What are Roman Coins?
Roman coins were produced as early as 300 B.C.E, and continued on for over eight hundred more years. They were commonly made in copper, brass, bronze, silver, and compounds called orichalcum and billon. At first the coins were only minted in Rome, but then branch mints all across the empire gradually started minting more and more coins and varieties. The earliest coins showed a god or deity on the obverse, and an animal or symbol on the reverse. And around 49 B.C.E, Julius Caesar became one the first Roman politicians to place his portrait on circulating coinage.
The minting process on Roman coinage is very interesting. Because of the secrecy of the minting process, we only know a few things on how the coins were produced. As far as archaeologists and experienced numismatists know, very few Roman mint records on this process and of how many were produced are in existence. Some believe that these important documents were stored in the great Alexandria library, which burned down in 48 B.C.E. But some do have an understanding on how they were made, even though there is much debate on what is true.
The coins started out as blanks which were casted by pouring molten metal into small circular molds. Blanks with too much weight were shaved down to the required weight, and blanks under the requirements were re-casted. The next step of this process is transferring these standardized blanks into currency. Two metal dies with the negative impressions of an obverse and reverse are placed on both sides of the blank. One on top, and one on the bottom. Sometimes the blanks were slightly heated before die placement. To set the die, the obverse would usually be set into an immovable object such as a rock or an anvil. The coin is placed on top of this and the reverse die is locked in as well. Then the reverse die is struck hard by a heavy hammer. The result is finished and the process is continued until the dies wear out or break.
A broken die is easily replaced. An engraver would hand-make dies out of wax and cast the wax in metal to create an impression that resembles the model. These would replace the old and worn out dies.
Why Were Roman Coins Minted?
To answer this question we must go back to 400 B.C.E. or before the time of the Roman Tyrants, in the age of Etruria. The barter/trade system was how citizens would trade goods for other goods and services. Roman leaders would not benefit at all from trade. They concluded that they had to tax the citizens of Rome somehow. These Roman leaders wanted control over the exchange of goods through their citizens, and they wanted to tax their citizens without taking their belongings. Other countries such as Greece and Phoenicia had already adopted a precious metal based trade system, so why not Rome?
In the beginning, the coinage was limited and had little success. Incoming shipments and traders would be given dies to mint coins on the spot with spare pieces of bronze and silver. The merchants and traders, with the permission of Rome, would then circulate these coins after buying goods with the freshly minted coins. After a while the population began to get used to the coinage, but the coins were not practical.
When Rome was at war, coins were hoarded, and a shortage of coins plummeted Rome into an economic depression. In fact, many documents mention a difference in monetary rates throughout Rome. Even today, many still experience the effects of inflation in coins and currency.
What Makes a Roman Coin Collectible?
The first thing that makes a Roman coin valuable is the material it’s made of. Of course gold coins will be more valuable than copper ones, but the material of a coin plus any numismatic value and historical value will be more desirable to collectors. On bronze and copper coins, luster and oxidation play a huge role in value as well.
The Romans used many denominations of coins, some which are more valuable than others. Many denominations were rarely struck due to metal shortages, and some, such as later Byzantine-Roman coins, were made in huge quantities and therefore have a large survival rate.
Coins are greatly affected by their grade. Unlike a numerical scale, Roman coins are graded by a sectional system. The system goes from Poor to uncirculated with uncirculated specimens having a greater value than those that have been circulated.
The Emperor depicted on Roman coins can have a great historical significance. For example, a collector will pay significantly more money for a Nero coin than a lesser know emperor such as Constantius. But rarity can also play a role. Some emperors had shorter reigns and some had longer. The shorter reigning emperors had fewer coins minted, if not none at all. Rarities can be extremely valuable, and some unique specimens have reached six figure prices at auctions.
It is important to look for well centered coins. Most strikes on Roman coins can be off center because of the barbaric process in which they were made. Coins struck with care and preciseness will grant higher premiums than “lazier” made examples.
Believe it or not, fake roman coins can be extremely valuable to collectors. Some may believe counterfeiting money is a new process, but as it turns out, it has been practiced since coins began circulating. These coins were struck with a base metal core and then plated with silver or gold to create the appearance of authentic ones. Modern day counterfeits, however, are not valuable at all and are looked down upon among collectors.
There are many reverse designs that can be valuable to collectors. Some reverse designs are unique and will demand a higher premium.
It helps to know the story behind a coin. What is depicted. The history of a coin. Who has previously owned it. Anything besides the obvious metal or numismatic value can increase a coin's value.
Patina is the green or brown layer that a coin presents over time as a result of oxidation. Some layers of patina increase a coin's value, and some destroy it. An invasive residue often mistaken for patina is PVC.
Some mint marks are more valuable than others. Official mints like Rome often increase the value compared to privately minted specimens or those minted in the Roman provinces.
Errors and Error Varieties
Many errors presented on Roman coins are unlike any other coins in history. Common misconceptions in believing a Roman coin is an error may be if the coin is off center, holed, worn, damaged, faded, or even discolored. Mint errors on Roman coins are very noticeable and can be distinguished among normal specimens. Since the coins were minted one at a time, errors in early and late periods are extremely rare. Most errors were noticed and eventually melted down.
Common errors in Roman coins can be:
-A double strike: when a coin is pressed into a die twice.
-When a die is defective or cracked: a coin looks raised or filled in certain areas.
-Coins can be overstruck on older coins: instead of melting older coins down, a new design would be struck on top of it.
-When the legend is engraved with a spelling error
-A brockage strike, when a coin becomes stuck in the die
-when a coin has not been clipped of its casting marks,
-when a coin is struck so hard, holes appear around the thin planchet.
-when coins are not struck at all, and therefore stay a blank planchet.
Know there are small variations and many other errors.
Article By Colby J. Abele