Reply to Thread

Message:: [QUOTE="Al Kowsky, post: 8193361, member: 97383"]After centuries of debasement the once mighty denarius finally became obsolete during the 3rd century CE. Despite no longer circulating, the denarius evolved into a unit of account called the denarii communes, usually referred to as dc. It was replaced by a series of fiat coinage; small bronze radiates with a thin layer of silver on the surface that wore off with moderate circulation. These radiate coins were called antoniniani. To make matters worse barbarian groups in the Western Empire were counterfeiting these cheap coins. Inflation was out of control and the Roman Empire was on the brink of financial collapse. Aurelian initiated a currency reform in 274 CE by creating a new radiate coin of excellent quality guarantied to have a silver content of 5% and a superior silver wash on the surface. The new coins were called aureliani, and were circulating well into the reign of Diocletian. These radiate coins ceased to be made after Diocletian's currency reform of 293/294 CE. Diocletian's currency reform ended the minting of all regional provincial coinage too, and a uniform system of coinage was created to be used throughout the empire. The defunct Roman denarius was revived in the form of a new coin called the argenteus. The argenteus was modeled after Nero's denarius, (1/96 lb., but only 80% silver). The aurelianus was replaced by a new billon coin, the nummus, struck with a weight of 1/32 lb. and containing 4% silver. Diocletian also had a small radiate bronze coin made that had no silver and weighed about 3 gm. The gold aureus was also revived with a weight of 1/70 lb. containing 98% pure gold. The argentei and nummi were hoarded as quickly as they struck because of under evaluation in regards to the other coins circulating at that time. To induce the public to start using the new coins instead of hoarding them a 2nd reform was introduced on September 1, 301. The argenteus was revalued from 50 to 100 dc, and the nummus was revalued from 12.5 to 25 dc. This 2nd reform along with excessive minting of nummi did not stop inflation and rising prices. Diocletian was forced to impose his Edict of Price Controls on goods and services in the marketplace. This edict turned out to be a failure too, and the public reverted to the barter system for a long time thereafter to obtain goods & services. Diocletian's attempt to restore a tri-metallic currency system was admirable but not well thought-out. He didn't understand the intricacies of imposing this new system and tying it to all the other coinage in circulation. I finally acquired an important coin long missing from my collection, a Diocletian era argenteus pictured below. The coin is a lustrous, well struck example from CNG Triton XXV, depicting a finely engraved portrait of Galerius.[ATTACH=full]1434861[/ATTACH] Galerius as Caesar, 293-305 CE (struck circa 295). AR Argenteus: 3.37 gm, 18.25 mm, 12 h. Nicomedia Mint, Officina #3. Obverse: Laureate head of Galerius, MAXIMIANVS CAESAR. Reverse: The four tetrarchs sacrificing over an altar before a city enclosure with six turrets, VIRTVTI MILITVM (virtue of the military), in exergue S M (SACRA MONETA, "sacred money"), N (Nicomedia), followed by the Greek letter Gamma (3). RIC VI 20. CNG Triton XXV, lot 998; CNG Triton XXII, lot 1168, from the William Whetstone Collection. The photos in the catalog and website were darker than the actual coin, a common flaw with CNG photos. Simple photo editing would have corrected this. [ATTACH=full]1434867[/ATTACH] I did a search on the Wild Winds website and found a coin that is the exact same type as my coin, that was sold by Freeman & Sear in their Mail Bid Sale #12. [ATTACH=full]1434871[/ATTACH] Roman Empire: Galerius as Caesar, AD 293-305 (struck circa 295). AR Argenteus: 3.43 gm. RIC 20. RSC 234Ab. Rare. Good extremelyfine. Estimate $1,500, price realized $1,518. Freeman & Sear MailBid Sale 12, lot 625, October 28, 2005. Picture below is another handsome and rare argenteus from the Nicomedia Mint with a portrait of Maximian Herculeus, commemorating a military victory over the Sarmatians. [ATTACH=full]1434877[/ATTACH] Maximianus Herculeus, 1st reign, AD 286-305 (struck circa 295/296). Nicomedia Mint. AR Argenteus: 3.33 gm, 20 mm, 1 h. The reverse depicts a camp gate with open doors. RIV 25b. RSC 553c. Photo courtesy of Leu Numismatik AG> Auction 10, lot 2362. Estimate 750 CHF, price realized 2,800 CHF ($3,515 including buyers premium). References:Coinage in the Roman Economy, 300 BC to AD 700. Kenneth W. Harl. John Hopkins University Press. 1996 The Oxford Handbook of Greek and Roman Coins, edited by William E. Metcalf, Chapter 29, THE LATER THIRD CENTURY by Sylviane Estoit. Reprinted by: <a href="http://www.academia.edu" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.academia.edu" rel="nofollow">www.academia.edu</a>. Diocletian and the Roman Recovery. Stephen Williams. 1985 Essay from: <a href="http://www.academia.edu" target="_blank" class="externalLink ProxyLink" data-proxy-href="http://www.academia.edu" rel="nofollow">www.academia.edu</a>, Diocletian's Monetary Reform, C.G.J. Paankeet - Slootdrop 2013. CT members are welcome to contribute anything relevant to this thread <img src="styles/default/xenforo/clear.png" class="mceSmilieSprite mceSmilie50" alt=":happy:" unselectable="on" unselectable="on" />. [/QUOTE]

Create my FREE Account!

Log in or Sign up

Reply to Thread

Useful Searches