Just like we use money to pay for things today, the Romans also used money. This helped to keep the Empire running smoothly. In fact, while the Romans certainly didn’t invent money, we have the Roman’s to thank for the monetary system we have today.
Coinage first emerged in Rome around 300 BC, centuries after it arose throughout the Greek world. From its introduction to the Republic, during the third century BC, well into Imperial times, Roman currency saw many changes in form, denomination, and composition.
The silver Denarius served as the standard monetary unit, while smaller coins used in daily life included the brass Sesterius (4/Denarius) and the copper As (16/Denarius). The economy was based on agriculture, mining, trade and slave labor.
History of Roman Currency
The early Republic did not use coins but rather a system of bronze weights, the aes rude. These were eventually replaced in the fourth century BC with aes signatum, large cast ingots decorated with either a branch (ramo secco), or several other designs.
However, as the Romans expanded over central Italy, war booty meant coins could be produced using precious metals – gold, silver, and bronze. The first silver coins were produced from the early 3rd century BCE and resembled contemporary Greek coins.
However, in around 211 BC, the silver denarius (pl. denarii) appeared, which became the base coin for Roman currency until the 3rd century AD. The denarius was equal to 10 bronze asses, and it denarius remained the primary silver coin of the Romans until Caracalla introduced a double denarius, or antoninianus, in AD 215.
Initially, the denarius featured the head of Roma on one side, and the Dioscuri, the twin sons of Jupiter, on the other side. However, in 45 BC Julius Caesar became the first living Roman to place his portrait on a Roman coin, establishing a tradition that would continue through the Roman Empire. Quietus, for example, ruled only part of the Roman Empire from 260 to 261 AD, and yet he issued thirteen coins bearing his image from three mints. The reverse side of the coin became a place where propaganda could be conveyed.
There were other coins too such as the quinarius (silver), sestertius (originally silver but then bronze) and the aureus (gold). The large size of the sestertius allowed die cutters ample space to develop a highly elaborate or detailed scene on either side of the coin. These coins were only produced in Italy.
The equivalent of these coins can be seen below.
| Denomination | Metal | Size | Value |
| Aureus | Gold | 20mm | 25 Denarii |
| Quinarius | Gold | 15mm | 12.5 Denarii |
| Denarius | Silver | 19mm | 16 Asses |
| Quinarius | Silver | 15mm | 8 Asses |
| Sestersius | Brass | 25-35mm | 4 Asses |
| Dupondius | Brass | 28mm | 2 Asses |
| As | Copper | 24-28mm | Base Unit |
| Semis | Brass | 18mm | 1⁄2 As |
| Quadrans | Copper | 15mm | 1⁄4 As |
Debasement of Silver Currency
The denarius remained the backbone of the Roman economy for five centuries, but the silver content and accompanying value slowly decreased over time. This debasement of the metal purity in coins fluctuated with the strength of the Empire. It was mainly an indication of the state lacking precious metals, reduced treasury, and inflation.
When it was first introduced, the denarius contained nearly 4.5 grams of pure silver and remained that way throughout most of the Republican period. With the establishment of the Imperial system, the denarius remained fairly constant at 4 grams of silver. With the accession of Nero, however, the content was reduced to 3.8 grams, perhaps as a reflection of the high cost of rebuilding the city and his palace, after the fires.
In the early 3rd century AD, the denarius had dipped to less than 50% purity. Caracella introduced the Antoninianus, which was 60% pure silver and was valued at two denarii, but contained no more than 1.6 times the amount of silver of the denarius.
While the number of antoninianii increased, the minting of denarii decreased. This resulted in the denarii ceasing to be issued in significant quantities by the middle of the third century AD.
In 274 AD, Aurelian tried to combat the debasement set the minting standard for silver in the antoninianus at twenty parts copper to one part silver, and the coins were actually stamped as containing that amount. However, this was not very successful and coins continued to be minted with a lesser level of purity.
It wasn’t until 301 AD when Diocletian developed strict purity standards for coinage. The gold Aureus was struck at 60 to the pound, the denarius had 3.8 grams of silver, and a new large bronze coin was developed that contained two percent silver.
Manufacturing of Roman Currency
Roman currency for most of Roman history consisted of gold, silver, bronze, orichalcum and copper coinage.
The manufacture of Roman coins significantly influenced later development of coin minting in Europe. The word “mint” originates from the manufacture of silver coin at Rome in 269 BC near the temple of Juno Moneta. This goddess became the personification of money, and her name was applied both to money and to its place of manufacture.
Instead of using the striking or stamping process we use today, Romans cast their larger copper coins in clay moulds carrying distinctive markings. They were all made by hand, unlike the machines which are used today.
