Decline of Roman coinage

The decline of Roman coinage was driven by currency debasement, where emperors progressively reduced the precious metal content in coins. This brought severe inflation and the erosion of trust. People recognized the lower intrinsic value of the coin, and this weakened the entire Roman economic order. The debasement of coinage was a significant contributor to Rome's decline and fall.

A pre-reform denarius of Nero, about 98% pure silver.

For the first 90 years of the Roman Empire the purity of Rome’s silver coinage was 98% or higher. That standard was kept by emperors Augustus, Tiberius (14-37), Caligula (37-41) and Claudius (41-54), and the first decade of Nero's reign (54-68). The Great Fire of Rome in 64 marked the start of a debasement that would eventually bring Rome’s silver coinage to unfathomable depths.

Post-reform denarius of Nero, about 93% silver

Nero took the easy path to raising cash – re-coining old money. Nero reduced the weight of the silver denarius from 1/84th of a Roman pound to 1/96th, lowering its silver content from 98% to 93%. At the same time the reduced weight of the denarius, 12.5%, further reduced silver content. Nero reduced the weight of his aurei from 7.8 grams to 7.3 grams of gold.

Nero's reformed coinage was created by recycling older, purer silver, with Republican denarii targeted for reminting.

Nero was overthrown in 68 giving rise to the Year of Four Emperors in 69. Vespasian (69-79), reduced the purity of the denarius to about 90%.

In 107 Trajan (98-117) reduced the purity of the denarius to 88%. From there the purity slid until 148, when Antoninus Pius (138-161) removed 5%. The denarius was now about 84% or 83% pure. The denarius reached about 71% purity near the end of the reign of Commodus (177-192)

Under Septimius Severus (193-211) the purity of the denarius dropped to about 57%. Over the next four decades, the purity of imperial silver coinage continued to slide, dropping steadily until it had reached about 41% purity under Trajan Decius (249-251). Under Trebonianus Gallus (251-253) and Aemilian (253), it sank to about 35% pure. By 268, the double-denarius had slid to a silver content of 5% or less – in some cases dropping to about 2.5%. The "silver" coin was effectively copper with a thin, easily worn-off plating.

Aurei of Domitian

Domitian's rule spanned his time as Caesar (69–81 AD) and as Emperor (81–96 AD). His coinage varies significantly depending on the period it was struck. Early aurei often depict a young Domitian and were used to secure the legitimacy of the Flavian dynasty. After becoming Emperor, coins minted during his reign often celebrated his titles (Germanicus) and divine patrons like Jupiter.

The Julio-Claudian dynasty that Augustus founded in 27 BCE lasted until 68 CE when Nero was overthrown. After a civil war (68-69), a new dynasty took the imperial throne. It was founded by general Vespasian, the conqueror of Judaea. He would rule from 69 to 79, after which he was succeeded by his sons Titus (79-81) and Domitian (81-96).

This aureus was struck at the mint in Rome in 79 CE under Vespasian but features Domitian on the obverse as his “Caesar”. It is graded VF+/EF. It weighs 7.44 grams. $18,237 USD.

Roman silver mining

To mint silver coins, the Romans needed vast amounts of silver. Much of it originated from the Iberian Peninsula. Roman silver mining in Hispania was the economic engine of the Roman Republic and early Empire. The largest operations were in Rio Tinto and Cartagena.

Extraction of galena (lead-silver ore) in Hispania involved massive metallurgical operations that were the primarily supplier of the silver coinage and lead of the Roman Empire. The extracted argentiferous galena (a lead sulfide mineral, PbS) was first crushed and smelted in furnaces.

By roasting the ore with charcoal, the sulfur was burned off as sulfur dioxide, reducing the lead sulfide into metallic lead. Any silver (Ag) present in the ore dissolved into the newly formed liquid lead.

