ead o r more , a nd t hree h ave 2% l ead .
N one o f t he R o man a n ton in ian i o f 2 44-247 h ave a l ead c onten t a s
h igh a s 2 .00% , a nd s ince t h is s hou ld b e a n i nd ica t ion o f min t t echn ique i t may s uggest t ha t t he t wo g roups were n ot s truck a t t he s ame min t .
H owever , t h is
i s b y n o means c onc lus ive ( f or e xamp le , n one o f t he An t ioch a nton in ian i o f Ph i l ip Ih ave 2 % l ead e i ther )b u t i td oes s uggest t ha t t he c o ins were s truck a t An t ioch f ro m d ies p roduced a t R o me , wh ich i s p erhaps more p robab le f or o ther r easons a lso .
C lear ly t race-e le men t a na lysis o f much l arger s amp les
m igh t p rove c onc lus ive . Wha tever t he o r ig in o f t he MON VRB c o inage, p roduct ion o f t etradrachms c erta in ly r esu med a t An t ioch i n 2 47 1 2 a nd w as c on t inuous f rom t hen u n t i l 2 53, ap er iod o f s ix y ears. The v o lu me o f p roduct ion o ver t h is p er iod was e normous , a nd d ebase men t w as r ap id a nd c on t inuous. F rom 1 .10 g o f s i lver i n t he d rachma i n 2 38 t he t e tradrachm h ad f a l len t o 0 .57 g o f s i lver i n t he d rachma i n 2 47-248, 0 .50 g i n 2 49, 0 .45 g i n 2 49-251 a nd f ina l ly t o 0 .32 g i n 2 51-253. The t wo p re-refor m c o ins o f U ran ius An ton inus g ive a s l igh t ly h igher r ead ing t han t h is l ast , b u t t here h as c learly b een n o r ea l i mprovemen t . The d evelop men t o ft he t etradrachm i n t he p er iod 2 38-253 i s r e markab ly s im i lar t o t hat b etween 2 02 a nd 2 19 ( F ig. 9 ). As b efore , t he p er iod s tarts w ith a d rachma e qua l i n meta l c on ten t t o t he d enar ius, b ut a lthough t he s i lver c on ten t o f t he d enar ius i s f a l l ing r ap id ly t he t etradrachm f a l ls e ven f aster, s o t hat t he d egree o f o verva lua t ion o f t he d rachma a ga inst t he d enar ius i nc reases. I n 2 38 t he s i lver c on ten t o f t he d rachma w as e xact ly e qua l t o t hat o f t he d enar ius ;
b y 2 47/8 t he d rachma w as o verva lued b y 4 1% a nd b y 2 53 t he
o verva luat ion w as 4 9%.
P resu mab ly a t s ome p o in t t he 1t o 1e xchange r a te
w ou ld h ave h ad b eco me u nen forceab le, a s w e h ave s uggested t hat i t must h ave d one b efore 2 19.
P robab ly a s ad irect r esu l t p roduct ion c eases e n t ire ly .
I n 2 53 t here w as a lso a nother f actor t o u nder m ine c on f idence.
The v a lues
o f o verva lua t ion wh ich w e h ave u sed a re b ased o n t he d enar ius a s p roduced b y t he Ro man m in t. However, whereas E lagaba lus d id n o t t ry t o s tr ike d enar i i i n t he e ast a s d ebased a s h is t e tradrachms, t h is was b y n o means t rue i n t he l ater p er iod. We h ave a lready s een h ow t he a n ton in ianus i n t he e ast w as d ebased f ar more r ap id ly t han i t s w estern c oun terpart , s o t hat whereas t he w estern d enar ius o f T rebon ianus Ga l lus c on ta ined 0 .60g o f s i lver ,i n t he e ast t he s i lver c on ten t o fh is An t iochene d enar ius was o n ly 0 .42g. The Ant ioc hene d rachma w as t herefore o verva lued a ga inst t he An t iochene d enar ius b y 2 9% , l ess t han i t s o verva lua t ion a ga inst t he Ro man d enar ius.
I n e f fect t h is
means t ha t t he s i tuat ion o f t he S yr ian c urrency i n 2 53 w as f ar more s er ious t han i th ad b een i n 2 19 , f or i n 2 19 i tw as o n ly t he d rachma w h ich was d iscred ited , w ith t he r esu lt t hat p eop le s i mp ly s tarted t o k eep t he ir a ccoun ts i n d enar i i. I n 2 53, h owever, i tw as t he w ho le o f t he s i lver c o inage wh ich was i n d if f icu lt ies, b o th d rachma a nd d enar ius b e ing d iscred ited . 1 02
I ti s a ga inst t h is b ackground t ha t w e must v iew t he r efor m o f U ran ius An ton inus, n o l ess r e markab le b ecause i tw as s o s hort l i ved. 1 3 I ti s ag ood d ea l l ess i nexp l icab le w hen w e s ee i ti n i t s c on tex t o f t he h istory o f t he t h ird c en tury t etradrachm , a s d e monstrated i n f i g. 9 . The c ycle o f d ec l ine a nd i mprove men t i s merely r epea t ing i t sel f , a lthough o n a more d ramat ic s ca le. Wha t U ran ius An ton inus d id w as t o r a ise t he s i lver c on ten t o f t he d rachma f rom 0 .32 g t o a bou t 1 .94 g .
Wha t r elat ionsh ip h e t r ied t o d ev ise b etween
t he o ld a nd n ew t etradrachm a nd t he o ld d enar ius i s , o f c ourse , p urely a mat ter o f s pecu lat ion , a s i s a lso t he q uest ion o f t he d egree t o wh ich h e w as i nf luenced b y o ther c on te mporary r efor ms, b u t i ti s u n l ikely t hat h e wou ld h ave b een s uccessfu l i nh is e f forts, e ven i fh e h ad s ucceeded i n c onso l idat ing a nd e x tend ing h is p ower.
We s ha l l r eturn t o t hese p rob le ms a ga in , b e low
( p . 1 36f f ) .
1 03
( I v ) U ncer ta in m in t ,
? Pe tra , c . 2 11-12
We ight N o.
Reference
We igh t o f
( g )
% s i lver
5 450
BM
2 .93
6 4.00
5 451
Wa lker
3 .07
8 3.00
Au
t r
P b
s i lver ( g )
0 .50
1 .87
0 .25
2 .55
Th is sma l l c o inage i s d i f f icu lt b oth t o a t tr ibu te a nd t o u nderstand.
T he
BM c o in w as misread b y BMC a nd S ydenham a s b e ing o f E lagaba lus, b u t t he Wa lker s pec i men , wh ich i s o f e xact ly t he s ame t ype , r evea ls t ha t t hey a re b oth i n f act c o ins o f t he t h ird c onsu lsh ip o f Caraca l la , a nd t he p ortra it s ugg ests t hat t hey a re t o b e d ated t o a bou t 2 11-212.
At h ird c o in o f C araca l la,
s har ing d ies w ith t he Wa lker s pec i men , h as b een p ub l ished a s c om ing ( perv erse ly a nd i nexp l icab ly ) f rom Augst , where i ti s w rong ly d escr ibed a s b e ing o f Geta. F ina l ly t here i s af ourth c o in i n P ar is , t h is t ime o f J u l ia Domna a nd w ith t he Tyche s ea ted o n t he r everse i nstead o f s tand ing. 1 4 The Tyche o n t he r everse o f t hese c o ins h o lds a t rophy a nd a r ockl ike o b ject , a nd s he i s s o l i ke t he Tyche o n t he b ronze c o ins o f Petra i n A rab ia t ha t t he c o ins p robab ly c ome f rom t hat m in t , a s h as b een s uggested b y Rob inson ;
t hough why P etra s hou ld s udden ly p roduce a t iny i ssue o f s i lver
d rachmas i s v ery h ard t o i mag ine.
The t wo c o ins a re s o d if feren t i n f ineness
t hat i ti s imposs ib le t o s ay w ha t t he s tandard i s s upposed t o b e.
One wou ld
e xpect a l arger s a mp le t o r evea l ad rachma o f a bou t 2 .00 g o f s i lver , t he s a me a s t hat o f t he c on te mporary t e tradrachms o f An t ioch , L aod icea a nd Tyre.
NOTES
1.
S ee n o te 5 o n p . 9 0.
D ie l inks h ave a lready b een n oted w ith d enar i i
i n BM a nd N ap les ( t he l at ter b rough t t o my a t ten t ion b y C . L . C lay ). 2 .
S ydenha m 's c o in o ft he f ourth r egna l y ear ( no. 3 94 ) i s p robab ly a m isr ead ing.
3 .
I ti s n ot a t a l l c lear wha t e ra Caesarea u ses i n t h is p er iod , b u t t he y ears must i n e f fect b e o f TR P o r s o meth ing v ery n ear i t . D o mna a nd Caraca l la a l l u se S everus ' r egna l y ears .
S everus, J u l ia G e ta u ses h is own
r eckon ing , b u t o n ly f or h is y ear 3 , p erhaps a f ter h is f a ther ' sd ea th . 4 .
The r egna l y ears a re n ot y ears o f TR P a s c a lcu la ted a t Rome i n t h is r e ign .
P robab ly b o th Caesarea a nd An t ioch r eckon TR P f rom
J anuary 1 st ;
Rome c er ta in ly r eckoned f rom t he d ies i mper i i.
Cae-
s area c anno t r eckon f rom t he d ies i mper i i f or t here i s f ar t oo l arge ac o inage i nb ronze f or Gord ian 's y ear 7 .
I ts hou ld a lso b e n oted
t ha t t here a re c ons iderab le d if f icu lt ies o ver t he d enom inat ions , f or t he t r idrachms a re p roduced w ith s uch a w ide r ange o f w e igh ts t ha t s o me s cho lars h ave t r ied t o d iv ide t he m i n to d idrachms a nd t r idrachms 1 04
( f or e xamp le J -P. C a l lu , L a Po l it ique Mone ta ire d es Empereurs Ro ma ins, 1 60 ).
Th is d oes n o t s ee m t o b e c orrec t.
Gord ian 's c o in-
a ge f o l lows t ha t o f S everus i n i t s d eno m ina t ions. 5 . 6 .
The t wo c o ins k nown t o me a re SNG v . Au lock n os. 5 833 a nd 8 708. N ineveh , NC x i ( 1931) 1 60.
I t s hou ld b e n oted t hat t he s uggest ion
t ha t t he l arge n u mber o f Ph i l ip Ph ilade lphus c o ins i n t h is h oard i s s o me s or t o f f reak i s b e l ied b y t he e x tre me w ear wh ich s pec i mens f rom t he h oard i n t he BM d isp lay.
They h ad c lear ly b een i n c ircu la-
t ion , a nd w ere n o t p art o f a n e arl ier r ed iscovered h oard.
Gush Ha lav :
H . Ha mburger, ' The Gush Ha lav h oard ' , I srae l Exp lorat ion J ourna l 4( 1954 ) 2 01. 7 .
A l l E lagaba lus ' t etradrach ms a re d ated COS I .
Be l l inger ( The
S yr ian T etradrachms o f Caraca l la a nd Macr inus , 2 9 ) h as s uggested t ha t t he f act t ha t E lagaba lus ' c o ins a re s o c om mon p robab ly means t hat t hey c on t inued t o b e s truck f or a l ong t ime , t he n u mber o f t he Emperor 's c onsu lsh ip n o t b e ing a l tered. why t h is s hou ld b e s o.
There i s n o r ea l r eason
The c o inage i s n ot s o l arge a s t o make i t im-
p oss ib le t o s tr ike i ti n as ing le y ear —and i t wou ld b e u nusua l f or l ater c onsu lsh ips n o t t o b e r ecorded. 8 .
Dura F ina l Report V p art 1 , The P arch men ts a nd Papyr i, n os. 1 7A a nd 2 5.
9 . 1 0.
I b id. 8 -9 , n otes 1 3-14. I b id. n o. 3 1 o f A .D. 2 04, w h ich h as ' 1 ,000 s i lver d rach mas ' a s t he u pper t ex t a nd ' 3 ,000 s i lver d enar i i ' a s t he l ower t ex t i s a mystery. They c annot p oss ib ly b e o f e qua l v a lue a s t he e d itor s uggests.
N os.
5 6 a nd 6 0D ( A.D. 2 08 ) r eckon i n d enar i i, b u t t hey a re o f f ic ia l L at in d ocu men ts a nd t herefore a re e xcep t iona l.
An i n terest ing t rans it iona l
f or m i s n o. 1 29 ( A.D. 2 25 ) wh ich h as äpyüp L oy
b r ip .60t .ov xa t ,v6v
—'new p ub l ic money ' —wh ich must i n f ac t mean d enar i i.
A f ter t hat
a l l r eckon ing i s i n d enar i i, i nc lud ing Ara ma ic d ocu men ts ( no. 2 8— A. D. 2 43 ).
I f we i nc lude g raf f it i, t here a re a v ery g reat n umber o f
t hese l a te d ocu men ts. 1 1.
H . R . Ba ldus , MON [eta ] URB[ is ] —ANT IOX IA, 2 7-9.
1 2.
Ba ldus, o p.c it . 1 2-13 d ea ls w ith t he p rob le m o f t he d a t ing o f t he l ater c o ins o f Ph il ip , c aused b y t he f act t hat t hey r ecord o ne c onsu lsh ip t oo many .
Whatever t he c ause o f t he c on fus ion , t he COS I I c o ins h ave
t o b e long i n 2 47, t he COS I I I c o ins i n 2 48-249. 1 3.
For t h is r u ler s ee H . R . Ba ldus, U ran ius An ton inus : MunzprNgung u nd Gesch ich te. Many more c o ins o f t he r efor med c o inage h ave c ome t o l i gh t s ince t he work w as p ub l ished.
S ee n ow H . R . Ba ldus , "D ie
r efor m ierten t etradrach men d es U ran ius An ton inus i n L ich te e ines n euen Fundes," Actes d u 8me Congrbs I nterna t iona l d e N um is mat ique, 2 05. 1 4 .
T he BM c o in i s BMC Ga la t ia 2 86 ( Sydenha m , C o inage o f Caesarea117 ) . Iam i ndebted t o C . L . C lay f or d raw ing my a t ten t ion t o t he Par is c o in . T he Augst c o in i s p ub l ished i n F estschr if t f ür Rudo lf L aur-Be lar t , 6 4 . 1 05
CHAPTER 4 DEBASE MENT, MONETARY REFORM AND IMPER IAL ECONOM IC POL ICY
Th is c hap ter p roposes t o i nvest igate p oss ib le c onnec t ions b etween t he v ar ious c hanges wh ich t ook p lace i n t he meta l c on ten t o f t he c o inage o f t he e arly Ro man Emp ire a nd wha t w e k now o f i mper ia l p o l icy i n g enera l a nd i n p art icu lar i n t he f i e ld o f e xpend iture.
S uch a n u ndertak ing i s f raugh t w i th
d anger , f or i n n o a spect o f a nc ien t h istory i s t he t e mp ta t ion t o u se modern i deas a nd t erm ino logy g rea ter t han i n q uest ions o f e cono m ic h istory , a nd t hat t e mp tat ion must b e r igorous ly r es isted i fw e a re n o t t o p roduce a n e nt i re ly a rt if ic ia l a ccoun t o f Roman p o l icy .
T o modern e yes Roman e conom ics
a ppear t o h ave b een g ross ly s i mp l ist ic, f or t here i s s carce ly a t race o f a ny u nderstand ing o f o r i n terest i n e cono m ic l aws g overn ing s uch t h ings a s d ef la t ion a nd i nf la t ion . I nstead , h owever , t here a re o ther i deas a t work , q u ite a s c omp lex a s modern o nes, a nd f or t hat r eason t he more h ard t o g rasp. Ro man e conom ic i deas w ere q u ite i nseparab le f rom mora l i deas— indeed , t hey were p art a nd p arcel o f t he m.
The c auses o f t he mora l d ec l ine wh ich
t he a nc ien ts w ere a lways q u ite c onv inced t ha t t hey w ere w itness ing w ere a lmost e n t irely t i ed u p w ith money , a nd t he a buses wh ich a l most i nev itab ly f o l lowed u pon i t s p ossess ion .
Th is w as a s t rue t o t he p h i losopher , w hether
h e w as Ep icurean o r S to ic , a s i tw as t o t he w r iter o f h istory , h uman o r n at ura l. To a l l o f t he m t he r oo t c ause o f t he c orrup t ion o f s oc iety i n g enera l a nd o f t he Ro man s tate i n p art icu lar w as a var it ia , t he l ove o f , a nd t he d es ire f or money.
I ti s s ign if ican t t hat i ti s p rec ise ly t h is w ord w h ich i s u sed t o
d escr ibe t he r oot c ause o f r is ing p r ices i n what a re p ract ica l ly t he o n ly c ommen ts wh ich we h ave o n t he i n f la t ion o f t he l a ter R o man Emp ire 2t he p reamb le o f D ioc le t ian ' s Pr ice Ed ict .I Avar it ia was o ne o f t he v ices t ha t e very Roman Emperor h ad t o t ry t o a vo id , a nd i n t he s ources w e w il l f ind a ccusat ions o f i to n e very o ccas ion w hen emperors a re t ry ing t o r a ise money , p art icu lar ly w hen t hey a re t ry ing t o r a ise i tb y t he c on f isca t ion o r t axa t ion o f t he w ea lth o f t he r ich , w ho w ere a lso i nc iden ta l ly t he h istory-wr it ing c lass. Avar it ia h ad t wo c on trary v irt ues, a nd i t was t he i nco mpat ib il ity o f t he o ne w ith t he o ther w h ich w as o ne o f t he c auses o f d if f icu lty .
L ibera l itas, t he a b i l ity t o g ive money away f ree ly
a nd w ithout s t in tb o th t o a ssoc iates a nd t o s ub jects w as a n e ssen t ia l p ar t o f i mper ia l v irtue, b oth a n a spect o f t ha t c iv i l itas wh ich made t he r u le o f t he p r inceps e ndurable t o h is f e l low Roman n ob les a nd a lso a n e ssen t ia l a spect o f a n o lder a nd more o r ien ta l i dea l o f k ingsh ip. L ibera l itas , h owever, h ad t o b e t reated w ith e x tre me c au t ion , f or n o t o n ly h ad t he money d ispen sed t o c ome f rom a mora l ly c orrect s ource ( f or i ft he money h ad b een i mproperly c o l lected t he Emperor wou ld h ave d isp layed a var it ia ) b u t i ta lso h ad t o b e d ispersed i n ac orrect f ash ion .2
1 06
N owhere i s t he c orrect u sage o f L ibera l itas b e tter e xp la ined t han i n P l iny 's P anegyr icus, a n e xpanded v ers ion o f t he s peech wh ich P l iny d e l ivered b efore T ra jan a t t he t ime o f h is c onsu lsh ip i n A .D. 1 00. A l arge p or t ion o f t he s peech i s d evoted t oa n e xpos it ion o f t he Emperor 's e conom ic p o l icy a nd f rom i tw e c an s ee w ha t t he s ena tor ia l i dea l o f l i bera l itas w as. The most i mpor tan t t h ing w as t ha t T ra jan f ound t he money w h ich h e s pen t s o a dm irab ly d e t uo—from, i n o ther w ords , h is own r esources o f l eg it i mate r evenue, a nd n ot f rom c onf i sca t ion a nd e xecut ion ( neque a t e l i ber i c iv ium u t f eraru m c atu l i s angu ine e t c aed ibus n u tr iun tur ). 3 Th is d ist ingu ishes h is e xpend iture f rom t hat o f Dom it ian a nd N ero , b oth o f whom h ad u sed more i mproper means o f r a is ing money . S econd ly , T ra jan s howed a p roper r espect f or t he c orrect v a lues o f s oc iety i n t he w ay i n wh ich h e s pen t money. H e emphas ised t he s uper ior ity o f t he c iv il p opu la t ion o ver t he m il itary b y g iv ing h is f i rst c ong iar ium t o t he c i t izens f i rst , o n ly mak ing u p t he f u l l s um t o t he t roops a t al a ter d a te . 4 P l iny l ays g reat s tress o n t he i nvestmen t p oten t ia l o f T ra jan 's b oun ty , w h ich e ncouraged t he r ear ing o f c h i ldren , af ru it fu l s tock o f f u ture c it izens. N or d id T ra jan g ive o ut money t o a ppease h atred , a s h ad b een t he c ase w ith a ntea p r inc ipes. F ina l ly , i n h is b u ild ing p rogra m me h e s pen t v ery l i t t le o n h i msel f , b u t ag reat d ea l o n p ub l ic b u ild ing ( parcus i n a ed if icanda ..At q ua m magn if icus i n p ub l ic um e s ) .5 The d ist inct ion w h ich P l iny makes b etween T ra jan , t he model o f t he g ood emperor, o n t he o ne h and , a nd N ero a nd Dom it ian o n t he o ther i s e xp l ic it t hroughou t. A l l t hree w ere emperors w ho s pen t money l av ish ly , a nd a l l t hree h ad f inanc ia l d iff icu l t ies, b u t b y s pend ing money i n ac orrect manner, n o t t oo much t o t he a r my o r t o c urry f avour, n o t t oo much o n h is own p leasures, a nd n o t a t t he e xpense o f t he r u l ing c lass , T ra jan w as d isp lay ing l i bera l itas w herea s t he o ther t wo h ad mere ly s hown a var it ia. The b as ic e conom ic p rob le ms r e ma ined t he s ame —the d if f icu lty o f r a is ing e nough money i n t axa t ion t o p ay f or n ecessary e xpend iture; b u t b y mov ing t owards a p o l icy more l ike ly t o meet w ith t he a pprova l o f s enators a nd k n igh ts , T ra jan 's e conom ic p o l icy c an b e p ortrayed a s b e ing more f unda men ta l ly d i f feren t t o t hat o f h is p redecessors t han i ta ctua l ly was. Wha t was l i bera l itas t o o ne c lass w as a var it ia t o a nother, a nd h owever much N ero a nd Do m it ian w ere h a ted b y t he s ena tors , t hey w ere r e membered w ith a f fect ion b y t he s o ld iers, p art icu larly i n t he c ase o f Dom it ian , a nd b y t he u rban p lebs i n t he c ase o f N ero. Avar it ia w as a lso t he o ppos ite o f p ars i mon ia , b et ter t rans lated a s ' f ruga l ity ' t han a s ' pars i mony ' s ince i tl acks t he l a t ter 's p er jora t ive i mp l icat ions. T he Roman emperor w as n ot o n ly mode l led o n H e l len ist ic monarchy , i n w h ich l i bera l itas was a n e ssent ia l r oya l a t tr ibute ;
h e w as a lso t he s uccessor o f t he
Roman Repub l ican mag istrates w ho w ere t he h eroes a nd f ounders o f t he Roman s tate, a nd w ho r epresen ted t he i dea ls o f c onduct , t he a n t iqua v irtus, t o wh ich t he mora l Ro man w as a lways , t heoret ica l ly , e ndeavour ing t o r eturn . Pars i mon ia , t he a t t itude o f m ind o f t he r epub l ican p easan t- mag is tra te, w as a n e ssen t ia l p art o f a n t iqua v irtus. F or L ivy i tw as t he g lory o f t he Roman Repub l ic t hat p auper itas a nd p ars i mon ia h ad b een h e ld i n g rea ter h onour a nd f or l onger t han i n a ny o ther s tate ;
a nd t he i dea l o f t he l i fe o f t he s imp le
p easan t o f t he my th ica l e ar ly r epub l ic r uns t hrough t he who le o f L at in l i terat ure , a nd i tw as t he i nab i l ity o ft he most r ecen t g enera t ion t o r eturn t o t h is 1 07
i dea l s tate wh ich d emonstra ted i t s d egeneracy .6 T here w ou ld a lways b e o ne a spect o f i mper ia l p o l icy w h ich , f or t h is r eason , w ou ld b e p ush ing t owards s imp l ic ity a nd a r educt ion i n e xpend iture a s a n e nd i n i t se lf a nd a s ac ure f or t he i l ls o f t he Emp ire b y i ncreas ing t he mora l f i bre o f t he s tate, r ather t han a s p art o f a more c omp lex e conom ic p o l icy .
I ti s v ery i mportan t t hat t h is s hou ld b e u nderstood.
To modern
i deas r educt ions i n s ta te e xpend i ture a re a means t o a n e nd—to r educe i n f lat i on , t o i ncrease p r iva te i n it iat ive a nd s o o n . T o t he Roman m ind p ars imon ia w as a n e nd i n i t se lf , a nd w e d o n ot n eed t o s ee a t temp ts t o r educe e xpend iture a s n ecessar ily b e ing more t han a r e turn t o t he i dea ls o f af ruga l p ast. S im il ar ly , b ecause l i bera l itas w as a v irtue w e d o n o t n eed t o s ee p er iods o f h igh e xpend iture a s b e ing n ecessar i ly more t han d isp lays o f t he i mper ia l v irtue a s t he p art icu lar a dm in istra t ion s aw i t .
Th is i s f ar f rom s ay ing t hat mot ives
o f e xped iency d id n o t a lso p lay a ma jor p art i n d eter m in ing p o l icy , a s i td oes i n e very p er iod ; emperors s pen t money b ecause t hey e n joyed i t , b r ibed t he ir a rm ies t o i ncrease t he ir p ersona l s ecur ity , p lundered t he p roperty o f s enat ors t o p rov ide t he money i ft hey d ared , a nd p layed o ne s ect ion o f s oc iety a ga inst a no ther t o ma in ta in t he ir p ower.
Wha t i s importan t i s t ha t t he w ho le
o f i mper ia l p o l icy o n e xpend iture c an b e s een a s ah igh ly c omp lex i n teract ion o f e xped iency a nd mora l i mperat ives, t he c omp lex ity i ncreased b y t he f act t hat t he c oncep ts o f a var it ia , l i bera l itas a nd p ars i mon ia mean t d if feren t t h ings t o d i f feren t i nd iv idua ls a nd g roups ;
a nd wha t r epresen ted t he i dea ls o f
l i bera l itas t o P l iny wou ld o bv iously n ot r epresen t t he m t o t he s o ld iers w ho w ere f orced t o w a it u n t i l t he c i t izens h ad r ece ived t he ir c ong iar iu m o r t o t he s upp l iers o f l uxury g oods t o t he c ourt w ho p rospered u nder a n Emperor w ho s pen t h eav i ly o n h i mse lf . Th is must b e r emembered w hen w e r ead i n t he s ources , w ho t ake a n a nt i- m i l itary s tand t o a man , o f emperors w ho s pen t t oo much money o n t he ir t roops. What i s i mportan t i s t hat w e s hou ld n ot t ry t o e xp la in i mper ia l e xpend i ture o r t he l ack o f i ti n modern t er ms. To s ay t ha t Augus tus g ave c ong iar ia t o c omba t ' chron ic d ef la t ion ' o r t hat N ero 's i nc reased e xpend iture i n h is l a ter y ears w as ' t o r e l ieve i mmed iate ly t he d ef lat ed e conomy a t Rome ' i s t o p arody h istory .7 I tw as t he c onf l ict b etween p ars i mon ia a nd l i bera l itas w h ich d estroyed Ga lba , a s i s c lear f ro m t he a ccoun t o f h is l ast d ays a t t he b eg inn ing o f Tac itus ' H istor ies. I n h is a t te mpt t o p ersue a n o ld-fash ioned p o l icy Ga lba h ad e nab led h is e ne m ies t o a l lege t hat h e h ad f a l len i n to t he c on trary v ices.
As Tac itus
makes O tho s ay o f h im i n h is s peech t o t he P raetor ians a t t he s tart o f h is r is ing : s ever itate m p ro s aev it ia , p ars imon ia m p ro a var it ia , s upp l ic ia e t c on tu mel ias v estras d isc ip l inam a ppel la t. 8 The p rob lem w as t hat Ga lba h ad t aken h is o ld-fash ioned i deas o f s ever itas f urther t han w as e xped ien t , f urther t han modern w ays w ere p repared t o t o le rate.
A t t he s tart o f h is r e ign h is s ever itas w as p ra ised e ven b y t he s o ld iers,
b u t w hen h e r efused t o p ay t he m t he money t hat t hey e xpec ted t hey b egan t o t a lk a bou t h is a var it ia i nstead.
Tac itus makes i tc lear t ha t Ga lba 's p o l icy
w as r igh t i n t heory , b u t was n ot e xped ien t.
