Ancient Roman Currency

The Roman currency during most of the Roman Republic and the western half of the Roman Empire consisted of coins including the aureus (gold), the denarius (silver), the sestertius (brass), the dupondius (brass), and the as (copper). These were used from the middle of the third century BC until the middle of the third century AD.

They were still accepted as payment in Greek influenced territories, even though these regions issued their own base coinage and some silver in other denominations, either called Greek Imperial or Roman provincial coins.

During the third century, the denarius was replaced by the double denarius, now usually known as the antoninianus or radiate, which was then itself replaced during the monetary reform of Diocletian which created denominations such as the argenteus (silver) and the follis (silvered bronze). After the reforms Roman coinage consisted mainly of the gold solidus and small bronze denominations. This trend continued to the end of the Empire in the West. See also Byzantine currency.

Authority to Mint Coins

Unlike most modern coins, Roman coins had intrinsic value. While they contained precious metals, the value of a coin was higher than its precious metal content, so they were not bullion. Estimates of the value of the denarius range from 1.6 to 2.85 times its metal content, thought to equal the purchasing power of 10 modern British Pound Sterling (US$15) at the beginning of the Roman Empire to around 18 Pound Sterling (US$29) by its end (comparing bread, wine and meat prices) and, over the same period, around one to three days' pay for a Legionnaire.

The majority of the written information about coins that survives is in the form of papyri preserved in Egypt's dry climate. The coinage system that existed in Egypt until the time of Diocletian's monetary reform was a closed system based upon the heavily debased tetradrachm. Although the value of these tetradrachmas can be reckoned as being equivalent in value to the denarius, their precious metal content was always much lower.






Roman Republic: c. 300 BC-27 BC


For these reasons, the Romans would have certainly known about coinage systems long before their government actually introduced them. By the time that they introduced a system of coinage, the Roman state had become a dominant force in the western Mediterranean, having defeated Carthage during the Second Punic War of 218-201 BC. The government's reasons behind adopting coins might have been cultural, in that they wanted to adopt a Greek institution at a time when Roman society was increasingly coming under the cultural influence of the Hellenic world.


Along with the aes signatum, the Roman state also issued a series of bronze and silver circular coins that emulated the styles of those produced in the Greek colonies of southern Italy. Produced using the manner of manufacture then utilized in the Greek colony of Naples, the designs of these early coins was also heavily influenced by Greek designs. The designs on the coinage of the Republican period displayed a "solid conservatism", usually illustrating mythical scenes or personifications of various gods and goddesses.

Early Roman Empire: 27 BC -

In 27 BC, the Roman Republic came to an end as Augustus (63 BC-14 AD) ascended to the throne as the first emperor. Taking autocratic power, it soon became recognized that there was a link between the emperor's sovereignty and the production of coinage.

Iconography and Design

Republican Iconography






Imperial Iconography











Debasement of the Currency

















Early Coinage

Coinage came into use in Asia Minor around 600 BC. By 500 BC its use had spread through the Greek world. Compared with other civilizations of the Mediterranean world, coinage came late into use in the Roman Republic. The Romans remained a primitive and eminently rural people until the late fourth century BC. They used livestock (pecus) and crude bronze bars (aes rude) as media of exchange. Latin preserved the memory of this period in its word to designate money, pecunia (from pecus). A similar system was used by other peoples in Italy, because there were no deposits of silver and gold there. Only the Greek colonies of southern Italy issued coins of these precious metals following the common practice in their mother cities. They obtained, however, these metals through trade.

The Law of the Twelve Tables (Lex Duodecim tabularum) demonstrates the use in Rome of the bronze pound (as, plural asses) as a way of measuring the value of properties in the V century BC. The memory of this primitive system was preserved for a long time. All transactions with these rough bronze pieces involved the use of a scale. Many centuries after the introduction of coinage, a scale and a piece of bronze were still used as a symbol of the sale and the change of ownership in the ceremony of mancipatio, by which the transfer of certain types of goods, like land, for example, was officially confirmed.

In the late fourth century BC, silver coins were minted for Rome in Naples. Their origin and function are discussed by specialists. Their impact on the Roman economy was surely limited. Only at the beginning of the third century BC, Rome began to standardize the form of bronze bars by introducing the use of cast ingots. The purpose of this change was probably to achieve a more uniform set of weights and to facilitate trade. The new bars were marked with various motives, and this is why they are commonly known today as aes signatum.

The oldest bars had a motive only on one side, but the Romans began soon to decorate both major faces. The motives served, probably, as a certification of the characteristics of the piece. By covering also the entire length of the block, they allowed to recognize if it was intact or if a portion had been removed.

Of course, these bars cannot be considered as coins in the strict sense, because they were produced by pouring molten metal into molds. They met, however, a monetary function as means of exchange. It was common practice to split them when a piece of lesser value was needed.

Relative values (value of coin in column/value of coin in row)

Roman Coins used in Jewelry

Rare and Roman Famous Coin. The Colosseum Aureus

In the News ...

Old Money: Rare Roman 'Nero' Coin Unearthed in England   Live Science - June 23, 2014

A rare gold coin from the Roman Empire has been unearthed in England. Archaeologists found the valuable coin, which is embossed with the image of the hated Emperor Nero and dates to between A.D. 64 and 65, at a site in Northern England. The archaeological site, called Vindolanda, was once a Roman fort near Hadrian's Wall.