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.

Monetary history Of Maximino Rome To Gordian III – Part 1

Continuing the series of posts about the monetary history of Rome goes on here with the first years of the period commonly known as the "crisis of the third century AD".

Alexander Severus and his influential mother, Julia Mamaea were killed in the winter quarters of his troops near Mainz, in the first months of the year 235 DC. Maximino proclaimed troops, a general of relatively humble origin who had risen from the ranks of the army by the new possibilities opened by promoting reforms of Septimius Severus. It was a real emperor-soldier, a symbol of power shifts taking place within the political structure of the empire. His reign of only three years would be fully occupied with military operations on the borders of the Rhine and the Danube and he never visited the city of Rome. Maximino lived frugally and did not advocate paying subsidies seeking peace to the enemies of Rome.

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 Although he was not stingy with the troops, there was no wastage on wages and donations. To finance military operations, the new emperor was strict in tax collection and payments were demanded extraordinarily by the rich and the poor alike. Despite all of these measures, the silver content of the silver coins minted in the name of Maximin had a new drop from the already poor level coined by Alexander Severus. It also reduced the weight and size of the various denominations of bronze.

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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Spectacular Discovery Of A Mysterious Treasure Byzantine Jerusalem

The researchers at the Hebrew University of Jerusalem announced Monday the discovery in archaeological excavations carried out in this city of a rare treasure of gold and silver artifacts and coins from the Byzantine era, the most impressive of which is a solid gold medallion 10 inches adorned with a menorah and other Jewish iconography.

The treasure was found in a Byzantine house in the area adjacent to the southern wall of the Temple Mount and dates from the early seventh century AD, most probably, during the brief Persian conquest of Jerusalem.

The discoverers speculate that the medallion decorated with the menorah would have been used as decoration for a Torah scroll. He himself had been hidden under the floor of the house along with 36 gold coins minted by several late Roman and Byzantine emperors from Constantine II and Mauritius. The treasure also includes some gold bracelets, earrings, silver bullion and gold hexagonal prism. What is surprising is that the coins found covered, despite their small number, a period of over 250 years. I think the only explanation for this phenomenon is that it was the savings accumulated by the same family through the several generations.

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The finding puts the treasure medallion clearly in a Jewish context, so that the discoverers speculate that the same stuff belongs to the period after the Persian conquest of it in 614 AD, in which the conquistadors gave to community the control over Jews who had collaborated with taking it. Subsequently, with the weakening of the Persian power, the Jews were expelled from the city. It is likely that the wealthy members of the community hid their wealth before leaving and never had a chance to recover.

The Celebrations Of The Millennium Of Rome & Its Commemoration In The Currency

Philip went with his army to the Euphrates, leaving his brother Prisco, to oversee the East from Antioch. He arrived in Rome in the late summer of 244, the city where he would remain until 245 when it began military operations in the Danube region where the defeat of the Roman army in the East and the change of emperor had decided to try various Germanic people to attack. Some wins he would stabilize the situation and return to Rome in 247 to combine the celebration of their successes with the festivities in honor of the anniversary of the foundation of the city the following year (248 AD).

In fact, we have no direct evidence on the nature of the celebrations, but these must have been notable as Philip did coin both in his name and in that of his wife and child, an extensive series of coins in all metals allusive to spread the news around the imperial territory. Reverses have MILIARIVM legends SAECVLVM SC, SAECVLVM NOVVM SC, SAECVLARES AVGG and reversals among other reasons, a number of different animals, in all probability, made their appearance in the shows at the amphitheater and the classic representation of the wolf suckling the twins.

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The huge payment to the Persians, plus the cost of the celebration of the anniversary of Rome and the ambitious building program Philip further aggravated during his reign in the Empire's fiscal plight. To address this situation, Philip turned to the same file as its predecessors further deteriorating the quality of the coins.