When h e a dop ted P iso i n t he l ast
d ays o f h is r e ign h e c ou ld h ave won t he t roops o ver b y s ome s l igh t l i bera l itas : n ocu it a n t iquus r igor e t n im ia s ever itas, c u i j am p ares n on s umus. 9 v iew o f P ert inax was r e markab ly s im i lar, a s w e s ha l l s ee. 1 08
D io 's
The r esu l t o f Ga lba 's r ig id p o l icy w as t hat O tho w as a b le t o w in o ver t he p raetor ians b y a l leg ing t ha t G a lba 's v irtues w ere i n f act v ices , a nd b y p romi s ing t he m t he money wh ich G a lba h ad f a iled t o p rov ide. Ga lba 's p arty w ere t hen a b le t o u se e xact ly t he s a me t echn ique t o d iscred it O tho. I n h is s peech a f ter t he n ews o f O tho 's p roc lama t ion r eaches t he p a lace Ga lba 's n ew C aesar P iso i s made t o s ay o f O tho : ' f a l lun tur q u ibus l uxur ia s pec ie l i bera l itat is impon it ; p erdere i s te s c iet , d onare n esc iet '. I n o ther w ords , O tho 's l i bera l itas i s r endered s uspect , j ust a s Ga lba 's h ad b een . O tho 's l i bera l itas f a ils t o c ome u p t o t he s tandard w h ich t he y ounger P l iny w as l a ter t o d ef ine—O tho s pen t money b u t h e s pen t i to n h i msel f , n ot o n o thers. 1 °
When w e t urn f ro m t he ' mora l ' b as is o f Roman i deas o n e xpend iture i n g enera l t o t he q uest ion o f d ebase men t o f t he c o inage a nd a t te mp ts t o r everse t he p rocess o f d ebase men t , w e a re o n f ar l ess s ure g round s ince t he a nc ien t a uthors s peak o f s uch t h ings s o r arely . A n umber o f p o in ts s hou ld , h owever, b e made a t t h is s tage. T he a nx iety w h ich e very emperor f e l t t o b e a b le t o s pend money f ree ly w ithout h av ing t o i ncrease t axa t ion ( t hereby n o t o n ly d isp lay ing a var it ia b u t a lso , o n a more r ea l ist ic l evel , r isk ing u npopu lar ity w ith t he g roups t axed ) made d ebase men t o f t he c o inage a p art icu lar ly a t tract ive w ay o f i ncreas ing imper ia l s pend ing p ower , w h i le a vo id ing c r it ic is m. That d ebase men t t ook p lace a l most i nvar iab ly w ith t h is e nd i n v iew w il l , i ti s h oped , b e d e monstrat ed i n t h is c hap ter.
N o a nc ien t s ource g ives a ny r easons f or t he d ebase men t
o f t he i mper ia l c o inage, b u t i ts hou ld b e r e membered t ha t t he E lder P l iny d oes g ive e xp lana t ions f or t wo o f t he d ebase men ts a nd w e igh t c hanges i n t he Repub l ican c o inage wh ich h e d escr ibes.
Bo th w ere d one u nder f inanc ia l
p ressure, t he h igh e xpend iture i nvo lved i n f i gh t ing t he f i rst a nd s econd P un ic Wars , a nd b oth r esu lted i n a n i ncrease i n p ub l ic r evenue, a nd p rov ided t e mporary s o lut ions t o f i nanc ia l p rob le ms. There i s n o s uggest ion h ere, o r a nywhere e lse i n a nc ien t l i tera ture, t ha t i tw as e ver r ea l ised t ha t c hanges o f t h is k ind m igh t b e i n f lat ionary . E qua l ly i mportan t i s t he e v idence w h ich w e h ave o f e xp lo itat ion o f t he c urrency i n t he l ast y ears o f t he Repub l ic a nd i n t he J u l io-Claud ian p er iod i n t he e astern h a lf o f t he Emp ire. I nE gyp t t he P to lo ma ic g overnmen t a l most c erta in ly d ebased t he t etradrachm t o r a ise t he money t o p ay f or t he e xact ions o f t he Roman g overnmen t .
I n t he p rov ince
o f As ia t he c istophor ic t etradrachm w as man ipu lated t o t he b enef it i fn o t o f t he s tate t hen c erta in ly o f i nd iv idua ls w ith in t he s tate. I n t he J u l io-Claud ian p er iod a l l t he p rov inc ia l c urrenc ies w ere o verva lued a ga inst t he d enar ius t o g rea ter o r l esser d egrees, a nd t he ir p roduct ion w ou ld h ave b een t o t he p rof it o f t he s ta te. Even i ft he J u l io-Claud ian d enar ius w as n ot o verva lued w e c an b e c erta in t hat t he J u l io-Claud ian g overnmen t w as aware o f t he p oss ib i l it ies o f e xp lo it ing t he c urrency b efore t he r efor m o f N ero i n 6 4. 1 A l though d ebase men t m igh t b e u ndertaken a s aw ay o f a vo !d ing more u np opu lar w ays o f r a is ing r evenue, a nd a l though w e h ave n o e v idence t hat i t was r ea l ised t ha t d ebase men t m igh t i n t he l ong t erm b e e conom ica l ly h ar mfu l , n onethe less w e c an b e s ure t hat c hanges i n t he monetary s ystem, a nd d ebasemen t i n p art icu lar , w ou ld b e v iewed w ith d isfavour b o th b y t he g overnmen t a nd b y t he p opu lat ion a s a who le.
T h is i s d esp ite t he f act t hat e ven P l iny ,
e ver g iven t o p o in t a mora l , i s e n t ire ly f actua l i n h is a ccoun t o f t he c hanges 1 09
i n troduced b y N ero , a nd t ha t t he c hanges o f Caraca l la a re t he o n ly o nes wh ich g et a n u n favourab le men t ion o f a ny k ind.
F irst ly , t he i n tense c onserva t is m
o f t he Ro man m ind i s ac en tra l f act o f Roman h istory . We c an o n ly i l lustrate t h is w ith r egard t o monetary a f fa irs f rom a l a ter p er iod , b u t i tw ou ld a lso b e af actor o f i mportance i n t he e ar ly Emp ire, a nd must b e r eme mbered w hen , f or e xamp le , i ti s b e ing a rgued t ha t t he n umber o f d enar i i e xchangeab le f or t he a ureus was a l tered a t ad ate a s e arly a s t he l a ter s econd c entury .
When
i n t he s ix th c en tury Cass iodorus a rgues t hat t here s hou ld b e n o c hange i n t he c o inage s yste m ( t hen 6 ,000 d enar i i = 1s o l idus ) h e i s a b le t o s ay t hat t he s ystem s hou ld b e p reserved b ecause t he a nc ien ts f i xed i ta t t h is b ecause i tc orresponde d t o t he a ge o f t he wor ld , j ust a s t here were 1 2 o unces i n t he p ound t o c orr espond t o t he mon ths i nt he y ear. 1 2 S econd ly , d ebase men t w ou ld b e c ons idered w rong f or i t s own s ake. Even i ft here was n o q uest ion o f i tr esu lt ing i n l oss o f c on f idence a nd a d isrup t ion o f t rade ( wh ich w as v ery much i n p eop le 's m inds f rom t he f ourth c en tury o nwards ) t here w as s t il l t he i dea t ha t d ebase men t made a c o in l ess p rec ious , e ven i fi td id n o t a l ter i t s p urchas ing v a lue. The i dea t hat i tw as w icked b ec ause i tw as i nsu l t ing t o t he i mper ia l i mage i s c o mmon i n t he f ourth c en tury , a nd i t s o r ig ins m igh t g o b ack e ar l ier .1 3
F orgery b y ap r iva te i nd iv idua l w as
a lways a c r i me b ecause i tr esu l ted i n p ersona l g a in b y d ece it , a nd i tw ou ld b e imposs ib le f or t he s ta te t o e scape f rom t he s a me s or t o f o d ium. Mos t importan t , p erhaps , was s i mp ly t he i dea t ha t a ny f a l l ing away f ro m t he s tanda rd o f p ur ity e stab l ished b y t he a nc ien ts was t o b e d ep lored f or t ha t r eason a lone ; a nd a t temp ts t o r e turn t o t he mora l p ur ity o f t he p ast wou ld v ery p roba b ly b e c onnected i n t he m inds o f ar eform ing g overnmen t w i th a r eturn t o a p ure c o inage—a c onnect ion p ar t icu lar ly e asy t o make when mora l d ec l ine was s o o f ten s een i n t erms o f t he d ec l ine o f t he a ge o f g o ld t o t he a ge o fb rass .1 4 Wha t i s v i ta l i n t h is c onnect ion i s t hat w e s hou ld n o t s ee t he s porad ic a t te mpts t o improve t he Ro man c o inage i n t er ms o f modern e conom ic t h inki ng.
T he t e mp tat ion t o s ee Dom it ian , P ert inax a nd Macr inus a s a dop t ing a
' def la t ionary p o l icy ' must b e r igorously r es isted , j ust a s w e mus t n ot r efer t o N ero , V espas ian , T ra jan a nd many l ater emperors a s a dop t ing a n ' i n f lat ionary p o l icy '.
I n a s much a s w e c an e xp la in t he c hanges i n t he Ro man
monetary s yste m a t a l l , w e must d o s o i n Roman t er ms. The r efor m o f N ero The Augustan monetary s yste m , w ith a n a ureus c on ta in ing c . 7 .85 g o f g o ld a nd a d enar ius c on ta in ing c . 3 .65 o f s i lver, c on t inued i nu se u n t il t he g reat r efor m o f N ero i nA .D. 6 4, a l though t here h ad b een s l igh t r educt ions i n w e igh t i n s ucceed ing r e igns. I n p ract ice t he d enar ius o f N ero s truck b efore h is r efor m c on ta ined a bout 5 % l ess s i lver t han t he o r ig ina l d enar ius o f Augustus.
I n t h is r efor m o f N ero t he w e igh t o f t he a ureus was r educed t o
C . 7 .30 g , w h i le t he w e igh t o f s i lver i n t he d enar ius was r educed t o C . 2 .97 g , ar educ t ion f ro m t he d enar ius o f Augustus o f c . 1 8.5%. The d ebase men t c ame a t at ime w hen t here i s n o d oubt t hat N ero w as i n c ons iderab le f inanc ia l d if f icu l ty . I n h is s tudy o f N eron ian f inances, Thorn ton h as c on trasted t he e ar ly y ears o f t he r e ign , when N ero d id n ot c on tro l p o l icy h i mself , a nd w h ich a re c haracter ised b y l ow e xpend iture o n e n ter ta inmen ts,
10
b u i ld ing , a nd c ong iar ia ,w ith t he p er iod a f ter A .D. 5 9
w hen t here w as a v ery
d ra mat ic r ise i n e xpend iture .1 5 A l though t he r e ign s tarted w ith a b r ief p er iod when a g reat d ea l o f money was s pen t t here i s n o d oubt t hat t h is i n terpretat ion i s i ng enera l c orrect , a lthough i ti gnores t he f act t hat t he e xpenses o f t he e astern c ampa ign w ere h igh t hroughou t t h is p er iod , a nd r ose c on t inuous ly u n t il A .D. 6 3.
F ro m 5 9 o nwards N ero embarked o n ad i f feren t p o l icy , c har-
a cter ised b y much h igher d o mest ic s pend ing , w h ich r ap id ly b egan t o a lar m näyTEg 6L v o i jv g x .ov ccg who f eared t hat h e w ou ld h ave t o r esort t o c r i me t o r a ise money. 1 6 I ts hou ld b e n o ted t hat h e w as n o t j ust s pend ing money o n h i mse lf , b ut w as a lso d isp lay ing h is own b rand o f l i bera l itas b y g iv ing away v ery l arge s u ms.
By 6 2 t here a re s igns o f d ef in ite f i nanc ia l d i f f icu l ty
a nd t wo c onsu lars w ere a ppo in ted t o t ake c harge o f p ub l ic r evenue, N ero a t t he s ame t ime mak ing a s peech c r it ic is ing p rev ious emperors w ho h ad s pen t money i n a dvance o f r ece ip t—an i nd ica t ion , p resu mab ly o f ac urren t d anger o f e xact ly t he s ame f au l t. 1 7
A l l t he s ources, h owever, a re a greed t hat i t
was i mmed iate ly a f ter t he g rea t f i re a t Rome t hat N ero b egan f i nanc ia l e xact i ons o n al arge s ca le , u s ing t he f i re a s a n e xcuse a nd a t t he s ame t ime i nc reas ing c ons iderab ly h is e xpend iture o n t h ings o ther t han j ust t he r estorat ion o f t he c i ty. 1 8 I ti s p rec isely a t t h is p o in t t ha t t he c o inage r eform t ook p lace, a nd t here c an b e l i t t le d oubt t ha t i tw as i n tended a s o ne o f t he w ays o f i ncreas ing r evenue. T here i s n o e v idence t hat t he p r ice o f g o ld a nd s i lver b u l l ion h ad r isen d ur ing t he J u l io-Claud ian p er iod , mak ing a r educt ion i n t he c o in-standards n ecessary. I ndeed , t he f ac t t ha t b oth Ga lba a nd Dom it ian w ere a b le t o p art i a l ly r eturn t o t he h igher s tandard d e monstra tes t hat t h is w as n o t s o. The p urpose o f t he e xerc ise w as t o c o l lect r evenue i n c o in o f t he e ar l ier a nd h eav ier s tandard a nd p ay e xpenses i n c o in o f t he n ew l i gh ter s tandard.
Even
i ft he c o in o f t he Augustan s tandard w as n o t o verva lued a ga inst b u l l ion ( and a ny o verva luat ion w as p robab ly s l ight c ompared w ith t he l a ter p er iod ) t he n ew c o ins c erta in ly w ere o verva lued a nd t he p rof it t o N ero w as c ons iderab le.
I t
i s t h is p rocess o f c o l lect ing o ld h eavy money a nd s pend ing i n n ew l i ght c o ins wh ich i s r ecorded i n g arb led f or m b y S ue ton ius a te f or money:
He s ays t ha t N ero, d esper-
e xeg itque i ngen t i f ast id io e t a cerb ita te n umum a sperum , a rgen tum p ustu latu m , a uru m a d o brussu m. N ero was d e mand ing p aymen t i n g ood ( i .e. o ld ) c o in , a nd r efus ing t o a ccep t p aymen t i nh is n ew a nd p oorer money .1 9 l i eved , a t t he v ery e nd o f t he r e ign ;
Th is w as , i fS ueton ius i s t o b e b e-
b u t p resumab ly t he p rocess h ad b egun
i n 6 4. N ero 's f inanc ia l p rob le ms w ere b y n o means r eso lved b y t he r efor m o f 6 4 ;
i n 6 5 t he emperor f e l t a b le t o i ncrease h is e xpend iture i n t he v a in h ope
t ha t t reasure was a bou t t o b e f ound i n A fr ica w h ich w ou ld make h im s o lven t a ga in , a nd r eferences t o h is r apac iousness a nd n eed f or money i ncrease a s t he r e ign n ears i t s e nd , s o t hat h e was , a ccord ing t o S ueton ius, ' d est itutus a tque i t a i am e xhaustus e t e gens u t s t ipend ia q uoque m il itu m e t c om moda v eteranorum p rotrah i a c d i f ferr i n ecesse e sse t ' .2 0
A s ure f ormu la f or d is-
a ster . N ero w as n ot , h owever , o n ly s pend ing money o n l uxury a nd e x travagance ; i t must b e r e me mbered t ha t f ro m h is a ccess ion u n t il 6 3 t here w ere more o r 11
l ess c on t inuous d i ff icu lt ies o n t he e astern f ron t ier w i th f i gh t ing o ften o n a l arge s ca le, a nd i nvo lv ing h eavy e xpend iture.
The p er iod 5 4-63 was o ne o f
v ery h eavy c o inage i n s i lver a t t he e astern m in ts , a nd s tudy o f t hose c o inages r evea ls s ometh ing o f t he e x ten t a nd magn itude o f g overnmen t c omm itmen ts. There a re t hree ma in e astern c o inages w h ich c an b e d irect ly a ssoc ia ted w ith N ero 's Parth ian w ar.
The f i rst i s t he c o inage o f d rachmas a nd a v ery
f ew d idrachms s truck b y P o le mo I i n P on tus, a n i ssue wh ich c o mmenced i n A .D. 4 9/50 a nd e nded i n 6 0/61.
S tudy o f as a mp le o f 1 89 c o ins o f t h is i ssue,
s truck f ro m 9 5 o bverse d ies , e nab les u s t o s ee a p robab le c onnect ion b etween t h is i ssue a nd Ro man m il itary a ct iv it ies i n t he a rea i n t he e ar l ier s tages o f t he P arth ian w ar. F ig. 1 0 ( above ) s hows t he t o ta l n umber o f o bverse d rachma/ d ies f ound i n t he s a mp le f or t he i nd iv idua l r egna l y ears o f t he c o inage . 2 1 P roduct ion s tarted w ith a l arge c o inage i n A .D. 4 9/50, w h ich c anno t b e a ssoc iated w ith k nown e ven ts; i tt hen c ont inued a t al ow e bb u n t il 54 /55 , t he y ear o f Corbu lo 's a rr iva l i n t he e ast t o t ake c harge o f t he war wh ich h ad b een smou lder ing i nA r men ia s ince 5 0/51. Upon h is a rr iva l h e mob il ised t he s oc i i r eges, o f w ho m P o le mo o f Pon tus w as u ndoubted ly o ne , a nd s pen t t he who le o f t he p er iod b etween t hen a nd 5 8 mak ing p reparat ions t o i nvade Ar men ia. Dur ing t h is p er iod Ro man o pera t ions w ere b ased o n P on tus a nd Cappadoc ia , a nd t he i nvas ion o f 5 8 w as b ased o n t hose a reas. We k now t hat d ur ing t he c ampa ign Pontus w as b e ing u sed a s as upp ly b ase f or t he c ampa ign. T he g reat ma jor ity o f t he c o ins o f P o le mo I o f P on tus w ere p roduced i n t hese t hree y ears o f p repara t ion a nd o f i nvas ion o f Armen ia.
P roduct ion v irtua l ly
c eased i n 5 8 a nd e nded e n t irely a f ter a b r ief i ssue i n 6 0/61.
Why p roduct ion
e nded when i td id i s n ot e asy t o s ay , f or a lthough t he c en tre o f e astern a ct iv ity s h if ted s ou th t o S yr ia i n 6 0 when Corbu lo moved t here, a ma jor c a mpa ign t ook p lace i n Cappadoc ia i n 6 2, w hen Paetus w as d efea ted , a nd a l eg ion w as s t i l l s ta t ioned i n P on tus i n t hat y ear. 2 2 The s econd g rea t c en tre o f Ro man c o inage i n t hese y ears w as Caesarea i n Cappadoc ia.
The Cappadoc ian c o inage i s n o t d ated b y r egna l y ears s o i ti s
n ot p oss ib le t o p lot i t s p roduct ion o n a n a nnua l b as is , b u t i t was c on t inuous f rom 5 4 t o 6 5 , a nd a t ah igh l eve l o fp roduc t ion f or t he w ho le o f t he p er iod 5 4-64 r each ing a p eak i n t he y ears 6 0-63, i n ac o inage w h ich i s c oncen trated i n , a nd may b e long a l most e n t ire ly t o t he y ear 6 3.
The v o lume o f c o inage b e ing
p roduced a t Caesarea i n t h is p er iod i s i nd icated b y t he f ac t t ha t as a mp le o f 6 7 d idrachms was p roduced f rom 6 1 o bverse d ies.
As h as b een s a id , t he
p or tra iture o f t hese c o ins s uggests t ha t t hey w ere p roduced a l most e n t irely i nA .D. 6 3, a nd t hey a re t herefore t o b e c onnected w ith t he e normous p reparat i ons wh ich Corbu lo made i n t ha t y ear, p reparat ions t hat e nded w ith t he c omp ro m ise a gree men t made w ith t he P arth ian k ing. m i l itary a ct iv ity i s r ef lected i n t he c o inage.
The a brup t r educt ion i n
C appadoc ian p roduct ion o f s i lver
v irtua l ly c eased i nA .D. 6 3/64, t he m in t f ina l ly c los ing i n 6 5. 2 3 When w e t urn t o t he s i lver c o inage o f S yr ia t he p icture i s e ven more s tr iki ng. Here t here w as a sma l l c o inage a t An t ioch i n t he y ear o f N ero 's a ccess ion , t hen n o more c o inage u n t i l 5 9/60 when , w ith t he s uppress ion o f t he a u tono mous s i lver c o inage o f Tyre ( wh ich h ad f or s ome t ime b een v ery l i gh t a nd s porad ic ) t he m in t o f An t ioch b egan t o p roduce t etradrach ms o n t he Tyr ian s tandard. 2 4
Th is e ven t p robab ly t ook p lace s hort ly b efore Corbu lo 's a rr iva l
1 12
D isaster o f Paetus
Co rb u l o moves t o S yr ia
i st i nvas ion o f Ar men ia
Arr iva l o f Corbu lo War i n Ar men ia
A .D. 4 9
5 0
5 1
5 2
5 3
5 4
5 5
5 6
5 7
5 8
5 9
6 0
6 1
5 9
6 0
6 1
Drach mas o f Po le mo I
3 0
1 0
6 2
6 3
6 4
6 5
S yr ian t etradrach ms o f Tyr ian S tandard F ig. 1 0
N o. o f o bverse d ies p er a nnu m i n s a mp le; S yr ia, A .D. 4 9/50-63/64
Pon tus a nd
i n S yr ia f rom Cappadoc ia.
S tudy o f as amp le o f 1 36 c o ins o f t h is i ssue s truck
f rom 7 8 o bverse d ies r evea ls t he a nnua l p a t tern o f p roduct ion o f t h is c o inage ( Fig. 1 0, b elow w here i ts hou ld b e r e me mbered t ha t t he c o inage o f S yr ian t e tradrach ms i s i n f act much l arger t han t he c o inage o f Po le mo I ,P o le mo 's c o inage b e ing a l most e n t ire ly i n d rachmas ).
F rom t he c om mence men t o f t he
S yr ian i ssue i n 5 9/60 p roduct ion i ncreases r ap id ly u n t il t he y ears 6 2/63 a nd 6 3/64; i tt hen c eases e n t ire ly b efore t he e nd o f t he s u m mer o f 6 4. T h is i s e xact ly t he s ame p a t tern a s w e h ave s uggested a t C aesarea i n Cappadoc ia , a nd a ga in r ef lects t he p eak i n m i l itary a c t iv ity r eached i n 6 3, a nd t he r ap id d ecl ine i n c o inage a f ter t he s et t le men t o f t hat y ear. The p roduct ion o f t hese e astern m in ts d oes n ot , o f c ourse, r ef lect t he t ota l Ro man e xpend iture o n t he Par th ian c a mpa ign , b u t o n ly a sma ll f ract ion o f i t . Much wou ld b e p a id f or i n t he f orm o f e x ist ing c urrency o f t he a rea , a nd much o f t he e x tra money w h ich N ero 's g overnmen t u ndoub ted ly p oured i n to t he c a mpa ign w ou ld h ave b een s pen t i n t he f or m o f d enar i i a nd a ure i. Further more, s o me a t l east o f t he p roduct ion o f t he e astern m in ts w ou ld h ave b een r eco inage o f e x ist ing c urrency. What i td oes emphas ise i s t he h igh l eve l o f a c t iv ity i n t he e ast a t t h is t ime ; a nd i tc onf ir ms t ha t t he p eak o f t ha t a ct iv ity w as r eached i n 6 3, a s i s made c lear b y Tac itus. M il itary e xpend iture was v ery h igh i n 6 3, a nd w e h ave a lready n o ted t ha t t he f i re a t Ro me i n t he f o l low ing y ear was f o l lowed b y s t i l l h igher e xpend iture a t h o me, w here i th ad a lready b een r is ing s ince 5 9 a t l eas t. I tw as p robab ly a c omb ina t ion o f t hese d if feren t f actors wh ich c aused t he monetary r efor m i n 6 4. The d ebase men t o f Vespas ian The s ources a re a greed t ha t N ero w as s hort o f money b efore t he s tart o f t he c iv i l war , a nd t he r eck less e xpend iture o f a l l t he p ro tagon ists i n t he w ar c u lm inated i n af inanc ia l c r is is a t t he b eg inn ing o fA .D. 7 0 a t t he s tart o f t he r e ign o f Vespas ian. d enar ius.
Th is c r is is c o inc ided w ith a nother d ebase men t o f t he
The c iv il w ars s tarted , h owever, w ith a s urpr is ing r eturn t o t he
p re-64 f i neness i n t he c o inage s truck i n t he w estern p rov inces b y Ga lba.
I t
i s improbab le t hat w e s hou ld s ee t h is a s ad el ibera te a ct o f p o l icy ( Metro logy I , 1 17 , 19 ) b ut r ather a s ac on t inuat ion o f w ha t was s t il l c ons idered t he t rad it iona l s tandard.
S ome a t l east o f Ga lba 's S pan ish c o inage w as d oubt less
s i mp ly r e-struck f rom e x ist ing p re-64 c urrency , i n w h ich c ase i tc ou ld b e a rgued t ha t Ga lba 's c o inage i s s truck a t ah igher s tandard t han t he c on te mpo rary s tandard a t Ro me b y t he s i mp le f orce o f i nert ia.
However , t he c o in-
a ge wh ich w e m ight e xpect Ga lba t o b e most l ike ly t o me l t d own w ou ld b e t he most r ecen t i ssues o f N ero , a nd t h is h e c learly d id n o t d o. The g reater p art o f Ga lba 's s i lver was p resumab ly s truck f rom b u l l ion f rom t he S pan ish m ines , a t t h is t ime a t t he p eak o f t he ir p roduc t ion , a nd a lso f rom b u l l ion a nd p late h ast ily p rov ided b y h is s upporters, a s P lu tarch r ecords. 25 Ga lba 's r epu ta t ion f or meaness a nd h is marked r eluc tance t o u ndertake e xpend iture w ere p art ly t o b e e xp la ined b y h is o ld-fash ioned c haracter, b u t a lso b y f inanc ial n ecess ity .
I n t he e ar ly d ays o f 6 9 a t te mp ts w ere b e ing made
t o d ea l w ith t he p ub l ic i nop ia b y t ry ing t o g et b ack s ome o f t he money wh ich N ero h ad s quandered. 2 6
Desp ite t h is s hortage, a l though Ga lba 's S pan ish a nd
Ga l l ic d enar i i w ere s truck a t t he Augustan s tandard a nd h is Roman o nes a t t hat o f N ero , t here i s n o s ign a t Rome o f a ny d ec l ine f rom t hat s tandard—an 14
i n terest ing r ef lect ion , p erhaps , o f t he s ever ita .s o f Ga lba 's r eg i me. I ti s more r e markab le t ha t t here w as n o d ecl ine f rom t he N eron ian s tandard u nder O tho , a man w ho w e a re a ssured was v ery d if feren t i n c harac ter t o Ga lba , a nd o n ly a v ery s l igh t f a l l ing away i n p ur ity i n t he d ark d ays o f t he r eg i me o f V itel l ius. I ft here w as i nop ia a t Rome u nder Ga lba i ti s h ard t o s ay h ow O tho managed t o p ay f or t he c ampa ign a ga inst V ite l l ius. T ac itus t e l ls u s t ha t t he d ivers ion o f money t o m il itary e xpend iture c aused a r ise i n p r ices a t Ro me a t t h is t ime 2 7 I ti s e ven more r e markab le t hat V ite l l ius w as a b le t o f ind a s much money a s h e d id , f or b y t h is t ime t he r evenue o f t he e astern p rov inces h ad b een c u t o f fb y t he r evo l t o f Vespas ian .
V ite l l ius managed t o
c omb ine i nd igence w ith e x travagance —he d id n o t h ave e nough money t o p ay t he b oun ty wh ich h e h ad p ro m ised t o h is t roops , a nd s o h ad t o p a mper t he m i n o ther ways , b u th e managed t o b e t ota l ly r eck less i n h is e xpend iture , e ven t hough T ac itus d oes n ot s pec ify t he e nor mous s ums s pen t o n l uxury w h ich D io r ecords. H e swung t o t he o ther e x tre me t o t ha t o f Ga lba ; w hereas Ga lba t ook p ars i mon ia t o ad angerous e x tre me, s o V itel l ius t ook l i bera l i tas t o t he o ppos ite o ne —as Tac itus c om men ts o f h im : i nera t t a men s imp l ic i tas e t l i bera l itas, q uae , n i a ds it modus , i n e x it ium v ertuntur. 2 8 T he f inanc ia l c r is is o f t he e nd o f 6 9 a nd t he b eg inn ing o f 7 0 w as e nt ire ly t o b e e xpected , a nd i ti s w el l r ecorded. I t i s p erhaps a measure o f i t s s ever ity t ha t t he s enate w as p repared t o t ry t o t ake a ct ion o n i t , e ven b efore t he a rr iva l i n Rome o f Vespas ian 's p r inc ipa l l i eu tenan t L ic in ius Muc ianus.
I n t he l ast
d ays o f 6 9 t he p raetores a erar i i r eported t o t he s enate o n t he p ub l icam p auper itate m a nd r equested t ha t a ct ion s hou ld b e t aken t o l im it e xpend iture. I ti s a n i n terest ing i nd ica t ion o f t he l im ited n ature o f s ena tor ia l a u thor ity , e ven i n r espect o f t he a dm in istrat ion o f t he a erar ium , t hat t he c onsu l d es igna te r u led t hat t he mat ter s hou ld b e l ef t f or t he emperor t o d ea l w ith o b magn itudi ne m o ner is e t r e med i i d i f f icu ltate m.
