Taking a cue from the Greeks, the Romans developed their own standard of coinage, which flourished in the Mediterranean through the rise of Christianity.
Like the Ancient Greeks, the Romans employed a barter system in the early days if their history. During the Republic, around the fifth century B.C., Roman merchants and citizens exchanged goods and services with one another. The customary barter good was the pecus, or cow (the Latin word for money is pecunia). This worked well when Rome was just Rome. But as the city grew into a republic, and the Republic grew and expansion occurred, bartering became more and more inconvenient and ineffective.
The First Roman Coins
By the start of the third century B.C., Rome had expanded its borders to include several surrounding territories. The Republic had plenty of trading partners, and as a result required a system of currency and coinage. Romans began using small chunks of metal, usually bronze, as pieces of money (known as Aes Rude, or “raw bronze”). In no time these bronze pieces evolved into actual minted coinage, known as Aes Signatum, or “signed bronze”.
Aes Signata were issued by the Roman government, and were minted with raised marks that denoted this. Each coin had a specified value, minted at a standard weight of 160 grams. These coins proved heavy, though. They also came in only one denomination, which could prove pretty weighty for large transactions. Consequently, in 269 B.C., a new type of bronze coin was introduced, the Aes Grave, or “heavy bronze”. These coins were minted in various denominations, thus providing more convenience and ease of use. The Aes Grave featured different symbols and depictions, including animals and ships’ prows.
The Introduction of Silver
To compete with their Greek trading partners, who had been minting silver coins since the seventh century B.C., the Romans brought in Greek metal smiths to mint silver coins for them. As expected, the early Roman silver coins were heavily inspired by the Greeks.
The Greek style of coinage was used by the Romans until 187 B.C. At this time, Rome restructured its currency system, introducing new denominations and types of coins, including a piece of silver called the denarius.
Roman Coins and Values
- as – bronze coin, basic unit of currency
- dupondius – bronze coin, worth two asses
- semis – bronze coin, also worth two asses
- sestertius – bronze coin, worth four asses
- quadrans – bronze coin, also worth four asses
- denarius - silver coin, worth 16 asses
- aureus – gold coin, worth 400 asses
Imperial Currency
During Rome’s Imperial period (27 B.C. - A.D. 313), more currency continued to be minted from bronze, brass, silver, and gold. Earnings were paid to workers using silver denarii and gold aureii. Commercial business was usually done using brass and bronze coins.
In the city of Rome, coinage was minted in the Temple of Juno Moneta (the derivation of the word “money”) on the Capitoline Hill. The responsibility of currency production and issue lied with junior magistrates called tresiviri monetales, who were members of the Senate. Around the Empire, different provinces were responsible for minting gold and silver coins, as well as bronze and brass coins. Coins continued to be produced featuring prominent Roman symbols and citizens, including both gods and Emperors.
Roman coins continued to be widely used and accepted until the capital was moved to Byzantium. Coinage symbols changed from Roman gods and emperors to symbols of Christianity. These new Roman coins then became the standard currency of the entire region of the Byzantine Empire.
Sources consulted:
Stambaugh, J. The Ancient Roman City. 1988, Johns Hopkins University Press.
The Roots of Roman Currency. Retrieved 22 December 2007.
