The Holzthum Hoard

Archaeologists in northern Luxembourg unearthed a stash of Roman gold coins in 2019 near the ruins of a burgus. (small Roman fortress or tower) The coins were minted during a collapsing Western Roman Empire, just before Roman troops abandoned the region around 406 C.E.

The coins span Roman emperors who reigned during the fourth and fifth centuries—including Eugenius, an illegitimate usurper who ruled the Western Roman Empire for two years. Coins were excavated at an archaeological site in the northern village of Holzthum. The Holzthum Hoard consists of a total of 141 solidii, encompassing nine Roman emperors, who reigned between 364 and 408 AD.

The burial site was a Late Roman military fort, based on the foundations of the building that the cache was deposited in. The Roman emperors were Valentinian I, Valens, Gratian, Valentinian II, Theodosius I, Magnus Maximus and the ursurper Eugenius, of which three solidii were attributed to him, minted in Lugdunum, modern day Lyon. Eugenius, whose brief reign resulted in clashes with Theodosius I, and subsequent demise at the Battle of the Frigidus in September 394, meant few of his coins were minted. The gold solidi are in excellent condition and because they include very rare examples, experts evaluated the coins at 308,600 euros. The Ministry of Culture paid the valuation as a finder’s fee to the landowner and acquired the coins for the nation. They will go on public display after they are conserved and studied.

Flavius Eugenius (ruled 392–394 AD) was a rhetoric teacher turned Western Roman usurper. Because his reign was brief his gold solidi are among the rarest and most sought-after coins of the late Roman Empire. Eugenius solidus, Treveri 392–394. Very rare. A superb portrait of fine style and a lovely light reddish tone. Almost invisible marks, otherwise extremely fine. 40,000 CHF in May 2026.

141 solidii around the time of Theodosius I was a huge sum. Roman Cavalryman earned about 180 base copper coins (nummi) per day. At an exchange rate of roughly 7,200 nummi to 1 solidus, one solidus represented about 1.5 months of military service. A standard foot soldier earned less, meaning 1 solidus could represent up to 2 full months of pay. The stele of Titus Flavius Bassus (eques of the ala Noricum) a Roman cavalryman from 1st century AD.