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https://doi.org/10.11588/diglit.49262#0071
ch. π] THE COIN AS A MEDIUM OF EXCHANGE 51
as, and semis); afterwards the head of the emperor was
represented radiate on the dupondius, and laureate or bare
on the as. Other obvious distinctions of denomination there
were none. The values of the baser metals in relation to
gold and silver at this time need not concern us.
The degradation1 of the silver coinage in the third century
caused it to become indistinguishable from the bronze, but for
a slight silvery tinge, given by an admixture of silver, and
the absence of the letters S C. Probably the denarius became
mere bronze change, while the antoniniamis (Pl. XV. 4), intro-
duced by M. Aurelius Antoninus (Caracalla), retained as long as
possible a legal value above its intrinsic worth. The continued
degradation caused the bronze of the earlier senatorial issues and
of the provinces, and perhaps also the denarius (as opposed to
the antoninianus) to have a value as coins, properly speaking,
and not as mere tokens. The bronze coinage proper came to
an end shortly before the time of Diocletian.
The bronze coins of Diocletian 2 and his co-regents fall into
two classes, ‘ middle ’ and £ small ’ (to use the parlance of
collectors). Both contain a little silver which is driven on
to the surface of the coin by chemical treatment. The smaller
kind have the radiate head ; these ceased to be issued when
Diocletian reformed the currency in 296 a.d. The larger coins
(Pl. XV. 9), struck after the reform, bear marks of value XX,
XXd, XXI or I (K, KA, AK or A)3. The XX or K must signify
that the coin is the double denarius or follis4 of the time;
the I or A that it is the unit of reckoning. XXd, probably,
is meant for an equation (2 denarii — 1 unit). Diocletian did
not strike denarii, but a small bronze coin, probably the half-
1 For the state of affairs at the beginning of the third century, see the
inscription of Mylasa in Caria, published by Th. Reinach, Bull. Corr. Hellen.
1897, pp. 523 if. ; Nouv. Rev. hist, de Droit, 1898, pp. 5 ft.
2 For this period see especially 0. Seeck (Die Munzpolitik Diocletians u.
sein. Nachfolger, Z.f. N. 1890, pp. 36ff.) from which article the following
details are taken.
3 Some of these marks appear on the coins as early as the time of
Aurelian.
4 Follis means (1) a puree; (2) a purse of bronze coins (‘ collective follis’);
(3) a small bronze coin (‘ coin-follis’), which, with a number of its fellows,
went to make up a follis in the second sense. The coin-follis was equiva-
lent to 2 denarii and or more probably 4U of the siliqua (see below).
The so-called silver follis was merely the silver value of the collective
follis. Seeck (Num. Zt. xxviii. p. 178 f.) identifies the /oZZis and sestertius.
E 2
as, and semis); afterwards the head of the emperor was
represented radiate on the dupondius, and laureate or bare
on the as. Other obvious distinctions of denomination there
were none. The values of the baser metals in relation to
gold and silver at this time need not concern us.
The degradation1 of the silver coinage in the third century
caused it to become indistinguishable from the bronze, but for
a slight silvery tinge, given by an admixture of silver, and
the absence of the letters S C. Probably the denarius became
mere bronze change, while the antoniniamis (Pl. XV. 4), intro-
duced by M. Aurelius Antoninus (Caracalla), retained as long as
possible a legal value above its intrinsic worth. The continued
degradation caused the bronze of the earlier senatorial issues and
of the provinces, and perhaps also the denarius (as opposed to
the antoninianus) to have a value as coins, properly speaking,
and not as mere tokens. The bronze coinage proper came to
an end shortly before the time of Diocletian.
The bronze coins of Diocletian 2 and his co-regents fall into
two classes, ‘ middle ’ and £ small ’ (to use the parlance of
collectors). Both contain a little silver which is driven on
to the surface of the coin by chemical treatment. The smaller
kind have the radiate head ; these ceased to be issued when
Diocletian reformed the currency in 296 a.d. The larger coins
(Pl. XV. 9), struck after the reform, bear marks of value XX,
XXd, XXI or I (K, KA, AK or A)3. The XX or K must signify
that the coin is the double denarius or follis4 of the time;
the I or A that it is the unit of reckoning. XXd, probably,
is meant for an equation (2 denarii — 1 unit). Diocletian did
not strike denarii, but a small bronze coin, probably the half-
1 For the state of affairs at the beginning of the third century, see the
inscription of Mylasa in Caria, published by Th. Reinach, Bull. Corr. Hellen.
1897, pp. 523 if. ; Nouv. Rev. hist, de Droit, 1898, pp. 5 ft.
2 For this period see especially 0. Seeck (Die Munzpolitik Diocletians u.
sein. Nachfolger, Z.f. N. 1890, pp. 36ff.) from which article the following
details are taken.
3 Some of these marks appear on the coins as early as the time of
Aurelian.
4 Follis means (1) a puree; (2) a purse of bronze coins (‘ collective follis’);
(3) a small bronze coin (‘ coin-follis’), which, with a number of its fellows,
went to make up a follis in the second sense. The coin-follis was equiva-
lent to 2 denarii and or more probably 4U of the siliqua (see below).
The so-called silver follis was merely the silver value of the collective
follis. Seeck (Num. Zt. xxviii. p. 178 f.) identifies the /oZZis and sestertius.
E 2