I t was s hort ly a f ter t h is t hat Muc ianus
e n tered Ro me a nd t ook a l l p ower t o h i msel f , a nd i n e ar ly J anuary t he s enate s et u p ac om m it tee t o l im it p ub l ic e xpend iture ;
t here w as e ven t a lk o f r a is ing
al oan , t hough n o th ing c a me o f i t •2 9 The r ea l c haracter o fV espas ian 's f inanc ia l a dm in istrat ion h ad a lready b een e stab l ished.
F inanc ia l p rob le ms w ere n o t t o b e s o lved b y s ena tor ia l
c om m it tees b u t b y i ncreased t axat ion , o r, p ut a nother w ay , b y a var it ia. A l l t he s ources s ay t hat t h is w as Vespas ian 's v ice, o n ly a t t imes a dm it t ing t ha t i tw as a n ecessary o ne.
Muc ianus, o n t he o ther h and , h ad a s ap r ivate c i t i-
z en g a ined a r eputa t ion f or mun if icen t ia , w h ich h e r ap id ly b e l ied ;
h is d ictu m
t ha t ' money i s t he s inews o f w ar ' was w ide ly r eme mbered. V espas ian 's g overnmen t w as a lready r a is ing money o n al arge s ca le i n t he Eas t i n t he s econd h a lf o f 6 9 t o meet t he e xpenses o f t he w ar a ga inst V itel l ius a nd i tc ont i nued t h is p o l icy a f ter t he f a l l o f Ro me . 3° A t Rome i tw as o n Muc ianus t hat most o f t he o d iu m f e l l , a nd i n t he e arly p art o f 7 0 when h e w as t he h ead o f Vespas ian 's g overnmen t h e i s r ecorded a s r a is ing money f rom e very p oss ib le q uar ter. 3 1 T he d ebasemen t o f t he d enar ius f rom c . 3 .00 g t o c . 2 .85 g o f s i lver t ook p lace a t t he l a test i n t he v ery f i rst d ai s- o f A. D. 7 0 , a nd i ti s t o b e a ssoc iated w ith t he f i nanc ia l p o l icy a nd a dm in istra t ion o f Muc ianus. T he i n tense a ct iv ity i n t he e ast a ssoc iated w ith t he J ew ish w ar a nd t he a ccess ion o f V espas ian i s mirrored b oth b y t he p roduct ion o f a ure i a nd
15
End o f J ew ish r es istance
o f J erusa le m
7 , 4 2
6 0
5 0
4 0
C i ) C L ) C D c n3 0 C . ) . C 2 0 0 0 2 0
1 0
A .D.65
F ig. 1 1
6 6
6 7
6 8
6 9
7 0
7 1
7 2
7 3
7 4
N o. o f o bverse d ies p er a nnu m i n s a mp le; Tyr ian s tandard , A .D. 67 /8 72/3.
1 16
7 5
7 6
Tetradrach ms o f
d enar i i a t e astern min ts f or t he f i rst t ime s ince t he d ays o f Augustus a nd b y a n e nor mous i ssue o f t etradrachms i n S yr ia.
The r esu lts o f a n e xa m inat ion
o f as a mp le o f 2 66 t etradrachms o f t h is p er iod s truck f ro m 1 47 o bverse d ies d e monstra tes v ery c learly t he c lose l ink b etween t he v o lu me o f p roduct ion o f t etradrach ms a nd t he h igh l eve l o f a ct iv ity i n t he a rea ( F ig. 1 1).
The i ssue
( wh ich i s f ro m a t l east f our m in ts ) c o m mences v ery s hort ly b efore t he d ea th o f N ero , l ate i n 6 7 o r e ar ly i n 6 8 —that i s t o s ay , i tc orresponds t o t he a rr iva l o f Vespas ian a s c o m mander o f t he w ar a ga inst t he J ews a nd t he b eg inn ing o f t he Ro man o f fens ive a ga inst t he m.
Co inage i s n ear ly t hree t imes l arger i n
t he y ear 6 8-69, c orrespond ing t o t he r e igns o f Ga lba a nd O tho a nd t he e ar ly s tages o f t he r evo lt o f Vespas ian.
I tr eaches i t s p eak i n t he y ear 6 9-70 , t he
y ear o f t he c iv i l war a nd a ccess ion o f Vespas ian a nd o f t he f a l l o f J erusa le m. Co inage i n t h is y ear was v ery c ons iderab le a nd t here a re 6 3 o bverse d ies i n o ur s a mp le —by f ar t he l argest p roduct ion o f t etradrach ms t ha t t he p rov ince h ad e ver s een .
A f ter t he midd le o f A .D. 7 0 p roduct ion d rops v ery r ap id ly ,
a nd t he c o inage e nds e n t irely i n t he y ear 7 2-73, t he t ime when t he l ast J ew ish r es istance
was c rushed.
The s im i lar ity b etween t he c ircu mstances o f t he d ebase men t o f 6 4 a nd t ha t o f 7 0 a re v ery s tr ik ing.
I n b oth c ases w e h ave e v idence o f v ery h igh s ta te
e xpend iture , p ar t ly a s t he r esu lt o f w ar , i n t he c ase o f N ero e x terna l a nd i n t he c ase o f Vespas ian c iv i l a nd a ga inst a n i n terna l r is ing.
I n b oth c ases t he
s ources men t ion a t te mp ts t o c on tro l e xpend iture a nd t here i s much t a lk o f e xact ions a nd g enera l r apac ity o n t he p art o f t he emperor , a t at ime wh ich c orresponds e xact ly t o t he d ebase men t o f t he c o inage.
I n b oth c ases t he h igh
l evel o f e xpend iture i n t he e ast i s m irrored b y h igh p roduct ion o f c o inage i n t hat a rea.
I n b oth c ases w e c an a rgue c onv inc ing ly t hat t he d ebase men t w as
o ne o f t he measures t aken b y t he g overnmen t t o a t te mp t t o i ncrease i t s r evenue. The Do m it ian ic r estorat ion I tm igh t h ave b een e xpected t hat Vespas ian wou ld h ave a bo l ished h is d eb ase men t a s s oon a s h is c arefu l manage men t o f t he e cono my a l lowed—bu t h e d id n ot d o s o.
I t wou ld s ee m t hat t he f inanc ia l c r is is o f t he g overn men t w as
b y n o means s hort-l ived.
The i ncreases i n t axat ion i n t he p rov inces w ere
p er manen t , a nd Vespas ian 's r eputat ion f or p ecun iae c up id itas r e ma ined. d eed , Tac itus s ays t hat h e g o t worse w ith t ime . 3 2 t ha t h e w as d r iven t o i tb y n ecess ity33 w ise ly a nd w e l 1. 34
I n-
I t was a greed , h owever,
a nd t hat t he money h e r a ised h e s pen t
T itus made n o c hanges, s o f ar a s w e c an t el l , i n t he
f inanc ia l p o l icy o f Vespas ian . 35 The d enar ius r e ma ined a t t he l ow l evel e stab l ished b y Vespas ian u n t i l i n l a te 8 2 Do m it ian r a ised t he f ineness o f t he d enar ius f ro m C . 8 7.5% t o c . 9 8% , ar estorat ion , i n o ther w ords , n o t j ust o f t he s tandard o f N ero , b u t o f t he s tandard o f Augustus. t o t ha t o f Augustus.
A t t he s a me t ime t he w e ight o f t he a ureus w as r estored
The r efor m d id n ot l ast l ong i n t ha t s ta te, f or i n t he
s um mer o f 8 5 t he d enar ius was r educed t o t he s tandard o f N ero , a lthough t he a ureus c on t inued t o b e s truck a t t he h igh w e igh t u n t il l ate i n 9 9. 3 6 Th is i s t he f i rst o f t hree o r f our a t te mpts made b efore 2 50 t o r everse t he g enera l d ownward t rend o f t he meta l c on ten t o f t he Ro man c urrency.
As s uch
i tr epresen ted a l oss o f r evenue t o t he t reasury , f or i t mean t t hat t he s tate
17
c ou ld p roduce f ewer a ure i a nd d enar i i f rom b u l l ion i tr a ised i n t axat ion a nd c o l lected f ro m o ther s ources t han i tc ou ld h ave d one a t t he e ar l ier s tandard. The s ta te, t herefore, must h ave h ad a r eason w h ich a ppeared t o i tt o b e s uff i c ien t ly c o mpel l ing b efore i ti n it iated s uch a r eform. Wha t w as t ha t r eason? The f i rst p oss ib il ity , t hat i t was p art o f s ome c omp lex ' d ef la t ionary ' p o l icy c an b e d is m issed a t o nce, f or t here i s n o e v idence t hat Do m it ian o r a nyone e lse a t t he t ime h ad e ven t he s l igh test awareness o f s uch s ubt le c oncep ts ; a nd i ndeed , t he r efor m i s u n l ike ly t o h ave b een s uf f ic ien t ly d rama t ic t o h ave h ad a ny s uch e f fect .
We may a lso d isregard t he p oss ib il ity t ha t t he d ebased
d enar i i o f Vespas ian a nd t he l i gh ter w e igh t a ure i s truck a f ter 6 4 w ere f a il ing t o c ircu late o r b e a ccep ted a t t he ir f ace v a lue.
Further more, i f Dom it ian 's
improve men t o f t he d enar ius h ad b een i n tended t o i ncrease t he p rest ige o f h is c urrency t hen h e w ou ld s urely h ave i mproved t he w e igh t o f t he c o in r a ther t han t he f ineness , s ince t h is w ou ld h ave b een a f ar more o bv ious c hange f rom t he p o in t o f v iew o f t he g enera l p ub l ic. As i tw as, i th ard ly s ee ms p oss ib le t ha t most o f t he p opu lat ion w ere aware o f t he i ncreased f ineness o f t he d enar ius , a lthough t h is w ou ld n ot h ave b een t he c ase w ith t he i mprove men t i n t he w e igh t o f t he a ureus. I n h is p o l icy i n g enera l Do m it ian w as i n tense ly c onserva t ive, s tr iv ing t o r estore a h igher s tandard o f mora l ity a nd r eturn t o e ar l ier i dea ls. The s ources a re e ager t o s eek d isgracefu l mo t ives f or t hese a ct ions —h is l eg is lat ion a ga inst c astra t ion w as t o s p ite t he me mory o f T itus w ho h ad l iked e unuchs ;
h is e xecu-
t i on o f d efau l t ing v esta ls w as s imp ly b ecause h e w as c rue l a nd w an ted t o b e r e me mbered ; h e p un ished a du lterers w ith w hom h e h ad h i msel f c om m it ted a du l tery ; h e p ut t o d ea th a s enator w ho h ad f ought i n t he a rena o n ly b ecause h e w as j ea lous o f h i m. 3 7
On ly h is e xpu ls ion f rom t he s ena te o f af or mer
s lave a nd a p an to m i me a ctor d oes n o t g a in t he h ost i le c om men t o f D io. S ueton ius, w ho o n t he who le i s ag ood d ea l more s ympa thet ic t owards Dom it ian , p art icu lar ly i nh is e ar ly y ears, d evo tes a l arge s ect ion t o Dom it ian 's c oncern f or j ust ice, r igorous p un ishmen t o f c orrup t ion a nd o ther e xamp les o f mora l s ever ity , r el ig ious s crup le a nd g enera l f a ir-dea l ing. 3 8 The i mpress ion g iven i s o f a n emperor a nx ious , a t l east i n s o me r espects, f or a r eturn t o t he i dea ls o f t he p ast a nd o n v ery many o ccas ions l eg is lat ing f or s uch a r eturn , e ven a t t he e xpense o f t he t reasury.
As w e h ave a lready emphas ised , t o
u nder-est i mate t he f orce a nd r ea l ity o f s uch i deas i s t o m isunderstand t he Ro man m ind. I ti s p robab ly i n t h is c on tex t t ha t t he i mprove men t i n t he c urrency i s t o b e s een—to r estore t he p ur ity o f t he d enar ius t o t he l eve l w h ich i th ad e n joyed u nder t he R epub l ic, a nd t o r estore t he a ureus t o t he w e ight o f Augustus w ou ld h ave b een c ons idered t o b e mora l ly g ood a nd l aud ib le i n t he ir own r ight , s ymbo l ic , p erhaps , o f t he r estorat ion o f p r ist ine mora l p ur ity a nd o f t he a ge o f g o ld. I ti s v ery i n terest ing t ha t Do m it ian 's r eform , a s h e o r ig ina l ly c once ived i t , c ou ld n ot b e ma in ta ined t o t he f u l l , b u t t hat t he d enar ius r eturned t o t he N eron ian s tandard i n 8 5. Tha t Dom it ian o ver-reached h i msel f , p art icu lar ly i n t he mat ter o f m i l itary p ay , a nd t hat i tw as h is r esu lt ing f i nanc ia l embarrassmen t t hat made h im r apac ious a nd c rue l i s t he t heme o f S ueton ius ' a ccoun t o f h is r e ign , a nd i ti s a lso t he v iew o f D io.
18
I ti s h ard ly s urpr is ing i ft h is w as
s o ;
t he i ncrease i n mi l itary p ay c erta in ly v ery g reat ly i ncreased t he s tate 's
e xpend iture, a nd i th ad t o b e p ayed f or a t l east p art ly i n c o in o f b etter q ua l ity t han t ha t o f Vespas ian .
Further more, t he l a tter p art o f Do m it ian 's r e ign
w as a t ime o f c ons iderab le a nd c ost ly w arfare , a nd t he Emperor, t hough n o t a s e x travagan t i n h is b u ild ings a nd p ersona l e xpend iture a s h is e ne m ies made o u t , d id n onethe less s pend c ons iderab le s u ms.
The r eturn o f t he d enar ius t o
t he l ower s tandard o f N ero i n 8 5 s erves a s c on f ir ma t ion o f t he s ources a s t o Do m it ian 's o ver-op t im is m a nd h is f ind ing h i msel f i n t he l a ter p art o f h is r e ign f orced t o r etrench h is p os it ion . 39
P erhaps i ti s s ign if ican t t hat t hat i tw as
i nt he y ear t hat t he f ineness o f t he d enar ius was r educed t ha t t he t ota l c onquest o f B r ita in u nder Agr ico la was a bandoned. T he improve men t i n t he s i lver c o inage wh ich Do m it ian e f fec ted a t Ro me was m irrored i n t he s i lver c o inages o f t he East d ur ing t he l ater F lav ian p er iod , a s i s i l lustrated i n F ig. 1 2.
The min t o f Caesarea i n Cappadoc ia was n o t
a ct ive i n t he y ears 7 9-93, a nd s o was n ot p roduc ing s i lver c o inage i n t he a ctua l y ears o f c hange a t Ro me.
However, when Caesarea r esu med a ct iv ity
i n 9 3/4 t he c o inage was s ign if ican t ly i mproved i n f ineness c o mpared w i th t he l ast i ssue , wh ich h ad e nded s hor t ly a f ter t he a ccess ion o f T itus.
A f ter ab r ief
i n terrup t ion t he min t o pened a ga in i n t he l ast mon ths o f 9 6 a nd t he s tandard i s s een t o b e f urther i mproved ; s t i l l.
a nd t he c o inage o f t he y ears 9 9-100 i s b et ter
Thus wha t w e s eem t o s ee a t Caesarea i s n o t as ing le u pward s h if t i n
f ineness b ut a p rocess o f g radua l improve men t , c over ing t he y ears 9 4-100.
% Ag 1 00
Ro me 9 0
S yr ia _
----
8 0
C aesarea i c enn e mac e
7 0 ;Mow
6 0
X XXX ' «X . CXX
A. D .7 0
8 0 F ig. 1 2
9 0
Improve men ts i n f ineness, A .D. 7 0-100.
1 19
1 00
I n S yr ia t he s i tuat ion i s s l ight ly d i f feren t .
The sma l l c o inages s truck t here
b y Do m it ian a t v ar ious t imes i n h is r e ign a re o n t he s ame s tandard a s t hose o f V espas ian , a nd t h is a pp l ies t o c o ins s truck i n S yr ia a f ter t he r eform a t Rome a s w el l a s t hose s truck b efore. When t he m int r esu med a ct iv ity u nder N erva , h owever , i tu sed a c ons iderab ly h igher s tandard t han t hat o f V espas ianDo m it ian , a nd t h is h igh s tandard c on t inued t o b e u sed u n t il a l l t he S yr ian m in ts p roduc ing s i lver c losed d own i n 1 00. Wha t f i g. 1 2 d e monstrates i s t hat t here w as s ome s ort o f c en tra l c on tro l o ver t he s tandards u sed b y t he e astern s i lver c o inages i n t h is p er iod , w h ich c auses s o me o ft he m t o r ef lect , a lbe it n o t e xact ly o r s imu ltaneous ly , t he r ise i n t he s i lver c on ten t o ft he d enar ius a t Ro me. The s i lver c o inage o f t he e astern p rov inces i n t h is p er iod i s o f g rea t i n terest , a nd i tr ef lects c on t inu ity o f p o l icy a nd c en tra l c on tro l i n an umber o f o ther w ays a lso. F irst ly , i n a t l eas t o ne c o inage o f t h is p er iod t here c an b e n o d oub t w ha tever t hat a n e astern min t w as u s ing e ither Roman d ies o r Roman d ie-cut ters. The d idrachms s truck a t Caesarea i n Cappadoc ia b y Dom it ian i n 9 3/94 a re s o c lose i n t he ir s ty le o f p ortra iture t o t ha tb e ing u sed a t Rome t hat i ti s imposs ib le t o i mag ine a ny th ing o ther t han t hat t he d ies a re t he p roduct o f t he s ame w orkshop.
There
a re, o f c ourse , o ther e xamp les o f e astern c o inages wh ich a re v ery c lose i n s ty le t o t he m in t o f Ro me, b ut t h is i s c erta in ly o ne o f t he most c onv inc ing. S ome o ther o f t he more i mpress ive e xa mp les a re l i sted i n Append ix 4 . S econd ly , t he i ssue o f s i lver d idrachms s truck b y N erva a t Caesarea c op ies e xact ly t he r everse t ypes b e ing emp loyed f or h is d enar i i a t Rome , t he L a t in l egends s i mp ly b e ing t rans lated i n to G reek ; t h is i s t he o n ly t ime when t h is h appens, a nd i ts hows t ha t s o me a u thor i ty a t R o me t rans m it ted i nstruct ions t o t he m in t a t Caesarea t hat t h is w as t o b e d one. I ti s s ign if ican t t hat t h is h app ened i nt he e ar l iest d ays o ft he r e ign o f N erva , we l l b efore t he e nd o f 9 8 a nd b efore a n i mago o f t he n ew Emperor h ad a rr ived a t C aesarea , f or t he e ar l iest c o ins o f N erva a t Caesarea s how t he Ro man t ypes b ut d o n ot h ave a r ea l ist ic p ortra it. T h ird ly , an umber o f e astern m in ts p roduc ing s i lver c o inage a t t h is t ime c an b e s hown t o b e s ynchron is ing t he ir p roduct ion .
There was a b r ief f l urry
o f a ct iv ity a t t he e astern m in ts i n t he l ast y ears o f Dom it ian 's r e ign , b u t a l l p roduc t ion o f s i lver h ad c eased b efore t he Emperor 's d ea th. W ith in a ma t ter o f w eeks o f t he a ccess ion o f N erva p roduc t ion o f c istophor i h ad b een r esumed i n P rov inc ia As ia , d rachmas i n L yc ia , d rachmas a nd d idrachms i n C appadoc ia a nd t etradrachms i n S yr ia.
These m in ts t hen f unct ioned c on t inuous ly f rom
t hen u n t il l ate i n 9 9 i n t he c ase o f L yc ia a nd P rov inc ia As ia , v ery e ar ly i n 1 00 a t Caesarea a nd b efore t he e nd o f 1 00 i n t he c ase o f S yr ia , where b y n ow as econd m in t w as i n o perat ion . I n a dd it ion a n i ssue o f d rachmas a nd h em id rach ms was made f or Cyrena ica w h ich b oth b egan a nd e nded i n 1 00. B efore t he e nd o f 1 00 a l l t he Eastern m in ts h ad c losed. We t herefore h ave a r e markab le s i tua t ion i n w h ich m in ts i nf our p rov inces , b oth imper ia l a nd s enatoha l , b egan t o p roduce s i lver c o inage e xact ly s i mu ltaneously a nd t hen c eased p roduc t ion w ith in 1 2 mon ths o f e ach o ther.
That w e s hou ld h ave h ere a n e xa mp le o f
c en tra l c on tro l o f p rov inc ia l c o inage i s o f g reat i n terest i n i t sel f. I t i s n o t e asy t o s ee w ha t t he mo t ivat ion w as b eh ind t h is b urs t o f a ct iv ity , s ince t here i s n o e v idence o f ap er iod o f a bnor ma l e xpend iture—the u sua l r eason f or
1 20
e astern c o inage —nor i s i t ad ebase men t-co inage , ac o inage , t ha t i s , f o l low ing d ebase men t a nd i n tended t o r eco in e x ist ing c o inage a t t he l ower s tandard a nd a t ap rof it . The t e mp ta t ion i s t o s ee t h is a s ac o inage ' t o s at isfy t he n eeds o f t he p rov inc ia ls ' ; b u t a l though i ti s o f ten a l leged t ha t t h is was o ne o f t he p urposes o f Roman c o inage t here i s n o e v idence t hat t he g overnmen t e ver v iewed c o inage a s a ny th ing more t han a n i nstrumen t f or t he c onven ience o f t he s tate, a nd t he t e mp tat ion s hou ld p robab ly b e r es isted. I ti s h ard , h owever, t o s ee a t p resen t a ny o ther e xp lanat ion f or i t . 4° The d ebase men t o f T ra jan T he h istor ians a re a greed t hat Do m it ian w as s hort o f money i n t he s econd h a lf o f h is r e ign . Though N erva , d oubt less p art ly t o b o lster h is h igh ly i nsecure r eg i me, was l av ish i nh is e xpend iture a nd t he b u i ld ing p rogram me o f Dom it ian b y n o means c eased , h e i s r ecorded a s b e ing t he f i rst o f as uccess ion o f Emperors t o h ave b een f orced t o r esort t o t he s a le o f imper ia l p roperty i n o rder t o r a ise c ash , a nd h e a lso t ook w hat measures h e c ou ld t o r educe p ub l ic s pend ing.
I n t he m idd le o f t he r e ign a s ena tor ia l c om m iss ion was s et u p t o
a t te mp t t o r educe e xpend iture a nd t he f act t ha t t he most f a mous man i n Rome, V erg in ius Rufus, was n om ina ted t o s erve o n i ta l though i n h is d o tage , s uggests t ha t i t was i n tended t o b e t aken s er iously , e ven i fi t was n o t e f fec t ive. 4 1 One v iew o f T ra jan 's r e ign i s t ha t i tc an b e d iv ided i n to t wo h a lves , t he f i rst p art b e ing o ne o f c ompara t ive a uster ity a nd t he s econd o ne o f g reater a f f luence, r esu l t ing f rom t he c ap ture o f t he g reat t reasure o f Decaba lus a t t he e nd o f t he s econd Dac ian w ar i n 1 06. There i s n o d oub t t ha t t h is v iew i s a n o ver-s i mp l if icat ion ; n o t o n ly i s i tc erta in t hat t he s ize a nd e cono m ic imp or tance o f Decaba lus ' t reasure h as b een b lown u p o ut o f a l l p roport ion , b u t i tc an a lso b e d e monstra ted t ha t Tra jan i n f act f o l lowed a p o l icy o f q u ite h igh e xpend iture i n t he f irst h a lf o f h is r e ign a s we l l a s t he s econd . I n t he Paneg yr icus t he Y ounger P l iny , a s w e h ave a lready n oted , d ea ls a t l eng th w ith t he Emperor 's f inanc ia l p o l icy i n t he f i rst t wo y ears o f h is r e ign emphas is ing t he emperor 's l i bera l itas i n h is e xpend iture o n t he c ong iar ium , o n e n terta inmen ts a nd o n p ub l ic ( as o pposed t o p r iva te ) b u i ld ing.
A t t he s ame t ime P l iny
s tresses t hat t he r a is ing o f money b y u n just means h ad c eased. Th is s ect ion o f P l iny 's w ork a lso c on ta ins a v ery d ist inct h in t o f d oubt , t he n earest t h ing t o c r it ic is m o f T ra jan t hat c an b e f ound i n t he who le work . P l iny e xpresses a nx iety t ha t t he t ax c uts , l argesses a nd d is m issa l o f i n for mers w i l l b e more t han t he Emp ire 's r evenue w i l l b e a b le t o b ear.
Wi l l t he Emperor 's
f ruga l itas make u p f or i t? P rev ious emperors h ad h ad a dv isors who l ooked t o t he n eeds o f t he t reasury ; s o me h ad b een a v id i e t r apaces o f t he ir own n ature ( sua s pon te ).
But Tra jan r efuses t o l i sted t o t h is s ort o f a var is
a du lat ion ibus . 4 2 The i n terest o f t h is p assage i s o f c ourse i ncreased b y t he f act t hat P l iny h ad b een P raefectus Aerar i i M il itar is u nder Do m it ian a nd w as P raefectus Aerar i i S aturn i a t t he t ime when h e s poke. He w as t herefore a man w ho c an b e e xpected t o h ave h ad a g ood u nderstand ing o f t he f i nanc ia l p os it ion o f t he Emp ire.
I ti s c lear f ro m P l iny 's words t ha t t h ings w ere n o t q u ite a s g ood
a s t hey m igh tb e ;
Dom it ian h ad b een s hort o f money a nd s o h ad N erva , a nd
P l iny wou ld h ard ly s peak i n t hese t er ms i ft here d id n o t c on t inue t o b e a nx iety
1 21
a s t o t he a b i l ity o f a' good ' emperor t o s pend i n ap roper manner w ithou tb ec om ing s hort o f money. Very s hort ly b efore P l iny d el ivered h is s peech t he w e igh t o f t he g o ld a ureus w as r educed f rom t he l eve l t ha t Dom it ian h ad e s tabl i shed b ack d own t o t he w e igh t o f N ero.
I n t he l i gh t o f what P l iny s ays i ti s
r easonab le t o s uppose t hat t he r educt ion w as o ne o f t he e xped ien ts emp loyed t o r eso lve t he p rob le m. T ra jan 's e xpend iture c on t inued t o i ncrease. f ro m 1 01-102 , t he s econd f rom 1 05-106. c reased a lso.
T he f i rst Dac ian war w as
Domest ic e xpend iture p robab ly i n-
There i s as ign o f s hak iness i n t he s tandard o f t he d enar ius
i n 1 04, b u t i n t he m idd le o f 1 07 i tw as f ina l ly r educed t o t he s tandard o fV esp as ian , c on ta in ing a bou t 2 .85 g o f s i lver.
A l l t he i mprove men ts wh ich h ad
b een i n troduced b y Do m it ian h ad t herefore d isappeared , a nd t he a ureus a nd d enar ius h ad r eturned t o t he p os it ion t hey h ad h e ld i n 7 0. The a rgumen t t hat t he d ebase men t o f 1 07, f o l lowed a s i tw as b y s ome r ec o inage o f o ld money ( t hough n ot a ny th ing l ike a c omp lete r eca l l o f e arl ier c o in ) w as i n f act a s ign o f a f f luence, t he mass ive i n f low o f g o ld f ro m Dac ia h av ing c aused t he p r ice o f s i lver t o r ise i n r ela t ion t o g o ld , c anno t b e s a id t o b e t enab le. I ti s f ar more p robab le t ha t t he Dac ian w ars, w hatever t hey may h ave a ch ieved i n o ther d irect ions, w ere n ot a ctua l ly p rof itab le, a ny more t han t he Parth ian w ar w as l a ter ;
a nd t hat t he d ebase men t w as a r ef lect ion o f
t h is d ra in o nt he t reasury , c oup led w ith a c on t inu ing , a nd p erhaps i ncreas ing e xpend iture i n o ther d irect ions.
The f a ilure o f t he Dac ian g o ld t o make e ven
t he s l ightest i mpact o n t he money-supp ly c an b e q u ite s i mp ly d e monstrated b y a n e xa m ina t ion o f Tro jan 's g o ld c o inage ; f or t h is s ee Append ix 2 , p . Many d i f feren t f actors d eter m ined t he l evel o f p roduct ion o f t he Roman min t a t a ny o ne t ime, a nd t h is makes i td if f icu l t t o i so late t he d if feren t c auses o f i ncreased o r d ecreased p roduct ion . The P rov inc ia l c o inages h owever , b e ing b oth sma l ler a nd o f s hort d urat ion , e nab le u s t o s ee more c lear ly t he r easons f or p art icu lar c o inages a t p art icu lar t imes, f or c o inage t ends t o b e p roduced f or a s ing le r eason a t a ny o ne t ime , t he c o inage e nd ing when t he c ause i s r e moved. We h ave a lready n o ted t hat c o inage c an s omet i mes b e l inked t o m i l itary a ct iv ity i n t he e ast. Under T ra jan w e c an i so late a c o inage w h ich was a l most c erta in ly t o al arge e x ten t ad irect r esu l t o f d ebase men t , a nd i n tended t o r eco in t he e x ist ing c o inage a t t he n ew l ower s tandard. The S yr ian m in ts r eopened f or t he s tr ik ing o f t e tradrachms i n 1 08, a nd c o ined c on t inuous ly f ro m t hen u n t i l s hort ly a f ter t he d ea th o f T ra jan .
