Roman currency

Marcus Aurelius Denarius2

Aes Signatum

Roman Coin Denominations

Coins of the Roman Replic and Empire - from Cassell's History of England, Vol. I - anonymous author and artists

Decline of the antoninianus

Roman currency refers to the various physical forms of money that were used in the Roman Empire over its extensive history, from its founding in the 8th century BC to the fall of the Western Roman Empire in the 5th century AD. Roman currency underwent significant changes in form, composition, and use over the centuries, reflecting the empire's economic conditions, political changes, and external trade relations.

Origins and Early Republic

The earliest Roman currency consisted of bullion, a term that refers to metal bars of a standardized weight. This system was practical for trade but lacked the convenience of smaller denominations. The first significant change came in the late 4th century BC with the introduction of a cast bronze coinage, the aes grave. These heavy bronze pieces were marked with denominations and symbols, such as the Roman she-wolf, to authenticate their value.

The Denarius System

By the 3rd century BC, Rome had shifted to a silver-based currency system with the introduction of the denarius, which would become the backbone of Roman currency for centuries. The denarius was initially valued at 10 asses (singular: as), a bronze or copper coin, but this value changed over time. The denarius and its fractions facilitated trade and taxation and were widely circulated throughout the empire and beyond.

Imperial Changes

The transition from the Roman Republic to the Roman Empire under Augustus brought further changes to the currency system. Augustus reformed the coinage, introducing the gold aureus and the silver denarius as standard coins, with their values strictly controlled by the state. This period saw the peak of the denarius's purity and value.

However, the 3rd century AD witnessed a significant decline in the silver content of the denarius, leading to inflation and a decrease in public trust in the currency. In response, Emperor Diocletian introduced the solidus, a new gold coin that would become the standard for Byzantine and European currencies for the next millennium.

Administration and Minting

The Roman currency system was centrally controlled by the state, which operated mints across the empire. These mints produced coins not only for economic transactions but also as a means of disseminating imperial propaganda, with emperors frequently depicted on coinage.

Decline and Legacy

The decline of the Roman Empire in the West had profound effects on its currency system. The production and circulation of coins decreased, and regions began to revert to barter systems or local coinages. The Eastern Roman (Byzantine) Empire continued to use the solidus and its derivatives for centuries, while in the West, emerging European states developed their own currencies, often inspired by Roman standards.

Conclusion

Roman currency played a crucial role in the economic, political, and social life of the empire. Its evolution reflects the changing dynamics of Roman society and its economy over centuries. Today, Roman coins are valuable not only as collectors' items but also as historical documents that offer insights into the vast Roman world.