Editing Roman Republican currency (section)

== The denarius system ==

=== As introduced ===
{{Coin image box 1 double
| header =
| image = File:ArSestertiusDioscuri.jpg
| caption_left = '''[[Obverse and reverse|O:]]''' Head Roma Right. IIS
| caption_right = '''[[Obverse and reverse|R:]]''' Caped Dioscuri riding right with couched lances, stars above.
| width = 300
| footer = Sestertius, Anonymous, Rome, 211 BC. RRC 44/7
| position = left
| margin = 4
}}
The [[denarius]], which became the main silver coin of Rome for over four centuries, was introduced in 211 BC or a few years earlier, and produced in enormous quantity from the silver captured in the sack of Syracuse. The denarius (RRC 44/5), valued at 10 ''asses'' as indicated by the mark '''X''' and weighing about 4.5&nbsp;grams (72 to a Roman pound), was introduced as part of a complex multi-metallic coinage. Also in silver was the half denarius, the [[quinarius]] (RRC 44/6, marked '''V'''), and the quarter denarius, the [[sestertius]] (RRC 44/7, marked '''IIS''' and shown on the left), all bearing a head of Roma on the obverse and a reverse of the [[dioscuri]] riding with their capes behind (a reference to their supposed assistance to Rome at the battle of [[Lake Regillus]]).

Bronze ''asses'' and their fractions (all now struck rather than cast) continued to be produced to a standard of about 55&nbsp;grams; this was very quickly reduced to a sextantal standard and finally an uncial standard of roughly 32 gms. By this time, ''asses'' outnumbered their fractions, perhaps because legionary pay was increased to the point where the ''as'' could become the principal component.<ref>Crawford 1985:60</ref>

In gold, there were three pieces worth 60 ''asses'' (RRC 44/2, marked '''ↆX'''), 40 ''asses'' (RRC 44/3, marked '''XXXX''') and 20 ''asses'' (RRC 44/4, marked '''XX'''). All featured a head of Mars on the obverse and an eagle with outspread wings standing on a thunderbolt on the reverse.<ref>Crawford 1974:154</ref>  The eagle is somewhat reminiscent of the eagle that had consistently been a symbol on Ptolemaic coinage since the very beginning of the century, and it has been suggested that [[Ptolemy IV Philopator]] may have provided gold for this issue to act as a counterweight to the involvement of [[Philip V of Macedon]] on the side of [[Carthage]].<ref>Meadows 1998</ref>

The [[victoriatus]], another silver coin (RRC 44/1), was also introduced in large quantity at the same time. It seems to have been quite separate from the denarius system proper as X-ray fluorescence spectrometry has shown that these were produced to an entirely different standard of fineness. While an analysis of 52 early denarii, quinarii, and sestertii showed a silver concentration of 96.2 ± 1.09%, 19 victoriati from the same period have highly variable fineness ranging from 72 to 93%.<ref>Walker 1980</ref> Early finds of victoriati are primarily in Southern Italy and Sicily and it is thought that the victoriati with a weight of 3/4 of a denarius were used to pay non-citizens with experience of the Greek coinage system in the drachma format to which they were accustomed, but with debased/overvalued coins. The quadrigatus didrachm, which had been retariffed to 15 ''asses'' (1.5 denarii), was removed from circulation almost immediately.

===Evolution: weights and fineness===
Over the next 40 years, the denarius slowly lost weight. The reason for this is unclear, but in the early days it may have been the ongoing pressure of the Second Punic War. Afterwards the Roman state had a debt equivalent to 25 years direct taxation on Roman citizens (~1 million denarii); this was not fully repaid until [[Gnaeus Manlius Vulso (consul 189 BC)|Cn. Manlius Vulso]] returned with the spoils of Asia after the [[Treaty of Apamea]], (188 BC).<ref>Harris 1979:70</ref> The weight was officially changed from 72 to the pound (6 scruples) to 84 to the pound at that time; it remained relatively stable thereafter.<ref>Crawford 1974:594–5</ref>

{{Coin image box 1 double
| header = 
| image = File:Denarius Mark Anthony-32BC-legIII.jpg
| caption_left = '''[[Obverse and reverse|O:]]''' ANT AVG III VI R R P C, dromon galley facing right.
| caption_right = '''[[Obverse and reverse|R:]]''' LEG III, aquila and two legionary standards.
| width = 300
| footer = [[Legionary denarii (Mark Antony)|Legionary denarius]] of Mark Anthony, 32 BC. RRC 544/15
| position = right
| margin = 4
}}

{| border="1" cellpadding="0" cellspacing="0"
|-
! width="85" align="center" | Date
! width="85" align="center" | Weight
|-
| align="center" | 211 BC
| align="center" | 4.5 g
|-
| align="center" | 206 BC
| align="center" | 4.2 g
|-
| align="center" | 199–190 BC
| align="center" | 3.9 g
|-
| align="center" | 179–170 BC
| align="center" | 3.7 g
|}
The silver content during republican times remained well above 90%, usually above 95% with the exception of [[Marcus Antonius]]'s later coinage, especially the massive issue of [[Legionary denarii (Mark Antony)|Legionary ''denarii'']] of 32–31 BC just prior to the [[Battle of Actium]] (an example is shown on the right), rumored to be silver from Egypt provided by [[Cleopatra]].<ref>Crawford 1974:570–1</ref>

===Evolution: silver vs bronze===
{{Coin image box 2 singles
| header =
| image_left = File:Crawford_224-1-Obverse.jpg
| image_right= File:Crawford_243-1-Obverse.jpg
| caption_left = Obverse, RRC 224/1, 141 BC.
| caption_right = Obverse, RRC 243/1, 134 BC.
| width_left = 150
| width_right = 150
| position = left
| margin =4
| footer = Two denarius obverses showing alternate indications they were worth 16 ''asses''.
}}
By about 140 BC (the exact date is unclear) the denarius was retariffed to 16 ''asses'', indicated by XVI on the obverse of the denarius. This appears first on the coinage marked L.IVLI (RRC 224/1), commonly dated to 141 BC. The clear marking with the number XVI was soon again replaced with an X, but often now with a horizontal bar through the centre as shown in the second example on the left (RRC 243/1); this is sometimes read as a monogram of XVI with all the letters superimposed. The re-tariffing is thought to have been a recognition of a relationship that had developed because of decreased ''as'' weights, both due to wear of old ''asses'' and to decreasing mint weights of newer ones. This meant that the quinarius was worth eight ''asses'', and the sestertius four ''asses''. The new denarius-to-''as'' ratio lasted for hundreds of years. At about the same time the [[unit of account]] changed from ''asses'' to sestertii (HS). This may well be an indicator of inflation.<ref>Crawford 1985:143–151</ref>

The victoriatus continued to circulate well into the 2nd century BC. Victoriati were later popular in places such as Cisalpine Gaul where they circulated alongside drachmae of Massalia ([[Marseille]]).

===Evolution: gold===
The gold 60, 40, and 20 ''as'' coins were only minted for a few years; gold in general appears to have been used at first only as an emergency coinage. Gold coins reappeared in 82 BC when [[Sulla]] was gathering funds for the war against [[Mithridates VI of Pontus]] immediately after the financial strains of the [[Social War (91–88 BC)|Social War]]. Sulla's coinage is commonly considered the first for which the name (denarius) [[aureus]] was used. Aureii were minted in large numbers by [[Julius Caesar]] in preparation for a proposed war against [[Parthia]] and issuing of the aureus continued to increase after the fall of the republic.