The Monetary Reform Of Diocletian – Part Three

In the earlier parts of this series, we saw the steps taken by Diocletian before full reform of the monetary system i.e. improvement in the standard and quality of the gold coins. In this part, we are going to analyze the new names introduced in the year 293 AD.

The Introduction Of The New System In 293 AD

In the year 293 AD, with the appointment of Galerius and Constantius as Caesars, the political system of the Tetrarchy was finally established and the speed of administrative and fiscal reforms began to accelerate. In this context, we undertook a more ambitious monetary reforms pre-modern history, involving a radical break with the existing system.

Not know the exact time of its implementation, but was held without a doubt, between the years 293 and 294 AD, preferring the more recent authors as Kenneth Harl or Richard Abdy, the earliest date. The overall objective of the reform was to return to a system similar to the one introduced during the High Empire by Nero, that is, a nostalgic return to a golden past.

 

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In the golden reformed now joined a new minted silver coin weighing 1/96 of the Roman pound (XCVI number on the back of some emissions) i.e. about 3.4 grams, though most were wedged beneath the target weight. It was the first piece of pure silver out of the Roman mints and reproduced in a century, in fact, the standard of the denarius of Nero and his law of 95% purity. It seems that this piece was designated argentous.

The Monetary Reform Of Diocletian – Part One

We present here the first part of a series of articles devoted to analyze in detail about the currency reform introduced by Diocletian in the late third century AD, it would, in many ways, the starting point of the monetary system of the Lower Empire.

Diocletian's rise to the throne of the Roman Empire in the year 284 AD did not differ from that of most of his predecessors during the controversial shooting third century AD, the murder of an emperor confusing circumstances and choice, by the army, a successor from their own ranks, but the new sovereign achieved the current cycle of instability for decades and started a lasting reign marked by the significant reforms in many of the central aspects of the organization of the State. Some, such as the establishment of the Tetrarchy (multiple-emperor government) would only experiments that would lack continuity, but others, such as tax reform and the creation of a bureaucracy, laid foundation for what we know as the Lower Roman Empire.

One of the most complex political changes introduced by Diocletian and his colleagues was his effort to provide the Roman world of a new monetary system. The deterioration in the quality of the coin, the loss of confidence in it and inflation was three inherited problems which might have faced if Diocletian intended that fiscal and administrative plans viable. In the year 274 AD, Emperor Aurelian had already introduced a currency reform to address these challenges, but their impact was limited and new standards were quickly relaxed. The changes brought on by the Tetrarchs have, however, a much more profound impact, especially since it would implement in phases over an extended period of time.

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The Story of Binio (The Double Aureus) Of Galo Trebonianus – Component # 1

In the first part of this post, I present a brief introduction to the reign of Treboniano Galo and monetary production. Today, this emperor is a little known but had to deal with one of the most critical periods in the history of Rome, marked by military disaster and a terrible epidemic.

A Reign Of Chaos

After the death of Decius, the overall situation seems to become of a chaotic empire accentuating the weakness of borders and the internal struggle for the power. Again, a new emperor had to be elected on the spot. The troops chose C. Vibius Trebonianus Gallus, governor of Moesia Senate. Galo quickly needed to make peace with the Goths both to stabilize a military situation could not be reversed easily, like to travel to Rome to secure his position on the throne. The Goths agreed to leave the imperial territory, but on condition of their captives and booty, and payment by the rule of an annual grant. After agreeing with the Goths, Galo returned to Italy, and his proclamation was formally confirmed by the Senate. A military crisis is compounded by the devastation caused by the plague, which seems to have reached its peak during the brief reign of Gallus.

The payment of subsidies to ensure peace with the Goths aggravated undoubtedly the already delicate financial situation of the empire forcing a further reduction in the silver content antoninianus to cover the rising costs. Galo Treboniano's reign marked and a new floor for the antoninianus that started minting coins with just a little more than 35% silver.

Double Golden, "Binio" By Galo Treboniano

Galo's reign also marked the golden deterioration. For the first time, during the reign of Gallus reduced the purity of gold used to cradle which fell from 99% to 97%. Furthermore, the file was used to introduce a "golden double" (traditionally called "Binio"), a gold coin valued heavier twin was noted in the conventional manner by the portrait of the emperor on the obverse striped crown. Although theoretically equivalent to two golden, the Binio had an average weight of only 5.8 grams, while the golden Galo reached the 3.65 grams. That is, their metal content was well below to the two golden face values.

