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Transcript of ERIC Section2 Intro
7/29/2019 ERIC Section2 Intro
http://slidepdf.com/reader/full/eric-section2-intro 1/22
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Introduction
Romanimperialcoinsareprobablythemoststudiedandwrittenabouterainthefieldofancientnumismatics.Itmightbequestionedwhyanotherbookonthesubjectisnecessarygiventhelopsidedattentionthispartofhistoryhasalreadyreceived.ManyofthesebookswillfocusonalimitedtopicortimeperiodandstudyitindepthwhileothersattempttotackletheentirelengthoftheRomanempire.Someappealtothecasualhistorybuffandothersarewrittenforandbyscholars.Andallofthem,includingthiseffort,sufferfrombeingquicklyoutdatedthankstonewdiscoveriesofcoins,historicaldataandanalysesthatconstantlyreshapeoldtheories.
TheaimofthisbookistoprovidefirstandforemostthecollectorofRomancoinswithaneasytouseguidetounderstandinasconciseamanneraspossiblethecorpusofmoneyissuedfromthetimeofthefirstemperortothelast;aperiodinhistoryspanningoverhalfamillennium.Naturally,asuser-friendlinessisgiventoppriorityforthesakeofthecollectorotherusersmaybedisappointed.Thescholarwilllamenttheexclusionofobscureissues,thehistorianwillfindlittlenewresearch,theinvestorandothersconcernedprimarilywiththeworthoftheircoinswillfindthisbooknearlyuselessandthosewhoseinterestliesinanysubjectnotcoveredwillrightfullyfeeldisenfranchised.OntheotherhandRomancoincollectorswillatlonglastfindinasinglebookacomprehensiveaccountofnearlyeveryvariantoflegendandtypeknownforeachoftheovertwohundredemperors,empressesandotherimperialsinwhosenamecoinsweremintedduringthistime.Inaddition,afull-fledgedcatalogofknowncoinsisalsoprovidedwitheachentryhavingauniquenumbertofacilitatereferenceamongcollectorsandstudents.Traditionally,coinguidesforancientcoinstendtohavefullpagesofcoinphotographsattheendofthebook.Whileamoreefficientandcost-effectiveapproach,Ihavechoseninsteadtoincludethephotographsattheendofeachemperor‟ssectiontomakethemmoreaccessible.Everyfeature,again,hasbeencraftedtomakethisenormousamountofinformationaseasytounderstandaspossibleinascondensedaformatasispractical.Justlikewithanyotherreferencebook,thedatahereincouldnotpossiblyhavebeencompiledwithoutextensivehelpfrommanyotherswhoseinterestsandexpertiseareasdiverseasthecoinsthemselves.OfparticularimportanceinthisendeavormustbenotedTheRomanImperialCoinageseriesofbookswhichislargelyregardedasthemostdefinitiveandcertainlymostconsultedworkonRomancoins.This13-volumesettookthebetterpartofacenturytocompleteandis,infact,anongoingprojectwiththecollaborationofmanyoftheworld‟stopnumismatists.SpinkandSon,itspublishers,havegraciouslyallowedforthecross-referencingoftheircatalognumberstothelistingsinthisbook.DavidSear,anauthorwhohasdevotedhislifetothestudyofancientcoinshasalsoallowedforsimilarcross-referencingrightstohisownhighlyacclaimedbooks.
Many,manyfriends,toonumeroustolisthaveprovidedphotosoftheircoinsandsometimesthecoinsthemselvesforinclusion.TheSwissnumismaticfirmofLeudonatedhundredsofdollarsworthofoldcatalogs,alwaysaprimegroundforresearch.TheBritishMuseumprovidedphotographsofsomeoftheworld‟srarestcoinphotographsfreeofcharge.AndIamequallyindebtedtoCNG,NumismatikLanz,Münzen&Medaillenandmanyotherfirmsandscoresofindividualsformakingawealthofinformationaccessibleoverthelasttwoyearsithastakentoputallofitneatlyacrossthespaceofafewhundredpages.
RasielSuarezCo-founder
DirtyOldCoins,LLC
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About Roman Coins
OneofthemostrecognizableculturaltraitsoftheRomanswashowsystematicandmethodicaltheywere.Inwar,politicsandarttheRomanspreferredastrictdisciplineandadherencetotheirrules.Naturally,thisemphasisonconsistencycarriedoverintotheircurrencypolicies.ForhundredsofyearsmillionsofcoinswerehandmadebyuntonumbersofcraftsmenandalmosteveryoneisinstantlyrecognizabletothecollectororstudentasRoman.ItisremarkablethatingoodtimesandinbadtheycouldbecountedontomakeonecoinlooknearlyidenticaltothenexEventothebitterend,whencoinswerelittlemorethanmetalscrapswithscribbledondesignstheyretaineda„look
andfeel‟uniquelytheirs.AsidesfromaestheticstheRomanswereconsistentaswellwiththecontenttheychosetoportrayontheircoins.Frothemweinheritthelegacyofmatingaperson‟sfacetotheobverse,appropriatelyreferredtoas„heads‟informally,withadesignontheback.Manyofthethemestheychosetoputonthesereverseshavealsobecomestapleingredientsinmodernwesterncultureaswell.TheRomansweremastersofpropagandaandlearnedearlyonhowtexploiteveryelementofacoin‟sdesigntofurthertheimperialmessageofastrongandcohesiveempire.Toth isentheyemployedavastnumberofsymbols,insigniaandinscriptionstodrivehomethepoint.MostRomancoinsfeaturereligiousormilitarythemes.Issuesofacivicorpurelysecularnaturearerelegatedtoasecondaryroleandthefewtimestheyappeartheyarestillmeanttoglorifythepompandgloryoftheemperorand,bextension,theRomanpeople.
Ancientcoinshavebeencollectedsinceantiquityasambassadorstothepast.Augustus,thefirstRomanemperor,isaidtohaveamassedaworld-classcoincollectionspecimensofwhichheoftengavetodignitaries.Somanykingsandnoblesfromthemiddleagesoncollectedancientcoinsthatthecollectingofcoinsitselfbecameknownasthe“hobbyofkings”.Nowadaystherearemillionsofcoincollectorstheworldoverandmanyarediscoveringthatowninganancientcoinneednotbehopelesslyexpensive.Europeanmetaldetectoristsarefindingcoinsinrecordnumbersofeveryculturethatmadethem.Whilethesilverandgoldonesaresolddirectlytodealersmanyofthecoppers,whicharefoundinthehundredsofthousands everyyear,areindividuallytoodifficultand/ordamagedtorestore.Thesearethereforeoftensoldintheiras-foundstateforaslittleasadollarortwoeach.Anywould-bearchaeologistthenhasthechancetorestore,attributeandvaluetheirancientcoinandintheprocesshavealotoffunlearningaboutancienthistory.
