What Is a Roman Coin?
Roman coins replaced the loose and undefined bartering system of the Roman Republic. Many different varieties of coins were minted and distributed throughout Rome's history. The monetary system suffered from the same issues of counterfeiting and inflation that continue to plague modern monetary systems. Original, authentic Roman coins are still in existence today, being bought and traded among collectors.
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Before Coins
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The Roman economy was initially a barter and exchange system among individual members of communities; farm products, livestock and valued services were most commonly exchanged. Lumps of bronze known as Aes Rude (raw bronze) eventually began to be used as coins. There was no official government support or set production standards for these crude lumps, and people would often melt them down to make tools or other desirable objects.
First True Coins
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The first true Roman coins were called Aes Signatum, or signed bronze. They became popular around the start of the third century BC. They had a distinct rectangular shape and were stamped with raised designs. Each coin had a weight standard of 1600g so traders did not have to weigh them before each separate transaction. Aes Signatums were not widely used for very long because of their weight and its large denominations made small purchases difficult.
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Improvements
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Aes Grave (heavy bronze) coins began circulating in Rome around 269 BC. These coins were much more popular because they came in several different denominations. Molding images for this series of coins included exotic animals, gods and eventually ship's prows. Trading between other neighboring civilizations became much easier and more practical with the introduction of the Aes Grave.
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The denarius was created in 211 BC and represented a shift from bronze to silver coins. They would ultimately become the backbone of the Roman economy for five centuries. Over time the silver content and overall value of these coins decreased tremendously. By the third century AD, the purity of denarius was less than 50 percent. As anarchy and war surged through Rome, the purity of these coins dropped even lower, down to between 20 and 40 percent.
Final Coins
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A strict system of purity standards was established in 301 AD during the reign of Diocletian. The gold Aureus was struck at a rate of 60 to the pound, and new silver coins were struck to match their previous rates during the reign of Nero. The minting look during Rome's final years also changed, featuring portraits that were not of the emperor and even some Christian references. After the fall of Rome, Byzantine coins became the new currency of the Mediterranean.
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References
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- Photo Credit Two Roman coins depicting Sestertius of Nero image by Jeff Dalton from Fotolia.com
