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<p>[QUOTE="Orielensis, post: 6472098, member: 96898"]In economics, the underlying principle is called "Gresham's Law:" an influx of bad money tends to remove good money from circulation.</p><p><br /></p><p>As many others have stated, the emperors you mentioned ruled at the relative end of the period in which Rome minted good silver coins. The introduction of the overvalued antoninianus under Caracalla was a first change. Finally, during the imperial crisis of the 3rd century (c. 235–284 AD), silver was rapidly debased and eventually all but replaced by bronze.</p><p><br /></p><p>All of this meant a steady influx of bad money. Clever as they were, people spent overvalued billon and bronze coins while at the same time saving and hoarding good silver. This effectively removed the latter coins from circulation and prevented further wear. Therefore, relatively good silver coins minted in the first half of the 3rd century often survive in high grade.</p><p><br /></p><p>You can see the same thing happening today: if you got back a silver quarter at the supermarket, you would likely keep it, wouldn't you?</p><p><br /></p><p>Here are some high grade 3rd century denarii:</p><p>[ATTACH=full]1258403[/ATTACH]</p><p><font size="3">Septimius Severus, Roman Empire, denarius, 210 AD, Rome mint. Obv: SEVERVS PIVS AVG; head of Septimius Severus, laureate, r. Rev: P M TR P XVIII COS III P P; Neptune, naked except for cloak over l. shoulder and r. arm, standing l., r. foot set on globe, holding trident in l. hand. 19 mm., 3,54 g Ref: RIC IV Septimius Severus 234. </font></p><p><font size="3"><br /></font></p><p><font size="3">[ATTACH=full]1258404[/ATTACH] </font></p><p><font size="3">Julia Domna, Roman Empire, denarius, 196–211 AD, Rome mint. Obv: IVLIA AVGVSTA; bust of Julia Domna, draped, r. Rev: IVNO, Iuno standing l., holding patera and sceptre, peacock at feet l. 18mm, 3.20g. Ref: RIC IV Septimius Severus 559.</font></p><p><font size="3"><br /></font></p><p><font size="3">[ATTACH=full]1258405[/ATTACH] </font></p><p><font size="3">Macrinus, Roman Empire, AR denarius, 217–218 AD, Rome mint. Obv: IMP C M OPEL SEV MACRINVS AVG; laureate and cuirassed short-bearded bust of Macrinus r. Rev: IOVI CONSERVATORI; Jupiter standing left, holding thunderbolt and sceptre; to left, small figure of Macrinus standing r. 20mm, 3.21g. Ref: RIC IV Macrinus 76b.</font></p><p><font size="3"><br /></font></p><p><font size="3">[ATTACH=full]1258406[/ATTACH] </font></p><p><font size="3">Elagabalus, Roman Empire, denarius, 220 AD, Rome mint. Obv: IMP ANTONINVS PIVS AVG; bust of Elagabalus, draped and laureate, r. Rev: P M TR P III COS III P P; Sol, radiate, naked except for cloak over l. shoulder, standing l., raising r. hand and holding whip in l. hand; in field l., star. 18mm, 1,80g. Ref: RIC IV Elagabalus 28b.</font>[/QUOTE]</p><p><br /></p>
[QUOTE="Orielensis, post: 6472098, member: 96898"]In economics, the underlying principle is called "Gresham's Law:" an influx of bad money tends to remove good money from circulation. As many others have stated, the emperors you mentioned ruled at the relative end of the period in which Rome minted good silver coins. The introduction of the overvalued antoninianus under Caracalla was a first change. Finally, during the imperial crisis of the 3rd century (c. 235–284 AD), silver was rapidly debased and eventually all but replaced by bronze. All of this meant a steady influx of bad money. Clever as they were, people spent overvalued billon and bronze coins while at the same time saving and hoarding good silver. This effectively removed the latter coins from circulation and prevented further wear. Therefore, relatively good silver coins minted in the first half of the 3rd century often survive in high grade. You can see the same thing happening today: if you got back a silver quarter at the supermarket, you would likely keep it, wouldn't you? Here are some high grade 3rd century denarii: [ATTACH=full]1258403[/ATTACH] [SIZE=3]Septimius Severus, Roman Empire, denarius, 210 AD, Rome mint. Obv: SEVERVS PIVS AVG; head of Septimius Severus, laureate, r. Rev: P M TR P XVIII COS III P P; Neptune, naked except for cloak over l. shoulder and r. arm, standing l., r. foot set on globe, holding trident in l. hand. 19 mm., 3,54 g Ref: RIC IV Septimius Severus 234. [ATTACH=full]1258404[/ATTACH] Julia Domna, Roman Empire, denarius, 196–211 AD, Rome mint. Obv: IVLIA AVGVSTA; bust of Julia Domna, draped, r. Rev: IVNO, Iuno standing l., holding patera and sceptre, peacock at feet l. 18mm, 3.20g. Ref: RIC IV Septimius Severus 559. [ATTACH=full]1258405[/ATTACH] Macrinus, Roman Empire, AR denarius, 217–218 AD, Rome mint. Obv: IMP C M OPEL SEV MACRINVS AVG; laureate and cuirassed short-bearded bust of Macrinus r. Rev: IOVI CONSERVATORI; Jupiter standing left, holding thunderbolt and sceptre; to left, small figure of Macrinus standing r. 20mm, 3.21g. Ref: RIC IV Macrinus 76b. [ATTACH=full]1258406[/ATTACH] Elagabalus, Roman Empire, denarius, 220 AD, Rome mint. Obv: IMP ANTONINVS PIVS AVG; bust of Elagabalus, draped and laureate, r. Rev: P M TR P III COS III P P; Sol, radiate, naked except for cloak over l. shoulder, standing l., raising r. hand and holding whip in l. hand; in field l., star. 18mm, 1,80g. Ref: RIC IV Elagabalus 28b.[/SIZE][/QUOTE]
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Same high grade coins again and again
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