Denominations
Romancoinscameinmanydifferentdenominations.Theweightandmetaltypeofeachcoindeterminedhowmuchpurchasingpowereachcoinhad.Eventually,coindesignswouldtoacertainextentexplicitlystatethevalueofthecoinbutitisuncertainwhethertheseofficialvalueswerehonoredbymerchantsandthepublicingeneral.TheabsolutebaseunitinRomancoinageistheUncia,asmallcoppercointhesizeofasmallbuttonwhichwasnevstruckinlargequantitiesandistodayveryrare.16UnciaeareequivalenttoanAswhichisthefirstcommerciallyfunctionalcoin.Inturn,16 AssesmakeupthefamousDenarius ,asilver,U.S.-dimesizedcoinwhichcirculatedforhundredsofyearsandinfluencedcoinageinjustabouteverysuccessiveWesterncultureupintomoderntimes. Althoughafascinatingsubject,it‟sdisappointingtolearnthatwelackagoodunderstandingofwhattheactualvalueRomancoinswere.Necessaryfoodstapleswereoftenheavilysubsidizedbythegovernmenttoensuretheiraccessibility.Theemperorandhisofficialsunderstoodthatahungrycitizenrywasagraveliability.Whatrecordssurvive,therefore,tendtopointoutthesesetpricesbutthegoingrateforotherluxuriesislargelyspeculative.Forwhatit‟sworth,aroughsketchofsalarieswouldhaveagoldAureusorSolidusasamonth‟spayforanord inarysoldier.AndaDenariusortwocouldbeearnedinadaybyaskilledlaborer.Inturn,afamilymealconsistingofbreaoliveoil,wineandperhapssomemeatwouldcostaDenariusoroneofitsequivalents.Forearlyimperialcoinagetherelativevaluesareasfollows:1Aureus=2Quinarii=25Denarii=100Sestertii=200Dupondii=400Asses=800Quadrans=6,400UnciaeConsideringtheexpenseinlaborandmaterialsthatwasborneintheproductionofthesmall-changeQuadransandUnciait‟snothardtoseewhythesedenominationsexistedmoreasatheoreticalcurrencykeystonethanasrealcoins.
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ThefirstcrackintheRomaneconomicalmachineappearedunderthereignofNerowhocutbackthepurityoftheDenariusfrom98%fineness(essentiallyaspureascouldpossiblyhavebeenrefinedonalargescalebasisbackthen)to93%.Thedebasementdidnotlinkupwithanofficialdecreaseinthenominalvalueofthecoinitselfsothattheextra5%silverwasclearandfreeprofitfortheemperor.However,ittookvirtuallynotimeforthepublicatlargetoseethattheoldDenariuswasintrinsicallyworthmorethanthenewone.Thiscreatedanimmediatehoardingoftheoldsilvercoinswhichcouldnowbemeltedandthensoldasscrap.Infact,findingtodayapre-reformDenariusisconsiderablymoredifficultandexpensivethanNero‟snewDenarii.FromthenoneachnewemperorloweredthefinenessoftheDenariiapercentortwosothatbythetimeofGordianthelastemperortoissuesignificantquantitiesofDenarii,aDenariuswasactuallynomorethanabout35%silverbyweight.Anotherunintendedeffectwasthatasthesilvercoinsbecamecheaperthecopperonesbecamemoreexpensive.Afterall,eachDenariuswasnowbeingmadebymoreandmorecoppertofillinforthemissingsilver.Whatwashappeningwasthata3gramsilvercoinwas2gramscopperbutthewholecoinwasstillvaluedatseveralmultiplesmorethantheSestertii,DupondiiandAsseswhichweighedbetween10-30gramsapiece.Therefore,ratherthanthgovernmentriskstrikingcoppercoinswhichwouldonlywindupbeingmelteditchosetonotstrikethemmuchinthefirstplace.
Goldontheotherhandwasconsideredsacred.Asmuchasitmayhavepainedeachemperortopartwithhisdwindlingsuppliesofitsmostpreciousmetalnosoldierwouldriskhislifeunlessitwasforrealgold.Notuntilthesituationhadgrownintoaseriesofdeepcrisesinthemiddleofthethirdcenturythatemperorsdecidedtotinkerwiththenextbestthing:theirweight.TheAureuswhichhadtraditionallyweighedbetween7-8gramseachwentasfardownasjustover2gramsunderthereignofGallienus.Howthepaymasterskeptastraightfaceonpaydayisanyone‟sguessandit‟squitepossiblethatthescamwasmasqueradedassalaryincreasesbypayingtwoorthreeotheseAureiwhile,ofcourse,thetotaloutlayofmetalwasstillbelowthetraditionalamount.Asthefinenessinsilverwassteadilylowered,andtheweightoftheAureusbecameerratic,newdenominationswerintroducedtofurtherblurthegovernment‟scost -cuttingschemesandattemptstocurbrampantinflation.ThesilverAntoninianuswasintroducedaroundtheyear215underCaracallaatanominalvalueoftwoDenariiand,forgold,thBiniowasintroducedafewyearslaterasadoubleAureus.SincegoldcoinswereneveramajorpartofeverydaycommercetheBiniowasanonstarterbuttheAntoninianusdrovetheDenariusintoextinctionwithin30yearsofitsintroduction.Andit,too,wouldsufferseveredebasementandreductioninweight.Bythemid-250‟stheAntreachedthecriticallowpointinthesilver -copperalloy,about18%,whereitnolongerresembledasilverycoinevenwhenfreshlyminted.Debasingthiscoinfurtherservednopracticalpurposebecausewasblatantlyobviousitwasnolongersilver.AdecisionwasthereforemadetostopmakingsilvercoinsaltogetherandsimplyapplyasilverwashtotheAntsasalastprocessingstepofthecoinblanks.Whennew,thesecoinslookedmuchbetterthantheprevious18%silverAnts.However,shortlyafterenteringcirculationthesilvercoatingworeoffacrossthehighpointsofthecointorevealthecopperbeneath.Manysuchcoincontinuedtocirculatelongafterthesilveringwasfullygoneandyettheywerestillofficiallyconsideredsilvercoins!Bytheearly290‟stheRomaneconomywasinastateofnear -collapseastheoldcurrencyvalueschedulesweremaintainedrelativetoasilvercoinagethatexistedonlyasadimmemory.TheemperorDiocletiansetintomotionaseriesofmonetaryreformsmeanttorectifythesituation.TheAntoninianuswassuspendedandnewdenominations
introducedincludinganewDenariusofhighsilvercontenttermed“Argenteus”(butofficiallyworth2.5Denariieach)andtheFolliswhichhadanegligibleamountofsilverbutwasasheftyasanoldAs.TheAureuswouldberebornundermorepredictableweightsaswellandthewholecoinagesystemwasoverhauledfromtoptobottominthehopesofstabilizingtheeconomy.Someofthedenominationscaughtonandsome,specificallytheArgenteus,wouldseeaquickdemiseduetothechroniclackofsilver.WhatlittlesilverwasinitiallybreathedintotheFolliswaspulledandtheweight,too,dwindledswiftlyfromahighofabout10guntilitwasasmallcoppercoinofabout2-3geachwithinafewyears‟time.ThisreducedFollisentersthefourthcenturyasthenewdefactostandardcoppercointoservethesamegenepurposeastheDenariusoftwocenturiesbefore(ifnottheactualbuyingpower).SinceitisunclearwhattheRomanofthetimecalledittoday‟snumismatistsgiveitthegenerictermofaclassthreebronzeorAE3forshort(AEistheabbreviationfor Aeratus ,Latinforcopper).