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Monetary History Of Maximino Rome To Gordian III – The Last Part

This post is being written in the sequence as the third and the last part.

Maximin marched with an army to Italy with determination to crush the insurgents. At first glance, the makeshift army assembled by his opponents seemed to be no match for his experienced troops. However, instead of moving quickly toward the capital, Maximino was delayed at the site of the city of Aquileia. Although delay is, the old soldier still could have come out victorious, but their overemphasis on the effort and discipline generated only disaffection among his exhausted and demoralized troops. After four weeks, beginning June 238 - the army finally mutinied, killed Maximino and recognized Pupienus, Balbinus and Gordian III as the legitimate sovereigns.

The news of the death of Maximin was enthusiastically received in Ravenna and Rome. Balbinus and Pupienus was recognized throughout the empire, but his situation did not stop therefore being precarious. The differences between them are added to the problem of what role awarded to Gordian III. The main problem, however, was economic. To finance his campaign against Maximino and donations that any new Emperor should grant the troops, and Balbinus reintroduced Pupienus Antoninianus, currency invented by Caracalla about 25 years earlier, but now wedging millionaire quantities and with a silver content even lower. Its nominal value was two pence, but its silver content represented only 70% of the silver content of these two currencies. Thus, the Roman monetary system virtually be passed trustee as the metal backing the currency value would, from this point, merely symbolic.

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Balbinus Pupienus never won the confidence of the army and after just two months in office, in early August 238, were killed in Rome by the Praetorian Guard, who proclaimed the young Gordian III as Augustus. Over the coming years, the rule would be controlled by the directors of the young emperor who would encourage showing respect for the Senate and restore their ancient rights and privileges. The new government tried to avoid a reputation for rapacity which had proved so costly to Maximino, and efforts were made to reduce the tax burden. The solution was, again, the deterioration of the coins. The denarius minting stopped and antoninianus astronomical figures came in suffering the gradual deterioration of their quality throughout their reign.

Monetary history Of Maximino Rome To Gordian III – Part 2

This post is related with the last one and I am continuing it from the poit where I left it.

Maximino represented a new kind of emperor who did not seek to relate to the ruling elites of the empire in the traditional ways. His reign marked the beginning of a period of political instability repeatedly tend to aggravate economic and fiscal problems of the Roman state. In late March of 238 AD, a revolt broke out in Thysdrus (now El Djem), in the province of Africa Proconsular, which had its starting point in the resistance of the landlords against imperial collectors. The governor of the province, the old M. Antonio Roman Gordian Semproniano participated in the revolt and was hailed as emperor, taking his son and namesake as his colleague on the throne.

When the governor of Numidia and the army intervened to quell the revolt, the situation became hopeless for Gordian. About three weeks after its proclamation, were decisively defeated before the walls of Carthage. Gordian II died in the battle and his father hanged himself in the city. This seemed to have been the end of the incident; however, Gordian had charge of announcing the theft to the Roman Senate, who rushed to support them. Maximino and his son were sentenced as public enemies and its officials and supporters in the city wee also killed. The Senate support made the new emperors recognized in many other provinces.

 

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When news of the quick end of the Gordian reached Rome, it was too late to change course. The emperors were deified dead, and two new occupants of the throne chosen from leading senators, M. Maximo Pupienus Clodius and D. Calvin Celio Balbinus. On the day of their appointment (late April or early May 238) Balbinus Pupienus were forced by the populace of Rome to accept as his colleague with the rank of Caesar, the grandson of Gordian I, M. Antonio Gordian (Gordian III) who was only thirteen years old.

Spectacular Unique Pieces In The Auction Of Gorny & Mosch

This year I have not devoted much attention to my posts to the auctions because I think there are already many sites that specialize in this area and do a good job about reviewing them. However I can not pass over in silence of the appearance of a couple of pieces of particular interest, both from the point of view and from the historical numismatic between auctions, 215 of the German Gorny & Mosch to be held on 14 October in Munich.