The End of Philip

The festive mood does not last long. In the last months of 248 AD, a revolt broke out in the area of the Danube, directed by Ti. Claudio Marino Pacatiano. Although the usurper was quickly overthrown by his own troops, the situation would have been seen by some Germanic tribes as an opportunity to renew their attacks. Philip sent to C. Fifth Mesio Decius, a senator of distinguished military career to the region to restore the order and expel the barbarians. In May or June of 249, his troops proclaimed him emperor allegedly against his will.

The new revolt was a bad news for Philip who was facing serious financial problems. The Emperor moved to northern Italy to face the new usurper leaving Rome to his young son, whom he had associated on the throne. The armies met in Verona in August or September 249 where Philip was defeated and killed.

The Reign Of Philip, The Arab & The Celebration Of The Millennium Of The Founding Of Rome

The Ascent To The Throne Of Philip

The reign of Gordian III (238-244 AD) was marked by a permanent military crisis caused by the threat of the Goths on the Danube and, above all, of the Persians in the East, under the leadership of Ardashir captured several border towns. Gordian environment was consolidated as Timesitheus regime's strongman, who as praetorian prefect was virtually in charge of the political and military leadership, even to marry his teenage daughter to the sovereign. In late 242, Gordian came to Antioch with a large army and in the spring of 243 began offensive operations, which were crowned by significant initial successes, reaching the Roman troops to the Persian capital of Ctesiphon itself.

Such was the momentum of the attack that even Timesitheus illness and death in the second half of 243 could not stop. Philip replaced him as praetorian prefect and the Roman army went into Assyria and went to the left bank of the Euphrates not far from Ctesiphon. In mid-February of 244, Roman forces suffered a serious defeat. Gordian III died in the battle himself or was killed by his own men soon after.

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Philip was quickly chosen as successor, thereby, originating from ancient authors to suspect a possible intervention to Gordian III. The new sovereign immediately proceeded to negotiate peace with Shapur. Deep within enemy territory in a desperate logistical situation and in front of an army demoralized and defeated, Philip agreed to pay a huge sum in form of gold coins to ensure the withdrawal, the equivalent of 500 thousand dinars of gold and the recognition that belonged to Armenia Persian sphere of influence. It was not, however, unconditional surrender, the re-conquered territories in Mesopotamia were retained, and the dinar coin money was given as payment of ransom and tribute for establishing a newspaper.

Antoninianus Displaces Denarius More About Roman Coins During The Reign Of Philip The Arab

The reign of Philip in many ways marks the beginning of a new stage in the Roman monetary production, visible in two changes of great significance: The final displacement denarius as the centerpiece of Roman naming system and introduction of the officinae brands in the mint of Rome.

Although during the reign of Philip still occasionally coined denarii, it is clear that this term left by the years definitely a regular part of the monetary system. The antoninianus, a double denarius whose value was stated by the bust of the emperor with radiated crown on the front, thus, became the main currency in the Roman world and coined it in huge quantities and with very low quality, marking a significant increase in nominal value of currency without a rise of parallel metal value.

The minting of gold coins during the reign of Philip is much rarer than as compared to his predecessor Gordian III, but sesterces were issued in large quantities. In my opinion, this indicates that, despite the expansion of the money supply and the deterioration in the metal content of antoninianus, inflation was still too high. By contrast, the successor of Philip, Decius, he would have to introduce a double sestertius to react to the rising prices.
 

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During the reign of Philip, Rome remained the main center of the production of coins, but rising antoniniani minting volumes represented an enormous challenge to the Roman state and necessitated the assistance of some provincial mints in the task. It is likely that one of these mints were Viminacijum in the Danube region and other East Antioch. There were two areas in which, by the concentration of troops, the state should make large outlays, so it was convenient to have the local production of coins to meet them.

An important fact in this context is the appearance from the year 248 AD marks antoniniani officinae minted in Rome, which demonstrates that the mint had six separate workshops each minted its own specific reverse types within of each series. It is the first sign of a change that would increase the future and reflect the need for a more effective organization of production to meet the sharp increase in the monetary production represented by the minting of antoniniani increasingly depreciated.