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EventhoughduringthefourthcenturytheAE3iskingthereareseveralotherimportantdenominations.AfterDiocletian‟sreformssettleintoanewswingoverthefollowingyears,anewgoldstandardisintroducedunderConstantineIwiththeflagshipSolidus ,asuccessortotheoldAureuswhichisnowmadetounerringprecisionat72aRomanpoundofgold,orabout4.4gapiece.Itissosuccessfulthatitwasstillbeingmade500yearslaterunderByzantineemperorseasilyoutlastingtheDenariusitselfand,possibly,anyotherdenominationtothisage.Whiletherelationshipbetweenbronzecoinsandtheirsilverandgoldcousinsarepoorlyunderstoodtherelativevaluesbetweensilverandgoldareasfollows:1Solidus=2Semisses=3Tremisses=24SiliquaeTheSiliquaisthelastmajorsuccessortotheoldDenarius.Itisthinnerandlighteratonly2-3geachandneverapproachesthepopularityoftheDenarius.ExceptforrareoccasionsitistheonedenominationthatisnotsurvivedbthefalloftheRomanempireitselfin476.WhilethegoldandsilverremainstableintothefifthcenturyandbeyondthelastdaysoftheWesternhalfoftheRomanempireseethebronzecoinageshrinkquicklyintoamorassofteenycoppersknownasAE4‟s.Theysurvivelargequantitiestodaybutprovedifficulttoidentifyduetocarelessmintingmethodsandheavilydebasedalloyswhicfaredpoorlyinthesoilupontheirlossorburial.Thefollowingtableliststhemostimportantdenominationswithrarefractionsandmultiplesbeingomitted.
Main Roman Imperial Coin Denominations
Denomination Metal Weight Value Circ. Dates NotesAureus Gold 7-8g 25Denarii c.200BCE –
305CEWeightsfluctuatewildlymid-thirdcentury
Binio Gold 5.5-6g 2Aurei 251-310 Quinarius Gold 2.5-4g ½Aureus c.200BCE –
305CEWeightsfluctuatewildlymid-thirdcentury.Veryrare
Solidus Gold 4.4g 24Siliquae
310-c.963 TheSolidusisrebornasBasilI‟sHistamenonNomisma withsameweightandpurityuntilreplacedinthe1040‟sbytheHyperpyron.
Semissis Gold 2.25g ½Solidus 310-c.867 Rarepriorto6t century
Tremissis Gold 1.5g ⅓Solidus c.380-c.867 1-½Scripulum
Gold 1.7g 9Siliquae 310-c.380 Scripulumisameasureofweight.Ancientnameremainsunknown.Extremelyrare.
Denarius Silver 2.5-4g 4Sestertii 211BCE – 244CE
WeightswereneveradheredtoverystrictlybuttypicalDenariusinAugustantimeswas3.8gdroppingto3.4gby2ndcenturyandsometimesaslowas2gundertheSeverandynasty.Whenfirstintroducedin211BCEtheDenariuswastariffedat10Assesandwasretariffedto16Assesin118BCE.
CistophoricTetradrachms
Silver 10-12g 3Denarii 27BCE – 138CE
AdenominationmeantforuseintheeasternprovincestomimictraditionalsilvercoinageintheregionbutusingLatin
legendsandimperialportraits.Antoninianus Silver 3-5g 2Denarii 215-285 Thenameofthiscoininantiquityisunknown.PresentusageisnamedafterCaracallawhoseformalnamewasAntoninusandwhofirstintroducedthiscoin.TheradiatebronzecoinsunderDiocletianmaybeaseparatedenominationorsimplyasize-reducedAntoninianus.
Argenteus Silver 3-4g 2-½Denarii
c.290-c.310 AseverelydebasedArgenteusismintedinTrierfromc.310-319.NotealsothatthiscoinisessentiallythesameasthelightMiliarense.
Quinarius Silver 1.3g- ½ 211BCE – Rare
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2g Denarius c.230CESiliqua Silver 1.5-3g 1/24t
Solidus310 – c.650 Weightswereerraticbutsteadily
diminishedovertimefromaround3gearlyontolessthan2gbythe5thcentury.AlthoughsporadicallymintedduringByzantinetimesithadbeenphasedoutofgeneralproductionbythe460‟s.
Miliarense Silver 3.5g-
5.2g
~2
Siliquae
310-c.717 TheMiliarensecomesinthreeseparate
weightcategoriesofuncertainvaluerelativetotheSiliquaorSolidusexceptasrawbullionweight.The“light”Miliarenseofapproximately3.5g,aregular~4.5gcoinandthe“heavy”miliarenseof~5.2g
Sestertius Bronze/Brass
22-30g ¼Denarius2Dupondii
23BCE – c.275
ItispossiblethattheSestertiuscontinuedtobestruckinextremelylimitedquantitiesuntilDiocletian‟sreforminoraroundtheyear285.However,aftertheSeverandynastytheSestertiusbecameincreasinglyscarceandunderweight,occasionallyfallingtounder10g.Priorto23BCEtheSestertiusexistedasararedenominationinsilver.Itsvaluehoweverhadalways
beenfixedtoaquarterofaDenarius.TheSestertiusandtheDupondiusaretypicallystruckfromOrichalcum ,abrassyalloy.
DoubleSestertius
Bronze 25-40g 2Sestertii 251-274 Usingtheconventionofradiatecrownsfordoublevalue,thedoubleSestertiusisanexoticdenominationbegununderTrajanDecius.Somerarepieceshavebeennotedweighingupwardsof44gbuttypicalweightshoveraround25g.ThelastdoubleSestertiiwereapparentlymintedduringthereignofAurelianataratheremaciated
weightof~17g.Dupondius Bronze/Brass
11-15g ½Sestertius
23BCE – c.260
Fromtheyear64forwardemperorsontheDupondiusaredepictedwitharadiatecrown.ThisvisualaideasesthedistinctionbetweenitandthelargerSestertiusandthesmallerAs.Empressesdonotgetasimilardistinctionuntilthe220‟swhenabustrestingonacrescentwasintroduced,afeaturewhichwasneverthoroughlyconsistentinuse.
