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Coin of the month

All 61 entries tagged Coin Of The Month


RIC II Trajan 557. Image reproduced courtesy of the Trustees of the British Museum.

The practice of issuing a victory coin after the conquest of a new territory was frequent in ancient Rome and it was a practice with a long tradition. In most instances what is depicted on the coins is either a scene in which a representation of the defeated country is mourning (cf. Iudeea capta, RIC II, Part 1 (second edition) Vespasian 161), or a symbol of the defeated country (cf. Aegypto capta, RIC I (second edition) Augustus 275A). However, one of the coins issued by Trajan after the conquest of Dacia is very different.

This coin is a sestertius dated between AD 103 and AD 111, issued in Rome, and now kept in the British Museum. On the obverse of the coin we find the bust of Trajan, laureate, facing right, with the text ‘IMP CAES NERVAE TRAIANO AVG GER DAC P M TR P COS V P P’- Trajan’s name and titles in the dative. On the reverse is a combat scene in which the river Tiber pushes Dacia to the ground with his right knee. The violence and the dynamism of this image is unusual for a Roman coin and I will present my hypothesis for this matter in this article.

This coin was issued to celebrate the Trajan’s victories over the Dacians. In AD 101, Trajan crossed the Danube and attacked Dacia despide the treaty that his predecesor Domitian had made with the Dacians. Another war followed in AD 106 after which most of Dacia became a Roman province.

The exact causes are controversial because of the lack of contemporary sources, but Dio’s text suggests that it was a punitive war. Regardless if this is true or not, it is clear that Trajan wanted to display this image and maybe show through this image that the nations willing to attack Rome would be defeated in battle.

The fact that it is the personification of the Tiber, a river, that is shown defeating Dacia is very interesting. On Trajan’s column, which depicts his wars against the Dacians, there is another personification of a river: the Danube. As the coin circulated over time, a viewer who had seen the column once it was completed in AD 113 might recall its scenery and the battle scenes depicted upon the monument. On the column the Danube is represented helping the Roman army.

This was the first Roman conquest in fifty years and it is possible that Trajan wanted to show it in a memorable way. To do this he chose to use this vivid violent scene to impress the people who would see it and to suggest that more territories would be conquered: in 114 and 115 he would also annex Armenia.

So, I think that the fact that Trajan wanted to show the people what happened if a people were to challenge Rome may have contributed to the creation of this unusual victory coin.

luiza Diaconescu

This month's entry was written by Luiza Diaconescu, a third year undergraduate student in Classical Civilisation. Luiza is very interested in Roman history and literature.

Select Bibliography:

Bellinger, A & Berlincourt, M (1962) ‘Victory as a coin type’, Numismatic Notes and Monographs 149:1-68

Bennett, J. (2001) Trajan: Optimus Princeps (Bloomington: Indiana University Press)

fantasy coins 1 nero

This coin looks like a Roman coin. It is circular, it bears the head of the emperor, in this case Nero, and the legend (the writing on the coin) appears around the head. It is made of copper rather than the mixed-alloy bronze that was common in the Roman imperial period. However, the intent of the maker is to make a low value denomination. The lettering S C on the reverse (tails side) is a common feature for Roman issues in bronze, and the appearance of monuments, like the Ara Pacis in this case, is well attested. However, this is not a Roman coin, nor is it a modern imitation. This is a Fantasy coin; a coin reflecting the currency of a fantasy or an alternative history world.

Fantasy coins are produced by a number of different modern companies in response to the explosion of interest in fantasy games, such as Dungeon and Dragons. The coins can reflect specific worlds, such as Westoros (the world of Games of Thrones) or ancient Rome. Other ranges relate to generic fantasy worlds, particularly a specific racial or cultural group in that world. Elvish, dwarvern, barbarian, dragon and orcish communities are among the many catered for. Futuristic coins, representing the coins of imagined galactic empires, are also produced. In order to relate the coin to the subject matter, the images on the coin and more occasionally its shape are utilised. Such images are based on popular tropes related to the fantasy race. Dwarvern coinage for instance tend to show anvils, hammers and bear Nordic runes, ultimately derived from a Norse description of dwarfish smiths in the Prose Edda, a medieval text detailing Scandinavian myths. Orc coins often bear weapons or warriors, reflecting the original inspiration of orcs from Tolkien as creatures obsessed with war.