The auction includes, of course, many other important pieces, but I would like to highlight two particularly striking because they are of great quality pieces that are also unique and original.

The first one is a Herculius Maximian argenteus, coined in Serdica and only this single specimen is known, particularly notable for its portrait of Maximian in the front with a nose more prominent. The emperor appears to be dressed as a consul and carrying in his hand the "map" of one branch of the laurel. The estimated value of this coin is more or less five thousand euros.

The second is, without doubt, the star of the entire auction which is a multiple of 6 solid gold coin of Constantine minted in Nicomedia to celebrate 30 years on the throne; it is surely a unique one. The portrait is superb with all the classic features in Constantinian style and has placed the great emphasis on particularly detailed representation of the imperial diadem.

The estimated price is around one hindered and fifty thousand euros and this medallion makes a lot more value in the auction. The coin piece was acquired in the year 1972 and remained in the hands of a single collector for 40 years since then.

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Trajan Decius And The Series Of The "Divi" Honoring Deified Emperors & The Evolution Of Coins

Decio Budalia born near Sirmium (now Serbia); it would be, therefore, the first in a long line of the emperors that ruled in the Roman world. However, unlike the soldier-emperors of the last third of the third century AD, before reaching the throne, Decius had reached the highest levels of imperial society, having been consul and prefect of the city of Rome and having joined by traditional marriage with the senatorial aristocracy.

The versions that have come down to us on his accession contain, no doubt, some later elaborations as Decio trying to exculpate its liability in usurping against King Philip. Having been sent by him to Illyria to quell the revolt of Pacatiano, finished in May or June of 249, was proclaimed emperor by his troops, allegedly against his will. Decius had by then about 60 years old.

The Number of Divisions

In general, Decio policy was clearly conservative answer, apparently, to a diagnosis that adjudicated the problems of the empire to a distancing from traditional values and this was especially true in the field of religion. Decius issued an edict requiring all citizens of the empire to take part in the traditional sacrifices to the gods for the safety of the empire. The authorities would issue a certificate to each person once it had complied with the order. The refusal of Christians to participate initiated the first major systematic persecution of the church.

The reverence for the past of Rome and the insistence on the need to recover the old virtues that had brought her to greatness as the only remedy for the problems of the time is also one of the themes of the coins of Decius. This is particularly clear in the famous series of antoniniani Decio minted in Rome in honor of the "divine", eleven emperors of the past who were deified after his death, although, mysteriously, is included Alexander Severus, who had never been officially elevated to the rank of God. The other ten are commemorated emperors Augustus, Vespasian, Titus, Nerva, Trajan, Hadrian, Marcus Aurelius, Septimius Severus Comfortable.

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Reproduced pictures minted coins of each of these carried emperors, but, of course, provided the crown ray indicating that it is antoniniani. Only two reverse coin in this series, an altar from which rises a flame and an eagle with open wings. The obverse legend always contains some version of the name of each emperor accompanied the epithet "divo" while on the back bearing the word only consecratio, referring to the official deification process conducted by the Senate.

It is very interesting that the emperors honored in this series are not what would be expected according to the views of the past imperial senatorial historiography presents. In particular, the inclusion of a figure like Commodus (the literary sources that convey a negative unanimously) is particularly eloquent in this regard. In my opinion, this is because the antoniniani were aimed at a wide audience and included those deified rulers of the oral tradition of the people of the empire retained a positive image. Hence, the presence of the son of Marcus Aurelius, who was recalled by the Roman people as a host of wonderful shows. On the other hand, it is striking that the list of those who deified emperors Decius omitted from the series: Julius Caesar, Claudius, Lucius Verus, Pertinax and Caracalla. Consider it likely that the first was set aside because it was not considered an emperor while the other four were judged as sufficiently relevant figures.

Despite its conservative propaganda and his tribute to the virtues of the past, the reign of Decius involved no break in the deterioration of Roman coins. While paying tribute to the emperors of the past, the few that were circulating imperial denarii were simply reacuñados as antoniniani. That is, doubling its value without modifying their metal content. The introduction of a "double sestertius" by Decius appears that the price increases had reached a level that had become obsolete sestertius, a coin that more than two centuries and a half had been one of the centerpieces of the Roman monetary system.