To separate the silver from the base lead, cupellation was used. The lead bullion was placed on a porous hearth and reheated under a forced blast of air from bellows. The lead oxidized into molten litharge (lead oxide) and was absorbed by the porous hearth, while the silver remained unoxidized. This allowed artisans to extract silver purities that often reached over 95%. The silver content in galena deposits was typically low (0.1% to 0.5%), so ancient miners had to extract and process huge amounts of lead ore to collect silver. The process vaporized vast amounts of lead. The environmental and occupational hazards were severe.

Romans smelting lead-silver ores released large amounts of lead dust into the atmosphere. Global pollution fallout was preserved for millennia in Greenland ice. Lead emissions in the ice precisely mirror the flow and ebb of Roman historical events. When access to new silver was cut off, lead levels decreased as Romans turned to recycling old silver.

The industry required a steady supply of tens of thousands of slaves. Underground mines utilized Roman engineering marvels like wooden water-wheels and screw pumps to battle the water table. An example from the Rio Tinto mines in Spain was one from 16 pairs used to draw water from up to 80m deep.

Nero's bathtub - Imperial Porphyry

Nero's bathtub, a porphyry basin, was commissioned by Nero between 54-68 AD for his Domus Aurea (Golden House).

It was carved from a single, rare slab of Imperial porphyry from Egypt. Imperial Porphyry is a prized, deep purple, volcanic igneous rock with white feldspar crystals, quarried exclusively by the Romans in ancient Egypt at Mons Porphyrites (Jabal Dokhan).

Red porphyry Sarcophagus of Helena, Musei Vaticani, Vatican City, Vatican.

Discovered around 18 AD by the Roman legionary Caius Cominius Leugas, in the remote desert, it became the most prestigious stone for the Roman and Byzantine elite. The name stems from the Greek word for purple. (porphyra) The stone was restricted solely to the Imperial family. Its rarity and exclusive ownership meant the stone was more valuable than gold.

At the center of the Pantheon in Rome is a large circle of Imperial porphyry on the floor where, for 300 years, new emperors stood to be crowned.

The dense stone is hard, 6 to 7 on the Mohs scale. It was notoriously difficult to cut and shape, requiring months of labor by ancient artisans. Its immense value comes from the rarity of the purple porphyry and its historical connection to Roman imperial power. Roman activity at Mons Porphyrites lasted almost without interruption until the 5th century. The quarry is now depleted, making artifacts made from Imperial Porphyry irreplaceable. Nero's wash basin is now located in the Pio Clementino Museum at the Vatican Museums in Rome.

Roman gold hoard of Xàbia

Researchers recovered 53 Roman coins from the late Roman period around the 4th and 5th century AD, consisting of coins depicting Valentinian I (3), Valentinian II (7), Theodosius I (15), Arcadius (17), Honorius (10), and an unidentified coin. The team also discovered nails, in addition to deteriorated lead remains which may belong to a sea chest the coins were in. The find illustrates a historical moment of extreme insecurity with the violent arrival of barbarians (Suevi, Vandals and Alans) in Hispania and the final end of the Roman Empire in the Iberian Peninsula from 409 AD. Experts suppose the coins were intentionally hidden to avoid looting.

Divers off the coast of Spain uncovered 8 gold coins while free diving. Authorities stepped in after being called. Valentinian I: ruled for 3 years from 364–375 AD.

Valentinian II ruled for 7 years from 375–392 AD. Theodosius I ruled for 15 years (379–394 AD). Arcadius for 17 years between 395–408 AD. Honorius ruled for 10 years btween 393–403 AD as co-ruler. The coins shed light on a historical moment of insecurity with the arrival of barbarians, such as the Suevi, Vandals, and Alans, leading to the fall of the Roman Empire.

Odysseus and his faithful dog Argos

Republican denarius serratus minted in 82 BC by the moneyer Gaius Mamilius Limetanus. The silver coin has a depiction of passages in Homer's Odyssey; the reunion of Odysseus with his faithful dog Argos. The obverse shows the draped bust of Mercury, wearing a winged petasos hat and carrying the caduceus.