As Copper/Bronze
10-12g ½Dupondius
c.280BCE – c.275
ItisoftenimpossibletotellforcertainwhetheracoinisaheavierthanusualAsoralightDupondiusonthosecoinsthatnormallylackaradiatecrown.
Semis Bronze 2-3g ½As c.210BCE – c.180CE
Rareandoftenstruckanonymously.Lastissueswereusedintheouterprovinces.
Quadrans Bronze 2.5-4g ½Semis c.210BCE – c.180CE
AE1 Bronze >25mm ? 360‟s JulianIIintroducesalargesilveredbronzecoinof~8.5g,quitepossiblyarebirthoftheFollis.ItiscontinuedbyJovianandstruckinverylimitedquantitiesbyValens&ValentinianIbeforedisappearing.Largecoppermedalsandso-called“contorniates”aremintedsporadicallyfromtheearly300‟sandwellintothe500‟s.Theywere
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rareintheirowntime,struckforceremonialpurposes,aspresentationpiecesorotherspecialoccasionsandunlikelytohaveenteredcirculationasmoney.
AE2 Bronze 22-25mm
2xAE3(?) 350-c.390 ThetypicalAE2weighs4-5gandissometimescalleda“Centenionalis”thoughthetermisfarfromuniversallyaccepted. AE2‟sfromthe5
thcenturyareexceedinglyrarebut,strangely,seemtohavehadalittlerevivalunderLeoIandhiswifeVerinainthe450‟s.
AE3 Bronze 16-22mm
? c.300-430 ThegreaterpartofextantancientRomancoinsfallunderthiscategory.Perhapshundredsofmillionswerestruckduringthefourthcenturyandseemtohaveservedasthegeneral-purposecoinincommerceoftheday.Theytypicallyweighabout3geachandwerelargelyphasedoutofproductionbythelastdecadeofthiscenturybuterraticproductioncontinueduntilAnastasius‟reformin498.
AE4 Bronze <16mm ? c.317-498 TheAE4istothefifthcenturywhattheAE3
wastothefifth.Theyarefoundtodayinlargequantitiesbutcarelessproductionprocesses,pooralloysandsmallsizeconspireagainsteasyidentification.
AE5(proposed)
Bronze <12mm ? c.380-498 ThisclassofbronzeisproposedtodifferentiatethemfromthelargerAE4‟sstruckinthefirsthalfofthe4thcenturywhichwereinitiallyconceivedasposthumouscoinsstruckinhonorofdeifiedemperorsandempressesandthenastheverylargeissueincelebrationofthere-foundingofByzantiumasConstantinople.
ThefirstmainstreamAE4‟sappearedlateinthe340‟sbutwereabandonedwithinadecadeuntil379whentheemperorGratianauthorizedthemintingofasmallcoinofabout12mmdiameter.ThissmallermodulewouldquicklyeclipsetheAE3inpopularityandisapparentlythemainengineofsmallcommercefortheentirefifthcenturywithlargerbronzesbecomingpracticallynonexistentduringthisperiod.Itsweighthoveredaround0.9-1.14gandbytheearly400‟ssettlesintoadiameterrangeofabout10mm.
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Coins of Other Ancient Cultures
InlearningaboutRomancoinsitishelpfultobeabletodistinguishthemfromotherancientcoins.Ashortguideispresentedoutliningthemajordifferencesbetweenthese.
Letusexaminefirstthecoinswhichwewillbedealingwithinthisbook.Romanimperialcoinsspanaperiodofover500yearsbeginning,technically,withthefirstissuesfollowingtheRomanSenate‟sbestowmentofthetitleAugustusonOctavianin27BCandgraduallyblendingintowhatwillbecomeknownastheByzantinecultureinthe6thcenturyDuringthisentireperiodalmosteverycoinmintedwithinthebordersoftheRomanempirewillfeaturearulerfromthpresentimperialcourtasaportraitontheobverseofeachandeverycoin.Thistraitaloneissoconsistentthatitbecomesaneasilyidentifiablesignaturewhichcanbeusedtoquicklyruleoutthemajorityofotherancientcoin-makingcultures.Thesecondmainfeaturesaretheinscriptionsthemselveswhichalthough1,500-2,000yearsoldarstilloftenperfectlyreadabletoanyonefamiliarwiththeLatinalphabet.Romanimperialcoinsarethemostplentifulandcheapestcoinsofantiquity.Itisthereforeasafebetthatanycoinfromantiquitythathasaperson‟sportraitand hasatleastpartiallyreadableLatinlegendscanbeassumedtobea
Romancoin.
Romanimperatorialcoinsimmediatelyprecedetheimperialperiod.ThisratherbriefnumismaticperiodextendsfromshortlybeforethedeathofJuliusCaesaruntilOctavianisgivenhistitleofAugustus;lessthan20yearsinall.Numismatically,thisperiodblendscharacteristicsoftheRomanrepublicanperiodbeforeandthecomingimperialagAmongthesearethefirstexamplesoflivingpersonsbeingfeaturedoncoins.Theimperatorialperiodissuessomegoldandcoppercoinagebutareofexcessiveraritytoday.TheRomaneconomduringthistimeisnearlymonopolizedbythesilverDenarius.
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TheRepublicanperiodprecedestheImperatorialandtheRomancoinageofthedayisheavilyinfluencedbyGreekart.Fromabout200BCEuntilneartheendofJuliusCaesar‟slifethesecoinswillemploytheusualRomanrebadgedGreekgodswithLatininscriptionsbutareotherwisesimilarinmakeuptocontemporaryGreekcoins.AswasthecaswithimperatorialRome,theDenariusisthebackboneoftheeconomy.
TheGreeksweretheinventorsofcoins.Fromabout550BCEuntilconqueredbytheRomanstheystrikemillionsofcoinsinallmetalsbutprefersilverasthemediumofexhange.Greekcoinsundergoseveralperiodswherebytheartstyleschangesignificantly.ThecoinsmakeheavyuseoftraditionalGreekmythology.Asawhole,thewrittenwordimoderatedorunusedsoastonotcompetewiththeartwhichisgenerallyregardedtobethegreatestnumismaticlegacytheworldhaswitnessed.
ThereareseveralcontemporarycultureswhichissuedcoinsduringtheRomanimperialperiod.AfterthevariousGreeknationsfellonebyonetotheRomanstheskillsoftheirmoneyerswereputtogooduse.UnlikeotherregionswithintheRomanempiretheRomansallowedfortheissueoftheirownautonomouscoinageusingGreeklegendsandtraditionalthemessolongasthevariousRomangodsand,mostimportantly,theincumbentemperorwerefeaturedprominently.Asaclass,Romanprovincialcoins,ormorespecifically,Greekimperialasthey‟remoreappropriatelytermed,areverysimilartoRomanimperialcoinswiththeonlymajordifferencebeingtheuseofGreeklegends.TheywerealsorestrictedtobronzeandlimitedrunsofsilverbutnevergoldwhichwasaprivilegereservedforRomeonmostoccasions.Thelastoftheseprovincialcoinsarestruckinthelate200‟sandcoinswithGreeklegendswillnotreappearuntiltheByzantineperiod.