F ig.
1 3 s hows t he r esu l ts o f as tudy o f as a mp le o f 2 02 t e tradrachms o f t h is c o ina ge, d a ted 1 08-117, a nd s truck f ro m a t o ta l o f 1 71 o bverse d ies.
I t c an b e
s een f ro m t h is t hat p roduct ion i ncreased v ery r ap id ly immed ia tely a f ter t he t etradrachms, f o l low ing r a ther s low ly t he e xa mp le s et a t Rome , w ere d ebased , t he m in ts r each ing a p eak o f a ct iv ity i n 10/111.
P roduct ion t hen b egan t o
f a l l p rogress ive ly i n e ach s uccess ive y ear, u n t il i tb eca me q u ite n eg l ig ib le i n q uan t ity i n t he l ast y ear o f Tra jan 's r e ign .
I ti s p art icu lar ly s tr ik ing t o
c o mpare t he p at tern o f t h is c o inage w ith t ha t o f N ero a nd Vespas ian i n t h is a rea , f or whereas t hose c o inages h ad b een d irect ly r elated t o m il itary a ct iv ity , t h is o ne b ears n o r elat ion w ha tever t o t he a ct iv it ies o f T ra jan 's P arth ian w ar. When T ra jan r eached t he e ast i n t he a u tu mn o f 13 t he i ssue was a lready v ery much i n d ec l ine, a nd i t s v o lu me c on t inued t o s hr ink d esp ite t he p resence o f
1 22
Debase men t
Parth ian War
5 0
o f o bverse d ies
4 0
3 0
2 0
1 0
A . D. 1 07108 1 09110 1 11 1 12 1 13 1 14 15 1 16 1 17 F ig. 1 3
No. o f o bverse d ies p er a nnu m i n s a mple; Tyr ian s tandard , A .D. 1 08-117.
1 23
Tetradrach ms o f
t he Emperor a nd t he i n tense m il itary a c t iv ity i n t he a rea.
Th is c o inage ,
t herefore , c an b e s een t o b e o f af undamen ta l ly d if feren t k ind t o t hose o f N ero a nd Vespas ian , a nd t he r eason f or i t must b e s ought i n t he d ebasemen t w h ich t ook p lace s hort ly a f ter i t s i ncep t ion . T he v o lu me o f c o inage was p resumab ly g overned b y t he q uan t ity o f e x ist ing c o in t o b e r eco ined , g radua l ly d ec l in ing a s t he s tate f ound l ess a nd l ess o f t he c o ins i n tended t o b e mel ted d own i n t he money wh ich i tc o l lected i n t axat ion , p roduct ion f i na l ly c eas ing w hen a s much o f t he e arl ier t etradrach m c urrency a s c ou ld b e c o l lected w ith c onven ience h ad p assed t hrough t he g overnmen t 's h ands. 43 The d ebase men t o f An ton inus P ius The s tandard e stab l ished f or t he d enar ius b y T ra jan r e ma ined i n u se f or f orty y ears , d ur ing a p er iod w hen w e k now v ery l i t t le a bout t he f i nanc ia l p os it i on o f t he Emp ire .
That t he P arth ian w ar o f T ra jan was v ery c os t ly i s
g enera l ly a ccep ted , a nd Hadr ian 's d ec is ion t o a bandon t he e astern c onquests must h ave b een p art ly , p robab ly l arge ly , f or f i nanc ia l r easons. A t t he b eg inn ing o f h is r e ign Hadr ian , w h ile a ct ing w ith t he c ustomary l i bera l itas, s trong ly emphas ised t ha t t he t reasury w as i n f inanc ia l d if f icu lty. 44 N onethe less , t he e astern s i lver c o inages o f Hadr ian , p art icu larly p len t ifu l i n t h is r e ign a nd o f ten t o b e d irect ly c onnected w ith t he Emperor 's t rave ls, i nd ica te t ha t a l though t he d enar ius may h ave b een s tab il ised t he t rend t owards i ncreased d ebase men t h ad b y n o means c eased.
Though t he c o ins s truck a t
Tarsus b y Hadr ian a re s o mewha tb et ter t han t hose s truck t here b y T ra jan , Caesarea , t he l argest m in t o f a l l i n t he e ast , s hows a v ery c ons iderab ly i nc reased d ebase men t , o ne wh ich w as t o b e r eversed i n l a ter r e ign s ( Me tro logy I , 8 3 ). By a l l a ccoun ts t he r e ign o f An ton inus P ius w as o ne o f p ro found p eace , c oup led w ith a n e xe mp lary p ersona l s imp l ic ity o n t he p art o f a n Emperor w ho a bo l ished s inecures a nd a vo ided t ravel l ing t o c u t d own o n e xpense . 4 5 Th is was, o f c ourse , v irtuous i n i t sel f , b u t i ti s i n terest ing t ha t s uch e cono m ies w ere n ecessary a t at ime when t he Emp ire was a t t he h e igh t o f i t s p rosper ity a nd m il itary d if f icu l t ies w ere s l igh t .
An ton inus d oes n ot s ee m t o h ave a vo ided
s pend ing money , h owever, i n o ther d irect ions ; t here w ere 9 l i bera l itates , ar e markab ly h igh n umber f or s o u neven t fu l ar e ign , a nd t here was c ons idera b le e xpend iture o nb u ild ing a nd o n g a mes . 4 6 The d ebase men t w h ich t ook p lace i n 1 48, w hen t he s i lver c onten t o f t he d enar ius was r educed b y a bou t 5 % f ro m t he s tandard o f Vespas ian , i s p erhaps a n i nd ica t ion o f t he s tresses wh ich t he f i nances o f t he Emp ire f aced , s tresses wh ich , c arefu l ly h e ld i n c heck b y a n Emperor who s pen t v ery l i t t le o n e ither h i msel f o r o n war, w ere t o b ecome o n ly t oo a pparen t i n t he n ex t r e ign . We c anno t , o f c ourse, s peak w ith a ny c erta in ty a s t o t he c auses o f t he d ebasemen t o f 1 48, b ut i td oes h appen t o b e t he c ase t hat w e c an d e monstrate t ha t e xpend it ure w as p art icu lar ly h igh d ur ing t he p er iod 1 48-149. The d ecenna l ia a re c o m me mora ted o n c o ins o f b oth TRP X E a nd TR P X I I , a nd c o inc ided w ith t he magn if icen t g ames g iven f or t he 9 00th b irthday o f Rome n oted o n c o ins o f TR P X I I. ' Mun if icen t ia Aug ' r efers t o t he e x travagan t s pend ing o n t h is e ven t , r ecorded a lso b y t he S HA. There w as a lso a l i bera l ita .s i n TR P X I. 4 7 I fi ti s t he c ase t ha t t he a bnor ma l ly h igh e xpend iture i n t h is p er iod c ou ld o n ly
1 24
b e met b y d ebase men t o f t he c o inage, t hen i ti s a n i nd icat ion o f t he h and t o mou th e x istence o f t he Imper ia l g overnmen t , e ven a t t he p er iod o f t he h ighest p rosper ity o f t he Emp ire.
I t may s ee m e x traord inary , a nd c annot b e s a id
t o b e p roved ; b ut w ha t f o l lowed t he d eath o f An ton inus P ius t ends t o s uggest t ha t i t was i ndeed t he c ase. Marcus Aurel ius a nd t he o nset o f c r is is I f ad ate must b e g iven f or t he b eg inn ing o f t he d ec l ine o f t he Roman Emp ire t hen i ts hou ld n ot b e t ha t o f t he d ea th o f Marcus Aure l ius b u t h is a cc ess ion .
Many o f t he f ea tures wh ich were t o b eco me r ecurren t t he mes o f
l a ter h istory f i rst s how t he mse lves i n h is t ime , a nd t h is i s a lso t rue o f t he c o inage . A lthough t he d enar ius h ad b een d ebased t hree t imes s ince t he r e ign o f Augustus t he d ebase men ts h ad b een s epara ted b y i n terva ls o f 4 0 y ears o r more b etween e ach o ther .
Fro m t he r e ign o f Marcus o nwards d ebase men ts
b ecame much more f requen t . Accord ing t o Eutrop ius An ton inus P ius l ef t ah ea l thy t reasury . 48 I t s ee ms l ike ly t hat t h is i s a n e xaggerat ion , t he t rad it iona l a t tr ibu te o f t he g ood a nd p eacefu l emperor.
The a ccess ion o f Marcus w as marked b y a n i m med iate
d ebase men t o f t he d enar ius. Th is s trong ly s uggests t ha t t here w as n ot e nough r eady money a t h and t o meet e ven t he e xpenses o f t he a ccess ion , l arge a s t hose a dm it ted ly w ere 49 —and t he f act t ha t p repara t ions w ere b egun a t o nce f or a Parth ian war d oubt less a dded t o t he p rob le m.
I fw e w ere r igh t i n o ur
i n terpreta t ion o f t he d ebase men t o f 1 48, t hen t h is i s t he s econd o ccas ion w hen w e c an s ee a n Emperor f orced t o d ebase t he c o inage t o meet i n terna l e xpenses c onnected w ith a nn iversar ies o r a ccess ions. T he metro logy o f t he s i lver c o inage o f t he r e ign o f Marcus Aure l ius i s u nsa t isfactory , a nd i ti s s t il l i mposs ib le t o s peak w ith p rec is ion o f t he c hanges wh ich t ook p lace.
A l l t ha t c an b e s a id a t p resen t i s t hat t here w as a p er iod o f
d ebase men t i n t he f i rst p art o f t he r e ign f ro m 1 61 t o 1 66, a n i mprove men t f ro m 1 66 t o 1 70 a nd a nother d ebase men t f rom 1 70 u n t il t he e nd o f t he r e ign . 5° A l l t he s ources a re a greed a s t o t he e x tre me f i nanc ia l d if f icu l t ies wh ich t he g overn men t f aced. y cv6µEvov
S ome s a id t hat Marcus w as mean , o i 5
µ cy c xX6 c ppov c x .
;b u tD io s ays t ha t t he t ruth w as t ha t h e w as e conom ica l , n o t
a vo id ing e xpend iture, n ot r a is ing t axes, b ut h av ing t o s pend more money t han i n n or ma l t imes. On o ne o ccas ion , h e i s r ecorded a s r efus ing t o g ive a d onat i ve t o t he t roops , b ut h e w as g enerous a t o ther t imes, a nd r em itted p ast t axes .5 1
I n 1 69, s hort ly b efore s ett ing o ut f or t he Marcom man ic w ar , t he
t reasury w as s o empty t hat Marcus, n o t w an t ing t o h ave t o i mpose n ew t axes, w as o bl iged t o h ave a g reat a uct ion o f i mper ia l p roperty .5 2 The p roble m was t hat warfare was a l most c on t inuous t hroughout t he r e ign , t he f i rst ma jor p er iod o f f i gh t ing w h ich t he emp ire h ad f aced f or o ver f orty y ears.
N ew
l eg ions h ad t o b e e nro l led , a nd l osses r ep laced. Added t o t hat w as t he d isr upt ion c aused b yb arbar ian i nvas ion a nd t he s er ious o utbreak o f p lague af ter t he e nd o f t he Parth ian War. T he g enera l s i tua t ion i s c lear ; t he i nco me o f t he Emp ire c ou ld n ot c over e xpend iture , b u t t he Emperor was u nw i l l ing t o s how a var i t ia b y r a is ing money b y i ncreased t axa t ion . Hence o ther e xped ien ts h ad t o b e a dop ted , t he s a le
1 25
o f imper ia l p roper ty a nd d ebase men t o f t he c o inage , b oth i n tended a s ways o f r a is ing c ash . A t t he s ame t ime t here was a n a t mosphere o f mora l u pr igh tness, a nd i t was p robab ly b ecause o f t h is t ha t t he d ebase men ts were v iewed a s t e mporary e xped ien ts, n o t a s p ermanen t f ea tures o f t he c urrency . Th is wou ld e xp la in t he a pparen t a tte mpt t o r everse t he d ebase men t o f 1 61 i n 1 66 d ur ing t he b r ief i n terlude o f p eace af ter t he e nd o f t he P arth ian w ar. A lt hough t he c o inage o f Marcus Aure l ius w il l r equ ire f urther s tudy t he b as ic o ut l ine w ou ld a ppear t o b e s o meth ing l ike t h is : 1 61
1 66
Access ion—cong iar iu m , e tc.; Parth ian War End o f Parth ian War ;
Denar ius i mproved
Tr iumph 1 69
Denar ius d ebased
( af ter w ar, p lague, e tc.) F inanc ia l c r is is, s a le o f i mper ia l p roperty ; Marco m man ic War
1 70
Denar ius d ebased
I n t he e ast t here was o n ly o ne ma jor s i lver c o inage i n t h is r e ign , t ha t o f Caesarea i n Cappadoc ia , p roduced t o s upp ly t he P arth ian War , a nd e n t ire ly c on f ined t o t he p er iod o f t hat w ar. I t was a n i ssue o f c ons iderab le s ize , a s a mp le o f 1 62 c o ins b e ing s truck f ro m 1 40 o bverse d ies. I n terest ing ly i ti s o f h igher s i lver c on ten t t han t he l ast ma jor i ssue o f Caesarea , t hough s t il l o verva lued a ga inst t he d enar ius.
T h is i s p robab ly b ecause t he c o inage w as
i n tended f or t he p aymen t o f t roops. 5 3 The d ebase men ts o f Co m modus J ust a s t here h ad b een a d ebase men t e xact ly o n t he a ccess ion o f Marcus Eurel ius, s o t here w as a nother o n t he a ccess ion o f Commodus , t h is t ime made more s er ious b y t he f ac t t hat i tc o inc ided w ith t he f i rst r educ t ion i n t he w e ight o ft he d enar ius s ince t he t ime o f N ero. The n ew d enar ius c ont a ined 1 5% l ess s i lver t han i th ad i n t he l ast y ears o f An ton inus P ius a nd t he m idd le y ears o f Marcus Aurel ius. Marcus Aure l ius h ad d ied wh ile t he Ger man war w as s t i l l i n p rogress, a nd c learly , u n l ike a th is own a ccess ion , e xpend iture w as a lready r unn ing a t ah igh l eve l ;
t he f act t hat t he d ebase men t t ook p lace a ctua l ly a t t he a cces-
s ion o f Co m modus s hows t hat i tr esu l ted f rom a n a cute s hortage o f c ash t o p ay t he n ecessary d ona t ives —a s hortage more u nderstandab le i n t h is c ase, w hen Marcus Aure l ius c an h ave h ad n o o pportun ity t o a ccumu late a r eserve , t han i th ad b een i n 1 61.
I ti s i mportan t t o n ote t ha t t h is d ebasemen t c annot
b e b la med o n t he p ersona l c haracter o f Co mmodus , n or a t tr ibu ted t o af undamen ta l c hange i n p o l icy a t t he s tart o f t he n ew r e ign .
Co mmodus c erta in ly
c on t inued t o u se h is f a ther 's a dv isers f or s ome y ears a f ter h is a ccess ion , a nd t here d oes n ot s ee m t o h ave b een a d ramat ic b reak i n c on t inu ity o f p o l icy a t t he s tart o f t he n ew r e ign .
I ndeed , i n s ome r espects Commodus may h ave
b een more c onservat ive a t t h is t ime t han h is f a ther h ad b een , a nd t he i dea t hat h e r eversed t he p o l icy o fh is f a ther w ith r egard t o t he G er man w ar i s w ithou t d oubt i ncorrect.
D io 's a ccoun t s uggests t hat Marcus w as a ctua l ly i n
1 26
t he p rocess o f mak ing p eace when h e d ied , a nd Co mmodus imposed more s evere c ond it ions o n t he e ne my t han h is f a ther h ad d one; i ti s c lear a lso t ha t Co mmodus s howed a d ist inct r eluc tance t o g ran t p eace t o t he Bun i.5 4
What
i s q u ite c lear i s t ha t t he d ec is ion t o r educe t he s i lver c on ten t o f t he d enar ius i s o ne w h ich w as t aken e f fec t ively b y t he me mbers o f t he a dm in istrat ion o f Marcus. A s w as t he c ase w ith Do m it ian , t he l apse o f Commodus i n to h ab its o f c rue l ty i s l argely a t tr ibu ted b y t he s ources t o h is e x travagance h av ing l ed t o i nd igence a nd h is i nd igence t o t yranny a nd t he c on f isca t ion o f p roperty.
C er-
t a in ly t here w ere a r e markab ly l arge n umber o f L ibera l itates, 7 i n t we lve y ears , a nd g iv ing 1 40 D p er t ime a ccord ing t o D io. 5 5 c i o LX65wpog
Co mmodus was
—that i s t o s ay , h e l iked g iv ing money away t o o thers ;
o f w ha th e s pen t was , w e a re t o ld , o n h i msel f ;
b u t most
a nd t he r esu l t w as t hat h e
r an o u t o f money a nd w as o b l iged t o k i l l p eop le f or t he ir p roperty a s w e l l a s s el l ing o f f ices a nd t he l i ves o fh is e ne m ies.
Worst o f a l l—and e nsur ing p ost-
h umous v i l if ica t ion—he i ncreased t he t axat ion o f s ena tors .5 6 T he a t tr ibu t ion o f t he f inanc ia l d i f f icu lt ies o f t he r e ign o f Com modus t o t he p ersona l e x travagance o f t he Emperor i s d oubt less e xaggerated ; t here were o ther c auses o f d if f icu lty , w ith a ma jor war i n B r ita in , t he n or thern f ron t ier s t il l u nstab le, a nd t he Emp ire b y n o means r ecovered f rom t he p robl e ms o f t he l ast r e ign . T here i s n o d oub t , h owever , t hat t he f i nanc ia l p rob le m was a v ery r ea l o ne , f or i n 1 90 t here w as a s econd d ebase men t , w ith t he s i lver c on ten t o f t he d enar ius r educed b y a no ther 5 %. T hat t he d ebase men t o f 1 80 , d esp ite i t s s ize , c ou ld n o t e nsure s tab il ity f or more t han 1 0 y ears i s v ery s ign if ican t , f or i tr epresen ts a nother i ncrease i n t he r at e a t w h ich d eb asemen ts were t ak ing p lace. T h is i ncreas ing d ec l ine i n t he s i lver c on ten t o f t he c o inage i s a lso s een i n t he o n ly e astern s i lver c o inage t o b e s truck d ur ing t he r e ign .
A t C aesarea
i n C appadoc ia a ma jor r educt ion i n t he w e igh t o f t he d rachma t ook p lace, i f w e a re i n terpret ing t he c o inage c orrect ly . The s i lver c on ten t o f t he d rachma w as a t h ird l ess t han i nt he p rev ious i ssue, a nd t he d egree o f o verva lua t ion a ga inst t he d enar ius c ons iderab ly i ncreased .5 7 The r efor m o f P ert inax W ith t he a ccess ion o f P ert inax w e e n ter o ne o f t he most i n terest ing p er iods i nt he h istory o f t he Roman c o inage.
A l l t he s ources a re a greed t ha t t he
ma jor f eature o f Pert inax ' r e ign w as t he g rave s ta te o f t he f inances o f t he Emp ire, a nd t he o ver-en thus iast ic a tte mp ts o f t he Emperor t o r e medy t he s i tua t ion , a t te mpts wh ich w ere t o b e f a ta l t o h i mse lf .
Even t he Augustan
H is tory d isregards s uch f ru it fu l t op ics a s t he i mmora l ity o f t he Emperor 's w ife a nd t he f act t ha t t he m in ions o f Commodus s oon f ound t he ir w ay b ack i n to t he p a lace a nd dwel ls i nstead o n a necdotes o f a more e conom ic n s at ure — s o d esperate w as Pert inax t o s ave money t hat h e w as r educed t o t he a du l terat i on o f t he s a lads s erved a tb anquets .5 8 T he r evo lut ion w h ich b rough t Com modus t o p ower w as b y n o means a s d ramat ic a c hange i ng overnmen t a s i ti s s omet i mes p or trayed. P ert inax w as i n f ac t i n many w ays t he most s en ior man i n t he a dm in istrat ion o f
1 27
Co mmodus , b oth P raefectus U rb i a nd Cos I a t t he t ime o f t he c oup.
T here i s
e very r eason t o b el ieve t he S HA a ga inst Herod ian w hen i ti s s a id t hat P ert inax was i nvo lved i n t he c onsp iracy , a nd t he s heer s peed w ith w h ich t he r eforms w ere i n troduced s trong ly s uggests t hat i th ad b een p lanned w e l l i n a dvance. Im med ia tely a f ter t he d ea th o f Co mmodus Pert inax w en t w ith t he c onsp irat ors t o t he P raetor ian c amp , w here h e g ave a d onat ive o f 1 2,000 HS , c omp ared w ith t he 2 0,000 w h ich Marcus h ad g iven a nd t he 2 5 ,000 o r 3 0,000 w h ich J u l ianus was s hort ly t o p ro m ise .5 9
H e t hen made a r e markab le s tatemen t t o
t he s o ld iers :
n o VA µ gv,( 1 & v5cg c ucTpaT tA lTaL o ial Em axcp 7 1 n ap6v rwv
s o ri .v,AXAA T b : 4v ä XXa a i )eug c bv 4tv L r Eavope-
Ü ZETa l ,' To t he s ena te h e s poke o f t he
T V
n payu .6 :Tc ov
6 vaxgoc L a cy .
6 0
. T he
n ature o f t he c r is is wh ich , i n t he o p in ion o f t he n ew r eg i me , i th ad i nher i ted f ro m Co m modus i s q u ite c lear ;
i tw as a f inanc ia l o ne.
Com modus i n t he
p rev ious y ear h ad g iven t wo L ibera l itates i n t welve mon ths ; h is e xpend iture r e ma ined h igh , a nd t here h ad b een a s er ious f i re. T here w ere o n ly 2 50 ,000 d enar i i i n t he a erar iu m. 6 1
Qu ite c learly i f Co m modus h ad l ived t here w ou ld
h ave b een s ome c hange i n f inanc ia l p o l icy , a nd c ons ider ing t he p o l icy w h ich Co mmodus w as a lready s een t o f avour i ts ee ms most p robab le t hat i ncreased e xact ions f rom t he p ropert ied c lasses w ere i n t he o f f ing.
One i s t e mp ted t o
s ee t h is a s t he r ea l c ause o f t he c oup ; i tw as t he t hreat t o t he ir s ecur i ty more t han t he p rospect o f ag lad ia tor-consu l w h ich most a larmed t he s ena te. The p o l ic ies o f r efor m w h ich P ert inax p ersued i n h is t hree mon th r e ign w ere t hree-fo ld. Apart f rom t he u sua l s a le o f i mper ia l p roperty t o r a ise money a d espera te a t te mp t w as made t o c u t e xpend iture. Pert inax s howed a n
oi , xovop ,Ca .
PE XT
C ov n
e 2
I n a l l mat ters
However, t he a ctua l r e-
f or ms made c annot h ave h ad a ny r ea l e f fec t , a nd t he u nspec if ied p r iv ileges w ithdrawn f rom t he s o ld iers w ere a t hreat wh ich w as n ot c arr ied o u t. More i n terest ing i s t he s econd p art o f P ert inax ' p o l icy , a n a t te mp t t o c ut n o t e xp end iture s o much a s t o r educe t axat ion a nd c urb t he r a is ing o f money b y methods d isapproved o f b y t he p ropert ied c lass.
The p urpose o f t he c oup w as
n ot s i mp ly t o b a lance t he b udge t b ut t o a vo id h av ing t o r a ise t axat ion a nd , i ndeed , t o r educe i tf rom t he l eve l w h ich i th ad r eached u nder Co m modus. Pert inax i s s upposed t o h ave t o ld t he s ena te t hat i tw as b et ter t hat t he s ta te s hou ld b e p oor t han t hat i ts hou ld b e made r ich b y d ishonest means;
i n o ther
words b y e xact ions f rom t he r ich. When n ecess ity f orced h im t o r eta in o ne o f t he t axes w h ich h e h ad e arl ier p ro m ised t o w ithdraw h e w as c r it ic ised f or i tb y ac onsu lar, a man f ar more b lue-b looded t han h i mself , w hose f am i ly h ad r a ised P ert inax f rom o bscur ity .6 3 T he c oup o f P ert inax b eg ins t o l ook v ery much l i ke a d e term ined a t temp t t o p reserve t he w ea l th o f t he Emp ire i n t he h ands o f i t s owners a t t he e xpense o f t he i mper ia l r evenue a nd t he most i mportan t r ec ip ien ts o f t ha t r evenue , t he s o ld iers.
I t was , h owever , r ather more t han t ha t , f or t here was a t h ird
s trand i n t he n ew g overnmen t 's p o l icy ;
i tw as a lso a n a t te mpt t o r estore t he
s tandards o f t he p ast , t o r estore t he a nc ien t o rder a nd mora l ity o f t he s ta te. The s enate was t rea ted w ith met icu lous r espect ; h is t astes a nd e asy o f a ccess;
t he Emperor was s i mp le i n
h is s on w ou ld n ot b e made Caesar u n t i l h e 1 28
d eserved i t ;
t he p ower o f t he s o ld iers w as r educed t o make t he m s ubserv ien t
t o t he c iv il a uthor ity ;
i n aw ord P ert inax was a mode l o f c iv i l itas.
Men h oped t hat h e w ou ld r estore omn ia a n t iqua ,6 4 a nd i ti s i n t he l i gh t o f t h is s ort o f s en t i men t t ha t t he e x traord inary c o inage r eform w h ich P ert inax i n troduced s hou ld b e s een . A t f i rst s ight i ti s r e markab le t hat a t s uch a t ime , w hen h e w as s trugg l ing t o r a ise money a nd b a lance t he b udget , P ert inax s hou ld h ave r estored t he s i lver c on ten t o f t he d enar ius t o t he l eve l o f V espas ian , a bo l ish ing t he d ebase men ts o f Anton inus P ius, Marcus Aurel ius a nd b o th t hose o f C om modus a s w e l l a s t he w e ight-reduct ion o f Commodus. N onethe less t hat was w ha t h e d id , a nd a t t he v ery s tart o f t he r e ign ( above, p . 5 1). A t at ime when money was b ad ly n eeded s uch a c hange r epresen ted a s er ious l oss o f r evenue , b u t t here c an b e n o d oubt t hat t he r eason i tw as u ndertaken w as p art o f t he g enera l p o l icy b e ing f o l lowed o f ' r educ ing t o o rder t h ings t hat h ad p rev iously b een i rregu lar a nd c on fused '. 6 5 I t w as n o t aq uest ion o f ' d ef la t ion ' o r p reven t ing i nf lat ion ; o u ts ide Egyp t , w here c ond it ions w ere u n ique, t here i s n o e v idence t o s uggest t hat t he d ebase men ts o f t he s econd c en tury h ad h ad a s y et a ny i n f lat ionary e f fect , a nd e ven i ft hey h ad P ert inax w ou ld c erta in ly n ot h ave u nderstood t he c ause.
I t w as f ar more t ha t ap ure c o inage w as a n
e ssen t ia l p art o f ar eturn t o ap ure a nd h onest s tate. I ti s sma l l w onder t ha t e ven D io w as p repared t o a dm it t ha t P ert inax h ad t r ied t o d o e very th ing a t o nce a nd h ad f a iled t o u nderstand t ha t i tt ook t ime t o r estore a s tate ;6 6
b u t e ven D io p robab ly q u ite f a iled t o a pprec iate t hat a r e-
s torat ion o f t he k ind wh ich P ert inax w as a t te mpt ing w ou ld o n ly a ppea l t o a nd h ave t he s upport o ft hat p art o f s oc iety wh ich w as n ot o n ly s et t o b enef it f rom i t ma ter ia l ly b u t a lso b e longed t o t hat c u ltura l m i l ieu w h ich s aw i ta s t he d u ty o f t he g overnmen t t o s tr ive t o r eturn t o t he s upposed s tandards a nd p erfect ions o f t he p ast. Ro man s enators a nd t he h istor ians w ho r ef lected t he ir v iews q u ite f a i led t o u nderstand t hat t he P raetor ian s o ld ier c ou ld n ot b e e xpected t o a pprec ia te t he v irtues o f a n a dm in istrat ion wh ich h a lved t he ir d ona t ive a nd r educed t he ir s tatus i n o rder t o r estore omn ia a n t igua. The d ebase men t o f S everus The f i nanc ia l p o l icy f o l lowed b y S everus was i n many w ays t he o ppos ite o f t ha t o f Pert inax ; s o much s o t hat i ti s p oss ib le t hat t he h istor ians o veremphas ised t he a n t i- m il itary p o l icy o f Pert inax i n o rder t o d emonstrate t he d i f ference b etween h im a nd s ucceed ing Emperors.
