Roman Monetary Reforms

Monetary Reform of Augustus (23 BC)

To put an end to the monetary disorder of his time, Augustus launched a radical reform of Roman coinage.

One of the major innovations was entrusting the Senate with control of the copper and orichalcum coinage, shown by the letters "SC" (Senatus Consulto) on these coins, while the emperor directly controlled the minting of gold and silver coins.

The coins of the system introduced by Augustus had the following characteristics:

where orichalcum is a brass alloy of about 80% copper and 20% zinc.

Images and legends change compared with the Republican period: the obverse shows the emperor with his titles, while the reverse refers to his deeds or virtues.

Monetary Reform of Nero (63–64 AD)

The severe debasement of the empire under Nero made a reform necessary that reduced the value of gold and silver coins. In particular, the weight of the aureus was lowered, and a share of copper was introduced into the denarius, which until then had been struck in pure silver. The resulting ratios were as follows:

Among the lower denominations, the semis was introduced and soon abandoned, and the dupondius began to show the emperor's head with a radiate crown (recalling the rays of the sun) instead of the traditional laurel wreath, hence the name radiate.

Monetary Reform of Caracalla (214–215 AD)

Persistent inflation linked to military spending led Caracalla to a new reform in 215, with the ratios between the elements of the new monetary system shown in the table:

The major innovation was the introduction of the antoninianus, a new silver coin worth about 2 denarii. In terms of iconography, the antoninianus showed the emperor's head with a radiate crown on the obverse.

Another new coin introduced by Caracalla was the binio, a gold coin also known as the "double aureus".

Monetary Reform of Aurelian (272–275 AD)

Coinage in the provinces of the Roman Empire became increasingly confused, so much so that in 240 the bronze coins were withdrawn by the state to be melted down.

In 274 AD Emperor Aurelian introduced both a new monetary system and a reform of the overall organisation of the mints located in the provinces of the empire, in order to increase control over the circulation of money. The territorial reorganisation increased the number of mints and, to monitor the work of the workshops, coins began to show not only their value but also the mint of origin.

For the antoninianus, a weight of 5.1 g was set together with the proportion of silver it had to contain, with a silver:copper ratio of 1:20; this value is marked on the reverse of some coins with the Roman numerals XX.I in the West and the Greek numerals K A in the East. This coin, sometimes called aurelianianus or silvered antoninianus because of the techniques used to give its surface the appearance of a silver coin, continued to be produced until the monetary reform of Diocletian.

Monetary Reform of Diocletian (294–295 AD)

Like Aurelian, Diocletian also sought an overall reform of the empire's economic system.

Within the economic reform, particularly important was the Edict on Maximum Prices issued by Diocletian in 301 AD, which set the maximum price at which certain goods could be sold:

• 1 pound of pork - 12 denarii
• 1 pound of beef - 8 denarii
• 1 modius of salt - 100 denarii
• 1 sextarius of olive oil - 40 denarii
• 1 modius of wheat - 100 denarii
• 1 modius of oats - 60 denarii
• 1 sextarius of Falernian wine - 30 denarii
• 1 pair of fashionable shoes - 150 denarii
• 1 paio di scarpe da donna - 60 denari
• Wool from Tarentum - 175 denarii per pound
• White silk - 12,000 denarii per pound

dove

• 1 modius = ca. 8 litri
• 1 sextarius = ca.1/2 litro (misura secca) o ca.1 litro (misura liquida)

The monetary system was reorganised with the denarius as the base unit, as shown in the table:

The bronze coins coated with beaten silver foil were made with alloys of 5% silver and 95% bronze.

Two new types of coins were struck: the follis in silvered bronze

and the argenteus to replace the antoninianus.

Monetary Reform of Constantine (312–324 AD)

At the beginning of the 4th century, Emperor Constantine reorganised the Roman monetary system, relying more on the value of gold; to this end he introduced the solidus, a coin that lasted until the 5th century in the Western Empire, while in the Byzantine Empire it lasted almost until the empire's fall.

Constantine's system was based on the following coins:

where the new silver coins of the siliqua were introduced

and of its double, the miliarense

Monetary Reform of Constans and Constantius II (346 AD)

Following the progressive decline in value of the copper coins, under the emperors Constans and Constantius II a new monetary reform introduced the pecunia maiorina, worth twice the nummus centenionalis and therefore corresponding to 1/50 of a siliqua.

The new system was based on the following values: