History of Roman Coins

History of Roman Coins

Introduction

Roman trade was based on monetary system but this was not the case in the early times. Roman used the barter system for the purpose of trade. The first unit of measure was the cattle which were exchanged with good. This barter system was replaced in the fifth century BC during the beginning of trade relations, stabilizing the internal situation and Roman contact with the Greeks. The units of the first Roman monetary systems were few irregular bars of brass and copper, without any mark or inscription, which was called AES rude, its value depended on its weight. The Roman coinage started in the second phase of the republic.

Discussion and Analysis

Roman coins came into existence in the second phase of the Roman republic. In the early period of Roman history from the founding (25 April 753 BC), during the monarchic period (753-509 BC) and the Republican period (509-31 BC), metal valued by weight was used as the medium of exchange for the purpose of trade. The Romans started to produce coins in the early 3rd century BCE, being exceedingly prejudiced by Greek coins. Around 289 BCE, coins were started to being used as a monetary item for the first time, which meant that the exchange value will not be based on metal or weight. The Romans first used to mint only coins made of silver but by the late 3rd century they began developing large amount of coins made of bronze. The supreme financial requirements due to the wars roman fought, they standardized the value of their coins which based on the denarius for coins made of silver and the AS for coins made of bronze (Jones, 1990).

At the end of the 3rd Century AD reforms were made, due to the economic recession and rapid inflation. The kingdom was actually flooded with inferior quality of coins. When the late roman period faced raging inflation, numerous raids from the barbarians led to the political instability of the empire (Melville, 2003).

Republic

In the republic coinage was issued by authority of the Senate, the mint being controlled by a committee of three magistrates, tresviri aere argento auro flando feriundo (III viri AAAFF), also called tresviri monetales. Most coins were minted at Rome (near the temple of Juno Moneta on the Capitol) and at Capua, but other centers began to be used, especially during civil war. Later republican generals ...