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ImmediatelytotheeastinwhatisnowknownastheHolyLandcoinshadbeenmadeforcenturies.TheJewsandothernearbycivilizationsproducedadistinctivecoinageparallelingtheRomanimperialperiodandthenincorporatinsomeofitselementsaftertheregionwasannexedbytheRomans.AsidesfromtheuseofHebrewandotherarchaicalphabetsthecoinsscrupulouslyomitanyrepresentationoflivingbeings,particularlyhumans,whichwasconsideresacrilegious.
TheGreekandthenRomanempires‟mostformidableenemieswerethePersianswithwhomt heyconstantlyquarreled.TheyleftbehindasignificantbodyofnumismaticmaterialthatbeganshortlyaftertheGreeksthemselvesinventedcoinageandevolvedovertimeintothemodernIslamiccurrency.CoinsissuedinantiquitywilllookquiteexotictoWesterneyesfromtheinscrutableinscriptionstothedesigns.Portraitsfeatureequallyexoticheadgearanddress.
TheCeltswerenotonepeople.TheywereadiversenumberoftribesinhabitingallEuropeanregionsnotunderdireRomancontrol.TheyincludeSpanish,British,Germanicandnear-easternnationsofsemi-nomadicmakeupandlumpedtogetherundertheRomanpejorative“Barbarian”.Theextentoftheircoinagewaslimitedinsofarastheireconomiesweremoreprimitive.However,tradewasanimportantelementoftheirvariouscivilizationsandmanyfoundtheconvenienceofcoinage.ThestyleusedonCelticcoinsishardtoreigningivenhowdissimilarthevarioustribeswere.Mostuniquelydistinguishableistheirabstractedportraitureandrenditionofanimals,particularlyhorses.
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MinorCeltictribesalongneartheRomanempire‟sborderswereinfluencedandoccasionallyevenRomanizedtoadegree.Whatcommercetheyengagedwithamongstthemselves,outsidersandRomansalikewaspresumablyfacilitatedwiththeiracquiredwealth,mainstreamRomancoinsandcoinsoftheirownmakingwhichcloselyresembledofficialissues.ThebulkofthesemimicRomanbronzesofthefourthcenturywithvaryingdegreesofcraftsmanshipbutallareconnectedbythethreadofilliterate“writing”inplaceoftrueinscriptions.
AfterthefourthcenturythesetribesamalgamatedwithotherCeltstoformnewtribesandwouldcontinuetocopythecoreRomancurrencywellintothesixthcentury,oftentakingcaretohonorthenominalByzantineemperorofthedawhowasstillregardedasthelegalsovereignoftheformerRomanlands.BronzesceasedtobemadeinanyappreciablequantitiesbutgoldproductionbeganinearnestunderthebanneroftheVandals,Ostrogoths,Avars,Merovingiansandmanyothers.
AstheRomaninfluencevanishedandtheByzantineinfluencewanedthesetribesnowbegantoslowlydisassociatethemselvesfromtheoldempireandinsteadissuedcoinshonoringtheirownkings.InthevacuumthatwaslefttheinhabitantsofWesternEuropegainedstrongeridentitiesandnewcultureswereborngivingwaytothemedievalperiod.Coincraftsmanshipwillforthenext1,000yearsbefarbelowthestandardsoftheGreeksandRomansandacquirealookandfeeluniqueandeasytoidentify.However,athoroughknowledgeofEuropeanmedievalcoinageisintricateanddifficulttomaster.Itwillnotbeuntilthe16thcenturywhenArabicnumeraldatingoncoinsandtheeventualintroductionofmachine-stampedcoinsthatthemodernageofcurrencyisborn.
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MeanwhiletheByzantinescarryonthepoliticallegacyoftheRomansbycontinuingthenowancientimperialtraditioSpanningafullmillenniumtheByzantinecurrencyundergoesmanychangesovertheyears.TheendingsectionofthisbookintroducestheByzantineagewhilethecoinsarestillfullyindistinguishablefromtheirItaliancounterparts.fact,atthisstagethemintsinConstantinopolisandRomestillcloselycoordinatetheircoinproductiontogiveeveryappearanceofaseamlessmonetarysystemand,byextension,asolidlyunifiedempire.ThebookcloseswiththereignofAnastasiuswhoisapivotalfigureinreformingcoinageinanewdirectionthatbreawiththepast.NumismatichistoriansprefertopinthisdateasthestartoftheByzantineperiod.
Thereareotherculturesinancienttimeswherecoinswerestruck.Highlightedaboveareafewofthese.NexttothecoinsofPersia,Indiahasthemostextensivevarietywithmanydifferentkingdomsstrikinguniquedesignswhich
occasionallyborrowWesternelementsbutarealwaysinfusedwithahealthydoseofregionalrelevance.
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Identifying Roman Coins
Thefirststepinlearninganythingaboutacoinistobeabletodecipherthecluesgiveninitsdesign.Fortunately,Romanemperorswantedyoutoknowwhowaspicturedonthecoin‟sobverse.Evenbetter,theRomansgavebirthttheLatinalphabetmakingtheinscriptionsquitereadableassumingthey‟renottoowornormissing. Lastly,thecoinsthemselvesfollowverypredictableconventionsintheirdesignssothatwhatislearnedforonecoincanbeappliedinidentifyingthenext.
ThetypicalRomancoinwilllooksomethinglikethis:
Atfirstthatstringoflettersmayseemdauntingtointerpret.Whileeachletterappearsrecognizableitlookslikeonebig,alienword.Foralltheirinventiveness,theRomansseemtohaveranoutofsteamafterdesigningtheletterZan
theideaofspacingbetweenwordsneverreallycaughton.Dotsoccasionallyservethisfunctionbutnormallythecoiletteringwillbeallbuncheduplikeinthisphoto.TheLatinalphabetusedinRomantimesissomewhatshorterthantheEnglishone.TherearenoJ‟s,U‟sorY‟s.Instead,anIisusedwhereaJwouldnormallybefoundand,likewise,aVistheUorYstand-in.Allwritingisalwaysuppercase.Knowingthis,inthesamplephotothestringoflettersencodesnotonlythenameoftheemperor,inthiscaseMaximianwhichisreadablestartingthethirdletterin,butalsoseveralofhistitles.Sincethereweremanytitlesbestowedonemperorstheonlywaytocramthemintotheavailablespacewastoabbreviatethem.InthisparticularcointhefirsttwolettersareDandNwhichstandinLatinforDominusNoster (OurLord),thenMAXIMIANO(aLatinformofthenameMaximian),FELICISSIMO(roughlytranslatingto“mostdutiful”),thenSEN(shortforsenior)andlastlyAVGforAugustus,themostimportantimperialtitle.AliterateRomanbackthenwouldunderstandthisinscriptiontomeansomethinglike“OurLordMaximian,mostdutifulseniorAugustus”. ThereversereadsPROVIDENTIADEORVMQVIESAVGG.BreakingthisupyieldsProvidentiaDeorvmQviesAvggwhichtranslatesto“BytheprovidenceoftheGodsthereispeace”.Thisparticularcoinspeaksthereforeofthepeacefultransitionofpowerfromtheemperor,Maximian,tohisappointedsuccessor.Othercoinswillfollowthisbasicprincipleandtheconnectiontomoderncoinsshouldbeobvioustherebymakingtheidentificationofeachoneeasier.Ontheotherhand,manyancientcoinswillprovemoredifficulttofigureoutbecausthey‟reworn,damagedorhavelegendsthataretoodifficulttomakeout.Thosefeaturesthatarevisiblewillhavetosufficeincorrectlyattributingthecoin.Itisunfortunatelynotunusualtofindacointhatresistsidentificationbecausethereissimplytoolittletogoon.However,eveninthesecasesitshouldatleastbepossibletodeterminetheapproximateageandregionofthecoin.