A l though i n t he e ar l ier
p art o fh is r e ign S everus c la i med t hat h e w as model l ing h is g overnmen t o n t hat o f Pert inax h e a lso emphas ised t he d egree o f c on t inu ity w ith Com modus , a nd t h is b ecame p art icu lar ly marked a f ter t he d efea t o f C lod ius A lb inus when S everus b ecame more h ost ile t o t he s ena te .6 7 Whereas P ert inax was r emembered f or h ow l i t t le h e s pen t S everus w as r e me mbered f or t he h uge i nc reases i n p ub l ic e xpend iture f or wh ich h e w as r espons ib le ;
wh i le P ert inax
r epresen ted a r eturn t o g overnmen t b y t he s ena tor ia l a nd p ropert ied c lasses S everus p ut h is t rust i n t he s o ld iers —and i tw as f or t hat t ha t h e w as most b lamed. S everus b o th c o l lected money merc iless ly (f l pyypoX6yr ice TE 5C L vi üg ) —Pert inax h ad e ndeavoured t o r educe t axa t ion—and s pen t i tw i l l ing ly , n o t mere ly o n s o ld iers , b u t a lso o n l i bera l itas o f e very k ind. Desp ite t h is,
a nd d esp ite t he c iv i l w ars, t wo Parth ian Wars a nd a w ar i n Br ita in , S everus i s r ecorded a s h av ing l ef t as urp lus. 7 1
1 29
The d enar ius d id n o t f a l l b ack t o t he s tandard o f Co mmodus immed ia tely a f ter t he d ea th o f P ert inax.
There was a d ist inct f a l l f rom Pert inax ' s tandard
u nder D id ius J u l ianus, w ho was a lso r espons ib le f or a f a l l i n t he w e igh t o f t he a ureus. S everus r estored t he w e igh t o f t he a ureus af ter h is c ap ture o f Ro me a nd s tab i l ised t he d enar ius a t al eve l wh ich w as s t il l d ist inct ly h igher t han t hat w h ich i th ad r eached u nder Co mmodus. I tw as n o t u n t i l a f ter t he a rr iva l o f S everus i n t he e ast a nd t he f ina l d efea t o fP escenn ius N iger t hat S everus r esorted t o a ma jor d ebase men t o f t he d enar ius a t Rome, a nd i n d o ing t h is h e was b r ing ing t he d enar ius a t Rome d own t o t he l evel w h ich h ad b een u sed b y P escenn ius f or h is e astern d enar i i s ince t he s tart o f t he c iv i l w ar, a nd wh ich S everus h ad a dop ted f or h is e astern d enar i i a s h e t ook o ver t he min ts o f Pescenn ius.
A f ter t he d ebase men t o f 1 9 4 /5 t he d enar ius i nb o th East
a nd West c on ta ined c . 1 .85 g o f s i lver, c ompared w ith c . 2 .75 g o f s i lver i n t he r efor med c o inage o f P ert inax ( above, p . 5 9) . Expend iture w as o bv iously v ery h igh a t t he t ime o f t he d ebase men t , a nd t he s ources a re u n ited i n s ay ing t hat S everus was n o t a man t o k eep e xpend it ure d own i fh e f e lt t ha t i tw as n ecessary t o s pend f or t he s uccess o f h is r egime.
I ti s i n t h is l i gh t t hat t he g reat d ebase men t o f 1 9 4 /5 i s t o b e s een .
I t
r epresen ts a r eturn t o t he p o l icy wh ich made n o a t te mp t t o r estr ict e xpend iture a nd w as l ook ing r ound f or w ays i n w h ich money c ou ld b e r a ised. The o u tpu t o f d enar i i i ncreased e nor mously a f ter i ta nd i ti s c lear t hat r eco inage o n a l arge s ca le w as b e ing u ndertaken a s o ne o f t he means emp loyed b y S everus t o i ncrease h is r evenue. T h is r eco inage was n o t r estr icted t o t he m in t o f Ro me, f or d enar i i w ere s tuck i n t he East f or t he w ho le o f t he p er iod 1 93-201, t he f i rst t ime t hat d enar i i h ad b een s truck o n ar ea l ly l arge s ca le i n t he e ast s ince t he t ime o f t he t r iumv ir Marcus An ton ius.
Th is r epresen ted a r eturn
t o a more p ragma t ic a nd h and t o mouth p o l icy t han t hat w h ich P ert inax h ad b r ief ly a t te mp ted t o f o l low . One o f t he more c ur ious f eatures o f t he monetary h istory o f t he t ime i s t he f act t hat S everus ' o ther c ompe t itor f or p ower , C lod ius A lb inus, f o l lowed av ery d if feren t p o l icy t o t hat o f e ither S everus o r P escenn ius a nd s truck h is c o ins a t t he s tandard o f P ert inax l ong a f ter S everus h ad d ebased h is.
I ti s
v ery d if f icu l t t o e xp la in t h is. I t may b e p art ly d ue t o t he f act t hat s i lver w as a lways more p len t ifu l i n t he w estern p rov inces; b u t i ti s j ust p oss ib le t hat i ti s o f g rea ter s ign if icance. C lod ius A lb inus c erta in ly h ad c ons iderab le s ena tor ia l s upport a t at ime w hen S everus w as b ecom ing d ist inct ly l ess c lose ly model led o n P ert inax a nd l ook ing more l ike Co mmodus i n h is p o l ic ies. T o s o me e x ten t C lod ius may h ave t r ied t o p ortray h i mse l f a s t he t rue h e ir o f P ert inax a nd o f h is p o l ic ies, i n wh ich c ase h e may h ave a dop ted a d ifferen t f inanc ia l p o l icy t o t hat o f S everus, o ne a spect o f t h is b e ing h is p roduct ion o f h igh s tandard d enar i i.
However, t h is i s p urely s pecu la t ive, a nd t here i s
much a ga inst i t , n o t l east t he f act t hat t he d evo t ion wh ich C lod ius ' s o ld iers s howed f or h im a t t he b at t le o f L ugdunum d oes n ot s uggest t ha t h e was a man w ho h ad n eg lected m il itary i n terests . 6 9 The d ebase men ts o f Caraca l la T obg c r upaT t ITag 7 U XOUT C-E ' rE w as t he a dv ice t hat S everus g ave t o h is s ons , a nd a l though Caraca l la i gnored a no ther v i ta l p art o f h is f ather 's words t here i s n o q uest ion b u t t hat C araca l la b as ica l ly f o l lowed t he s ame 1 30
p o l icy a s h is f a ther —a p o l icy o f h igh e xpend iture, p ar t icu lar ly o n w ar a nd t he a r my , c oup led w ith a t te mp ts t o i ncrease r evenue, o f wh ich o ne means w as t o t a mper w ith t he c o inage.
Whereas, h owever , S everus h ad b een a b le t o a c-
c u mu la te a s urp lus, t he f i rst wh ich t he t reasury h ad s een i n f i f ty y ears a nd v ery p oss ib ly l onger , Caraca l la s ee ms t o h ave b een a g ood d ea l more r eck less t han h is f a ther h ad b een , g a in ing t he c r it ic is m o f me mbers o f h is own g overnmen t , e ven o f h is mother J u l ia a nd , more i mpor tan t ly , o f h is Praetor ian Prefec t Macr inus .7 0 The f i rst d ebase men t f or w h ich Caraca l la w as r espons ib le t ook p lace i n 2 12, i mmed ia tely a f ter t he murder o f G eta. On t h is o ccas ion t he d enar ius was d ebased b y a bou t 8 %. The c ircu mstances a re o bv ious a nd a re w e l l r ec orded b y t he a u thors.
A f ter G eta 's murder Caraca l la g ave t he s o ld iers h uge
s u ms o f money , a ccord ing t o Herod ian t he w ho le o f t he r eserve w h ich S everus h ad managed t o a ccu mu la te; 7 1 t h is may w e l l h ave b een ( t hough i ti s b y n o means c lear ) t he o ccas ion f or t he r ise i n a r my p ay g enera l ly f or wh ich C arac a l la w as r espons ib le.
T he d ebase men t o f t he d enar ius o n w ha t w as , i n
e f fec t , a n imper ia l a ccess ion r em inds u s o f t he a ccess ion-debase men ts o f Marcus Aure l ius a nd Com modus ; a nd t he f act t hat i tw as n ecessary s uggests t hat t he r eserve l ef tb y S everus may n ot h ave b een a s l arge a s t he s ources imp ly , a nd t hat Caraca l la f ound i td if f icu l t t o meet t he c om m itmen ts w h ich h e h ad u ndertaken i n o rder t o c onso l idate h is p ower.
The f ac t t hat t he C ons-
t i tu t io An ton in iana , e x tend ing c i t izensh ip t o a l l f ree men i n t he Emp ire, a nd e ssen t ia l ly a measure i n tended t o i ncrease r evenue, a lso d ates f rom t h is y ear t ends t o s upport t he v iew t ha t Caraca l la was a lready s hor t o f money s oon a f ter h is a ccess ion . I ft h is w ere s o i th elps t o e xp la in w hy a nother d ebase men t f o l lowed s o s oon o n t he l ast. C erta in ly a ny r eserve wh ich S everus h ad l ef t c eased t o e x ist i n t he f i rs t y ear o f Caraca l la 's s o le r e ign . Desp ite t h is e xpend iture must h ave c on t inued t o r ise. There w ere L ibera l itates i n e ach o f t he y ears 2 12, 2 13 a nd 2 14 a nd more o r l ess c on t inuous f i gh t ing f ro m 2 13 o nwards , a ga inst t he A lamann i i n 2 13, t he I azyges a nd Go ths i n 2 14 a nd a P arth ian w ar s tart ing i n 2 16, b u t p robab ly b e ing p lanned a s f ar b ack a s 2 14, when t he Emperor I fn ot e ar l ier, t he i ncrease i n a r my p ay h ad c er-
h i mself moved e astwards.
t a in ly c o me i n to e f fect i n 2 15.
I n 2 15 a ma jor c hange t ook p lace i n t he c o in-
a ge, w h ich w as i n e f fec t ad ebase men t e ven t hough t he meta l o f n e ither t he g o ld n or t he s i lver c o inage w as a du ltera ted.
The r efor m o f 2 15 , when t he
a n ton in ianus w as i n troduced a s ap iece c ircu lat ing a s t wo l i ght-we igh t d enar i i a nd t he we igh t o f t he g o ld a ureus w as s imu ltaneous ly r educed c an a ga in b e s een a s p art o f t he a t te mpt t o r a ise t he i mper ia l r evenue t o k eep p ace w ith e xp end iture.
On t he e xact n ature o f t he r efor m a nd i t s u npopu lar ity s ee a bove
p . 6 2f f . T he d ebase men t i s s een a s i t s most s evere i n t he e astern p rov inces, w here C aracal la s pen t t he l ast t hree y ears o f h is l i fe. The c o inages o f Caesarea a nd Tarsus a re v ery sma l l , b u t t hey r epresen t ar educt ion i n t he s i lver c on ten t o ft he d rachma o f n o l ess t han 5 0% f rom t he l eve l u sed u nder S everus.
Much
more s er ious was t he d ebase men t o f t he t e tradrachms o f S yr ia , wh ich w ere a lso r educed i n s i lver c on ten t t o a l most h a lf t he l evel w h ich t hey h ad e n joyed b efore Caraca l la a rr ived i n t he e ast. H ere c o inage w as o n a n e normous s ca le a nd r eco inage o f e x ist ing c urrency w as s yste mat ic, m in ts b e ing o pened 1 31
t hroughou tS yr ia a nd Phoen ic ia f or t he p urpose.
There i s l i t t le d oubt t ha t
t he b u lk o f t he t etradrach ms i n c ircu la t ion i n t he a rea w ere r eco ined a nd e f fec t ively t he g over runen t c ou ld t urn 2 d rachmas o f o ld money i n to 4 d rach mas o f n ew. S o l ong a s t he g overnmen t c ou ld f orce t he p ub l ic t o a ccep t t he n ew money t hen t he p rof its w ere h uge , b u t w e h ave a lready n o ted t hat t he d ebasemen t w as s o g rea t t hat t here i s e v idence t hat c on f idence i n t he n ew c o ins was l ost v ery r ap id ly .
( See a bove, p .100).
I tw as p robab ly t he f i rst t ime t hat
s uch a l oss o f c on f idence h ad t aken p lace. The r efor m o f Macr inus I tw ou ld b e ag rave m istake t o t ake a ny c o mpar isons b etween Pert inax a nd Macr inus t oo f ar , f or t hey c a me f ro m v ery d i f feren t b ackgrounds a nd c ircumst ances h ad c hanged c ons iderab ly i n t he i n terven ing y ears.
N onetheless t here
a re i n terest ing s im ilar it ies b etween t he p o l ic ies w h ich e ach o f t he m f o l lowed. L ike P er t inax , Macr inus was a n i mpor tan t me mber o f t he a dm in istra t ion wh ich h e r ep laced , a nd i n t he c ase o f Macr inus w e h ave s ome e v idence t hat h e w as i n c on f l ict w ith t he p o l icy o f Caraca l la b efore t he l at ter 's a ssass inat ion .7 2
C erta in ly a f ter h is a ccess ion Macr inus made h is d isapprova l o f t he
p o l icy o f Caraca l la q u ite c lear, a nd i t may w e l l b e t hat t he a ssass ina t ion o f Caraca l la w as r a ther more c arefu l ly p lanned a nd f or r ather l ess p ersona l mot ives t han e ither D io o r Herod ian s uggest. What i s c er ta in i s t hat Macr inus a t o nce embarked o n ap rogra m me o f f ar-reach ing r efor ms, w h ich i n t he ir c on ten t a re q u ite s im ilar t o t hose o f Pert inax . Macr inus r epresen ted t he c iv i l e lemen t i n t he a dm in istra t ion o f Caraca l la ;
a s P raetor ian Prefec t h e was f a med f or h is k now ledge o f t he l aw
a nd h is e xce l len t a dm in istrat ion o f i t .7 3
I n h is e ar ly d ays a s Emperor h e
c om muted t he s en tences o f t hose c onde mned b y Caraca l la , p ro tected s ena tors f rom t he s o ld iers a nd made p eop le g ive b ack t he money w h ich t hey h ad b een g iven b y Caraca l la.
Both t axat ion a nd e xpend iture w ere c u t.
The h igher
t axes o n i nher itance a nd emanc ipat ion w ere a bandoned a nd most i mportan t o f a l l (T ö
' LC
) an a t te mpt was made t o r educe t he p ay o f
p .gy L . C YTOV
t he s o ld iers t o t he l evel a t wh ich i th ad s tood u nder S everus. t he P raetor ians t h is w as , a ccord ing t o D io , as tra igh t c u t ;
I n t he c ase o f
f or t he r est o f
t he s o ld iers Macr inus s ee ms t o h ave a ccep ted t hat i tw as imposs ib le t o d o t h is a nd h e t r ied t o r educe p r izes a nd g ive t he o ld S everan l eve l o f p ay t o n ew r ecru its. Macr inus c r it ic ised Caraca l la f or t he P arth ian War a nd f or g iv ing money t o t he b arbar ians. Most i n terest ing ly f or o ur p urpose t here was a t Rome a x cu r ( 50 ‘ .vc L g
( abo l it ion ) o f a l l Caraca l la 's a cts a nd a n i nvest iga-
t ion i n to a l l h is e xpend itures. 7 4 T ha t t hese r efor ms r eal ly w ere a t te mpted , imprac t ica l a s t hey may s ound , i s c on f ir med b y t he f act t ha t s hort ly a f ter h is a ccess ion Macr inus a bo l ished a l l t he c hanges i n t he c urrency wh ich h ad b een i n troduced b y Caraca l la , t he d ebase men t o f t he d enar ius i n 2 12, t he r educt ion i n t he w e ight o f t he a ureus i n i n 2 15 a nd t he i n troduct ion o f t he a n ton in ianus ( above, p . 6 4 ) . I n t he e ast t he d ebased c o inages o f Cappadoc ia a nd S yr ia c eased t ob e s truck ( above p . 9 9 ) .
There i s as trong p oss ib i l ity t hat t hese c hanges , p art icu lar ly t hose
a t Rome , a re p art o f t he x cr t6 .Xua L g men t ioned b y D io , p art icu larly w hen w e r e me mber t ha t t he monetary c hanges o f Caraca l la h ad b een among t he u np opu lar measures o f h is r e ign . 1 32
P ert inax was k i l led b efore t he f u l l impract ica l ity o f h is r efor ms c ou ld b ecome c lear ;
Macr inus w as n o t s o f ortuna te.
H e w as c r it ic ised f or o ther
t h ings a s w e l l, h is p ersona l l uxury c o mpared w ith t he s i mp l ic ity o f Caraca l la a nd h is a ppo in tmen t o f p eop le a ssoc ia ted w ith Caraca l la t o h igh o f f ice 75 b u t h is ma in f a i lure w as t hat h e f ound i ti mposs ib le t o s usta in h is f inanc ia l p o l icy. He w as f orced t o g ive money t o t he t roops, a nd d esp ite t he b y n ow t rad it iona l r e medy o f t he ' good ' Emperor, a s a le o f i mper ia l p roperty , h e w as u nab le t o make e nds meet .
By t he e nd o f h is r e ign h e w as a bo l ish ing t he r efor ms w h ich
h e h ad e ar l ier i nst ituted, b u t b y t hen i t was t oo l ate. 76
The l etter w h ich h e
w ro te t o t he Urban P refec t i n t he l ast d ays o f h is r e ign s u ms u p w el l t he f i n anc ia l p os it ion i n wh ich t he Emp ire f ound i t se lf .
I t was imposs ib le t o p ay
t he s o ld iers a l l t ha t Caraca l la a nd S everus h ad g iven t he m ;
b ut o n t he o ther
h and i t was imposs ib le n o t t o p ay t he m .7 7 E lagaba lus The a ccess ion o f E lagaba lus, c oup led a s i t w as w ith a no ther c iv il w ar , p roduced a no ther d ebase men t a t Ro me, a l l Caraca l la 's c hanges b e ing r ei n troduced wh i le t he d enar ius w as d ebased a ga in t o b e low t he l eve l o f Caraca l la. I n terest ing ly , h owever, t wo f actors s uggests a d ist inct r eluctance o n t he p art o f t he n ew g overnmen t t o a bo l ish e n t irely t he i mprove men ts wh ich Macr inus h ad i n troduced.
F irst ly , d esp ite t he f act t hat t he ma in f inanc ia l b urden a t
t he s tart o f t he r e ign f e l l i n t he e ast , t he s cene o f t he c iv i l war t hat b rough t E lagaba lus t o p ower,
7 8
t he c o inage wh ich w as s truck a t N ico med ia d ur ing
t he Emperor 's s tay t here i n t he f i rst w in ter o f h is r e ign was s truck a t Macr inus ' s tandard, n ot t he n ew r educed o ne wh ich h ad b een i n troduced f or t he ma in c o inage a t Ro me.
Th is i s a n i n terest ing r eversa l o f t he u sua l s i tua-
t i on i n wh ich e astern c o inage i s g enera l ly o f p oorer q ua l ity t han w estern , a nd i t may i nd icate a d es ire t o p lacate t he t roops n earest t o t he Emperor 's p erson . T h is f ine e astern c o inage, w ith h eavy a ure i a nd n o a n ton in ian i ,was c o mpensat ed f or b y ar enewed a nd e nor mous c o inage o f t etradrachms a t An t ioch a t a s tandard e ven l ower t han t hat u sed b y Caraca l la a nd b y Macr inus b efore h e c losed t he S yr ian m in ts.
These t etradrachms e f fec t ively d estroyed w ha t
c on f idence r e ma ined i n t he l oca l S yr ian c urrency ( above , p . 9 9-101) . S econd ly , t he i ssue o f a n ton in ian i a t Ro me c eased s hort ly a f ter t he Emperor 's a rr iva l t here i n 2 19;
a nd t h is a ga in may r ef lect t he d eep-rooted u npopu lar ity
o f t he n ew d eno m inat ion , f or i tw as n ot s truck a ga in f or 1 9 y ears.
I fw e s urvey t he h istory o f t he c o inage f ro m t he r e ign o f Co m modus t o t hat o f E lagaba lus i ti s p oss ib le t o s ee t ha t t here a re s uggest ions o f t wo c ont rary p o l ic ies a t work ;
a nd a lthough g enera l isat ion c an b e d angerous t here
w ou ld s ee m t o b e t wo d ist inct i deas a s t o h ow t he c o inage s hou ld b e man ipu lat ed b y t he s tate, i deas wh ich a re c lose ly c onnected t o t hose c oncern ing t he g overnmen t 's r o le a s ac o l lector o f t axes a nd s pender o f r evenue i n g enera l. I t wou ld b e a bsurd t o s peak o f t wo c on t inuous a nd c on trary ' part ies ' t hrougho u t t he p er iod ;
we h ave s een h ow b oth P ert inax a nd Macr inus w ere h igh i n
t he g overnmen ts wh ich t hey o verthrew.
What i s more r easonab le i s t o s ee
t he Imper ia l g overnmen ts o f t he p er iod b e ing p ushed i n c on trary d irect ions. On t he o ne h and Co m modus, S ep t im ius S everus a nd Caraca l la p ersued p o l ic ies
1 33
o f h igh e xpend iture, more p art icu lar ly , i n t he c ase o f t he l a t ter t wo , o n t he a r my w h ich w as t he f ounda t ion o f t he ir p ower.
I n d o ing t h is t hey w ere f u l-
f i l l ing t he i mper ia l r o le a s g ivers o f l i bera l itas b u t , o f c ourse, c omb in ing i t w ith mot ives o f e xped iency . I ncreased e xpend iture mean t an eed f or i ncreased r evenue, a nd t h is w as p art ly met b y i ncreases i n t axat ion , p art ly i n t he f orm o f i rregu lar e xact ions b y c on f isca t ion a nd e xecut ion a nd p art ly b y t he d ebasemen t a nd l i ghten ing o f t he c o inage , w h ich a l l t hree o f t hese Emperors p ursued o n ag rand s ca le.
T hey w ere, t ogether w ith E lagaba lus, t he d om inan t
' dynasty ' o f t he p er iod , S everus, a f ter t he d efeat o f C lod ius A lb inus, s tress ing h is c onnect ions w ith Com modus, C araca l la b e ing a ctua l ly r ecorded a s b e ing a dv ised b y h is f a ther t o c on t inue h is f i nanc ia l p o l icy a nd E lagaba lus p os ing a s t he s on a nd r evenger o f C araca l la. The b r ief a nd t enuous g overnmen ts o f P ert inax a nd ( i n h is e ar ly d ays ) Macr inus a re i n s tr ik ing c on trast t o t he o ther r eg i mes o f t he p er iod. T hey a ct ive ly a nd , i nas much a s i t was i n t he ir p ower , e nerge t ica l ly a bo l ished t he a cts o f t he ir p redecessors, c u t d own o n e xpend iture, p art icu larly o n t he a rmy , a bo l ish ing t he t axes w h ich h ad r ecen t ly b een i mposed , a tte mpt ing a mora l r efor m o f t he a dm in istrat ion a nd o f s oc iety a nd i n troduc ing sweep ing a nd d rama t ic r efor ms i n t he c urrency d esp ite t he f act t ha t b y d o ing s o t hey w ere d epr iv ing t he mse lves o f r evenue w h ich t hey n eeded v ery b ad ly. I n t hese c on f l ic t ing p o l ic ies w e c an s ee t he i n terests o f o ne g roup i n s oc iety t e mporar i ly g a in ing t he a scendancy o ver a no ther —the r ich t ax-pay ing g roup a ga inst t he t ax-consu m ing a r my ;
b u t t he s i tuat ion i s p robab ly f ar
more c o mp lex t han t hat , f or i ta lso r epresen ts t he a scendancy o f t he v irtue o f p ars i mon ia o ver t ha t o f l i bera l itas, a n a t te mpt t o r estore t he f ruga l ity a nd mora l u pr igh tness o f t he p ast i n c on trast t o t he a var ice, r apac ity a nd d eg eneracy o f t he p resen t , a s i ta ppeared t o t he r ich a nd c onservat ive e le men ts o f s oc iety , r epresen ted b y t he s ena te. I ti s i n t h is c on tex t t hat t he r efor ms o f t he c o inage a re p robab ly t o b e v iewed , f or, a t l east i n t he c ase o f P ert inax , t here i s n o e v idence t ha t t he r efor m w ou ld h ave b een a ' popu lar ' o ne,in t hat i ti s u n l ike ly t hat p rev ious d ebase men t b y C o mmodus w as u npopu lar, o r e ven r ecogn ised , a nd c erta in ly n ot t hought t o b e d amag ing t o t he ma ter ia l p rosper ity o f t he Emp ire.
By t he t ime o f Macr inus t h is may h ave c eased t o h ave b een
t he c ase. T he c hanges i n troduced b y C araca l la, t he r educ t ion i n t he w e igh t o f t he a ureus a nd t he i n troduct ion o f t he a n ton in ianus, h ad b een o bv ious o nes a nd h ad n ot p assed w ithou t u n favourab le c om men t , a t l east f rom D io.
Th is
i s f ar f ro m s ay ing t hat t hey w ere k nown t o h ave b een i n f lat ionary , o r, i ndeed t hat t hey h ad c aused i n f lat ion . Wha t i s more p robab le i s t hat t hey w ere s een a s a n i m mora l a t te mpt b y t he s tate t o make money , i n t he s a me w ay t hat t he f orger made money , a nd t ha t i n c onsequence t here may a t t h is p o in t h ave b een t he b eg inn ings o f ad ec l ine i n c on f idence i n t he i mper ia l c urrency , t he o verv a luat ion o f w h ich a ga inst b ul l ion w as p robab ly s tead i ly i ncreas ing. As w e h ave s een , i n t he e ast t here i s g ood e v idence t o s uggest t hat t here w as a t t h is t ime, o r s hort ly a f terwards, a c omp lete c o l lapse i n c on f idence i nt he p rov inc ia l c urrency o f S yr ia , b u t t he d ebase men t w h ich t hat c o inage u nderwen t w as v ery much g reater t han t ha t o f t he i mper ia l c urrency o f a ure i a nd d enar i i.
1 34
The e ven ts o f 2 38 A lthough t here may h ave b een a p er iod o f i nstab il ity i n t he m idd le y ears o f t he r e ign o f S everus A lexander t here w as n o f or ma l c hange i n t he c on ten t o f e ither t he a ureus o r t he d enar ius f ro m t he t ime o f t he a bandon men t o f t he a n ton in ianus i n 2 19 u n t i l t he f a l l o f Max im ian i n 2 38 .
O f t he f i nanc ia l p os i-
t ion o f S everus A lexander w e k now v ery l i t t le , e xcep t t ha t t he r e ign was marked b y c ons iderab le c onserva t is m i n p o l icy.
That t he p erenn ia l s hortage
o f money c on t inued i s c lear, p art icu lar ly i n t he l a ter y ears o f t he r e ign w hen t he P ers ian w ar was s ucceeded i m med ia tely b y f i ght ing i n Ger many.
For
a l l t he a l leged f e l ic ity o f t he r e ign , t he r eg i me d id n ot e scape a r eputat ion f or a var it ia , wh ich was b la med b y A lexander o n h is mother . J u l ia Ma maea was s a id t o b e c o l lect ing money f or h erself , o n ly p retend ing t ha t i tw as f or t he s o ld iers.
I t s ee ms more l ike ly t hat m i l itary n ecess ity w as i ndeed t he r eason
f or h er r apac ity .7 9 Tha t Max im ian c o l lected money f or h is s o ld iers t he a nc ien t a u thors h ad n o d oub t.
I n t he ir e yes h is r e ign marked t he p eak o f i mper ia l t yranny a nd t he
f ina l t r iu mph o f t he m i l itary f act ion .
Max im ian , i tw as s a id , c on f iscated
money f ro m e very q uarter , l oot ing t e mp les a nd me lt ing d own s tatues t o p rov ide a c on t inuous s upp ly o f b u l l ion t o t he m in t ; i n t he e nd e ven t he s o ld iers w ere a nnoyed s ince, a l though t hey w ere t he r ec ip ien ts o f h is b oun ty , t hey h ad t o l i sten t o t he c o mp la in ts o f t he ir c iv i l ian r ela t ives. 8° The p icture i s c ert a in ly e xaggerated a nd c an b e d e monstra ted t o b e s o.
As f ar a s g o ld i s c on-
c erned , Max im ian 's c o inage i s v ery r are, a nd was c lear ly s truck i n sma l ler q uan t ity t han w as t he c ase e ither u nder S everus A lexander o r u nder Gord ian I I.
Max im ian w as c erta in ly n ot c on f isca t ing g o ld b u l l ion o n al arge s ca le
a nd m in t ing i t .
Even Max im ian 's s i lver c o inage i s p robab ly n ot much more
c o m mon o n ap er a nnu m b as is t han t ha t o f S everus A lexander, a nd i n t he p er iod 2 36-238 i tw ou ld a ppear t o b e c ons iderab ly r arer.
