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Second Punic War & the Denarius, 263.97 -> 99.41 -> 32.4,…
Second Punic War & the Denarius
Creation
the financial pressure of fighting Hannibal caused the Roman monetary system to collapse
the denarius system was created in 212/11BC, and then became the basis of Roman silver coinage for around 450 years
Financial Crisis during the Second Punic War
Woytek describes the war as bringing Rome close to extinction and forcing monetary debasement
during the first years of the war, the quadrigatus was debased
originally it was c. 98% silver
then reduced to about 90%
then about 72%
some groups perhaps as low as 36% silver
bronze weight reduction
bronze as before major reduction
225-217 BC
obv: laureate head of Janus
reverse: ship's prow
weight:
263.97 g
bronze as during crisis
215-212
Same Janus/prow type
99.41 g
bronze as after 212 BC
Janus/prow type
32.4 g
Sextantal Standard
introduced for bronze around 212/11 BC
the common reverse is usually the ship's prow, preserving continutity
the sextantal standard shows Rome reducing intrinsic bronze value while keeping the denominational system recognisable
this shows continuity under crisis
Introduction of the denarius
usually dated to 212/11 BC
in Morgantina in Sicily, early denarii were found beneath destruction layers associated with the Roman recapture of the town in 211 BC
the denarius was not just a coin, it was a new system, comprising the denarius, sestertius, and others
Silver denominations of the denarius reform
Denarius
X
Roma/Dioscuri
Quinarius
V
Roma/Dioscuri
Sestertius
IIS
Roma/Dioscuri
Denarius deets
about 4.5 g
97-99% silver content
value mark of X helps to create trust after the recent debasement
Iconography of Denarii
Obverse: Roma
obvious choice because this reform was about Roman state authority
Reverse: Dioscuri
dioscuri are Castor and Pollux
they are riding right with spears
they may represent divine protectors of the Roman people
the Victoriatus
introduced alongside the denarius system
obverse: Jupiter
reverse: Victory crowning a trophy
circulated especially in southern Italy
had no value mark, probably because it was intended for circulation in Greek-influenced Italy or Sicily, where drachm-style systems were familiar
Emergency gold coinage
Gold 60-as piece
obv: helmeted head of bearded Mars with LX (60) below
reverse: eagle on thunderbolt, with ROMA below
these issues were short-lived and were struck only during the Second Punic War, showing that gold coinage was not yet a normal, permanent part of Roman currency
this was an emergency war measure
Denarius as Romanisation
the Denarius system quickly displaced non-Roman coinages in Italy
the denarius reform, according to Woytek, led to the monetary unification of the Italian peninsula
263.97 -> 99.41 -> 32.4
214/212
