Monetary Innovation in Ancient Rome: The Republic and Its Legacy

Woytek, Bernhard E.

doi:10.1007/978-3-319-06109-2_8

Bernhard E. Woytek⁴

Part of the book series: Financial and Monetary Policy Studies ((FMPS,volume 39))

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Abstract

This contribution analyses the most momentous innovations in the history of ancient Roman coinage and proposes to identify them as the following: (a) the introduction of coined silver money around 300 BC, (b) the creation of the denarius system in the Second Punic War, and (c) the introduction of a regular gold coinage under Julius Caesar. These innovations occurred in the pre-imperial era and laid the structural foundations for the currency of the Principate. Additionally, the chapter provides a brief discussion of Roman money before the introduction of coinage and analyses the emergence of banking in Republican Rome.

Thanks are due to Andrew McCabe for reading and commenting on an earlier version of this contribution.

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Notes

1.
Crawford (1974, no. 1/1), Thomsen (1957–1961, vol. 3: 78–81), Crawford (1985: 30), Rutter (2012: 139).
2.
I will not be dealing here with Roman financial instruments other than coinage, which were not without importance; see Harris (2006) and Hollander (2007: 31–57). For some remarks on the emergence of banking in Rome, see, however, section 2 of this chapter (Roman Money Before the Introduction of Coinage and the Development of Banking in Rome).
3.
Estiot (2012: 546).
4.
Estiot (2012: 548).
5.
Bland (2012: 657).
6.
Mommsen (1860: 757), Duncan-Jones (1994: 221).
7.
Thomsen (1957–1961, vol. 3: 78–81), Burnett (2012: 306).
8.
See, e.g., Diodorus 14.16.5 and Livy 4.59.11–4.60.
9.
Livy 4.60.6: et quia nondum argentum signatum erat, aes grave plaustris quidam ad aerarium convehentes speciosam etiam conlationem faciebant.
10.
The term aes grave is used in modern numismatics to denote cast Roman bronze ‘coins’ (in fact, rather discs of bronze), but this terminology does not correspond to Roman usage, and the passage of Livy cited in note 9 cannot be taken to refer to these monetary objects. See also Ogilvie (1965: 623) on this point, although his other remarks on the development of Roman coinage are based on scholarly literature outdated by now.
11.
As collected by Thomsen (1957–1961, vol. 1: 24).
12.
On etymological aspects, see Boren (1983: 428).
13.
I am using the edition by Crawford (1996).
14.
Crawford (1985: 20, note 15), (1993).
15.
Thus also Cornell (1995: 288): “by the time of the Twelve Tables, a proper monetary system was in operation”.
16.
See Crawford (1996, vol. 2: 606).
17.
Crawford (1985, Chap. 2, ‘The Early Republic’). This is a revised version of his 1976 contribution ‘The early Roman economy (753–280)’ in L’Italie préromaine et la Rome républicaine. Mélanges offerts à Jacques Heurgon. Rome: École Française de Rome, vol. 1, pp. 197–207. For a concise overview, see von Reden (2010: 47–50).
18.
Crawford (1985: 19f.).
19.
Von Reden (2010: 48).
20.
Plin. n. h. 18.12 (Servius rex ovium boumque effigie primum aes signavit) and 33.43: Servius rex primus signavit aes. antea rudi usos Romae Timaeus tradit. signatum est nota pecudum, unde et pecunia appellata. maximus census CXX assium fuit illo rege, et ideo haec prima classis.
21.
On the discussion, see Crawford (1974: 36f.).
22.
Livy 2.52.5; Dion. Hal. 9.27.3.
23.
Livy 4.30.3; Cic. de re p. 2.60. For a detailed commentary on the various contradictory traditions (for the sources Thomsen 1957–1961, vol. 1: 23), see Kunkel and Wittmann (1995: 158–161); Crawford (1985: 19f.) is extremely sceptical.
24.
These early Roman bronze bars stood in a tradition of currency bars of different types used by other peoples of ancient Italy, e.g. the so-called “ramo secco” bars, mainly from northern Etruria and Emilia; on their relationship with the Roman aes signatum see Burnett (2012: 302).
