Roman currency
[1] From its introduction during the Republic, in the third century BC, through Imperial times, Roman currency saw many changes in form, denomination, and composition.
It served as a model for the currencies of the Muslim caliphates and the European states during the Middle Ages and the Modern Era.
Roman currency names survive today in many countries via the Carolingian monetary system, such as the dinar (from the denarius coin), the British pound (a translation of the Roman libra, a unit of weight), the peso (also a translation of libra), and the words for the general concept of money in the Iberian Romance languages (e.g. Spanish dinero and Portuguese dinheiro).
The origin of the word "mint" is ascribed to the manufacture of silver coin at Rome in 269 BC near the temple of Juno Moneta.
[3] The Romans cast their larger copper coins in clay moulds carrying distinctive markings, not because they did not know about striking, but because it was not suitable for such large masses of metal.
Eventually, the economic conditions of the Second Punic War forced the Romans to fully adopt a coinage system.
[6] Along with the aes signatum, the Roman state also issued a series of bronze and silver coins that emulated the styles of those produced in Greek cities.
[8] The designs on the coinage of the Republican period displayed a "solid conservatism", usually illustrating mythical scenes or personifications of various gods and goddesses.
While previous moneyers had issued coins featuring portraits of their ancestors, Caesar's coinage marked the third instance in Roman history where a living individual was depicted.
During his campaign against Pompey, Caesar issued a variety of types that featured images of either Venus or Aeneas, attempting to associate himself with his divine ancestors.
While the emperor is by far the most frequent portrait on the obverse of coins, heirs apparent, predecessors, and other family members, such as empresses, were also featured.
While some images can be related to the policy or actions of a particular emperor, many of the choices seem arbitrary and the personifications and deities were so prosaic that their names were often omitted, as they were readily recognizable by their appearance and attributes alone.
Atypical reverses are usually seen during and after periods of war, at which time emperors make various claims of liberation, subjugation, and pacification.
An example struck by emperor Philip the Arab in 244 features a legend proclaiming the establishment of peace with Persia; in truth, Rome had been forced to pay large sums in tribute to the Persians.
[16] Estimates of the value of the denarius range from 1.6 to 2.85 times its metal content,[citation needed] thought to equal the purchasing power of 10 modern British pound sterling at the beginning of the Roman Empire to around 18 pound sterling by its end (comparing bread, wine, and meat prices) and, over the same period, around one to three days' pay for a legionary.
The type of coins issued changed under the coinage reform of Diocletian, the heavily debased antoninianus (double denarius) was replaced with a variety of new denominations,[18] and a new range of imagery was introduced that attempted to convey different ideas.
The introduction of a new type of government and a new system of coinage represents an attempt by Diocletian to return peace and security to Rome, after the previous century of constant warfare and uncertainty.
The reverse types of coins of the late Empire emphasized general themes, and discontinued the more specific personifications depicted previously.
Although the denarius remained the backbone of the Roman economy from its introduction a few years before 211 BC until it ceased to be normally minted in the middle of the third century, the purity and weight of the coin slowly, but inexorably, decreased.
While it is not clear why debasement became such a common occurrence for the Romans, it's believed that it was caused by several factors, including a lack of precious metals and inadequacies in state finances.
When introduced, the denarius contained nearly pure silver at a theoretical weight of approximately 4.5 grams, but from the time of Nero onwards the tendency was nearly always for its purity to be decreased.
The theoretical standard, although not usually met in practice, remained fairly stable throughout the Republic, with the notable exception of times of war.
The exact relationship and denomination of the bronze issues of a variety of sizes is not known, and is believed to have fluctuated heavily on the market.
The exact reason that Roman coinage sustained continuous debasement is not known, but the most common theories involve inflation, trade with India (which drained silver from the Mediterranean world) and inadequacies in state finances.