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How to Use This Book
Inthefollowingpagesyouwillfindaformatthatwillbecomefamiliarfromemperortoemperor.Afterashortbiographknowncoininscriptionsanddesignsarebrokendownintofourparts.Noteverylegendwillbefoundwitheverybustreversetypeandtheknowncombinationsaregiveninanumberedlistingknownasacatalog .Theavailablephotographsofthebustsandreversedesignsarethenorganizedintoplatesattheendofthesection.
1. Thenameoftherulerfollowedbytitleandreigndates.Inthecaseofempressesdatesgivenareforwhenthey
werebornanddied.2. Ashortbiographyoftheruler.3. Notesontheavailabilityandgeneralpricingofhisorhercoins.
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4. Knownbusttypesforthisruler.Thegeneralorderofdescriptionistolistfirstwhat,ifanythingiswornontheheadandthencontinuetolistthetypeofdressvisibleonthebustand,finally,whatevertheeffigymightbeholdingwithhisrighthindfollowedbyhislefthand.
Inafewcasescoinobverseswillhaveadesignratherthanaportrait.Aletteredlistingwillfollowwithknowntypes.
5. Obverselegendsknownfortheruler,arrangedalphabetically.6. Reverselegends.7. Descriptionofknowntypes.
8. Mintlocation.Citynameisgivenasknowninantiquity.Seeelsewhereinintroductorysectionforcurrentname
andlocation.
9. Metaltypeanddenomination.AUisforgold,ARsilverandAEiscopper.
10. Referencestolistingsinothercatalogsforthesamecatalogareprovidedwhereresearchedand/oravailable.Blankspacesinthisfieldmaymeaneitherthatthecoinisunlistedorislistedinaworknotresearchedbytheauthor.
11. Photographsofthebustsandtypes.Photographsarenottoscale.
12. Catalogentriesareprovidedinanumberedsequencethatincludesthemostcommonknowncombinationsofthbusts,typesandlegends.Inaddition,mintmarksandtheoccasionalnoteuniquetothislistingwillbeenteredaftthecombination.Alistingthatreads,forexample,B1,O1,R05,T20simplymeansthatacoinisknownwithbustnumber1,obverselegendnumberone,reverselegendfiveandreversetypenumber20.Leadingzeroesareaddedwherenecessaryinordertomaketheheadingslineupandsortcorrectly.Thenumbersresetforthenextruler.Whereacoinhasfieldmarkingsinadditiontotheexerguea“/”willseparatethefieldfromtheexergue.AcointhereforethathasanAinoneofitsreversefieldsandXXXintheexerguewillbedescribedasA/XXX.IfacoinhasfieldmarkingsinbothfieldsitmightthenreadA/B/XXX.Wherethearrangementmaypresentconfusionadditionalcommentswillbeprovided.
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Mintmarks
ForhundredsofyearsRomekeptacloseeyeontheoutputofitscoins.Astherewereonlyafewmintsoperationalatanonetime,withRomeitselfreservingthelion‟sshareofthisoutput,qualitycontrolandaccuratebookkeepingwasataskthatthemintofficialscouldhandlewithoutresortingtothepracticeofplacingmarksonthecoinsthemselvestoknowwhwasgoingon.However,nearthelatterhalfofthethirdcentury,thequalityofthecoinshadsufferedgreatlyunderthestressofinflationandacentralizedsystemmadeforanimpracticalwayofdistributingthe(cheaper)currencybeingmadItwasatthistimethatmintmarkingreallybegantotakeholdand,withinafewyears,theprocesshadbecomethemost
intricateandmethodicaltheworldwouldeverwitness.Althoughsilverandgoldwouldeventuallygetsomemintmarkshereandthereitwasthelowvaluebronzedenominatiowhichreceivedfullattentioninthisarea.Oddly,downtotheverylastdaysbeforethefallofRomeeventhesorriestlittlecopperwouldbedulyimpressedwiththemarkofitscityoforiginand,frequently,itsofficina aswell.Thebigideathereforewasforthegovernmenttokeeptrackofwhowasmakingwhatandhowmuchofit.Specieingoldandsilverhadsuchtightcontrolsthatgeneralaccountingpracticesweregenerallysufficienttominimizecorruptionandfraud.Coppercoinageontheotherhandwasbeingproducedonaverymassivescale.Eachminteachyearmayhavemadehundredsofmillions ofcoinsand,notsurprisingly,mostwereofthecoppervarietymeantforgeneralcirculation.Thisscaleofmanufacturewouldnotberepeatedagainuntiltheindustrialagesoasystemforallthosecoinscomingintcirculationwasimperative.Thetreasury‟sprimaryneedinaccountingwastomakesurethecorrectnumberofcoinswerebeingmadetopayoffthe
government‟sexpenditures.Eachmintwasthereforeboundtoanumberofrulesthattheyweretofollowbothforaccountingaswellastoensureasupplyofcoinsthatwereasseamlessintermsoflookandfeelfromoneminttothenext.Designswerethereforecarefullycoordinatedbetweenthevariousmintsandforspecificlengthsoftime.Thepainstakingpracticeofensuringthateverysinglecoinlookedessentiallyidenticalfromoneendoftheempiretotheotheandalevelofdetailthatdictatedtheprecise,hyper-correctplacementofindividuallettersandotherdesignelementscanbeconsideredaspartofthequintessentiallyRomanwayofprecisionengineering.TheveryfirstmintmarksemployedundertheRomanimperialperiodusuallyconsistedofcrypticsymbolsjustmeanttorevealthecityoforigin.Thispracticewasfarfromwidespreadandgiventhenormalvariancesfromregiontoregionitisnowknownwithoutdoubtthatsomecoinsweremadeincertainlocationsoratleastgeneralareasevenwithoutthesemintmarksbasedonstylisticdifferencesalone.Butthesedifferencesweremuchtoosubtleforadministratorstobotherwith.Whentheneedpresenteditselfthemintmarkingsystemwasputintoplaceandwithinamatterofafewyearsthepracticewasmoreorlessstandardizedacrosshundredsofthousandsofsquaremiles.