I ti s c erta in ly f ar
l ess c o m mon t han c o inage im med iately a f ter 2 38, t hough o ther f actors t hen b eco me i nvo lved.
What Max im ian 's p o l icy d oes t el l u s i s t hat o nce a ga in t he
Emperor was f ind ing i tw e l l-n igh imposs ib le t o meet h is c om m itment s t o h is t roops w ithou t t he u se o f e x tralega l methods o f r a is ing r evenue.
He d id n ot,
h owever, r esort t o t he d ev ice o f e ar l ier emperors w ith h is r epu tat ion , d ebasemen t o f t he c o inage, a n i nd icat ion o f t he d angers o f g enera l isa t ion i n a ny a na lys is o f i mper ia l p o l icy o ver a l ong p er iod. I th as b een s uggested t ha t t he r evo l t o f t he Gord ians i n A fr ica a ga inst Max im ian , c on t inued b y t he S enate a f ter t he ir d eaths u nder Ba lb inus a nd Pup ienus , w as b y n o means a s s pon taneous a nd u np lanned a s t he a ccoun t o f Herod ian s uggests, b u t w as r a ther a c arefu l ly c oord inated r evo lu t ion e ng ineered b y c onservat ive, b as ica l ly s ena tor ia l e le men ts, c om m it ted t o ap o l icy o f f inanc ia l r efor m a nd l eg isla t ion a ga inst c orrup t ion .8 1
I ft h is w as i ndeed t he
c ase, a nd i n g enera l t er ms i t may w e l l b e, t hen w e c an s ee d ist inct s im ilar it i es b etween t he s ena tor ia l r eg i me o f 2 38 a nd t hose o f P ert inax a nd Macr inus. The d iscovery t hat s o me a t l east o f t he c o ins o f t he Gord ians, a nd o f t he e ar l ier c o ins o f Ba lb inus a nd Pup ienus, w ere s truck a t a n i mproved s tandard , d ist inct ly h igher t han t hat o f Max im ian , v ery much s upports t h is t heory , e ven t hough more c o ins must b e a na lysed b efore w e c an b e c er ta in o f t he n ature o f t he r efor m.
I ti s r e markab le t hat d esp ite t he s er ious s i tuat ion i n wh ich
1 35
t he g overnmen t i n Rome f ound i t se lf s uch a r eform s hou ld h ave b een a t te mp ted , a nd i ts erves t o c on f ir m t he i mportan t p art w h ich monetary r efor m p layed i n t he p o l ic ies p ursued i n t hese t hree c onserva t ive p er iods. B a lb inus a nd P up ienus, h owever, l earn t i n a mat ter o f w eeks wha t Macr inus h ad l earn t i n mon ths —the i mposs ib i l ity o f s usta in ing a p o l icy o f f inanc ia l r ef orm wh ich was c on trary t o t he w ishes o f t he s o ld iers f or who m l arge s u ms o f money were n ecessary .
T he c osts wh ich f aced t he Emperors were e normous,
c aused n o t o n ly b y t he g enera l mob i l isa t ion a ga inst Max im ian a nd t he l arge s u ms w h ich t hey were o b l iged t o p ro m ise t he t roops a f ter v ictory a nd t he d ea th o f Max im ian , b ut a lso b y t he a narchy a nd d estruct ion i n R o me i t se lf a nd t he g enera l d isrup t ion t hroughout t he Emp ire wh ich r esu lted f ro m t he c iv i l war .
8 2
T he y ear 2 38 was t he worst y ear wh ich I t a ly h ad k nown s ince 6 9 , a nd t he d eb ase men t o f t he c o inage wh ich Ba lb inus a nd P up ienus were o b l iged t o i n troduce was c onsequen t ly d rama t ic . T he d enar ius c eased t o b e s truck e n t ire ly a nd t he a n ton in ianus, a bandoned f or 1 9y ears, was t he o n ly s i lver d eno m ina t ion s truck i n t he s econd h a lf o f t he r e ign . T h is was i n e f fec t ar educt ion i n t he s i lver c ont en t o f t he d enar ius o f a bout 3 0% a nd t he we igh t o f t he a ureus was r educed b y a bou t t he s ame amoun t . I t was t he w orst s ing le d ebase men t t ha t t here h ad e ver b een . The b eg inn ing o f t he c o l lapse, 2 49-253 The c o inage i n troduced a t Ro me b y Ba lb inus a nd Pup ienus r e ma ined more o r l ess u nchanged f rom 2 38 u n t i l t he d eath o f P h i l ip Ii n t he c iv il w ar a ga inst Dec ius i n 2 49. The Emp ire t hen e ntered a p er iod o f a narchy e nded o n ly b y t he a ccess ion o f V a ler ian i n 2 53, a nd d ur ing t h is p er iod t here was a c on t inuous d ecl ine i n b oth t he g o ld a nd t he s i lver c o inage.
The e xpend iture i nvo lved a s
c iv il w ar a nd a ccess ion f o l lowed c iv i l w ar a nd a ccess ion makes t he d ecl ine i n t he c urrency v ery much w ha t w e wou ld e xpect . I tw as made w orse b y e x terna l w ar a ga inst t he Goths, w h ich l ed t o t he d eath o f Dec ius i n b a tt le, a nd b y t he i ncreas ing p ressure i n t he e ast c aused b y t he r is ing S assan ian p ower.
I tw as
t h is e astern p ressure, c oup led w ith t he t rad it ion o f much g rea ter e xp lo ita t ion o f t he e astern c urrency w h ich h ad c haracter ised t he b ehav iour o f C araca l la i n t he e ast , t ha t made t he d ebase men t o f t he e astern c urrency f ar g rea ter t han t hat o f t he w est . A t An t ioch , Gord ian I I h ad i n troduced a r eformed t etradrachm, much p urer t han t ha t o f E lagaba lus w ith w hom t he p rev ious c o ina ge h ad e nded.
A t t he s a me t ime t he s tr ik ing o f a n ton in ian i a t An t ioch b e-
c o mes more o r l ess c on t inuous.
A t t he ir i n troduc t ion b oth t hese c urrenc ies
c o mpared w e l l w ith t hose o f Ro me, b u t t hey h ad b egun t o d ec l ine b efore t he e nd o f t he r e ign o f Gord ian I I , a nd b etween 2 44 a nd 2 53 t hey f e l l f ar more r ap id ly t han d id t he c urrency a t Ro me, w ith t he r esu l t t ha t t hey c an b e s a id t o h ave c o l lapsed a l most e n t irely b y t he y ear 2 53.
I n t he c ase o f t he t etra-
d rachm t h is w as t he s econd t ime t he c urrency h ad c o l lapsed , a nd a s b efore t he p roduct ion o f t he d enom ina t ion a t An t ioch c eased e n t ire ly , a nd , t h is t ime , f or g ood. The r efor m o f U ran ius Anton inus We h ave a lready n o ted ( above, p . 1 03 ) t ha t t he r eform o f U ran ius An ton inus i s merely a r epet it ion , o n a more i mpress ive s ca le, o f t he i mprove men t i n t he q ua l ity o f t he t e tradrach m w h ich h ad b een e f fected b y Gord ian I I, f o l low ing 1 36
o n t he e arl ier c o l lapse u nder E lagaba lus.
Tha t U ran ius s hou ld h ave a t te mpted
s uch a r efor m, i ssu ing t etradrach ms o f ap ur ity t hat h ad n o t b een s een s ince t he e x t inct ion o f t he a u tono mous c o inage o f Tyre i nt he f i rst c en tury , a s w e l l a s d enar i i o f p ure s i lver a nd a ure i, i s v ery r e markab le, b u t l ess s o when w e c ons ider t he s tate o f t he S yr ian c urrency a t t he t ime o f h is a ccess ion .
How-
e ver , h e was p robab ly more i n f luenced b y e ven ts o u ts ide t he Emp ire t han b y e ar l ier a tte mp ts t o r efor m t he Ro man c o inage.
Un t i l t he c o l lapse o f t he
P arth ian Emp ire t he Ro man c urrency h ad h ad n o c ompet itor i n t he e ast , f or t he P arth ian c urrency was a t l east a s d ebased a s t he Roman p rov inc ia l c urrency o f S yr ia , a nd a g ood d ea l more s o t han t he Ro man d enar ius.
A l l t h is was
c hanged b y t he a ccess ion o f Ardash ir Ia s f i rst k ing o f t he S assan id d ynasty , a nd t he e stab l ish men t b y h im o f ar efor med c urrency b ased o n ah eavy d rach ma w e igh ing a l i tt le o ver 4 gm a nd a bou t 9 5% f ine.
Th is c o inage w as c on t inued
b y h is s uccessor S hapur I , t he ma jor ity o f whose c o ins w ere a bou t 9 0% f ine. Th is mean t t hat t here was o uts ide t he Emp ire t o t he e ast a f ine s i lver c o inage w ith wh ich t he Ro man c urrency c ou ld n o t c o mpete.
U ran ius An ton inus h e ld
p ower a cross t he ma in t rade-rou te b etween t he t wo g rea t Emp ires , a nd a s s uch h e wou ld h ave h ad a ccess t o t he S assan ian s i lver c o inage a s w e l l a s, p erhaps, t o t he t e mp le t reasure o f Emesa.
H is r efor m i s p robab ly t o b e s een
a s a n a t te mp t t o c onstruct a c urrency w h ich wou ld b e a b le t o c o mpete w ith t he c o inaßt - o f S hapur I . One i s t e mpted t o c ompare t he r efor m o f Uran ius, p roduc ing a f ine s i lver c urrency o n t he v ery e dge o f t he Emp ire a t at ime w hen t he c en tra l Emp ire c ou ld p roduce n oth ing t o c o mpare w ith i t , w ith t he r efor med c o inage o f C araus ius, w ho a lso p roduced a p ure s i lver c o inage. I n t he c ase o f Caraus ius, h owever, t he r eason f or t he c o inage i s p robab ly t o b e s een i n t he f act t ha t h e h ad a ccess t hrough h o ld ing Br ita in t o o ne o f t he Emp ire 's ma jor s ources o f s i lver.
Cur ious ly , t here i s a nother p oss ib le p ara l le l t o b e f ound w ith U ran ius 's
c o inage, n earer t o h im a nd a l mos t c on te mporaneous.
I n t he K ingdo m o f
Bosphorus t o t he n orth o f t he B lack S ea t he c o inage o f g o ld s taters h ad s u f fered f ar more f ro m d ebase men t t han h ad a ny o f t he Ro man c urrenc ies, s o t hat t he c o in wh ich h ad b een o f p ure g o ld i n t he f i rst c en tury A .D. h ad b y Bosphorus y ears 5 44-49 ( A. D. 2 47-252 ) b eco me a c o in o f a l most p ure b ronze, o f w retched s ty le a nd p roduced i n h uge q uan t it ies.
I ti s c lear t ha t t here c eased t o b e a ny
c on f idence i n t h is c urrency , f or c o inage c eased e n t irely f or a p er iod o f 5y ears. N ew s taters o f r ather b et ter a ppearance a nd me ta l c on ten t made t he ir a ppeara nce i n y ear 5 57 ( 259-60 ) a nd c on t inued u n t i l y ear 5 64 ( 266-7 ), t hough t h is i mprove men t was n ot p art icu lar ly g reat .
Wha t i s much more r e markab le i s
t he a ppearance i n 5 60 ( 262-3 ) o f as ing le c o in o f p ure g o ld a nd i n 5 60 a nd 5 61 o f af e w sma l l c o ins o f p ure s i lver. 8 4
I n o ther words i t wou ld s ee m t o b e
t he c ase t ha t i n y ear 5 60 a n a t te mpt was made t o i n troduce a n ew c urrency o f p ure me ta l , j ust a s U ran ius An ton inus h ad d one.
A d irect l ink b etween
t he t wo i s h igh ly u n l ikely , b u t t he b as ic c ause was p robab ly t he s a me.
I t
w as p oss ib le f or t he Emp ire t o f unct ion i n terna l ly w ith a h igh ly d ebased a nd o verva lued c urrency s o l ong a s p ub l ic c on f idence c ou ld b e ma in ta ined i n t he s tate wh ich i ssued i t , b u t s uch a c urrency w ou ld b e i ncreas ing ly d if f icu lt t o u se f or f ore ign t rade.
J ust a s U ran ius An ton inus c on tro l led o ne o f t he g reat
r outes t o t he e ast s o t he K ingdo m o f Bosphorus was t he c en tre o f t rad ing a ct iv ity b etween t he s teppes o f s ou th Russ ia a nd t he Med iterranean l ands,
1 37
a nd i t s c o inage r efor m , w h ich w as j ust a s t rans ien t a s t ha t o f U ran ius An ton inus, was p robab ly i nsp ired b y t hese c ons idera t ions. Conc lus ion The d ebase men t o f t he Roman c o inage c an a l most a lways b e d e monstrated t o h ave t aken p lace a t t ime o f p art icu lar ly h igh s ta te e xpend iture. Th is e xp end iture c an b e a ccoun ted f or i n an umber o f ways, b u t b y f ar t he most i mp ortan t c ause w as w arfare , b o th e x terna l a nd i n terna l.
The g rea t ma jor ity
o f t he d ebase men ts c an b e s hown t o h ave t aken p lace d ur ing o r s hort ly a f ter t imes o f ma jor c onf l ict. The n ex t most i mportan t c ause o f d ebase men t w as e xpend iture r esu l t ing f ro m i mper ia l a ccess ions a nd a nn iversar ies —the s ta te a lways f i nd ing i td if f icu lt t o s ecure t he h ard c ash n ecessary t o meet t he o b l igat ions o f l i bera l itas w h ich t hese e ven ts p roduced.
At h ird c a tegory i s f ormed
b y d ebase men ts wh ich c an b e l i nked t o h igh e xpend iture r esu lt ing f rom ' ex trav agance ' i ng enera l.
These t hree g roups a re , o f c ourse , c lose ly i n tertw ined
a nd o f ten i nseparab le f rom e ach o ther, b u t t he ir i n f luence c an b e s um mar ised a s f o l lows : Debase men t
Cause
N ero ( 64 )
P arth ian w ar;
' Ex travagance ' ( l uxur ia ,
Vespas ian ( 70 ) Dom it ian ( 85 )
C iv i l w ar a nd a ccess ion ' Ex travagance ' t o a r my ;
Tra jan ( 107 )
? 'Ex travagance ' ( bu i ld ing , a l i men ta , e tc. )
An ton inus P ius ( 148 )
? Af ter ma th o f Dac ian War ? 'Ex travagance ' ( decenna l ia a nd 9 00th
b u i ld ing , e tc . F ire a t R o me) w ar
b irthday o f Ro me ) Marcus Aurel ius ( 161)
Access ion ;
Marcus Aure l ius ( 170 ) Com modus ( 180 ) Com modus ( 190 )
S tart o f Marcomman ic War Access ion ; f ina l s tages o f Ger man w ar. ' Ex travagance '
S ept im ius S everus ( 19 4 /5)
C iv il w ar ;
S tart o f P arth ian War
P arth ian w ar ;
' ex travagance '
t o s o ld iers C araca l la ( 2 12 )
Access ion a s s o le Emperor;
Caraca l la ( 2 15 )
g ance ' t o s o ld iers G er man a nd P arth ian w ars ; g ance ' t o s o ld iers
E lagaba lus ( 2 18 )
C iv i l w ar a nd a ccess ion
Ba lb inus a nd Pup ienus ( 238 ) T ra jan Dec ius-Ae m i l ian ( 249-253 )
C iv i l w ar a nd a ccess ion C on t inuous s uccess ion o f a ccess ions
' ex trava' ex trava-
c iv i l w ars a nd f ore ign w ars One o f t he ma jor p rob le ms w h ich f aced t he Roman g overnmen t w as t he t o ta l a bsence o f a ny c oncep t o f s tate c red it .
I ft he g overnmen t h ad l ess money
i n i t s t reasury t han i tn eeded t o p ay i m med iate ly n ecessary e xpenses ( and t he p aymen t o f t he t roops w as a lways n ecessary ) t hen i tw as i mposs ib le f or i t t o d efer p aymen t w hen i t s most i mpor tan t c red itor was t he a r my w h ich w as t he b as is o f t he g overnmen t 's p ower.
Th is w as t he r eason w hy t he s tate w as
f orced i n to s uch d esperate r e med ies a s t he s a le o f i mper ia l p roperty t o r a ise c ash a nd t he c on f iscat ion o f p r iva te f ortunes. 1 38
I tw as a lso t he r eason f or t he
r ecourse t o d ebase men t o f t he c urrency , f or t h is was t he e asy , i ndeed t he o n ly w ay , i n w h ich t he g overnmen t c ou ld t urn 1 0 mi l l ion d enar i i i n to 1 T he d egree o f p rof itab il ity t o t he s ta te d epended o n whether t he me ta l b e ing c o ined w as i n t he f or m o fp ure s i lver b u l l ion o r o f t he a lready d ebased c urrency o f t he Emp ire, a nd o n t he w ho le q uest ion o f t he d egree t o wh ich t he d enar ius w as o verva lued a t a ny o ne t ime a ga inst meta l l ic s i lver.
I ti s n ow g enera l ly
a greed t hat t he d enar ius a nd a ureus o f Augustus may n ot h ave b een o verva lued a ga inst meta l l ic s i lver t o a ny a pprec iab le e x ten t , b u t t he s ame c anno t b e t rue o f e i ther t he d enar ius o r t he a ureus a f ter t he r efor m o f N ero. Th is c an b e s hown n o t o n ly b y t he f act t ha t o lder a nd p urer money c on t inued t o c ircu la te f or a c ons iderab le t ime a longs ide more r ecen t a nd p oorer c o ins b u t a lso b y t he a t te mpts made f rom t ime t o t ime t o r a ise t he meta l c on ten t o f t he c o ins a bove t he l evel a t wh ich t hey h ad b een s truck i n t he immed ia te ly p reced ing p er iod.
As a n e xa mp le o f t h is, i fi n 1 93 P ert inax c ou ld s tr ike d enar i i w ith
a n a verage s i lver c on ten t o f 2 .75 g wh i le i n 1 92 Commodus w as s tr ik ing t he m w ith o n ly 2 .18 g o f s i lver a nd i n 1 95 S everus w as s tr ik ing t he m a t 1 .85 g t hen i fw e a ssu me a s w e must t ha t P ert inax w as n o t a ctua l ly p roduc ing d enar i i a t al oss , c on ta in ing more t han 1 d enar ius ' w orth o f s i lver , a nd i fw e a lso a ss ume t hat t he p r ice o f s ' i lver d id n ot f l uctuate v ery w i ld ly o ver s hort p er iods, t hen t he o verva luat ion o f t he d enar ius o f C o mmodus c annot b e l ess t han 2 5% a nd t hat o f S everus c annot b e l ess t han 5 0%. Th is o verva lua t ion i s c on f ir med , o f c ourse, b o th b y t he c on t inued c ircu la t ion o f many c o ins s truck o n t he s tandard o f Vespas ian ( i .e. s truck b efore 1 48 ) u n t il i n to t he t h ird c en tury , a s w e l l a s b y t he c ircu la t ion o f n ew c o ins w e igh ing f ar more t han t he mean w e igh t f or t he i ssue. To t ake a no ther e xa mp le ; i n t he e ar ly d ays o f Ba lb inu .s a nd Pup ienus d enar i i w ere b e ing s truck c on ta in ing a n a verage o f a bou t 1 .80 g o f s i lver.
N ine mon ths l a ter a t t he s tart o f 2 39 t he d enar ius i n t he a n ton in ianus
c on ta ined a bou t 1 .10 g o f s i lver. I n o ther words, a ssum ing t hat t he p r ice o f s i lver h ad n ot r isen i n t he mean t i me, t he s i lver c urrency o f 2 39 c annot b e o verva lued a ga inst meta l l ic s i lver b y l ess t han 4 2%. O f c ourse t h is d oes n ot r epresen t t he t rue p rof it t o t he s tate s ince t he ma jor p art o f t he meta l t hat i tt urned i n to c o in w ou ld n ot b e i n t he f or m o f p ure meta l b u t o f c urren t c o in wh ich w as a lready d ebased ; f urther more t he s tate h ad t he c ost o f m int ing t o b ear u n less i tc ou ld f orce o thers t o u ndert ake i t , a s Caraca l la p robab ly d id i n h is g rea t r eco inage o f t he S yr ian t e trad rach ms i n 2 15-217. N or wou ld t h is d egree o f p rof i tab il ity b e ma in ta ined o nce t he s tate b egan t o c o l lect money i n t he f or m o f c o in w h ich h ad b een s truck a t t he most r ecen t a nd d ebased s tandard , u n less i ts i mp ly r efused t o a ccept n ew c o in a s N ero d id.
Further more, a lthough w e h ave a rgued t ha t t he p r ice
o fb u l l ion i s v ery u n l ike ly t o h ave f l uctated w i ld ly i tc erta in ly r ose , a l though p robab ly a t av ery s low r a te u n t i l 2 38. I ft he p r ice o f b u l l ion r ose f ast e nough t hen p r iva te i nd iv idua ls w ou ld s tart t o me l t d own c o in , d epr iv ing t he s tate o f i t s p o ten t ia l p rof it. We k now n oth ing o f t he r ate a t wh ich p r ices i n g enera l , a nd p r ices o fb u l l ion i np art icu lar , r ose d ur ing t he e ar ly i mper ia l p er iod.
I n Egyp t t here i s e v idence o f r is ing p r ices i n t he l ast y ears o f t he
s econd c en tury , b u t c ond it i ons i n Egyp t w ere e xcep t iona l. I ti s g enera l ly a greed t ha t o u ts ide Egyp t n egat ive e v idence s uggests t ha t i n f la t ion w as i n g enera l v ery s low , a t l east u n t il t he e ar ly t h ird c en tury.
Th is i s s upported
b y t he n um is mat ic e v idence, f or c o ins s truck o n t he Vespas ian ic s tandard ,
1 39
( 2 .85 g o f s i lver ) w ere s t il l c ircu lat ing a s l a te a s t he 2 20s, w hen n ew d enar i i c on ta ined o n ly 1 .50 g o f s i lver. Th is s uggests t ha t a s f ar a s t he d enar ius was c oncerned t he s ta te w as a b le t o ma in ta in a h igh d egree o f o verva luat ion w ithou t i ncreas ing i n f la t ion . A f ter 2 38 i ti s c lear t ha t t he s ituat ion i s v ery d i f feren t , a nd t he e v idence s uggests t hat t he c hanges o f t hat y ear s pe lt t he b eg inn ing o f t he e nd o f t he i mp er ia l c urrency s yste m. A v ery f ew y ears af ter t he r e in troduct ion o f t he a n ton in ianus i n 2 38 t he d enar ius s ee ms t o h ave d isappeared e n t irely f rom c ircu la t ion .
Th is w as u ndoubted ly p art ly d ue t o mass ive r eco inage b y t he
g overnmen t , w h ich makes t he a n ton in ian i o f Gord ian I I t oday t he c om monest Roman s i lver c o ins u n t i l t hat d ate ; b u t i ta lso s trong ly s uggests t hat t he p r ice o f b u l l ion was r is ing s harp ly s o t ha t ad ecade o r s o af t er 2 38 t he most d ebased d enar i i s truck b efore 2 38 w ere w orth more a s b u l l ion t han a s c o in a nd d isa ppeared f ro m c ircu la t ion . I n t he y ears a f ter 2 49 t he g overnmen t i n a t l east s o me i nstances s i mp ly o verstruck d enar i i a s a n ton in ian i w ithou t e ven b o theri ng t o me lt t he m d own .
I fi ti s i ndeed t he c ase t hat b y a bou t 2 50 most o f t he
s i lver c urrency c ircu la t ing b efore 2 38 h ad b een r eco ined t hen o ne c an s ee t ha t t he g overnmen t may w el l h ave more o r l ess d oub led t he f ace v a lue o f t he Emp ire 's s i lver c urrency i n t en y ears ;
a nd t h is wou ld most c erta in ly h ave
b een i n f la t ionary , p ar t icu larly a t at ime w hen p o l it ica l d isrupt ion , c oup led w ith i nvas ion a nd n ew o u tbreaks o f p lague, was c erta in ly c aus ing t he e cono my i n g enera l t o s tagnate. Tha t d ebase men t o f t he c o inage s hou ld n ot h ave c aused i n f la t ion b efore t he t h ird c en tury i s made more u nderstandab le when w e e xa m ine t he r ate a t w h ich t he s i lver c on ten t o f t he d enar ius w as f a l l ing i n t he e ar ly imper ia l p er iod. F ig. 1 4 s hows t he s i lver c on ten t o f t he d enar ius e xpressed i n g ra ms, a nd i t c an b e s een t hat d esp ite t he d ebase men t o f N ero t he s er ious d ebase men ts o f t he d enar ius a re n o t u n t i l t he s econd h a lf o f t he s econd c en tury a nd l a ter. Wha t i s importan t f ro m t he p o in t o f v iew o f i nf lat ion i s t he r ap id ity w ith w h ich d ebase men ts w ere s ucceed ing o ne a nother , a nd t he e x ten t o f t ha t f a l l e xpressed n ot a s ap ercen tage f a l l f rom t he s tandard o f N ero b u t f rom t he p rev ious ly e stab l ished s tandard. F ig. 1 5 a t te mpts t o e xpress t h is o n ap er a nnum b as is. For e xa mp le, b y t he d ebase men t o f 1 48 t he d enar ius c ame t o c on ta in 1 0% l ess s i lver t han i th ad u nder t he s tandard o f N ero ; b u t t he d istance s eparat ing t he d ebase men t o f 1 48 f rom t he e stab l ish men t o f t he s tandard o f N ero i n 6 4 i s 8 4 y ears, s o w e c ou ld s ay t ha t t he d enar ius w as f a l l ing a t a n a nnua l r ate o f 0 .12%. S pread o ver s o l ong a p er iod w e wou ld n ot e xpect t h is s or t o f f a l l t o b e i n a ny w ay i n f la t ionary , p art icu lar ly i n a n e xpand ing e conomy l ike t hat o f t he f i rst a nd s econd c en tur ies.
A f ter t he m idd le o f t he s econd c en tury t he a nnua l r ate
o f d ebase men t i ncreased v ery c ons iderab ly. For e xamp le t he d ebase men t o f Careaa l la i n 2 15 p robab ly r epresen ted i n e f fect a d ebase men t o f t he d enar ius o f 1 2% f ro m t he p rev ious s tandard , t hat o f 2 12.
Th is means i n e f fect t hat
t he d enar ius f e l l i n s i lver c on ten t b y 4% p er a nnum a t t h is t ime, a nd a l though t he r ate d ropped l ater, b etween 2 38 a nd 2 53 t he d enar ius w as f a l l ing b y a bou t 3 .00% p er a nnum -25 t imes f aster t han i n t he p er iod b efore 1 50.
A f ter 2 53
t he r ate r ose much h igher s t il l s o t ha t t he s i lver c o inage was a t t imes l os ing h a lf i t s s i lver c on ten t i n as ing le y ear —and t he Emp ire r eaped t he h arvest o f d isaster wh ich h ad b een s own o ver t he p rev ious c en tury.
F ig. 1 5 i s v ery much
a n o vers i mp l if ica t ion o f t he s i tuat ion , b u t i s ag ood w ay o f d e monstra t ing t he
1 40
C. )
2 12 2 17-8
c q
0-J C r 3
CJ '
C O
0 0
C s 1
um t ruu J ad s so i v i2 lam %
Rate o f d ebase men t o f t he d enar ius, e xpressed o n ap er a nnu m b as is.
e x ten t t o wh ich t he d ebase men t w as c oncen trated i n t he p er iod a f ter 1 50 , a nd s t il l more i n t he t h ird c en tury.
NOTES
I .
For t he Ep icurean a nd S to ic v iew , S eneca L). XC, 3 8 :
I rrup it i n r es
o pt i me p os itas a var it ia... The most f a mous h istor ica l e xpos it ion i s o f c ourse L ivy P raef.12 :
Nuper d iv it iae a var it ia m e t a bundan tes v o lup-
t a tes d es ider iu m p er l uxu m a tque l i b id ine m p ereund i p erdend ique omn ia i nvexere.... v ery c lose ly f o l lowed b y Tac itus e .g. H ist. I , 1 8.
I ti s
t he t he me o f t he w ho le o f P l iny N .H. XXX II I , more o f ten q uo ted f or i t s monetary r eferences t han r ead i n f u l l. For P l iny t he s ce lus o f t he i nv en tor o f g o ld c o inage ( XXX I I I, 1 3 ) was s econd o n ly t o t hat o f t he d isc overer o f g o ld i t se lf.
To D ioc let ian t he i n f la t ion h e t r ied t o c o mba t
i n t he p r ice e d ic t w as c aused b y n o th ing e lse t han a var it ia d esaev iens — av iew w h ich w as e choed b y t he g overnor Fu lv ius A st icus i n t he p reamb le h e w rote f or t he e d ict s et u p a t Aezan i —öppA ) (at
9t Ac cpyup t c c
a re wha t t he e d ict i s c o mbat t ing ORS LXV ( 1975 ) 1 60, 1 .6 ).