In many cases, a specific range of Fantasy coins is not tied to a particular game. The generic imagery is used so that the pieces can be accommodated in a number of different settings, allowing for a wider array of customers. The general audience of these coins are gamers and curiosity collectors, though these are often not separate groups. Players of “roleplaying” games, in which the players control characters in an imagined setting, with one player known by various names (Game Master, Dungeon Master or Keeper among many others) guiding the story. In these contexts, props are often utilised. These primarily consist of miniature figures representing the characters and their opponents, but increasingly other props are utilised to increase the immersion in the game. This is particularly evident in the real-world equivalent of role-playing, larping (otherwise known as live-action roleplaying) in which the participants physically portray their characters through costume and acting. Props are particularly valued in such settings, and the organisers of these events often produce their own coins. There are even events where complex denomination systems accompany the coins. For these groups, the coins are often bought in bulk. However, individual coins are also available for purchase. These would not be suited to games that require many coins, so these coins have a premium on their artistic value. As a result, Fantasy coins tend to be larger than most modern coins, and they often bear high quality designs. The Ancient Greeks also produced large coins with high quality images, so the use of coins as aesthetic pieces marks a continuation of an ancient tradition.

One would think that the coins would be highly unusual, as they are products of imagination. However, most fantasy coins are almost identical to the coins produced in the ancient period. The majority of fantasy coins are depicted as round objects, with an image on each side. Most ranges of fantasy coins have three separate denominations, with a gold, silver and copper issue. The only differences are the subject matter of images upon the coins and that they are not usually made of precious metal (like gold or silver), unlike the ancient coins which were intrinsically valuable in their own right. Since coinage began in 7th century BC Turkey, coins in the western world have retained the same features. Even Bitcoin is represented as a circular object, despite its digital form itself having no physical shape. Fantasy coins, for all the imagination behind them, are slaves to the trope. There are a few attempts to get away from round coinage for particularly exotic cultures, with some coins represented as moons, axe heads or as hexagons. In most cases, however, the producers of these coins are bound to their customers’ understanding of what a coin should look like.

Returning to our Fantasy Coin example, the coin copies a Roman issue in terms of its iconography (e,g, RIC 1 527). It is not, however, an imitation. The size of the original Roman denomination, an as, is not copied. As with other fantasy coins, the Nero coin is part of a series of gold, silver and copper coins, classed under the title “Roman”. As the smallest denomination, the coin is the smallest size in the series, whereas the gold coin is the largest coin of the set. In the ancient world, the size difference in coins was usually unnecessary; gold coins were intrinsically more valuable due to their metal content, so even the smallest gold coin was more valuable than the largest bronze coin and bronze coins were generally larger in antiquity. However, for modern Fantasy coins it would seem that bigger is better, so the highest denomination is afforded the largest size, and thus the greatest prestige. Within the series is a silver coin depicting a Constantine issue, and a gold coin bearing the Republican head of Roma, the titular goddess of Rome, with Jupiter riding a chariot alongside Victory on the reverse. The latter image was prominently featured on silver coins struck during the Roman Republic; the placement of the image on a gold coin here indicates that the modern manufacturer saw this image as worthy of a higher value.

fanatsy coins 2 roma

fantasy coins 3 constantine

Historical accuracy is not the intention behind these coins. What matters is the modern audience’s perception of what a coin is and what Roman culture was. Hence the more valuable coins are larger and the images chosen are ones that reflect “Roman-ness”. Hence emperors, monuments and famous gods are preferred over other images, like the many personifications of lesser deities that decorate the majority of ancient Roman coins. However, the manufacturers have chosen to imitate Roman coins rather than create their own images, so there is a modern desire for “authenticity” in some sense that the producers of these pieces are accommodating. This is not always the case; Fantasy Spartan coins exist, yet in reality the Spartans had no coins. As a result, standard pieces of Greek military equipment, like the Corinthian style helmet, are utilised for the iconography of these pieces.

fantasy coins 4 sparta

The expansion in the Fantasy coin trade represents a continuation of coins as an art form. From their beginnings, coins in Europe bore high quality designs. The Rennes Patera show that certain individuals collected coins and valued them for the iconography upon them. There is little difference here.