Odysseus, disguised as a beggar, returns home after twenty years away from Ithaca fighting the Trojan Wars, and is recognised by his aged but ever-faithful dog Argos. Summoning the last of his strength, Argos wags his tail at the sight of his master – the only one to recognise his true identity. The coin is an example of the Republican denarius "serratus" coins with a notched, sawtooth design around the edge of their flans. The "serrati" were intended as an anti-counterfeiting measure, showing the pure silver interior.

Gold of the 12 Caesars

Suetonius' De vita Caesarum, today known as The Twelve Caesars, was composed in the early second century A.D. by Gaius Suetonius Tranquillus, who focused on the first 12 rulers of Rome. Known as the “Julio-Claudian and Flavian” emperors, they ruled the empire from 49 BCE to 96 CE. Always the most sought after and among the most valuable of the Twelve Gold Caesars is that of Julius Caesar. Owning an example, in any condition, is an accomplishment.

Aureus struck at a military mint, c.43 B.C. bears the portraits of Julius Caesar and Octavian (Augustus). Julius Caesar AV Aureus. Rome, 45 BC. Draped bust of Victory to right. 7.98g, NGC graded AU★ 5/5 - 5/5 among the finest known examples. 36,000 GBP in 2022.

Aureus of Augustus struck at Lugdunum, c.15–12 B.C. Gold Aureus of Augustus struck around 27 to 18 BC. There are 22 surviving examples of heifer reverse aureus, of which 15 are in museums. The coin made 480,000 Euros in 2019 making it one of the world’s most expensive Roman coins.

Tiberius (A.D. 14–37) struck at Lugdunum. Caligula (A.D. 37–41) Aureus struck at Rome, A.D. 37–38. Caligula's portrait appears with his deceased mother, Agrippina Senior.

Claudius (A.D. 41–54) Aureus struck at Rome, A.D. 46–47. Nero (A.D. 54–68) Aureus struck at Rome, A.D. 62–63.

Galba (A.D. 68–69) Aureus struck at Rome. Otho (A.D. 69) Aureus struck at Rome.

Vitellius (A.D. 69) Aureus struck at Rome. Vespasian (A.D. 69–79) Aureus struck at Rome.

Titus (A.D. 79–81) Aureus struck at Rome, A.D. 75. This coin was struck while Titus was Caesar under his father. Domitian (A.D. 81–96) Aureus struck at Rome, A.D. 76.

The 12 Caesars in silver denarii are much more attainable. Once obtained, collectors usually try to upgrade each coin to the best available. Imperial denarii will be the most expensive, provincial issues will cost less.

Top Macedonian artifacts

The Golden Larnax

A larnax is a small closed coffin, or "ash-chest" used for human remains. A 4th century BC example found at Vergina in Macedonia is made of solid gold. The tomb where it was found belonged to King Philip II of Macedonia, father of Alexander the Great.

The cremated bones of Alexander IV, the posthumous son of Alexander the Great who was murdered, along with his mother, Roxane, by Alexander's former general Cassander in 311/310 B.C. The ashes had been placed in a silver hydria, crowned by a golden wreath. They were found in 1978 at Vergina.

The Derveni Krater is a volute krater, found in 1962 in a tomb at Derveni, not far from Thessaloniki. Weighing 40 kg, it is made of an alloy of bronze and tin. It is dated to the late 4th century BC. Large metalwork vessels are rare survivors and the Derveni Krater is the finest known.

Alexander the Great bust. Due to its original inscription, the figure can be definitely identified as Alexander the Great. The work is a copy of a work from 330 BC attributed to Lysippos.Philippeioi, later called Alexanders were the gold coins used in Macedonia. First issued at some point between 355 and 347 BCE, the coins featured a portrait of Apollo, and on the reverse, an illustration of a biga, a Greek chariot. They had the value of one gold stater each.

The Alexander Mosaic, 100 BC, is a Roman floor mosaic from the House of the Faun in Pompeii. It depicts a battle between Alexander the Great and Darius III of Persia.

The mosaic is believed to be a copy of an early 3rd-century BC Hellenistic painting.