Hi folks, I am delighted to share with you my recent acquisition: a splendid siliqua/argentiolus of Magnus Maximus, minted in Mediolanum during the period of A.D. 387 to 388. This particular piece is of great historical interest, given its production following Magnus Maximus's conquest of Italy from Valentinian II. Notably, these coins were minted at a weight standard 30% lower than previously established, yet they maintained a remarkable silver purity of 97-98%. It is intriguing to note that, despite the introduction of this lower weight standard, the production of siliquae at the heavier standard continued in both Trier and Italy. The rationale behind Magnus Maximus's decision to issue siliquae of reduced weight remains a subject of speculation. One theory posits that these lighter coins were minted to facilitate payments to the field armies and merchants supporting Maximus's eastern campaign in late 388, though definitive evidence for this hypothesis is lacking. Furthermore, the co-circulation of both weight standards, as evidenced by their presence in hoards discovered across Gaul, Britain, and Italy, suggests that these coins were likely traded based on their weight rather than their nominal denomination, indicating their function as a form of bullion coinage. Otherwise Gresham’s law would denote that they would have fully replaced the heavier coins over time in hordes. Magnus Maximus AR Siliqua/Argentiolus A.D. 387 to 388 Mediolanum (Milan) mint 1.72 grams Obverse: Head of Emperor Magnus Maximus Reverse: Roma with globe and spear seated on throne facing forward. RIC 19a. C. 20
