What Was the Denarius?
The Roman denarius (plural: denarii) was a silver coin that was first minted during the period of the Roman Republic in 211 BC. Originally containing 4.5g of silver, at its introduction it was equivalent to 10 asses (the as was a bronze - and later copper - coin also introduced during the Republican period), although it was later revalued to 16 assess in around 140 BC due to the decreased weight of the as.
A silver denarius coin issued during the reign of Augustus
Although there were to be numerous devaluations and debasements over the centuries, the denarius was the longest surviving denomination of Roman coin, and, as such, has become one of the most well-known and iconic of all Roman coins.
From its introduction in 211 BC, it was in use all the way up until the 3rd century AD, although by the end it had become a debased bronze coin.
Why Was it Called a Denarius?
The term denarius literally means, in Latin, "containing ten asses", and was so called because the denarius coin was the equivalent of 10 asses. Despite the later revaluation to 16 asses, it still kept the name denarius.
The Denarius' Replacement and Inflation
The denarius’ ultimate replacement came with the introduction of the antoninianus in 215 AD by the emperor Caracalla, after whom the coin was named (Caracalla was renamed Marcus Aurelius Antoninus at the age of seven as part of his father's attempt at a union with the families of former emperors Antoninus Pius and Marcus Aurelius).
Although valued at 2 denarii (hence it being also known today as a ‘double-denarius’), even at its introduction it only contained 1.5 times the silver content of a denarius. Being twice the value but not containing twice the amount of silver was a quick, and pretty obvious really, recipe for inflation and circulation issues.
Citizens not only began to hoard the denarii as much as they could, but sellers of goods and services also raised prices to compensate for the discrepancy in value and silver content, which resulted in a substantial increase in inflation.
A chart showing the decline in fineness of Roman Imperial silver coinage between 27 BC and 250 AD
There were also other problems in the 3rd Century AD when the antoninianus coin was introduced. One was a dwindling supply of available silver to mint new coins as the Roman empire stopped expanding into new mineral-rich territories.
Also, with the empire showing signs of the stresses that would lead to its eventual collapse, this period of Roman history saw many different Roman emperors come and go, with assassinations and usurpations becoming frequent events. Soldiers and mercenaries, not to mention bribes for support, all required money which had to be minted.
As time went on, the antoninianus would go the same way as its predecessor the denarius in that it would be reduced in weight and debased to the point of impractically as a currency and near-worthlessness.
Buying and Collecting Denarii and Other Roman Coins
Today, Roman denarii coins can be purchased from ancient coin dealers and online quite easily.
Obviously, demand and supply are a key driver in the valuations of each particular coin, with early “heavy denarii”, that contain more silver and were minted in much lower numbers, having far more value - and cost much more to purchase - than a denarius of mainly bronze minted in greater quantities towards the later part of its circulation.
The legacy of the denarius (see below) makes it the most popular coin amongst both casual hobbyists and more serious Roman coin collectors alike.
The Legacy of the Roman Denarius Coin
The denarius was a symbol not only of trade and commerce, but also of Roman power and status. Its designs were often used to communicate political messages to the people, both Roman and non-Roman, as well as to commemorate significant events such as the ascension to power of an emperor.
The denarius has also been seen in archaeological finds all over Europe, North Africa, and the Middle East. Its presence in these regions indicates just how far-reaching the trade and commerce of ancient Rome was.
Despite its unceremonious decline and end, where it was reduced in weight and debased into near-worthlessness and a fraction of the purchasing power and importance that it once had, its longevity and therefore the importance of its contribution to the Roman economy as a whole make it one of the most sought-after coins for collectors of Roman coins today.
Related Page: Roman Taxes
Did you know...
In the 2nd century BC, the Greek historian Polybius estimated a soldier's pay to be around 120 denarii a year. By the reign of Caracalla (198-217 AD), this had jumped to 675 denarii per year. 1 This was partly due to inflation and debasement of the denarius coin itself, but also because emperors liked to give pay rises to the legions when they came to power in order to try and increase their loyalty!
Sources:
1. https://www.vindolanda.com/blog/roman-soldiers-pay