I ti s
amus ing t o n ote t hat L actan ius u ses s im i lar l anguage t o d escr ibe t he i l ls o f t he Emp ire— b ut a t tr ibutes t he a var it ia t o D ioc let ian ( De mor t ibus p ersecu torum V I I ). 2 .
F or t he i dea o f l i bera l itas a s a n imper ia l v irtue s ee e spec ia l ly K . K lof t , L ibera l itas p r inc ip is : i deo log ie ;
Herkun f t u nd Bedeu tung , S tud ien z ur P r inz ipa ts-
F . Mi l lar , The Emperor i n t he Roman World , 1 33f f . o n t he
g if t-g iv ing r o le o f k ingsh ip.
For l i bera l itas a nd a var it ia a s o ppos ites,
P l iny , Pan . 3 , 4 . 3 .
P l iny , P an . 2 7, 3 a nd 3 6.
4 .
I b id. 2 5 , 2 .
5 .
I b id. 2 6-27;
6 .
E .g. L ivy , P raef . 1 1;
7 .
Both q uo tat ions f ro m M. K . Thorn ton , ' Augustan Trad it ion a nd N eron ian
2 8 ;
5 1. Tac itus H ist. I , 1 8.
Econo m ics ', Aufst ieg u nd N iedergang d er Röm ischen We lt , I , i , 1 49. 8 .
H ist . I , 3 7.
9 .
H ist . I , 5a nd 1 8.
1 0.
H ist. I , 3 0.
1 1.
P l iny , N .H. XXX I I I, 1 3. r elevan t h ere.
The i naccurac ies o f P l iny 's a ccoun t a re n o t
What i s i mportan t i s t hat t he i dea o f man ipu la t ing t he
c urrency t o a vo id f i nanc ia l d if f icu lty w as p erfect ly w el l u nderstood i n t he f i rst c en tury .
For e xp lo ita t ion o f t he c urrency Metro logy I , 2 6f f .,
4 3f f., 1 50. 1 2.
Cass iodorus, Var iae I , 1 0, 5 .
Those w ho wou ld s i mp ly d is m iss t h is
s ort o f t h ing a s d ark a ge b arbar ity s hou ld c ons ider V itruv ius I I, 1 ,
1 43
7 -8, where i ti s s a id t hat t he n umber o f a sses i n t he d enar ius was c hanged f ro m 1 0 t o 1 6 b ecause b oth w ere p erfect n umbers. 1 3.
De r ebus b e l l ic is I I, 1 ;
Cass iodorus Var iae V I I, 3 2, 1 -4.
1 4.
We c o me c losest t o ad irect c onnect ion b etween t he t wo c oncep ts i nD io LXXV I I I, 1 4, 4 , o n t he d ebase men t o f Caraca l la.
1 5.
Thorn ton ,
e .c it .
1 6.
D io LX I I , 1 8, 1 -2 ;
S ueton ius N ero , 3 0, 3 1.
He c a l led p eop le w ho
wasted money p rae lau tos magn if icos. 1 7.
Tac itus Ann . XV, 1 8, 5 .
1 8.
Tac itus Ann . XV, 4 2f f .;
D io LXT I, 1 8, 5 .
1 9.
S ueton ius, N ero , 4 4, 3 .
S ueton ius d oes n o t s ee m t o h ave q u ite u nder-
s tood t he p o in t .
S ueton ius N ero , 3 8.
I tw as h eavy g o ld c o ins, n o t p ure o nes t hat N ero d e-
manded f or t here i s n o e v idence o f a ny d ebase men t b e ing i n troduced i n t he g o ld c o inage i n 6 4 a nd w ith t he s i lver wha t ma ttered was n o t t hat t he c o ins s hou ld b e u nworn , b u t t hat t hey s hou ld b e h eavy .
S ueton ius h as
f orgot ten a bou t t he r efor m o f 6 4, a nd a ssu med t hat t he u nworn c o ins wou ld a lso c on ta in t he most s i lver. 2 1.
Iu se t he t er m d rachma/d ies b ecause i n a n i ssue t ha t i nc ludes d idrach ms a s w el l a s d rachmas i n s o me y ears i ti s n ecessary t o mu lt ip ly t he n u mber o f d idrach m d ies b y t wo i n o rder t o r each a f i gure t ha t r ef lects a ctua l p roduct ion.
The f i gure d oes n o t p retend t o b e o f more t han a p-
p rox i mate a ccuracy , n or d oes i ts how t he a ctua l n u mber o f d ies u sed. The s a mp le i s ,however, s uf f ic ien t ly l arge t o make t he r e la t ive a nnua l p roduct ion c lear.
T he g reat ma jor ity o f t he c o ins o f Po le mo I c an b e
d a ted b y r egna l y ears ;
most o f t he o nes wh ich a re n o t s o d ated c an b e
d ie-l inked t o d ated c o ins. 2 0.
Tac itus Ann . XVI, 3 .
S ueton ius N ero , 3 1, 4 ;
3 2 ;
2 2.
For t h is c o inage s ee Metro logy I , 5 2-3 a nd n o te 2 9.
D io U M, 1 7 , 1 . For t he l eg ion i n
P ontus i n 6 2, Tac itus Ann. XV, 9 , 2 . 2 3.
For t he d at ing o f t hese i ssues s ee Metro logy I , 4 4-5.
Corbu lo 's mass ive
p repara t ions f or a n i nvas ion o f Ar men ia a nd t he s et t le men t w ith P arth ia Tac itus , Ann . XV, 2 4f f . 2 4.
For t h is c o inage s ee Metro logy I , 7 1.
2 5.
P lu tarch , Ga lba 2 0, 2 .
2 6.
Tac itus, H ist . I , 2 0.
F or Ga lba 's a var it ia a nd l ack o f l i bera l itas,
i b id., I , 5 , 1 8, 3 7, 4 9 ; D io LX I I I, 2 , 1 ;
3 , 3 .
S ueton ius Ga lba 1 6;
P lu tarch Ga lba 1 6, 1 ;
D io r efers t o Ga lba 's i nsat iab le c o l lect ion o f
money—bu t Tac itus s ays t ha t h e w as ' pecun iae a l ienae n on a dpetens '— h e f u lf i l led a t l east s o me o f P l iny t he Younger 's c ond it ions o f c orrect imper ia l c onduct t owards money. 2 7.
Tac itus , H ist . I , 8 9.
1 44
2 8.
Tac itus, H ist. I , 9 4-95 f or V itel l ius ' i nd igence a nd e x travagance; 8 6 f or h is c haracter.
D io LX IV, 2 , 1 ;
3 , 2 ;
I I,
4 , 2i s more e xaggerated.
One o f t he g ood d eeds t hat D io c an f ind f or V ite ll ius was t hat h e d id n ot me lt d own Nero 's, Ga lba 's a nd O tho 's c o inage . r ea l s ign if icance o f t hat r e mark i s ; 2 9.
Tac itus, H ist. I V, 9 , 1, 4 0, 4 8.
3 0.
I b id. I , 5 , 8 4.
3 1.
D io , LXV, 2 , 5 .
One wonders wha t t he
D io , LX IV, 6 , 1 ,
I n terest ing ly Muc ianus ' f a mous s ay ing i s s l ight ly
c hanged h ere, t o g ive i t as ign if icance i n p eace a s we l l a s war; v Ei 3pc c y&p
t rc
T , ? X
f r ycp .ovtag
x pf )p . c c ro : A ct
LV O C L
3 2.
Tac itus, H ist . I , 8 4 f or t he p er manence o f t he i ncreases.
3 3.
D io, LXV, 8 , 3 f f . f i sc ique i nop ia .
S ueton ius Vesp., 1 7.
gXcyc.
n ecessitate ..su m ma a erar i i
S ueton ius Vesp., 1 6, 3 .
The e xact mean ing o f
Vespas ian 's s tate men t ' quadr ingen t ies mil ies o pus e sse u t r es p . s tare p osset ' i s u ncerta in , e xcep t t hat i td oes n ot mean t hat t he s tate w as ' i n d ebt ' t o t hat amoun t . 3 4.
D io, LXV, 1 0 , 3 ,
ç -t &g
t o i 3
E r ri l iou
x pEtag k noLet co.
S ueton ius, Vesp., 1 7. 3 5.
D io, LXVI , 1 9, 3 s ays h e was T itus, 7 , 3t hat h e was s econd
n cpt x p , o cTa , C o tp t iebg S ueton ius t on one i n h is mun if icen t ia. A lso D io,
LXVI, 2 4, 4 . 3 6.
Metro logy I , 1 15.
3 7.
D io, LXVI, 2 , 3 ;
3 , 3 ;
1 2, 2 ;
1 3, 1 ;
1 4, 3 .
Th is i s t he l anguage
o f i nvect ive. 3 8.
S ueton ius, Do m it. 8 -9.
I n p art icu lar n ote h is e ar ly a nx iety f or f a irness
i n f inanc ia l mat ters. 3 9.
D io, LXVI I, 3 , 5 ;
4 , 5 .
S ueton ius Do m it., 9 , 1 ;
1 2, 1 .
For a c on-
t rary v iew , R . S yme, ' The imper ia l f inances u nder Do m it ian , Nerva a nd Tra jan i, J RS XX ( 1930 ) 5 5.
Wh ile c orrect t o emphas ise t he e ssen t ial
c ont inu ity o f t he f i nanc ial p os it ion o f s uccess ive r eg i mes a t t h is p er iod i ti s more r easonab le t o s ee a c on t inu ity o f f inanc ia l d if f icu lty r ather t han o f a ff luence. 4 0.
A p oss ib le c onnect ion a s f ar a s Cappadoc ia i s c oncerned i s p erhaps t o b e f ound w ith t he g overnorsh ip o f T . Po mpon ius Bassus, 9 5- ? 100, u nder Do m it ian , N erva a nd Tra jan . 1 7 milestones t o h is c red it.
He was a g reat r oad-bu ilder, w ith
( T. B . Mitford , S o me I nscr ip t ions f ro m
t he Cappadoc ian L i mes, JRS LX IV ( 1974 ) 1 73) . The p oss ib le r elat ion b etween t he p roduct ion o f c o inage a nd imper ia l e xpend iture o n f ort if icat ion a nd r oad-bu ild ing wou ld b e af ru itfu l s ub ject f or s tudy.
One t h inks,
f or e xa mp le, o f p oss ib le c onnect ions b etween t he e x tens ive p rogra m me o f c onstruct ion i n Arab ia a f ter t he a nnexat ion a nd t he ' Arab ia ' c o inage. 4 1.
D io LXVII I, 2 ,2;
P l iny , Ep ist . I , 1 .
1 45
4 2.
P l iny P an. 2 5 ( cong iar ium ), 2 8 ( annona ) 3 3 ( en terta in men t ) 5 1 ( bu i ld ing ) 4 1 ( P l iny 's a nx iet ies ).
D io LXV I I I , 7 , 1 .
R . S yme, 9 . 2 .c it. emphas ises
t he c on t inu ity , b u t a rgues t hat a l l t he emperors o f t h is p er iod w ere r icher t han t hey s ee med. t hey w ere p oorer?
I s i tn o t more l ike ly f rom t he e v idence t ha t
N ote t ha t r ecen t a rchaeo logy t ends t o c on f ir m S yme 's
v iew t hat Tra jan 's b u i ld ing p rogra m me w as w e l l u nder w ay b efore t he a rr iva l o f t he ' Dac ian g o ld '. 4 3.
For t he c hrono logy o f t h is i ssue s ee Metro logy I , 1 02f f .
I t s hou ld b e
n oted t ha t t he s a mp le o f t h is c o inage a va i lab le i s v ery much sma l ler a s ap roport ion o f t he t o ta l i ssue t han w as t he c ase w ith t he c o inages o f N ero a nd Vespas ian . Th is i s b ecause t he c o ins a re s o c o m mon t hat t hey h ave n o t b een a dded s o f requen t ly t o museu m c o l lect ions o r i l lust rated i n s a le c a ta logues.
T ra jan 's c o inage w as p robab ly a s l arge a s
t he t etradrach m c o inages o f N ero a nd V espas ian c o mb ined -wh ich i s w hat w e w ou ld e xpect. I ti s n o t s uggested t ha t t he p re-Tra jan ic c o ins w ere ' de monet ised ' i n a ny w ay , a ny more t han w ere t he p re-Tra jan ic d enar i i.
Th is d oes
n ot s ee m t o h ave b een t he s ort o f t h ing t he g overnmen t d id b efore t he f ourth c en tury ( t hough D igest 4 6, 3 , 1 02 may c on ta in a r eference t o a n e ar l ier e xa mp le, p erhaps o n ly t heoret ica l ).
The p re-Tra jan ic t etra-
d rachms a re f ound i n h oards, t hough i n sma l l n umbers, u n t i l t he t h ird c en tury . 4 4.
d if f icu l tat ibus a erar i i amb it iose a c d i l igen ter e xpos it is, S HA Hadr. V I , 5 .
4 5.
S HA P ius V I I , 5 -12.
4 6.
S HA P ius V I I I , 1 -4, 1 1;
4 7.
BMCRE, l xv i i-v i i i;
4 8.
Eutrop ius V I I I, 8 a erar iu m o pu len tu m r el iqu it .
4 9.
SHA Marcus V I I , 920 ,000 HS t o Praetor ians .
5 0.
Metro logy I , 5 8-59.
5 1.
D io LX X I I , 3 2, 3 .
X , 8 -9.
c f . SHA Marcus X I, c av it e t s u mpt ibus p ub l ic is...
i pse e t l arg it ion ibus p ecun iae p ub l icae p arc iss i mus f u it.
D io LXX I I ,
3 2, 1 -2 f or g eneros ity. 5 2.
S HA Marcus XVI I ;
XX I , 8 , 1 .
Z onaras 1 2, 1 ;
Exc. S a l m. n 1 17 ( D io ,
L oeb e d. p . 7 0 ). 5 3.
Metro logy I , 8 3.
5 4.
For Co m modus ' r eten t ion o f h is f a ther 's a dv isers Herod ian I , 6 , 1 ; 8 , 1 .
5 5.
For t he p eace t reat ies i n t he n orth , D io LXX II I , 2 , 1 ;
D io LXX I I I , 1 6, 1 .
3 , 1 -2.
The f igures g iven b y S HA C o m modus XVI, 8 a re
i nco mpat ib le w ith D io a nd t he k nown n u mber o f l i bera l itates. 5 6.
D io LXX I I I , 1 6, 1 -3.
5 7.
Metro logy I , 8 4-85.
SHA Co m modus V I I , 8 ;
1 46
X IV , 4 -7.
5 8.
SHA Pert inax X I I, 2 .
I t s hou ld b e r e me mbered t hat t he ma jor l ives o f
t he H istor ia b efore Caraca l la a re b ased o n a' good ' s ource —whether Mar ius Max i mus o r I gno tus ' i s n ot r e levan t h ere.
Th is s ource i s d is-
t inct ly more h ost i le t o P ert inax t han e i ther D io o r Herod ian .
H is c r i-
t i c is ms o f P ert inax ' v u lgar o r ig ins —he e ngaged i n t rade e ven w hen Emperor —and o f h is meanness i n g enera l r em ind o ne o f t he more h ost i le c o m men ts o n Ga lba a nd Vespas ian . 5 9.
D io LXXIV , 1 , 1 -2; =
J u l ianus ' d onat ive SHA J u l ianus I I , 2a nd D io
IV, 1 1, 5 .
6 0.
D io LX X IV 1 , 3 -4.
6 1.
D io LXX IV 5 , 4a nd S HA P ert inax v i i, 6 .
6 2.
D io L l iO C IV 5 , 1 .
6 3.
S HA P ert inax V I I , 4 -7.
6 4.
I b id. XV, 6 .
6 5.
D io LXX IV 5 , 1 .
6 6.
I b id. LXX IV 1 0, 3 .
6 7.
Herod ian I , 1 4, 4 ;
D io LXXV I 7 , 4 ;
S HA S everus , I ;
X I I , 7( a f ter
t he d efea t o f A lb inus ). 6 8.
D io ' s c o m ments o n S everus ' f i nanc ia l p o l icy LXXV, 2 , 2 ; 4 , 1 ; LXXV I I, 1 6, 2 -3 —where i ts hou ld b e n oted t ha t D io d en ies t hat S everus k i l led f or money ;
1 6 , 4 ; S HA S everus X I I i s ar eference t o S everus g iv ing h uge
s u ms o f money t o t he s o ld iers a f ter t he b at t le o f L ugnunu m , p erhaps a r eference t o t he r a is ing o f m il itary p ay a t t h is p o in t . I I , 8 , 4 -8.
S ee a lso H erod ian
On t he g enera l ly h igh e xpend iture a nd l i bera l ity D io LXXVI I ,
1 , 1 ; Herod ian I , 1 4, 5 ; I I , 8 , 9 -10 ; SHA S everus V , 3 . N e ither t he d ate n or t he amoun t o f t he i ncrease i n mi l itary p ay i s k nown f or c erta in , b u t i tw as a l most c erta in ly l ater t han t he d ebase men t o f t he d enar ius.
S ee P . A . B run t , 'Pay a nd s uperannua t ion i n t he R o man Ar my ',
Papers o f t he Br it ish S choo l a t Ro me , XV I I I ( 1950 ) 5 0 who s uggests a r ise f ro m 3 00D t o 5 00D, w ith Caraca l la i ncreas ing t o 7 50D. Aga inst t h is R . Devel in , ' The a r my p ay r ises u nder S everus a nd Caraca l la ' , L ato mus 3 0 ( 1971 ) 6 87 ( who d ates t he r ise t o 1 98/9 ) s uggests 4 00D u nder S everus a nd 6 00D u nder Caraca l la. 6 9.
On A lb inus ' p opu lar ity a t Ro me D io LXKVI i f f
S HA S everus X I.
S everus may h ave e xaggerated t he c o mp l ic ity o f t he s enators f or h is own e nds —bu t t hey c anno t h ave l iked t he f inanc ia l p o l icy o f S everus, wh ich h ad a lready b eco me s o u n l ike t ha t o f P ert inax. 7 0.
On t he r eserve l ef t b y S everus D io LXXVI I 1 6, 4 .
Herod ian I V, 4 , 7 .
Caraca l la r a ises h uge t axes a nd s pends l arge s u ms o n t he t roops, D io LXXV I I I, 9 , 1 -10 , 4—and i s c r it ic ised b y J u l ia Do mna f or d o ing s o. 7 1.
Herod ian I V , 4 , 7s ays t hat h e g ave t he s o ld iers 2 ,500D e ach o n t h is o ccas ion .
ÜLTEROL
D io , more r hetor ica l ly , h as h im p roc la im ing t o t he t roops y5 :p
oL
en c9 :upol ,
1 47
T U 6VTEg
cL ot.
D io LXXV I I I, 3 , 2 . S HA
Caraca l la I , 8o n t he i nor m ita te s t ipend i i g iven t o t he t roops o n t he d ea th o f Geta—wh ich s hou ld mean p ay r a ther t han c ong iar ia.
On ' b lood-
money ' (i n to c p o v C a , )f or t he t roops D io LXXV I I I , 1 2, 4 . 7 2.
Herod ian I V, 1 2, 1 -2.
Does t h is r ef lect a d isagree men t o np o l icy?
7 3.
D io LXX IX , 1 1, 2 .
7 4.
On Macr inus t r efor ms i n g enera l Herod ian V , 2 , 2—Herod ian 's a ccoun t
The S HA b ecomes q u ite u nre l iab le a t t h is p o in t.
o f t he r efor ms i s v ery f avourab le. 5 , 7 ;
1 7 , 2 ;
1 9 , 5 ;
I n p art icu lar D io LXX IX , 1 2, 1 -3 ,
2 8, 2 .
7 5.
Herod ian V , 2 , 4 .
D io LXX IX , 1 3, 1 .
7 6.
D io i b id. 1 2, 1 , 3 -5 ;
f or a s econd d ona t ive 1 9, 2 ;
a nd a t h ird a s t he
r evo lt o f E lagaba lus s pread 3 4, 2 . 7 7.
D io i b id. 3 6, 2 -3.
7 8.
D io W O CX , 1 , 1f or a d ona t ive g iven t o t he t roops i n r eturn f or n o t s ack ing An t ioch.
I ti s ap ity t hat t he r est o f t he p assage i s l ost.
Th is was p resu mab ly i n a dd it ion t o a n a ccess ion-
d onat ive. 7 9.
Herod ian V I , 1 , 8 ;
r epeated V I, 9 , 8 .
8 0.
Herod ian V I I, 3 , 2 -3, 5 -6.
The l ast r eference i s ag ood e xa mp le o f
t he d anger o f s ee ing t he s o ld iers a s a' c lass ', c u t o f f f ro m c iv il ian o p in ion . 8 1.
P . W. Townsend , The Revo lu t ion o fA .D. 2 38, YCS X IV ( 1955 ) 4 9.
8 2.
Herod ian b ooks V I I a nd V I I I g enera l ly , e sp. V I I , 1 2, 1 a nd V I I I, 7 , 7 .
8 3.
For t he w e ight-standard R . Gob l , S assan ian Co ins , 2 5 ;
f or t he f ineness,
A . A . Gordus , ' Act ivat ion a na lys is o f Co ins a nd Co in-streaks ', i n Ha l l a nd Metcal f ( eds. ) Methods o f Che m ica l a nd Meta l lurg ica l I nvest igat ion o f Anc ien t Co inage, 1 32-8.
The c hrono logy o f S hapur 's c o ins i s q u ite
u nknown , a nd s o me o f h is d rach mas a re v ery d ebased ;
t he ma jor ity ,
h owever, c luster r ound 9 0% f ine , a nd t he d ebased e xa mp les p robab ly d ate f ro m l ate i n t he r e ign .
The d ebased Parth ian c o inage i n t he f or m
o f t etradrach ms c on t inued t o b e s truck i n v ery sma l l q uan t it ies b y b oth Ardash ir Ia nd S hapur I . 8 4.
For t h is c o inage s ee A . N . Z ograph , Anc ien t C o inage , 3 34-5 ( B.A.R. S upp le men tary S er ies 3 3 ).
1 48
APPENDIX 1 THE PROBLE M OF ' STANDARDS '
One p rob le m w h ich t h is s tudy h as n ot h e lped t o s o lve i s t ha t o f h ow e xact ly t he Ro man m in t c a lcu lated t he s tandards t o b e emp loyed i n i t s p roduc t ion o f d enar i i.
Throughou t t he work w e h ave u sed t he word ' s tandard ' o f t he mean
f ineness o f t he c o ins i n o ur s amp les ; b u t t h is i s a n o ver-s i mp l if ica t ion o f w hat i s i n f act a v ery c omp lex p rob le m. Tha t t he m in t h ad v ery e xact ways o f c a lcu lat ing a ccurate ly a nd p rec ise ly t he a l loy t o b e u sed i n ap art icu lar b atch o f c o inage i s o bv ious , i fo n ly t o a vo id t he d anger o f ma jor f raud b y m in t o ff ic ia ls, a nd Cope h as a b ly d e monstrated t ha t , a t l east a t c er ta in t imes, t he most p robab le method o f d ebase men t w ou ld h ave b een t o a l low s o many u nc iae o fb ase meta l t o e very l i brum o f s i lver. I Though i ti s n ot p oss ib le t o a lways d e monstrate wha t method was f o l lowed s ometh ing a long t hese l ines i s c erta in ly p robab le. I ft h is was d one, w e w ou ld e xpect a modern s amp le o f c o ins t o v ary s omew ha t a round t he s tandard t ha t t he Ro man m in t was a ctua l ly u s ing.
Th is i s
d ue t o d if f icu l t ies t he m in t w ou ld h ave f ound i n m ix ing t he meta ls a nd t o a c erta in b ase- meta l l oss d ur ing t he h ea t ing p rocess a nd f us ion . Cope s uggests t ha t i t wou ld b e p oss ib le t o h ave a 1 0% o r e ven a 2 0% b ase meta l l oss i n t h is way.
The p rob le m i s t ha t ag reat many c o inages s how a f ar l arger v ar iat ion
t han we wou ld e xpect f rom t h is c ause.
To s ome e x ten t t h is c ou ld b e d ue t o i n-
a ccurac ies o f an on-destruct ive method o f a na lys is; i ft he Roman m in t w as h av ing p roble ms o f mix ing t hen t he a na lys is o f a who le c o in wou ld b e e xpected t o g ive a r esu lt n earer t o t hat wh ich t he min th ad i n tended t han t he n ond estruct ive a na lys is o f a sma l l a rea o n t he e dge o f t he c o in .
However, t he
s tandard d ev iat ions o fg roups o f o ur c o ins i s n o g reater t han t hat o f c o mpara b le g roups o f c o ins s ub jected t o c hem ica l a na lys is, s o f ar a s o ne c an t e l l. The w ide r ange o f f i nenesses i n a n i ssue w il l b e r epeated y ear a f ter y ear. For e xa mp le, d ur ing t he u se o ft he s tandard o f Vespas ian ( A.D. 7 0-82, 1 071 48 ) ag reat many i nd iv idua l c o ins a re i n f act o f t he s ame f ineness a s c o ins o f t he s tandard o f N ero , w ith a ' t a i l ' o f f inenesses g o ing d own t o a s l ow a s C . 7 8% f ine ( e .g. Metro logy I , f i g. 2 ).
Th is p at tern i s r epeated t hroughou t
t he u se o f t he s tandard , a lways b ear ing i n m ind t he m inu te s ize o f o ur s a mp les. The r esu l t i s t ha t t he mean f inenesses o f t he i nd iv idua l y ears a re a lways v ery c lose t o o ne a no ther. Th is r ange s ee ms t oo g reat t o b e a ccoun ted f or b y i na ccuracy o r meta l l oss , w ith a t rue s tandard o f , s ay , 1 1 u nc iae o f c opper a dded t o 1l i brum o f s i lver ( 88.88% ). When t he s tandard o f N ero w as i n u se o ur modern s a mp les h ave a s tandard d ev ia t ion w h ich i s l ess t han 1 .00% i n a l most a l l c ases. I ti sh ard t o s ee why t he a dd it ion o f 5 % c opper t o t he a l loy s hou ld i ncrease t he s tandard d ev ia t ion t o a ny th ing b etween 2 a nd 5 %.
1 49
The p oss ib il ity e x ists t hat t he m in t w as d o ing s ometh ing a g ood d ea l more c omp lex , s tr ik ing a f i xed p roport ion o f i t s c o ins a t t he N eron ian s tandard ( probab ly 1u nc ia o f c opper t o 1l i brum o f s i lver, o thers a t 1 1 u nc iae t o t he l i brum a nd p erhaps o thers a t 2 1u nc iae t o t he l i brum.
Th is p oss ib i l ity b e-
c o mes more c onv inc ing i n c o inages a t o ther s tandards where t wo d ist inct p eaks a ppear t o b e v is ib le.
For e xamp le, t he c o inage o f t he s tandard o f
An ton inus ( Metro logy I , f i g. 4 p . 5 1 ) w h ich w as i n u se b etween 1 48 a nd 1 61 s ee ms t o s how o ne p eak a t a bou t 8 0% f ine a nd a no ther a t a bou t 9 0% f ine ; a nd t he s ame p heno menon c an p erhaps b e s een i n o ther p er iods.
Th is may s ee m
ar e markab ly c omp l icated w ay f or t he m in t t o o perate ; b u t i ti s o n ly s l igh t ly d if feren t f ro m t he s i tua t ion i n t he b r ief p er iod 2 15-217 a nd 2 18-219 when t he m in t w as s tr ik ing d enar i i a nd a nton in ian i a t t he s ame t ime, a ga in , p resuma b ly i n v ery p rec isely c on tro l led p ropor t ions.
I n t h is c ase a lso t he m in t w as,
i n e f fect , s tr ik ing d enar i i a t t wo d if feren t s i lver c on ten ts , t hough i n ar a ther d if feren t manner. C lear ly t he p rob le m w i l l n o tb e s o lved w ithou t v ery l arge n umbers o f a na lyses b e ing p erfor med , p robab ly s o me h undreds f or i nd iv idua l y ears . I f t he m in t i s i ndeed w ork ing a t t imes i n s uch a c omp lex manner t hen i tw i l l n ot b e p oss ib le t o d etec t t he s yste m b e ing u sed w ith s amp les o f o n ly 1 0-20 c o ins p er a nnum. However , s ince Cope must u ndoubted ly b e c orrec t w hen h e emphas ises t hat n o Ro man min t c ou ld h ave b een a l lowed t o o pera te w h ich ' s truck i n a ny th ing o ther t han p re-deter m ined a l loys o f s t ipu la ted s i lverc on ten t ' , i ts ee ms p robab le t hat s o me s uch e xp lana t ion w il l e ven tua l ly b e f orthc om ing.
NOTE 1 .
L . Cope. ' Roman Imper ia l S i lver Co inage A l loy S tandards : Ev idence ', NC v i i ( 1967 ) 1 07.
