Aureus
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The aureus (pl. aurei, 'golden', used as a noun) was a gold coin of ancient Rome originally valued at 25 pure silver denarii (sin. denarius). The aureus was regularly issued from the 1st century BC to the beginning of the 4th century AD, when it was replaced by the solidus. The aureus was about the same size as the denarius, but heavier (since gold has a higher density than does silver).
Before the time of Julius Caesar the aureus was struck infrequently. Caesar struck the coin more often, and standardized the weight at of a
as of an aureus.The mass of the aureus was decreased to of a Roman pound (7.3 g) during the reign of Nero (r. 54–68). At about the same time the purity of the silver coinage was also slightly decreased.
After the reign of Marcus Aurelius (r. 161–180) the production of aurei decreased, and the weight fell to of a Roman pound (6.5 g) by the time of Caracalla (r. 211–217). During the 3rd century, gold pieces were introduced in a variety of fractions and multiples, making it hard to determine the intended denomination of a gold coin.[1] During Gallienus's reign, the purity was briefly reduced to 94%, and a small amount of coins were minted with as low as 80% purity. This was reset back to 99% by the next emperor.[2]
The solidus was first introduced by Diocletian (r. 284–305) around 301 AD, struck at 60 to the Roman pound of pure gold (and thus weighing about 5.45 g each) and with an initial value equal to 1,000 denarii.[2] However, Diocletian's solidus was struck only in small quantities, and thus had only minimal economic effect, although its stable weight brought an end to the instability that had existed for a while. Since only one document of Diocletian's time uses this word to describe the coin, numismatists usually reserve the name "solidus" for the coin that was introduced later by Constantine the Great.
When the solidus was reintroduced by
However, regardless of the size or weight of the aureus, the coin's purity was little affected. Analysis of the Roman aureus shows the purity level usually to have been near to 24
Emperor | Year | Gold content | Julius Caesar Aureus |
---|---|---|---|
Julius Caesar | 50 BC | 8.18 grams | 1.000 |
Augustus | 23 BC | 7.75 grams | 0.95 |
Nero | 64 AD | 7.27 grams | 0.889 |
Caracalla | 213 AD | 6.55 grams | 0.800 |
Severus Alexander | 235 AD | 6.08 grams[2] | 0.740 |
Gordian III | 240 AD | 4.96 grams[2] | 0.610 |
Decius | 250 AD | 3.58 grams[2] | 0.440 |
Gallienus | 255 AD | 3.40 grams[2] (94% pure) | 0.420 |
Gallienus | 265 AD | 3.07 grams[2] (85% pure) | 0.380 |
Claudius Gothicus | 269 AD | 5.38 grams[2] | 0.660 |
Diocletian | 301 AD | 5.45 grams | 0.667 |
Constantius Chlorus | 305 AD | 4.55 grams[2] | 0.556 |
Due to runaway inflation caused by the Roman government's issuing base-metal coinage but refusing to accept anything other than silver or gold for tax payments, the value of the gold aureus in relation to the denarius grew drastically. Inflation was also affected by the systematic debasement of the silver denarius, which by the mid-3rd century had practically no silver left in it.
In 301, one gold aureus was worth 833⅓ denarii; by 324, the same aureus was worth 4,350 denarii. In 337, after Constantine converted to the solidus, one solidus was worth 275,000 denarii and finally, by 356, one solidus was worth 4,600,000 denarii.
Today, the aureus is highly sought after by collectors because of its purity and value, as well its historical interest. An aureus is usually much more expensive than a denarius issued by the same emperor. For instance, in one auction, an aureus of
See also
References
- ^ The Imperial Roman Economy. "Hoarding, Gresham's Law and All That". forumancientcoins.com.
- ^ a b c d e f g h i "Princeton Classics" (PDF).
- ^ "Goldberg Coins and Collectibles". Images.goldbergauctions.com. Retrieved 2014-06-07.
- ^ "Goldberg Coins and Collectibles". Images.goldbergauctions.com. Retrieved 2014-06-07.
- ^ "Metal detectorist 'ecstatic' after find on farm turns out to be ultra-rare Roman coin fetching £552,000 at auction". msn.com. Retrieved 2019-06-10.