Roman mints were spread widely across the Empire. The coins were not only used for buying and selling, but also for propaganda purposes; for example, the general population often learnt about a new Roman Emperor when coins appeared with the new Emperor’s portrait.
Roman Currency in Britain
When the Roman army landed in Britain they, of course, brought the coins which were in use in Rome at the time with them. Before this, the British had used a barter system. The first coins that were introduced were the golden Aureus, the silver Denarius, the copper Sestertius, the Dupondius and the As.
When the Romans left Britain, the monetary system dissolved away with it and a barter system returned to the island. It would not be until the 6th century that currency began to circulate again in Britain.
Roman Currency and Forgery
Just like today, counterfeit coins were made in Roman times, too. There were two basic ways of counterfeiting Ancient Roman coins. The first method used by was to cover a base metal core with a thin layer of precious metal and then strike it between engraved dies. If the coating was seamless and the weight of the finished piece close enough to the genuine coin, these counterfeit coins could pass as genuine.
The second way in which counterfeit coins were made were through clay molds of an original coin. Molten metal was then poured into the molds, usually leaded copper alloy.
However, because the value or Roman coins was based on their weight and the amount of precious metals making up that coin, rather than the amount of goods you could buy with that coin (like with today’s currency), counterfeit coins were rarely accepted. By weighing coins it was easy to spot which were fake and which were genuine.
Roman Goods and Roman Salaries
Bread was the staple of the Roman diet, and it cost around 2 asses for a one-pound loaf. A half-liter of top-shelf ancient wine cost up to 30 asses, while a new tunic cost about 15 sestertii. More expensive purchases for Romans included a cows, sheep, male and female slaves and apartments.
Here are some more examples of the cost of Roman goods:
| Item | Price (1st Century) |
| One-pound loaf of bread | 2 asses |
| A pair of chickens | 60 denarii |
| 300g pork | 12 denarii |
| 4 eggs | 4 denarii |
| 0.5 liters extra virgin olive oil | 40 denarii |
| Male slave | 500 denarii |
| Female slave | 2000 – 6000 denarii |
| Sheep | 400 denarii |
| Apartment | 48-288 denarii/ year |
| Small farm | 100,000 sestertii |
| Tunic | 15 sestertii |
Just like today, different jobs in the Roman Empire also paid different amounts.
A centurion in the Roman army was paid 300 denarii/month, while a praetorian guard was paid 60 denarii/month. In contrast, jobs requiring a high education level actually paid less. For example, a lecturer got paid around 12-15 denarii/month, only slightly more than a fortune teller, who was paid around 10 denarii/month.
In the 1st and 2nd centuries, prices in Ancient Rome were relatively stable. However, in the third century, as a result of a deep economic crisis, there was a great deal of inflation. This was mainly due to the low quality of the coins. To prevent this from happening, in 301 AD Emperor Diocletian issued a special edict. The edict Diocletian set maximum prices on more than 1,400 products, slaves or services. It was known as Edictum Diocletiani et Collegarum de Pretiis Rerum Venalium, and was intended to combat the progressive inflation in the Roman Empire.
Roman Currency at the End of the Empire
When Constantine came to power in AD 306, he introduced the solidus, which replaced the aureus as the standard gold coin of the Roman Empire. This was soon accompanied by fractions, the semissis (half-solidus) and tremissis (third-solidus). Sometime during his reign, Constantine also reintroduced a high-content silver denomination, known as the siliqua.
Despite the fall of the Western Roman Empire in 476 AD, the siliqua was struck along with the fractional half siliqua well into the Byzantine period.
Roman Currency FAQs
Did Romans pay taxes?When did Roman currency first come into use?
Roman currency came into use in around 300 BC, centuries after it arose throughout the Greek world. Roman coins were first produced in the late 4th century BCE in Italy and continued to be minted for another eight centuries across the empire.
What was used before Roman coins?
The early Republic did not use coins but rather a system of bronze weights, the u003cemu003eaes rudeu003c/emu003e. These could be used not only as coinage but also in large enough quantities, they could be melted down for the manufacturing of various metal tools and objects.
What materials were used to make Roman coins?
Roman currency for most of Roman history consisted of gold, silver, bronze, orichalcum and copper coinage.
Did the romans introduce money to Britain?
When the Romans invaded Britain, they brought their money with them, resulting in the introduction of Roman coinage into Britain. Roman coins were then used for around 250 years by the Brits, until they invented their own coins.
Did Romans pay taxes?
Romans paid taxes just like we do today. Imperial taxes were paid in Roman coins and grain, and were used to pay the army, maintain the Imperial household and bureaucracy, and subsidize the city of Rome, from grain for the poor and entertainment to imperial palaces and public buildings.
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Link will appear as Hanson, Marilee. "Roman Currency" https://englishhistory.net/romans/roman-currency/, June 10, 2022