25.
Thomsen (1957–1961, vol. 3: 200–202).
26.
Kroll (2008).
27.
Göbl (1978, vol. 1: 69f.). For the importance of different conditions of bullion supply for the development of different monetary traditions in the macro-economic perspective, see Scheidel (2008: 276ff.).
28.
Kroll (2008: 13 and 37), citing Cornell (1995: 397): “in economic terms, the introduction of coinage [was] not of great significance in itself”. A similar view was expressed by Crawford: “The long history of the use of money at Rome […] makes it unlikely that the arrival of coinage had in the first instance any very dramatic effect, whether on public finance or on private economic activity” (Crawford 1985: 32).
29.
See, in general, Andreau (1987), Chap. 12: 333–356: “Naissance de la banque à Rome: L’époque hellénistique”; cp. also Andreau (1999: 30–49).
30.
On terminology, see Hollander (2007: 51f.).
31.
Aestimationes of this kind were also ordered by Julius Caesar in the credit crisis of 49 BC, see Caes. civ. 3.1.2f. with Woytek (2003: 65f.).
32.
For a detailed overview of different modern treatments, see Storchi Marino (1993: 220–225).
33.
Nicolet (1963: 420f.), Crawford (1985: 18).
34.
Andreau (1987: 232).
35.
Andreau (1999: 116–118). On public banks in Greece, see Bogaert (1968: 403–408) and Gabrielsen (2008).
36.
Storchi Marino (1993: 225–230, 247); the tradition preserved by Livy is also accepted by Hollander (2007: 53).
37.
In this sense Cornell (1995: 330–333), De Martino (1991: 168f.), Storchi Marino (1993: 242–246).
38.
Pace De Martino (1991: 167).
39.
See, e.g., Bogaert (1966) and De Graef (2008).
40.
Andreau (1987: 337–340) defends the Livian tradition; for opposing views, see e.g. his note 32 on p. 340.
41.
Salvadore (2004: 106f., fragment no. 393).
42.
Salvadore (2004, fragments no. 378–379 and 382); see also pp. 14f.: in book one the regal period was treated, in book three the Punic Wars, in book four the first century BC.
43.
Salvadore (2004: 107) comments on fragment 393: “Ut videtur, quod Varro prodidit ad IV saec. vergit”.
44.
Andreau (1987: 340); restated in Andreau (1999: 30).
45.
On which see mainly Fest. 120 L. (Maeniana appellata sunt a Maenio censore, qui primus in foro ultra columnas tigna proiecit, quo ampliarentur superiora spectacula) and Vitruvius 5.1.2 (igitur circum spectacula spatiosiora intercolumnia distribuantur circaque in porticibus argentariae tabernae maenianaque superioribus coaxationibus conlocentur, quae et ad usum et ad vectigalia publica recte erunt disposita). The sources do not contain indications of the function of the tabernae when Maenius provided them with balconies.
46.
See also Flor. 1.22.48.
47.
See especially his in-depth treatment Andreau (1968), cp. also Andreau (1987: 333–335) and De Martino (1991: 175).
48.
For a definition of their competences, see Andreau (1987: 344–346, 1999: 30).
49.
Andreau (1968: 499f.).
50.
Bogaert (1968: 61–88 and 331); Andreau (1999: 30).
51.
Burnett (2012: 311). Unfortunately, the treatment early Roman coinage receives in the Cambridge Economic History of the Greco-Roman World by Morel (2007: 496f. and 502) is most unsatisfactory.
52.
For the problems of Italian numismatic chronology of the fourth and third centuries, see Rutter (2001: 11–13). Hoard evidence for the first Roman silver issue was laid out by Thomsen (1957–1961, vol. 1: 100), Crawford (1974: 37–39), and Burnett (1977: 98–108); the new hoard from San Martino in Pensilis is very important: Burnett (2006). For a concise overview of dates recently suggested for the first Roman silver coins, see Hollstein (1998–1999: 144, note 40). For c. 310–300 as the current orthodoxy, see Rutter (2001: 46, no. 266) and Burnett (2012: 306). However, on the basis of his chronology of the coinage of Tarentum, Fischer-Bossert (1999: 347) proposed to return to a lower dating in the Pyrrhic War (280–275 BC).