Nosoonerthanexplicitmintmarksbeginappearingthidentifyeachcityoforiginthanitbecomesnecessarybreakitdownfurtherintoindividualseriesand,asnotabove,oftentheofficinaeinvolvedtoo.AtypicallateRomanbronzewilloftencarryadditionalsymbolsthatrevealseparateproductionruns.Understandingthissystemiscomplexandtheirmeaningsarenotalwaysuniversallyagreedupon.Bugenerallyspeakingsomeconventionscanbefollowedwithenoughconsistencythattheysoonbecomefamiltothecollector.Thefirststepthenistoidentifythenameandlocationallthesemints.Themaponthefollowingpageidentif
themainonesinoperationduringthefourthandfifthcenturies.
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Inadditiontotheabovelocations,severalothercitieshostedmintoperationsduringbriefperiods.Sometimesanemperoonawarcampaignchosetobringalongthesefacilitiestoensureacloseeyeonthesoldiers‟payr oll.Apartiallistofminmintsincludes:Ambianum – Amiens,FranceBarcino – Barcelona,SpainCarnuntum – nearVienna,AustriaColoniaAgrippinensis – Cologne,GermanyLaodiceiaadMare – Laodikeia,SyriaOstia – nearRome,Italy
Palmyra – nearTadmur,SyriaNarboMartius – Narbonne,FranceTarraco – Tarragona,SpainTripolis – Tripolis,TurkeyViminacium – Kostolac,Yugoslavia
Nowthatwe‟vetakenabriefoverviewoftheirnamesandlocationslet‟stakealookatthemintmarksthemselves.Thesimplesttypeofmintmarkjustwantstoidentifyicityofmintageandthefirstthingtorememberisthatalmostalwayswillbelocatedonthebottomofthereverseofthecoin.Thisarea,typicallydelineatedbylineseparatingthedesignfromthemintmarkitself,iscalledtheexergue .ThisbronzecoinbelongingtoConstantiusGallus,aminorfigureofthefourthcentuwasmintedinSirmiumgiventhereadablestringASIRM).TheAandthedotwouldhaveprovidedan
administratorextrainformationusefulinpinningdownwhowasresponsibleformakingthecoinandatwhatapproximatetime.Onemightconsiderhowthislevelofdetailhasnevertothisdaybeenfoundagainandshouldgivepausetowonde justhowmeticulousthesepeoplewere!Inthemeantimeandforthepurposeofcrackingthesystemletusrememberthathemintcitywillbeanabbreviationconsistingofonetoseverallettersandwillusuallybeembeddedwithadditionalsymbols.Learninghowtheyabbreviatedtheircitynamesisusuallythefirststepinrecognizingwhereaparticularcoinwmade.Relativelyfew,unfortunately,aregenerousenoughtospelloutthefirstfourlettersofthecitynamelikeinthisexample!Barringthemanyexceptionsthatwillbefound,someformsofusagepredominate:Alexandria:ALEAntioch:ANTorANA
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Arles:A,ARL,CONS(afterbeingrenamedConstantiainthefourthcentury.TodistinguishfromConstantinopletheofficinaletteralwaysprecedestheCONSinArlesandalwayscomesaftertheCONSforConstantinopleissues)Aquileia:AQConstantinople:CONorCONSCyzicus:K,KYZorMKVHeraclea:H,HT,HERACLorHERACLondon:L,MLorLONLugdunum(Lyons):LGorLVGNicomedia:N,NIC,NIKORome:RorRFSirmium:SIRMSiscia:SISorSISCThessalonica:TESorTSTicinum:TTrier:TR
Wheneverpossible,theabove“keys”shouldbevisuallyisolatedfromothersymbolsprecedingorstuckonassuffixes.AnotherverypopularconventionusedwastousetheformSMxywherexwouldbethe1-to3-lettercitycodefollowedby,theofficina.SMstoodforSacraMoneta (sacredmint).Theofficinaissimplyandliterallytheofficeorinternaldepartmentinchargeofmintingthecoins.Thephysicalbuildingthathousedthemachineryandstaffformintingcoinsmayhavehaduptoadozenormoresimultaneouslyoperating
officinae .Sometimeseachofficinawouldbegiventhetaskofdedicatingitsoutputtoacertaindesignoremperorbutmotypicallytheysharedequallyintheoutput.Eachwasthereforeexpectedtostamptheircoinswiththesignatureoftheircrew;all,again,forthesakeoffullaccounting.Theofficinaewereidentifiedbyanumberingsystemwhosenomenclaturedependedontheirgenerallocation.Citiesinthewesternhalfoftheempirenormallyusedanordinalsequencewhereyowouldhavethefirst,second,thirdandsoonofficinae.ThisbeingLatin,theywouldhaveusedthewordsprima,secondatertia,qvarta,etc.Theywouldthenusethefirstletterofeachordinalalongwiththecitycode.Forexample,acoinfromRomecouldhaveamintmarkRP(RomaPrima )whichwouldindicatethatitcamefromthefirstofficina.JustasoftenyoucouldhavetheofficinaletterprecedethecitycodesothataQAwouldindicatethefourthofficinaforArles.Alogisticproblemoccurswhenwearriveatthefifthofficina,qvinta inLatin,becausethereisobviouslynowaytodistinguishbetweentheQforqvartaandqvinta.TheRomansevidentlydidn‟tburntoomanymentalcaloriesonthisoneandinthesecasesjustgrabbedthefifthGreekalphabetletterE.OntheratherrareinstanceswhereasixthorgreaternumberofficinawasoperatingtheyresortedtousingmoreGreekcharacters.TheeasternmintcitiestendtouselettersfromtheGreekalphabettoaccomplishthesametask.ThesequencebeginsA,B,Γ,Δ,E,S,Z,H,ӨandI.Theycangofurtherforseriesthatwereverypopular,forexampleaΔEwouldbethesumoflettervalues4and5fromtheabovesequencetoarriveatthe9thofficina.Normallyhoweveronlythefirstfourtofiveletterswereusedand,bythefifthcenturywhenfewercoinswerebeingmade,itwasusualtohaveonlyAandBoperatingMattersbecometrickierwhenunrelatedsymbolsgetappendedtothesecodesbutthegeneralformshould
berecognizableastheancillarysymbolschangefrequentlyfromissuetoissuewhiletherelativepositionofthecitycodeandofficinadosolessoften.Wherethecollectorcomesacrossacoinwithmanylettersandsymbolsjumbledtogetheritmightwellbedauntingtosortitalloutbutwithincreasingfamiliaritywiththesystemitisonlyamatteroftimebeforeacasualglancewilltellyouallyouneedtoknowtoidentifyeachcoin...provided,ofcourse,thatthemintmarkisstillvisible.
