Dig4Coins

Diocletian made several important reforms in the times of disaster for Roman Empire. Some reforms were undertaken in the monetary field. The emperor entirely transformed the system of Roman currency. Diocletian introduced the nummus (also called follis[³³]), which was valued at 25 denarii, as well as its radiate fraction, substituted old coins such as sesterius, dupondius and the as.

The nummus included on its reverse the Genius of the Roman People and the radiate fraction featured Jupiter. The new coins issued by Diocletian were minted in different mints of the empire throughout the first decades of the 4^th century AD.

Due to the weight reduction of the follies, by the mid-4^th century there were a number of unnamed bronze denominations[⁹⁴⁷] that started circulating in the emperorship. Despite the fact that the majority of these are known today only by diameter, there are experts who have named larger denominations a centenionalis or maiorina.

Argenteus was another new coin issued by Diocletian. The coin included a very high amount of silver, which had been something unique for about a century. Because of the extremely high silver content, argenteus was abandoned, its issue leading to pervasive hoarding.

The reforms performed by Diocletian significantly affected the design[⁹⁴⁹] of coins. The obverse of the coins still featured the bust[⁸⁹²] of the emperor; however, the reverse became standardized during a specific reign and across all of the empire's mints. It was quite common for the depiction of an important idea to be standardized and then applied at all of the emperorship's mints for 5 or more years at a time.

Nevertheless, setting marks on the coins of a particular mint became very complex, which is why changes in the markings of a certain mint occurred quite often.

Currency during the reign of Diocletian

Antoninianus[³⁶] was for the first time introduced by Caracalla. The coin was also called a double denarius[³²], struck at 64 to the Roman pound. It was 52 percent fine and included 80 percent of the silver of two denarii. Antoninianus was reduced to a billon piece struck at 124 to Roman pound and two percent fine. This happened in the period between 238 and 270. The continuously increasing inflation led to the depreciation of the Roman currency and destabilization of prices. In 239-296 Diocletian made a reform of the imperial money according to a billon coin, the nummus.

The standard of gold aureus[³¹] was set in 286 at 60 to the Roman pound. Some aurei feature on their reverse the Greek numeral that says 60. Being officially named solidus, aureus could have been exchanged for 24 pure silver coins, called argentei. Every argenteus[⁴⁹] was issued at 96 to the Roman pound and the markings on its reverse prove this fact. The coin was considered to be an equivalent to one gold carat of the aureus.

The reform of the fractional currency occurred in 293, when Diocletian struck a new silver-clad coin nummus, which featured the portrait of the emperor and an inscription on the reverse saying: GENIO POPVLI ROMANI. This coin was minted at 32 to the Roman pound and included a coating of 5 percent silver. The nummus was tariffed at 5 d.c. so that it substituted the radiate denomination, which was currently in circulation and which devalued to 2 d.c. Tose nummi that were issued at Antioch and Alexandria include the following marks respectively K/V and XX/I. These marks were to denote 20 sestertii = 5 denarii and 20 sestertii = 1 nummus.

The revaluation of the nummus from 5 d.c. to 12.5 d.c., probably the official tariffing when the Price Edict was introduced in 301, occurred in 299-300. Diocletian's Monetary Edict of 301 was the one to double the tariffing to 25 d.c.

Between 293 and 307 the imperial currency was officially tariffed as show below:

The Officials Values of Roman Currency, 293-307 A.D.

Throughout 8 years the official values of money minted within the boarders of the empire inflated by 5 times, however the prices and wages expressed in units of account or also called "ghost currencies" of d.c. are somewhat misleading. This is due to the fact that the amount of nummi that were officially exchanged to the aureus went down critically, from 120 nummi in 293 to 96 in 300-301.

Highlights on Some Roman Coins Struck During Diocletian's Era

Follis – this large coin was struck in bronze. For the first time the coin was issued in about 294 as a result of the monetary reforms performed by Diocletian. Unfortunately, the real name of the coin remains unknown. The weight of the coin was 10 grams and it included about 4 percent silver, which is mostly as a thin layer found on the coin's surface. If translated follies means bag (most often made of leather)

Despite Diocletian's efforts to implement prices with his Edict on Maximum Prices, which came in force in 301, the follies reduced their value.

Argenteus – this coin was struck in silver. For the first time it was issued during the reign of Diocletian, when the emperor started his coinage reform that lasted from 294 AD to 310 AD. Argenteus had almost the same weight and fineness as the denarius, issued during the time of Nero. The theoretical weight of argenteus was 1/96^th of a Roman pound, an equivalent of 3 grams. This can be spotted on the coin's reverse that features the Roman numeral XCVI. If translated from Latin, the word argenteus means "of silver".

AR Argenteus - 5 Follis (Silver)

Diocletian, AR Argenteus, dated 294, struck in Siscia. Features: DIOCLETI_ANVS AVG Laureate head right. VIRTVS MILITVM Diocletian, Maximianus, Galerius and Constantius I, who are sacrificing over an altar standing in front of a campgate with 8 turrets.

AE Follis - Base Unit

Maximinus II, AE Follis (a coin with a diameter of 25 mm), dated 308, struck in Alexandria, Officina 2. Features: GAL VAL MAXIMINVS NOB CAES Laureate head right. GENIO CA_ESARIS Genius standing left, with patera in right hand and cornucopiae in left hand. There are also some letters, including P in left field, B R in right field, ALE in exergue.

Maximinus II, AE Reduced Follis

Maximinus II, AE Reduced Follis (a coin with a diameter of 21 mm), dated 312, struck in Nicomedia, Officina 4. Features: IMP C GAL VAL MAXIMINVS P F AVG Laureate head right. HERCVLI VICTORI Hercules standing right, with his right hand behind back and the left arm leaning on club, which is covered by lion skin.

AE Half-Follis - 1/2 Follis

Diocletian, AE Half-Follis, struck in 306-307, location - Alexandria, Officina 3. D N DIOCLETIANO FELICIS Laureate, in imperial mantle right, mappa in right hand. PROVIDENTIA DEORVM Providentia is found on the right, extending right hand to Quies that is on the left, holding branch and leaning on scepter.

AE Post-Reform Radiate Fraction - 2/5 Follis

Galerius, AE Post-Reform Radiate Fraction, dated 303 and struck in Carthage. GAL VAL MAXIMIANVS NOB C Radiate, draped, cuirassed bust right, seen from behind. VOT | X | FK Legend in wreath.