Roman coins and the cost of living in first century Rome

Various Roman coins

Roman currency was introduced during the Roman Republic in 300 B.C. and was made of gold, silver, bronze and copper coins. Bronze and copper coins were used for everyday purchases whereas gold and silver coins were used for larger purchases because they had significant intrinsic value.

Aureus (98 - 117 A.D.) - Bust of Plotina

The bronze and later copper coin was called the as. The silver coin was called the denarius and was worth 10 to 15 asses during the Republic. It initially contained 4.5 grams of pure silver. The gold coin was called the aureus was worth 250 times the value of an as. The sestertius was worth 2.5 asses.

It is worth noting that the market value of gold and silver Roman coins exceeded the value of the precious metal that they contained. For example, the denarius was throughout the Empire 1.5 to multiple times the value of the silver that it contained. Also the amount of silver or gold contained varied especially during times of war. It significantly decreased during the 3rd and 4th century A.D..

Minting process

The equipment to make coins included casts on which liquid metal was poured in order to produce blanks (coins with no images on them). Other equipment included two die usually made of bronze. The die had the negative of the relief image to be created. The lower die usually had the image of a deity. The upper die that of a symbol of Rome. A blank was warmed in an oven. It was then placed on the lower die. Then the upper die was put above it and struck with a heavy hammer.

Initially the minting of all coins was made in the city of Rome. Later during the Empire, the minting of bronze and of some silver coins could be made at other mints at other locations. It is worth noting that all gold coins were made by only one mint situated in the city of Rome throughout the Republic and in the first few centuries of the Empire.

Coins initially featured deities. Later during the Empire they featured the heads of Emperor, noting that Caesar is the first to have started the trend of putting the head / bust of a living person on coins. Coins often had propaganda purposes.

SOURCES

• Coinage in the Roman World (Burnett A., Spink & Son Ltd, 2004)
• Ancient History from Coins (Howgego C., Routledge, 1995)
• A Dictionary of Ancient Roman Coins(Melville-Jones J., Spink & Son Ltd, 1990)
• The Oxford Handbook of Greek and Roman Coinage (Metcalf W., Oxford University Press, 2016)
• Roman Coins and Public Life under the Empire (Salmon, E.T., University of Michigan Press, 1999)
• Eric II The Encyclopedia of Roman Imperial Coins (Suarez R., Dirty Old Books, 2010)
• Handbook of Roman Imperial Coins: A Complete Guide to the History, Types and Values of Roman Imperial Coinage (Van Meter D., Laurion Press, 1991)

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