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Pricing and Grading
Almosteverycoincollectorisinterested,ifnotobsessed,withtheworthoftheircoins.Despitetheoccasional,overly-seriousnumismatistadmonishingthenewerhobbyistinplayingthisdowninfavorofjustlearningandstudyingthecoinsthetruthisthatitisanintegralpartofthefun ofcollecting.Thecollectorthereforedesperatelyneedsapricingguidetoknowwhattoexpectwhenaddingorsellingpiecesfromthecollection.
Ican‟tdothat.Therearenoshortageofpricingguidesoutthereforancientcoinsbutthebittertruthisthatthey‟realllaughablyinaccurateandintheendupconfusingmorethangivingreal-worlduse.Thereareseveralreasonsforthis.Unlikethecasewithmoderncoinsthereareno„populationreports‟toindicatehowrareorcommoneachcointypeisinanabsolutesense.Overtime,coinsthatwerepreviouslyrarebecomelesssothankstonewhoarddiscoveriesandsometimescoinsthataretemporarilyplentifulvanishfromthemarketplace.Thenthereistheissueofwhereyoubuyandsellcoins.Anexclusivedealermaylistagivencoinforseveralhundreddollarswhileanothercanoffertheverysametypefora$100andyoucouldspotthesameoneBayfor$50.IthappensALLthetime.Inlightofthisthereislittlepointintakingthetroubletogiveevenaroughpricerangeforeachcoincatalogued.Dependionyourpersonalleveltostomachriskandhowmuchresearchyouwantdoneonyourbehalfyouwillfeelcomfortable
shoppinginavenuewherepricesshouldbemoreorlessstableforthattier.Thisultimatelywillbethetruelearninggrounds.However,thisbookatleastnotesgeneraltrendsforeachemperorandwherepossiblefurtherbrokendownbythemajordenominations.Thisshouldhopefullybeenoughtospurthecollectortodoalittlecomparativeresearchtoidentifywhatisabargainandwhatisclearlyoverpriced.EverycoinbookgearedtowardsthecollectorwillrepeatthemantraaboutgradingandconservationandIwillbepedantenoughtorepeatithere.Itisanunwaveringtruismthatconservationbeatsrarityinallbutthemostextremecases.Unleyouhavecomeacrossamajorrarityassumethattheworthofyourcoinwillverylargelydependonitsvisualappeal.AnancientgoldcoinwillinmostcaseslookmintstateornearlysobecauseitlikelytradedhandsinfrequentlyuntilitwaslosBronzesontheotherhandrangefromtheabominabletostrikinglywellpreserved(butshouldnever lookcopperylikemodern,untonedcoppercoins.Thisisanunequivocalindicationofharshcleaning!).Silvercoinstendtobefairlywellpreservedbutwillshowthemostwearsincemanyofthemtradedformanydecades.Amintstatecoinwillcommandapremium.Theruleofthumbisthatincoinsbeautysellsandrarityisonlyasecondary
factorindeterminingvalue.Ofcourse,this“rule”applies onlyinageneralsense.ArarecoinbeitfortypeorrulerWILLbmarketableassumingadecentstateofpreservationandtheraresttypes/rulerswillstilbeverysoughtevenwhenpoorlypreserved.However,apoorlypreservedrathercommoncoinwillfindalmostnointerestamongyourfellowcollectors.Sowhatarethegradingstandards?Justasisthecasewithmoderncoinsancientsaregradedalongmuchthesamelines.OnecanevengetanancientcoinslabbedjustlikeamoderncoinandwillcarryagradeusingtheAmericangradinstandard...apracticethatfindsquitelittlesupportamongdie-hardancientcoinenthusiasts.Butthisbookdoesnotconcernitselfwithgradesforthesimplereasonthatnowadaysgradingancientcoinsislargelyirrelevant.Unlikethemaiordercatalogsofyearsgonebyonetypicallybuysacoinfromawell-photographedcointodayinaglossycolorcatalog,theinternetoronsiteatacoinshow.Thereisthereforelittleneedforagradeassuchsincethevisualconfirmationofwhatyouwouldbegettingisinfinitelymoreusefulthantheinformationconveyedbyanassignedgradeofquestionablevalue.
Forwhatit‟sworth,let‟sexaminewhatthegeneralconsensusisregardinggrading:
RatherthanwastetimewithaneuphemisticgradesofAG,GorVG,thelowestrungofcollectibleancientRomancoinsarethankfullyjustdescribedimperfectastheyare.Inmostcaseswearassuchwon‟tbethemajor issuewiththesecoins
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butratherunsightlytoning,diecracksand/orotherstructuralproblems,orabadcaseofcorrosion.Coinswithanybutasmallpartbrokenoffarehardlyeverworthanythingonthemarket.
Thosecoinsgraded“fine”willbefoundtobeessentiallyintactintermsofoveralldesignbutwithaconsiderableportionoitsinitialdetailwornofforobscuredbycorrosion.Thisrepresentsthebulkofancientcoinsavailabletoday.
YouwouldexpectaRomancoininVeryFineorVFconditiontobeoverallproblem-freeandwithallitsmajorfeaturesvisible.Somewearand/orsmallimperfectionsaretobeexpectedincludingcoinsthatareslightlyoff-center.
AnEF(extremelyfine)coinisinpracticethehighestgradecoinyoucanhopetocomeacross.Exceptingcoinsgiventheholy-grailgradeofFDC,seenext,whichprobablynouniversalbodyofnumismatistswillagreeonbytheway,theEFcoisasgoodasitgets.Toachievethisgradeitshouldhaveonlyatouchofwear(ifnotoutrightmintstate),bewellcenterestruckfromnewdies,bewholeineverywayandbasicallysay“Hey,I‟mbeautifulandperfect.Buyme”. ItwillberaretofindabonafideEFbronze.
FDCisFrenchforFleurdeCoin,theneplusultra ofthenumismaticworld.It‟satermunfortunatelymuchabusedbybot
theinexperiencedandthoseofshakymoralswhowillindiscriminatelygiveanycointhegradewithoutasecondthought,oftenaddingafewseeminglypre-requisite+or!signstodrivehomethepoint.Sigh.ArealFDCcoinneedsnosuchgimmickyhypeforitshouldbeinstantlybreathtakingandconsideredtheveryparadigmofthattype.Infact,apuristwillsaythatbydefinitionthisexcludesallbronzesbymerereasonoftheirtoningwhich,howeverattractive,hasdegradedthemfromperfection.Whatever.It‟soktoignoreanycoinmarketedasFDCthatdoesnotinstantlydazzle. Inasense,solongasyoucanrelyonthepicture,it‟soktoigno reany assignedgrade:-)
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