Facts about Roman Coins give the information about the currency used during the Roman history. The coinage may take form in copper, bronze, silver, gold and orichalcum. Of course, gold is considered as the most precious one. The composition, denomination and form were changed over the course of the century in Rome from the Republic to the Roman Imperial. The origin of the usage of coins in Rome was traced back in the fourth century. It led into the coin mining across Europe. In 269 BC, the silver coin was manufactured in Rome, which generated the origin of the word mint. The locating of the minting process at that time was in Juno Moneta Temple. Let us find out other interesting facts about Roman coins below:
Coins are usually the main Roman issues with Latin legends, but a few provincial coins are included at this time. The coin types represented depend on the material available. All photographs in the catalog are attributed to the persons who granted permission to use them.
- HS is a standard abbreviation for sestertii in Roman inscriptions, and, depending upon how it is referenced, it can refer to a single sestertius, a unit of one thousand sestertii, or a unit of one.
- Roman Coins ModernCoinMart (MCM) has expanded our inventory to include a large number of ancient Roman coins. These coins of ancient Rome have been graded by the Numismatic Guaranty Corporation’s (NGC) Ancient coin division. Their experts closely examine these coins to provide accurate information and precise grades.
Facts about Roman Coins 1: the spread of Roman mints
After the manufacturing process, the Roman coins were used around Roman Empire.
Facts about Roman Coins 2: politics
Politics also accused behind the minting process of Roman coins. The emperor tried to make sure that the coin featured their image though they only had a short period as the Roman emperor.
Roman Coins Facts
Facts about Roman Coins 3: Quietus
Quietus became the Emperor of Rome in 260 until 261 AD. The surprising fact is that he had two coins with his image despite his short position as the emperor.
See Also: 10 Facts about Roman Games
Facts about Roman Coins 4: the monetary history
If you think that the first who used coins as the monetary transaction was the Romans, you are very wrong. Since the seventh Millennium BC, the bullion bars and ingots had already used the coins. The pioneer of the use of coin was the Greeks who lived in Asia Minor.
Facts about Roman Coins 5: the introduction of coin
Circa 300 BC, the Roman Republican government introduced the coinage for the first time.
Facts about Roman Coins 6: the large quantities of production
The large quantities of coin production took place in the fourth century BC in Magna Graecia region located in Southern Italy.
You can also see: 10 Facts about Roman Calendars
Facts about Roman Coins 7: the unique features
The money in Rome was very different from the rest of ancient Mediterranean culture. The unique elements were found in their system. One of the best instances was the aes signatum. It is the large bronze bullion created from leaded tin bronze, which has the weight of 1,500 to 1,600 grams. The measurement was 6.3 by 3.5 inches.
Facts about Roman Coins 8: the Greek design
The Greek design influenced the Roman coins. The coins feature the images of gods and mythical scenes during the Roman Republic.
Facts about Roman Coins
Facts about Roman Coins 9: Julius Caesar
Julius Caesar had the Roman coins with his image. It was a crucial step since it was the first time a Roman coin had a picture of a living person.
Check Also: 10 Facts about Roman Chester
Facts about Roman Coins 10: the divine ancestors
Caesar tried to make him look like god by issuing the image of himself on the coin.
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The Money Project is an ongoing collaboration between Visual Capitalist and Texas Precious Metals that seeks to use intuitive visualizations to explore the origins, nature, and use of money.
At its peak, the Roman Empire held up to 130 million people over a span of 1.5 million square miles.
Rome had conquered much of the known world. The Empire built 50,000 miles of roads, as well as many aqueducts, amphitheatres, and other works that are still in use today.
Our alphabet, calendar, languages, literature, and architecture borrow much from the Romans. Even concepts of Roman justice still stand tall, such as being “innocent until proven guilty”.
How could such a powerful empire collapse?
The Roman Economy
Trade was vital to Rome. It was trade that allowed a wide variety of goods to be imported into its borders: beef, grains, glassware, iron, lead, leather, marble, olive oil, perfumes, purple dye, silk, silver, spices, timber, tin and wine.
Trade generated vast wealth for the citizens of Rome. However, the city of Rome itself had only 1 million people, and costs kept rising as the empire became larger.
Administrative, logistical, and military costs kept adding up, and the Empire found creative new ways to pay for things.
Along with other factors, this led to hyperinflation, a fractured economy, localization of trade, heavy taxes, and a financial crisis that crippled Rome.
Roman Debasement
The major silver coin used during the first 220 years of the empire was the denarius.
This coin, between the size of a modern nickel and dime, was worth approximately a day’s wages for a skilled laborer or craftsman. During the first days of the Empire, these coins were of high purity, holding about 4.5 grams of pure silver.
However, with a finite supply of silver and gold entering the empire, Roman spending was limited by the amount of denarii that could be minted.
This made financing the pet-projects of emperors challenging. How was the newest war, thermae, palace, or circus to be paid for?
Roman officials found a way to work around this. By decreasing the purity of their coinage, they were able to make more “silver” coins with the same face value. With more coins in circulation, the government could spend more. And so, the content of silver dropped over the years.
By the time of Marcus Aurelius, the denarius was only about 75% silver. Caracalla tried a different method of debasement. He introduced the “double denarius”, which was worth 2x the denarius in face value. However, it had only the weight of 1.5 denarii. By the time of Gallienus, the coins had barely 5% silver. Each coin was a bronze core with a thin coating of silver. The shine quickly wore off to reveal the poor quality underneath.
The Consequences
The real effects of debasement took time to materialize.
Adding more coins of poorer quality into circulation did not help increase prosperity – it just transferred wealth away from the people, and it meant that more coins were needed to pay for goods and services.
At times, there was runaway inflation in the empire. For example, soldiers demanded far higher wages as the quality of coins diminished.
“Nobody should have any money but I, so that I may bestow it upon the soldiers.” – Caracalla, who raised soldiers pay by 50% near 210 AD.
By 265 AD, when there was only 0.5% silver left in a denarius, prices skyrocketed 1,000% across the Roman Empire.
Only barbarian mercenaries were to be paid in gold.
The Effects
With soaring logistical and admin costs and no precious metals left to plunder from enemies, the Romans levied more and more taxes against the people to sustain the Empire.
Hyperinflation, soaring taxes, and worthless money created a trifecta that dissolved much of Rome’s trade.
The economy was paralyzed.
By the end of the 3rd century, any trade that was left was mostly local, using inefficient barter methods instead of any meaningful medium of exchange.
The Collapse
During the crisis of the 3rd century (235-284 A.D), there may have been more than 50 emperors. Most of these were murdered, assassinated, or killed in battle.
Roman Currency Debasement
The empire was in a free-for-all, and it split into three separate states.
Constant civil wars meant the Empire’s borders were vulnerable. Trade networks were disintegrated and such activities became too dangerous.
Barbarian invasions came in from every direction. Plague was rampant.
And so the Western Roman Empire would cease to exist by 476 A.D.
Roman Currency Worth
About the Money Project
The Money Project aims to use intuitive visualizations to explore ideas around the very concept of money itself. Founded in 2015 by Visual Capitalist and Texas Precious Metals, the Money Project will look at the evolving nature of money, and will try to answer the difficult questions that prevent us from truly understanding the role that money plays in finance, investments, and accumulating wealth.
Value Of Old Foreign Currency
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