53.
Burnett (1978: 141).
54.
Burnett (1978: 125–131).
55.
Burnett (1978: 137, from a sample of 87 specimens).
56.
Hollstein (1998–1999: 151, 2000: 92).
57.
Thomsen (1957–1961, vol. 3: 92), Crawford (1974: 133 and 713), Burnett (1978: 131, 135).
58.
Hollstein (1998–1999: 152–155); see also Hollstein (2011: 50).
59.
Thomsen (1957–1961, vol. 3: 91–94).
60.
Crawford (1974: 713f.); Burnett (1978: 132–135), also for a possible explanation of the corn-ear in this connexion.
61.
Burnett (1987: 12f.).
62.
Although this tradition is somewhat problematic, see Hollstein (1998–1999: 155f.).
63.
Crawford’s original estimate of a five year gap (1974: 44) is in all probability too low; Burnett believes that no more silver coins were produced by the Romans for about a generation (see Burnett 1978: 141, 1987: 4, 2012: 306). Indeed, this notion seems to be confirmed by recent hoard evidence: Burnett (2006).
64.
The only difference is that the head on the obverse faces right (and there is no oak-spray).
65.
Burnett (1978: 139f.). Detailed information on the fraction is provided by Bahrfeldt (1899–1900: 33f., no. 31); for the new specimen see Numismatica Ars Classica NAC AG Auction 72 (16 May 2013), no. 396.
66.
Burnett (1978: 136); one reverse die was added by Burnett (1989: 42, note 45).
67.
Burnett (1978: 122), Hollstein (1998–1999: 152).
68.
Crawford (1985: 29). It may be noted that he thereby revoked the dating to 280–276 BC proposed by him in his handbook: Crawford (1974: 133).
69.
Cornell (1995: 396).
70.
Burnett (1978: 141f.). In that paper, he also toyed with the idea that the coins might have been used to pay for the construction of warships.
71.
Burnett (2012: 310f.); see also Burnett (1987: 15f.).
72.
Harris (2008: 8f.).
73.
Howgego (1990: 20f.) carefully avoided to discuss the initial silver issues of the Roman state among his examples for coinages occasioned by pride and the desire to affirm status.
74.
A brief revival of non-Roman silver coinage occurred in the Second Punic War, under Punic influence: see below in the text, and cp. Burnett (2012: 308).
75.
Burnett (1987: 12).
76.
The fourth element of early Roman coinage, the bars of a weight of five Roman pounds each (in the modern nomenclature “aes signatum”; see note 24 above), had been discontinued by the middle of the third century BC.
77.
While the ‘British school’ opts for a low dating from about 225 BC (Crawford 1974: 44–46; Burnett 2012: 307), the ‘German school’ prefers a dating from 241 BC, mainly on iconographic grounds: Hollstein (1998–1999: 144–148) with further references.
78.
Hollstein (2000: 93–101).
79.
Hollstein (2000: 98f., 103–107). The progressive reductions seem to have taken place within a brief span of time.
80.
For a “metallist-quantitative” perspective on Roman coinage in general, see Scheidel (2010).
81.
For a doxographical sketch, see Woytek (2012: 316), see also Burnett (2012: 304f.). The archaeological evidence from Morgantina is crucial: Buttrey et al. (1989).
82.
In fact, later on the denarius was reckoned to be an Attic drachm in weight (see Plin. nat. hist. 21.185 and 35.136), although it was originally a bit heavier: the standard of the Attic drachm was only 4.36 g.
83.
Thus, the main silver denomination and its principal fractions were no longer differentiated typologically, as in the quadrigatus coinage. On the quadrigatus drachms, the quadriga on the reverse is depicted driving to the left, not to the right, see Crawford (1974: nos. 28/3 and 4 and 29/3 and 4).
84.
Hollstein (2000: 107).
85.
Crawford (1985: 60f.).
86.
See, e.g., Hollstein (2008: 54f., 59) who dates the introduction of the denarius to 211 BC; cp. Woytek (2012: 329).
87.
Burnett (1987: 33f., 2012: 308).
88.
King (2007: 17f.), Woytek (2012: 318).
89.