1 50
The
APPEND IX 2 THE VOLUME OF THE GOLD CO INAGE OF TRAJAN
I th as b een a l leged t hat Tra jan b rought b ack f rom Dac ia i n 1 06 a g igan t ic q uan t ity o f g o ld a nd t ha t i t was t h is g o ld wh ich c aused a f a l l i n t he p r ice o f g o ld b u l l ion a nd a c orrespond ing r ise i n t he p r ice o f s i lver, wh ich i n t urn r esu lted i nt he d ebase men t o f t he s i lver c o inage i nA .D. 1 07. 1
I n o rder t o
e stab l ish whe ther t h is was i ndeed t he c ase a s amp le o f 3 14 g old c o ins o f Tra jan w as e xa m ined. T he s a mp le was f ound t o c ome f rom 2 09 o bverse a nd 1 97 r everse d ies.
Wh ile n ot n early l arge e nough f or u s t o b e a b le t o make
c a lcu lat ions o f t he t o ta l v o lume o fg o ld c o inage p roduced i n t he r e ign o f Tra jan , t he s a mp le i s c erta in ly s u f f ic ien t ly l arge f or u s t o b e a b le t o d etect a ny p er iod o fg reat ly i ncreased c o inage. s et o u tb elow :
The r esu l ts o f t he e xam ina t ion a re N o. o f o b-
N o o f
N o o f o b-
N o o f r e-
c o ins
v erse d ies
v erse d ies
A .D. 9 8-99 A .D. 1 00
2 3 1 3
2 1 1 0
1 9 1 0
1 2 1 3
1 0.95 1 0
A .D. 1 01-102
2 1
2 1
1 9
1 0.50
1 0.50
A .D. 1 03- m id 1 07
3 7
3 4
3 1
8 .20
7 .55
A .D. m id 1 07-111 A .D. 12-117
( s i lver c o inage d ebased a t t h is p o in t ) 8 4 6 1 6 4 1 9.50 1 36 6 2 5 4 2 4
1 3.55
To ta l
3 14
Date
2 09
Co ins p er
v erse d ies
a nnu m
p er a nnum
1 0.95
1 97
F or s o me r eason t he s urv iva l r ate o f T ra jan 's g o ld c o inage s eems t o i nc rease a s t he r e ign a dvances, s o t ha t w e h ave a much l arger p roport ion o f t he t o ta l n umber o f o bverse d ies r epresen ted i n o ur s a mp le i n t he p er iod 121 17 t han i n t he e arl ier p er iod.
The r esu l t i s t ha t t he p icture i s d istorted ,
f or t he n u mber o f o bverse d ies u sed i n t he e ar l ier p art o f t he r e ign i s u nderr epresen ted i n t he s a mp le, c ompared w ith t he l a ter y ears. F ortuna tely t h is d oes n ot a f fect o ur c onc lus ions i n t h is c ase. I ti s q u ite c lear f rom t he t ab le a bove t ha t t he p roduct ion o f g o ld c o inage i n t he p er iod b etween 1 03 a nd t he d a te o ft he d ebase men t i n 1 07 was r ather l ower t han i n t he p er iod 9 8-102, a nd i t was p robab ly n o h igher t han i n t he p er iod 1 07-111. N ow i n o rder f or t he Dac ian g o ld t o h ave h ad s uch a n e f fec t o n t he r e lat ive p r ices o f g o ld a nd s i lver b u l l ion b y t he m idd le o f 1 07 ( or t hereabou ts—we must n o t p retend t ha t w e k now t he d ate o f t he d ebase men t v ery e xact ly ) t ha t i tw as n ecessary t o d ebase t he d enar ius, i tw ou ld h ave b een n ecessary f or T ra jan t o h ave b rough t t he t reasure b ack t o Ro me a nd b oth c o ined a nd s pen t i tb efore
1 51
t he d ebase men t .
O n ly t hus c ou ld h e h ave p laced t he g o ld o n t he marke t a nd
a f fected t he marke t b u l l ion p r ice .
He w ou ld s im ilarly h ave h ad t o h ave c o ined
a nd s pen t i tf or i tt o h ave h ad t he a l leged d ramat ic e f fect o n t he p r ice o f g o ld b u l l ion i nA lexandr ia v ery s hort ly a fterwards. The mat ter i s q u ite b eyond d ispu te.
N o u nusua l ly l arge s ums o f g o ld w ere c o ined i n t he p er iod i mmed iate ly
b efore t he r efor m o f 1 07. T he g o ld t reasure o f Decaba lus d oubt less e x isted t o t he e x ten t t hat a ny b arbar ian k ing h ad a c erta in amoun t o f p a lace t reasure; b u t t reasure s o v ast t hat i tc ou ld u pset t he e cono my o f t he Ro man Emp ire was t he p roduc t o f t he i mag ina t ion o f J ohn L ydus, a nd v an ishes i n t he w ind.
Much
modern s pecu lat ion a s t o t he e f fec t o f t he t reasure o n Tra jan 's p o l icy i n t he l ater y ears o f h is r e ign v an ishes w ith i t . I t wou ld h ave b een i dea l t o h ave b een a b le t o h ave b roken d own Tra jan 's g o ld c o inage i n to s horter c hrono log ica l p er iods t han h as b een d one h ere. Unf ortuna te ly , h owever, t he a rrange men t o f t he c o inage o f t h is p er iod i n to a nnua l i ssues b y H il l c an b e d e monstrated t o b e u nsat isfactory , a t l east s o f ar a s t he g o ld c o inage i s c oncerned.
The f o l low ing p o in ts c an b e made :
( i ) H i l l 's a rrange men t a l lows n o g o ld c o inage i n 1 01 a nd a v ery l arge i ssue i n 1 02. There i s n o r eason w hy t he Hercu les-statue r everse t ype ( H il l 1 23 ) s hou ld n ot b e long t o b o th 1 01 a nd 1 02, p art icu lar ly a s h e s ays t ha t t he t ype was b e ing u sed o n q u inar i i i n 1 01.
The p ortra it s ty le o f t he a ure i e vo lves
d irect ly o u t o f t ha t d ated t o 1 00. ( i ) H i l l 's a rrange men t a l lows n o g o ld c o inage a t a l l i n 1 05 a nd 1 06 , w h ich i s h igh ly improbab le, c ons ider ing t hat t he s econd Dac ian w ar w as b e ing p rep ared a nd f ought i n t hose y ears.
A t l east t wo o f t he t ypes g iven b y H i l l t o t he
f i rst h a lf o f 1 07 ( nos. 2 97 a nd 2 99 ) s o met i mes s how a p ortra it s ty le s carcely t o b e d ist ingu ished f rom t ha t u sed i n 1 04, w ith u ndraped b ust w ith a eg is. Both t hese t ypes p robab ly b e long t o 1 05 a nd 1 06, t hus e ven ing o u t p roduct ion o ver t he p er iod. ( i i i )
H il l 's a rrange men t o f t he c o inage o f t he p er iod 1 07-111 a l lows f or a
l arge c o inage o fg o ld i n t he s econd h a lf o f 1 07 a nd t hen n o s ubs tan t ive t ype i n 1 08 a nd o n ly o ne i n 1 09. Aga in , s uch a s ituat ion i s i mprobab le. There i s n o d eve lopmen t o f p ortra iture o ver t h is p er iod , b ut t he f o l low ing r everse t ypes s hare c om mon o bverse d ies : H il l 4 94 ( A. D. 1 10 ) a nd H i l l 5 08 ( A. D. 11 ).
ies . Three s hared o bverse d
As H i l l 5 08 must d ate f ro m 11, 4 94 must d o a lso H i l l 4 88 ( A.D. 1 09 ) a nd H il l 4 78 ( 107 ) H i l l 4 88 ( A. D. 1 09 ) a nd H i l l 4 73 ( 107 ) H i l l 4 73 a nd H i l l 4 78 H i l l 4 79 a nd H il l 4 76 H i l l 4 74 a nd H il l 4 77 H i l l 4 75 a nd H il l 4 79 C lear ly t h is c o inage w i l l n ot b e p roperly u nderstood u nt il a c omp lete d iec orpus c an b e a sse mb led , b u t t he i nadequacy o f H i l l 's c lass if icat ion i s amp ly d e monstra ted. ( i v )
S im ilar p rob le ms e x ist i n t he p er iod 1 12-115 .
t ypes s hare c om mon o bverse d ies :
1 52
The f o l low ing r everse
H il l 5 74 ( A.D. 1 13 ) a nd H il l 6 47 ( A.D. 1 15 ) H i l l 5 77 ( A.D. 1 13 ) a nd H il l 6 52 ( A.D. 1 15 ) H i l l 6 09 a nd H il l 6 10 H i l l 6 53 a nd H il l 6 54 H i l l 6 59 a nd H il l 6 60 ( t hree c o m mon o bverse d ies ) H i l l 7 05 a nd H il l 7 07 ( two c o m mon o bverse d ies ) H i l l 6 90 a nd H il l 6 87 H i l l 7 07 a nd H il l 7 27 H i l l 7 07 a nd H il l 7 08 I ti s e as ier t o d e monstra te t he i nadequacy o f t he p resen t c lass if icat ion t han i ti s t o c onstruc t an ew o ne.
On ly w ith a c o mp lete d ie c orpus a va ilab le
w il l i tb e p oss ib le t o f or m s o me e st i mate o f t he a c tua l n umber o f a ure i c o ined i n i nd iv idua l y ears d ur ing Tra jan 's r e ign ;
a nd s uch a t ask i s o bv ious ly t oo
g rea t t o f or m p art o f t he p resen t w ork .
NOTES
1 .
S ee my e arl ier c om men ts o n t h is i n Metro logy I , 5 5f . a nd n o te 3 .
2 .
P . V . H i l l , The Dat ing a nd a rrange men t o f t he u nda ted c o ins o f Ro me , A .D. 9 8-148.
1 53
APPE NDIX 3 THE RELAT ION OF GOLD TO S ILVER
The r a t io o f meta l l ic g o ld t o meta l l ic s i lver, a s e xpressed i n t he r at io o f a ureus t o d enar ius, c hanged c ons iderab ly i n t he e ar ly imper ia l p er iod a s t he we igh t o f s i lver i n t he d enar ius d ecl ined w ithout a n e qua l r educt ion i n t he we ight o f g o ld i n t he a ureus.
We a re n ow i n ap os it ion t o d eter m ine wha t
t he r at io was a t a ny p ar t icu lar t ime.
For t h is s ect ion Ih ave u sed t he f o l low-
i ng we ights f or t he a ureus, wh ich a re a pprox i mate o n ly a nd a vo id a l argely s pur ious a ccuracy.
They a re c ol lected f ro m b o th BMCRE a nd Bo l in :
t o A .D. 6 4
7 .85 g
6 4-82
7 .30 g
8 2-99
7 .60 g
9 9-215
7 .25 g
2 15-217
6 .55 g
2 17-218
7 .10 g
2 18-238
6 .40 g
2 38-249
4 .85 g
2 49-251
4 .33 g
2 51-253
3 .55 g
U s ing t hese f igures, a nd a ssu m ing t hat t he a ureus c on t inued t hroughou t t h is p er iod t o b e worth 2 5 d enar i i a nd was s truck f ro m p ure g o ld, t hen u s ing t he w e ights o f s i lver wh ich we h ave e stab l ished f or t he d enar ius w e c an c a lc u late t he f o l low ing r at ios: t o A .D. 6 4
1 1.62
6 4-70
1 0.27
7 0-82
9 .76
8 2-85
1 0.69
8 5-99 9 9-107
9 .86 1 0.34
1 07-148
9 .82
1 48-161
9 .31
1 61-166
8 .97
1 66-170
9 .31
1 70-179
8 .97
1 79-190
7 .93
1 90-193
7 .59
1 94-213
6 .38
2 13-215
5 .86
2 15-217
5 .72
2 17-218
6 .51
2 18-219
4 .92
1 54
2 19-238
5 .47
2 38-249
5 .67
2 49-251
4 .62
2 51-253
4 .22
T hese f igures , wh ich i gnore s o me o f t he more t rans ien t c hanges a nd r ef er o n ly t o t he c o inage o f t he m in t o f Ro me i t sel f , a re e xpressed i n a n e as ier f or m i n f i g. 1 6. The t able a ssumes, o f c ourse , t ha t t here w as n o c hange i n t he o ld e xchanger a te o f 1a ureus = 2 5 d enar i i. There h as b een much c on troversy a s t o whether t h is w as i n f ac t t he c ase , c en tred r ound t he c orrect i n tepre ta t ion o f ap assage i nD io w here h e s tates t ha t a n a ureus was e qua l t o 2 5 d enar i i.
I th as b een s ug-
g ested t hat D io i s n ot t a lk ing a bou t t he p resen t t ime, b u t i ti s n ot n ecessary t o d o more t han e xa m ine D io 's t ex t t o s ee t ha t h e mean t t ha t t he 1 :25 e xchange r ate was i n f orce a t t he t ime t hat h e was w r it ing , a lthough t he p assage c omes w ith in t he n arra t ive o f t he r e ign o f Augustus. h ave e ver b een q uest ioned.
I ti s a ston ish ing t ha t t h is s hou ld
The p assage r eads :
x pucoüv y äp b b m al g y Z I ) T b v ó i lLcµa T b T äg n gvTE x al
ct toc YL
b paxµäg b o uvAµEvov x aTä T b b ru gpLov 6 voµ eurxal T C OV'EXX III vwv b g T tvEg,Iv T &fh nta g nt
T4 3
e tTTL XC
ELV
ä vayLvd )cxoµcv,
o i 5Twg a üTb b aXc loo cv. I n o ther w ords i ti s c lear t ha tD io a t t h is p o in t i s t a lk ing n ot a bou t t he r e ign o f Augustus b ut a bou t h is own p rose s ty le. He i s j us t ify ing h is u se o f aw ord a s aw r iter, p robab ly b ecause t h is was t he f i rst t ime h e h ad h ad o cc as ion t o u se i ti n h is w ork .
He i s t a lk ing o f t he p resen t , o f wha t h e i s
w r it ing n ow , a nd o f wha t h is c on te mporary r eaders a re g o ing t o r ead. I ti s t o t he m t hat h e i s s peak ing. I n o ther words h e i s s ay ing t hat h e i s u s ing a G reek e qu iva len t o f t he L at in a ureus t o d es igna te t he c o in w h ich h e a nd h is r eaders k new t o b e wor th 2 5 d enar i i. 1 The d a te o f c o mpos it ion o fD io 's b ook LV i s t he s ub ject o f s ome d ispute. Mi l lar p roposes a d a te r a ther e arl ier t han t he t rad it iona l o ne o f t he r e ign o f S everus A lexander a nd wou ld p lace t h is p art o fD io 's w ork l a te i n t he r e ign o f Caracal la , i n c . 2 15-216;
h is c hrono logy i s n ow g enera l ly a ccep ted , a l-
t hough a s l igh t ly l a ter d ate c annot b e r u led o ut .2 The e xact d a te i s n o t importan t , a nd must c erta in ly f a l l i n t he p er iod 2 15-225 a t t he o u ts ide. As f i g. 1 6 s hows, t he g o ld-s i lver r a t io r e ma ined more o r l ess c onstan t a f ter t he r efor m o f 6 4, u n t i l t he m idd le o f t he s econd c en tury. There was t hen a p er iod o f v ery r ap id c hange s o t ha t t he r a t io h ad f a l len t o 6 .38 :1 b y 1 94 a nd t o 5 .86 :1 i n 2 13. I ti s worth n o t ing t hat t he f a l l i n t he g o ld :s i lver r a t io c orresponds q u ite w el l w ith t he r educt ion i n t he q uan t ity o fg o ld m in ted ( or a t l east i t s s urv iva l i n to modern t imes ), w h ich i s s uch a f eature o f t he p er iod f ro m Co m modus o nwards. A f ter 2 13, e xcep t f or s hort-l ived f l uctua t ions, t he r at io d oes n o t c hange a ga in t o a ny marked e x ten t u n t il 2 49.
Th is i s b ecause t he r educt ions i n t he s i lver c on ten t o f t he
d enar ius a f ter 2 15 a re g enera l ly f a ir ly c lose ly matched b y s im i lar f a l ls i n t he w e ight o f t he g o ld a ureus.
Th is i s i n marked c on trast t o t he e arl ier
p er iod when t he we igh t o f t he a ureus r e ma ined c onstan t w h i le t he s i lver c ont en t o f t he d enar ius d ecl ined.
The f act t hat a f ter 2 15 t he r at io c eased t o 1 55
C D C V c i
h i ) g y _l
CV
CD i1
ce
t--
C SD
LC
C eD
CV
< 1.
o g e . 1 J am Es-moo
c hange t o a ny e x ten t s uggests t ha t t he g overnmen t r ea l ised t ha t t he r at io c ou ld n ot b e l owered a ny f urther w ithou t mak ing i t imposs ib le t o i mpose t he e xchange r ate o f 1a ureus = 2 5 d enar i i. I ti s o n ly a f ter 2 49 t ha t t he s i lver c on ten t o f t he d enar ius b eg ins t o f a l l f aster t han t he w e igh t o f t he a ureus a ga in , s o t ha t t he r a t io h as d ec l ined t o 4 .22 :1 i n 2 51-253. C learly a t t h is p o in t t he o ld r ate wou ld h ave b een v ery h ard t o ma in ta in . I fp ressure t o a lter t he e xchange r ate o f a ureus t o d enar ius c ou ld b e r es isted u n t i l 2 15 , t hen i tw ou ld n o t h ave c ome u nder a ny g rea ter s tra in u n t i l 2 49. P ressure t o c hange t he r ate wou ld h ave i ncreased a ga in af ter 2 49. We h ave a lready n oted D io 's e v idence t ha t t he o ld r a te s t il l e x isted w hen h e w rote; a nd i tc an t herefore b e s uggested t ha t t he o ld r ate c ou ld h ave l asted u nt i l a s l ate a s 2 49.
Th is i s n o t t o s ay t ha t t he 2 5 :1 e xchange r ate was a ccep ted i n
a l l t ransac t ions t hroughout t he Emp ire. Cons ider ing t he c onserva t is m o f t he Ro man mind i ts ee ms l ike ly t ha t t he o ld r ate w ou ld h ave b een r e ta ined f or a s l ong a s p oss ib le ( and p erhaps l onger ) i n o ff ic ia l t ransac t ions a nd a ccoun ti ng , s i mp ly b y t he f orce o f i nert ia , a nd t h is i s p art icu larly t rue w hen w e r eme mber t ha t t he s ta te h ad e very r eason t o ma in ta in t he s ta tus q uo f or a s l ong a s i tc ou ld . Ag ood e xamp le o ft h is o f f ic ia l c onserva t is m a nd f a i lure t o r eact t o c hang ing e cono m ic r ea l it ies c an b e s een a t Dura Europos. I n A. 1 ). 2 08 t he f ixed p r ice o f ar ep lace men t g arr ison moun t w as 1 25 d enar i i. I n 2 51 t he p r ice w as e xact ly t he s ame. I n o ther words, w hen f orc ib ly p urchas ing h orses t he s tate g ave a s many d enar i i i n 2 51 a s i td id i n 2 08, a l though t he amoun t o f s i lver i n t he c o ins i n w h ich i tw as p a id ( assum ing t ha t p aymen t was i n d enar i i i n 2 08 a nd a n ton in ian i i n 2 51 ) w as h a lved. I fp aymen t was made i n t e tradrachms t hen t he amoun t o f s i lver was e ven l ess. Th is was b ad e nough f rom t he p ub l ic 's p o in t o f v iew. I f , h owever , w e a rgue t ha t t he o f f ic ia l e xchange r a te h ad b een c hanged f rom 1 :25 t o 1 :50 i n t he mean t i me, t hen t he money t he s ta te p a id o u t , i fc onver ted i n to g o ld , wou ld h ave b een 2 1 a ure i i n 2 51 i nstead o f 5a ure i.
Wou ld i th ave b een p oss ib le f or e ven t he Roman m il itary mach ine
t o h ave e n forced t h is? I ti s v ery i mportan t t hat w e s hou ld d ist ingu ish t he o f f ic ia l e xchange r a te o f a ureus a nd d enar ius, i n wh ich t he s tate made i t s p ay men ts a nd k ept i t s a ccoun ts, f rom t he u nof f ic ia l r ates wh ich w ere u sed b y d if feren t i nd iv idua ls a t d iferen t t imes. Even i n t he s econd c en tury t he e xchange r a te o f t he d enar ius a nd t he a s v ar ied. As t he i mper ia l c urrency s yste m c ol lapsed w e wou ld e xpect a g reater a nd g reater d ispar ity b etween what t he g overnmen t i n tended t o h appen a nd w ha t a ctua l ly d id h appen a nd i ti s p erfec t ly p oss ib le t o a rgue t ha t t he 1 :25 e xchange r ate r e ma ined i n f orce i n o f f ic ia l t ransact ions u n t il t he 2 50s w h i le l ook ing f or t races o f r e luctance o n t he p ar t o f t he p opu la t ion t o a ccep t i tf or s ome y ears b efore t hat . A t p resen t s uch e v idence d oes n ot s ee m t o e x ist b efore t he r e ign o f P h i l ip I , a nd e ven t he e v idence t hen i s f rom t he v ery e dge o f t he Emp ire , where c on f idence i n af ixed c urrency s yste m w ou ld a lways h ave b een l east f i rm . 4 I n 2 60 p eop le e ven i n A lexandr ia w ere s imp ly r ef us ing t o a ccep t
r e )
e ci .ov TE 5 v ECr 3 o c cr rEw
h ad h appened b etween 2 53 a nd 2 60. 5
1 57
v 6µ 1 ,040 c
—bu t ag reat d ea l
NOTES
1 .
D io LV , 1 2. F . M il lar , S tudy o f Cass ius D io 4 1, r ea l ises t he i mport ance o f t h is p assage i n as tudy o fD io 's s ty le, a nd h e emphas ises t hat ' r ii v ` EXX . r jv c ov b g TL vgg d oes n ot mean c lass ica l Greek w r iters b u t t he s ty l ists o f t he s econd c en tury . The p o in t i s a lso made b y T . V . Bu t trey , Z onaras a nd t he v a lue o f t he Ro man Aureus' , J RS L I ( 1961) 4 0, a ccep ted b y M. C raw ford , ' F inance a nd Money f rom t he S everans t o Constan t ine ' , Au fst ieg u nd N iedergang d er Rö m ischen We lt I , i , 5 66. Bo l in ( S tate a nd C urrency 2 69 ) d oes n ot e xp la in why h e t h inks t hat t he p assage ' imp l ies ' t hat t he r elat ion o f a ureus t o d enar ius
2 .
was n o l onger v a l id.
I td oes e xact ly t he o ppos ite.
M i l lar , o p .c i t ., 1 93 .
Craw ford , o p .c i t . , 5 66 n . 2 7 s uggests a d a te
a f ter 2 22 , b u t h is a rgu men t i s n ot e n t ire ly c onv inc ing , c er ta in ly n ot s uf f ic ien t ly s o t o j ust ify a r earrangemen t o f M i l lar 's d a t ing . 3 .
Dura F ina l Report V . p t . 1 , p apyr i n os. 5 6 a nd 9 7.
4 .
I tu sed t o b e s a id t hat t he j ur ists o f fered e v idence t hat t he e xchange r ate w as 1 :50 b y t he t ime o fS everus A lexander ( Bo l in , 22 .c it . 2 69 ) b u t Craw ford ( .c it .) h as q u ite r igh t ly d is m issed i t . The n ex t p iece o f e v idence i s f rom N ub ia i n t he r e ign o f Ph il ip I( Bo l in 2 2 .c it . 2 78 ) b u t i t wou ld b e v ery r ash t o a ssume t ha t b ecause t he a ureus was wor th more t han 2 5 d enar i i a t t h is t ime i n Nub ia i tw ou ld a lso b e t he c ase t hrougho ut t he Emp ire.
I t wou ld b e p rec ise ly i n a reas l ike Nub ia t hat i tw ou ld
b e most d if f icu lt t o ma in ta in a n o verva lued c urrency , f or o uts ide t he Emp ire c o ins wou ld p resumab ly b e o n ly wor th t he ir b u l l ion v a lue. As a n e xamp le, a t Dura Europos p eop le w ere r e luc tan t t o a ccep t t he l i gh t w e igh t a ure i o f P escenn ius N iger w ith in w eeks o f t he ir b e ing i ssued. O bv ious ly t hey w ou ld h ave h ad d if f icu l ty g et t ing t he m a ccep ted i n t rade w ith t he Parth ians.
Th is d oes n ot n ecessar i ly mean t ha t t hey w ere n ot
b e ing a ccep ted b y p eop le i n An t ioch a longs ide f u l l w e ight a ure i a l though t hey may w el l h ave b een u npopu lar e verywhere.
( T. V . But trey , ' O ld
AureP a t Pa l myra a nd t he c o inage o f P escenn ius N iger, B ery tus 1 4, 1 963, 17. ) 5 .
P .O . 1 411, g iven i n f u l l b y West a nd J ohnson , C urrency i n Ro man a nd Byzan t ine Egyp t , 1 83.
I ts hou ld b e n oted t hat t he d ecree o f t he s tra-
t egus s uggest s t ha t t h is was n o t t he f i rst o ccas ion w hen money-changers h ad r efused t o t ake c o ins.
1 58
APPENDIX 4 EASTERN S ILVER CO INAGES POSS IBLY CONNECTED WITH THE MINT OF ROME
Two e astern c o inages wh ich a re c erta in ly c onnected w ith t he m in t o f Ro me a re d iscussed i n t h is v o lu me, n a mely t he s i lver c o inage o f N erva a t Caesarea a nd t he t etradrach ms o f Ph i l ip Iw ith t he r everse i nscr ip t ion MON VRB ( above, p . 1 20 a nd 1 02 ).
Il i st b elow o ther e xa mp les wh ich a re t o my
m ind c onv inc ing. ( i )
I n t he 4 th , 5 th a nd 6 th y ears o f S everus A lexander t he m in t o f A lex-
a ndr ia p roduced a s er ies o f t etradrach ms wh ich a re i n s ty le a nd f abr ic u t terly u n l ike t he u sua l a nd c on t e mporary p roduc ts o f t he m in t .
The f l ans a re w ide
a nd n ea t a s o pposed t o t he d u mpy a nd r ough A lexandr ian o nes ; i s sma l l a nd v ery n ea t ;
t he l et ter ing
t he r egna l y ears a re w r it ten o u t i n f u l l , a nd t he
b usts a re i n f ine ' Ro man ' s ty le i n h igh r el ief .
I n t h is c ase w e must b e d ea l ing
n ot o n ly w ith Ro man d ies a nd d ie-cu t ters, b u t e ither w ith c o ins a ctua l ly s truck a t Ro me o r w ith a who le s ect ion o f t he Ro man min t work ing a t A lexandr ia. Exa mp les o f t hese c o ins a re i l lustrated i n SNG Copenhagen n os. 6 22, 6 31, 6 32 a nd 6 33. ( i)
The g reat war c o inage o f Marcus Aure l ius a nd L uc ius V erus s truck
a t Caesarea b etween 1 62 a nd 1 66 i s a lso a l most c erta in ly b y Ro man d ie-cut ters. I n t h is c ase t he f act t ha t t he c o inage was s pec if ica l ly f or t he Parth ian War r e in forces t he i dea o f c lose c en tra l i nvo lve men t i n i t s p roduct ion ( Me tro logy I , 8 3) . ( ii )
A sma l l i ssue o f d rachmas a nd h em idrach ms w ere s truck f or Cyrene
i nA .D. 1 00.
Aga in c ompar ison o f t hese c o ins w ith c on te mporary c o ins o f
Ro me s uggests v ery s trong ly t ha t t he d ies a re Ro man work .
( Metro logy I ,
1 12-113.) ( i v )
A lso u nder Tra jan o ne o f t he t wo m in ts wh ich s truck t he ' Arab ia '
c o inage a nd c onnected t etradrachms i s o f as ty le e xact ly l ike t hat o f Ro me ( my m in tA , Metro logy I , 1 08f f .).
The s ty le o f t hese c o ins i s q u ite d ist inct
f ro m t hat o f a ny o ther o f t he e astern s i lver c o inages o f t he s econd h a lf o f t he r e ign o f Tra jan. ( v )
A n u mber o f e astern b ronze c o inages a lso s how c lose s ty l ist ic s im i-
l ar it ies t o c o ins o f Rome.
These i nc lude t he b ronze c o inage o f Vespas ian
f or t he k o inon o f Cyprus ( B MC Cyprus 3 6f f .) a nd t he b ronze c o ins o f Cyrene u nder Tra jan a nd Marcus Aurel ius , i ncorrec t ly g iven t o Cappadoc ia ( B MC Cappadoc ia 1 12f f . a nd 1 83f f .).
Is uspect t hat b oth t hese c o inages w ere i n
f ac t s truck a t Rome. Th is l ist d oes n o t p retend t o b e c o mp lete , b u t i ncludes o n ly s o me o f t he more o u tstand ing e xa mp les. 1 59