Compare Arslan (1989: 43): “il Denario […] ebbe un peso completamente nuovo […], che venne scelto sulla base di considerazioni che ci sfuggono”.
90.
See Rutter (2001: nos. 1078ff., 1632ff.). The approximate weight range of these coinages was 3.2–3.9 g (half-shekels) and 1.6–1.9 g (quarter-shekels).
91.
For a critical overview, see Rutter (2001: 161–163).
92.
Their series are listed by Rutter (2001: 157–161); an in-depth study of their precious metal coinage is provided by Arslan (1989). For the occurrence of Brettian pieces in hoards together with Punic issues, see the overview provided by Arslan (1989: 37f.).
93.
Rutter (2001: nos. 1958–1974); for the metrology, compare Arslan (1989: 90f.).
94.
Crawford (1985: 69).
95.
Arslan (1989: 91).
96.
Arslan (1989: 41, note 93 and p. 45). Incidentally, there is good evidence that Capua used Roman bronze standards in the Second Punic War, during its defection to Hannibal: see Crawford (1985: 63f.).
97.
On these coins, see the die study by Campana (1987).
98.
On this point, see especially Howgego (1995: 111f.).
99.
Crawford (1985: 143).
100.
For the weight reduction, see Crawford (1974: 595).
101.
Butcher and Ponting (2005): Nero reduced the silver content of the denarius alloy to c. 80 % in his reform of AD 64.
102.
Kraay (1976: 68f.), Howgego (1995: 111).
103.
Crawford (1974, nos. 44/2–4 and further series with different symbols).
104.
The target weight of the three gold denominations were three, two and one scripula; see also Crawford (1974: 626).
105.
For the usual gold/silver-ratio in the late Republic and early to high Principate—10:1 to 12:1—see Duncan-Jones (1994: 218). Livy 38.11.8 implies a ratio of 10:1 for 189 BC.
106.
Harl (1996: 33).
107.
See Bahrfeldt (1923: 24–29).
108.
For a summary, see Woytek (2003: 55f.), Harris (2006: 3f.), Hollander (2007: 31–39).
109.
See Woytek (2003: 46, note 198) and Hollander (2007: 21), criticizing Milne (1940) and Harl (1996: 49).
110.
Scheidel (2010: 105).
111.
Woytek (2009) provides a detailed analysis of the textual evidence on this problem.
112.
Woytek (2009: 207).
113.
Crawford (1974: nos. 452/1 and 456/1), cp. Bahrfeldt (1923: nos. 17–18).
114.
Woytek (2003: 142–150). 38 of these aurei may have been struck to the Roman pound, see p. 150, note 582.
115.
Crawford (1974: no. 466/1), Molinari (2003), Woytek (2003: 264–268). The types allude to Caesar’s position as pontifex maximus (veiled head of Vesta, priestly implements).
116.
Broughton (1951–1952: vol. 2: 293–295).
117.
Molinari (2003: 182).
118.
For the general framework, see Gelzer (1960: 263–266); for a detailed discussion of the parallel sources concerning monetary aspects, see Woytek (2003: 182–185).
119.
See, for example, Bahrfeldt (1923: 30) and Sear (1998: 39).
120.
Broughton (1986: 107).
121.
Crawford (1974: 93).
122.
Molinari (2003: 202–204).
123.
Molinari (2003: 167, note 7, and 173).
124.
See de Callataÿ (2011: 11) on Molinari (“debatable hypothesis”). For the alternative approach, compare Woytek (2003: 266f.).
125.
See Woytek (2003: 185).
126.
This is the aureus tariff attested in Cass. Dio 55.12.4; see Buttrey (1961).
127.
Woytek (2003: 267f.).
128.
Crawford (1974: nos. 475 (46/45 BC) and 481 (44 BC)).
129.
Crawford (1974: no. 475/2), King (2007: no. 68).
130.
The brass denomination, inspiration for which may have come from Asia minor: Crawford (1974: no. 476/1). Caesar’s measures in general: Woytek (2004: 347–350).
131.
Woytek (2004: 351). For the traditional view, see e.g. Crawford (1985: 257–260), and Kienast (1999: 384).
132.
Von Reden (2010: 197) is mistaken to believe that Antony was the first Roman imperator to strike gold coins with his own portrait: it was Octavian (Crawford 1974: no. 490/2; Woytek 2003: 470–476, August–November 43 BC). It is very interesting to observe that Antony—in contrast to Caesar’s adoptive son—did not strike gold coins at all before the formation of the Second Triumvirate.
133.
Hollander (2007: 24).
134.
Burnett et al. (1992: 26).
135.
Howgego (1992: 10); see also Howgego (1995: 10).
136.
Wolters (2000–2001: 580), Duncan-Jones (1994: 45).
137.
Crawford (1985: 144).
138.
Howgego (1992: 11f.), Wolters (2000–2001: 586), van Heesch (2004: 250f.).
139.
See Woytek (2003, Appendix 1 ‘Legionibus stipendium in perpetuum duplicavit. Das Problem der caesarischen Solderhöhung’: 537–545). The measure may perhaps be dated to 50 BC (Woytek 2003: 27). It has to be stressed that it is not completely clear whether the Augustan legionary stipendium of 225 denarii per year (Tac. ann. 1.17.4; Cass. Dio 67.3.5) corresponds to the pay scale introduced by Caesar, or whether Augustus himself increased the legionary stipendium, too. The sources, however, just mention an increase in the pay of the Praetorian Guard for the Augustan period, see Woytek (2003: 543).
140.
Burnett (1987: 49).
141.
Castelin (1974), Nash (1978: 21f.), (1987: 34); cp. Allen (1980: 74f.): “in central Gaul gold coinage disappeared from circulation almost immediately after the conquest”. For the tradition on Gaul’s richness in gold in general, the locus classicus is Diod. 5.27.
142.
Howgego (1992: 5). It may also be noted that the Arsacids, who ruled over Iran and its neighbouring countries from the mid-third century BC to AD 224, never produced gold coins.
143.
Mommsen (1860: 768). Similarly, he stated in his Römische Geschichte: “Mit Caesar aber beginnt die Reichsmünze. Eben wie Alexander bezeichnete auch er die Gründung der neuen die civilisirte Welt umfassenden Monarchie dadurch, dass das einzig weltenvermittelnde Metall auch in der Münze den ersten Platz erhielt.” (Mommsen 1875: 564f.).
144.
On this point, see also Woytek (2004: 345f.).
145.
Harris (2008: 8f.). It may be remarked, though, that the mostly rather inconspicuous typology of Julius Caesar’s gold coinage a priori does not support this view: Woytek (2003: 264, 269 and 432).
146.
Mattingly (1960: 121).
147.
It may be remembered in this context that with Caesar’s silver denarii struck in 44 BC in Rome, featuring his portrait and patron deity (Crawford 1974, no. 480), royal Hellenistic coin imagery had de facto been adopted, see Woytek (2003: 413).
148.
Howgego (1992: 10f.), Lo Cascio (2008).
149.
Howgego (1992: 30).
150.
Verboven (2003: 62f.).
151.
Duncan-Jones (1994: 167–170); accepted by Jongman (2003: 183f.).
152.
Duncan-Jones (2003: 164–166, with diagrams 2 and 3), based on a sample of 32,721 coins.
153.
See Howgego (1992: 11f.), Rathbone (2003: 223) and Andreau (1999: 88f., publicani moving large sums in coin). On practical aspects, compare Wolters (2006: 25f. and 31–36).
154.
See van Heesch (2006: 53–55, for textual evidence provided by late antique sources) and Lo Cascio (2008: 166, for the low weight-loss of gold coins and the importance of credit instruments); on the latter factor, see also Harris (2006).
155.
Howgego (1992: 12). It needs to be stressed that the aureus was not designed to be a trade coin by the Romans in the first place; that it performed this function was merely a secondary consequence of its existence.
156.
Lo Cascio (2008: 167–170).
157.
Howgego (1992: 11), Bland and Loriot (2010).
158.
Lo Cascio (2007: 627f.).
159.
Lo Cascio (2007: 629).
160.
For metallurgical data on gold coins of this period, see Morrisson et al. (1985).

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Bernhard E. Woytek

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Woytek, B.E. (2014). Monetary Innovation in Ancient Rome: The Republic and Its Legacy. In: Bernholz, P., Vaubel, R. (eds) Explaining Monetary and Financial Innovation. Financial and Monetary Policy Studies, vol 39. Springer, Cham. https://doi.org/10.1007/978-3-319-06109-2_8

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