Fantasy coins have yet to receive any major academic study. Yet studying these coins in an academic fashion is of great use in understanding modern conceptions. This is particularly true of the “historical” ranges of Greek and Roman coins. As a form of reception studies, one can see what particular images a modern audience considers as being “most Roman” or “most Greek”. The more fantastical ranges are also of interest, as it would be curious what real-world influences are attributed to these fictional races. Overall, the production of Fantasy coins shows that in the modern world where most transactions are carried out online or through credit, coins continue to attract interest.


This month's coin was written by David Swan. David is a postgraduate researcher at the University of Warwick. His thesis examines coinage and hoarding patterns across the Channel in Iron Age Europe. He specialises in Iron Age (otherwise known as Celtic) coinage.

coin of antony and lion

Fig. 1. Antony, Cisalpine Gaul, Silver Quinarius, c. 43-42 BC, RRC 489/6. (Image © the Trustees of the British Museum).

This is a Roman Republican silver quinarius, dated to 43-42 BC, believed to have been minted in Cisalpine Gaul, and is currently held by the British Museum. It was issued by Mark Antony and its iconography is similar to another coin type referring to Lugdunum.

The reverse of the coin carries the legend “ANTONI IMP XLI”, and this, together with the walking lion provide personal references to Antony. XLI (41) refers to his age, and the lion, a recurrent iconographic emblem on Antony’s coinage, may represent the claim that the Antonii were descendants of Hercules (see Plutarch, Life of Antony, 4.1). Plutarch states that Antony believed his physical attributes confirmed this heroic descent, choosing also to attire himself in a manner suggestive of Hercules. Such self-representation would have offered a counter-claim to that of the Julian family’s divine descent from Venus via Aeneas. Plutarch also states that Antony’s excesses ran to excursions in chariots drawn by lions, and this is also attested to by Pliny (Natural History 8.21) who asserts he was the first man to harness lions to his chariot in Rome. Therefore, the depiction of the lion can be read as a means to promote and emphasise both his physical strength and prowess, and also to accentuate his alleged ancestry.

The obverse has a border of dots and an anti-clockwise inscription of III.VIR.R.P.C. which expands to III vir rei publicae constituendae consulari potestate (triumvir for confirming the Republic with consular power) and refers to the second triumvirate formed by Antony, Octavian and Lepidus in 43 BC.

The portrait bust on the obverse is a personification of Victory, signified by the wings at the base of the neck, and convincing arguments exist to suggest that it is a portrayal of Antony’s wife Fulvia. This is partly due to the image’s facial features having more in common with contemporaneous lifelike portraiture than the classicism favoured for deities, and equally the hair is similar in style to what was fashionable at the time, with this particular hairstyle not being featured on other representations of female deities.

Fulvia is a fascinating, albeit not endearing, character. Antony, who she married in 47 or 46 BC, was her third husband – having previously been married to Publius Clodius Pulcher, then Gaius Scribonius Curio – and all three were supporters of Caesar. Literary sources indicate she was highly politically motivated, more so after Caesar’s death, purportedly to promote and protect Antony’s interests while he was in Gaul, becoming powerful and influential in the senate (see Cassius Dio, Roman History, 48.4-10, Appian, Civil Wars, 5.3.19). Appian relates that Fulvia was actively involved in the proscriptions of 43 BC (see Appian, Civil Wars 4.4.29) whilst Cassius Dio condemns her as responsible for many deaths to satisfy her greed for wealth and hatred of certain adversaries – in particular, he recounts her brutal treatment of Cicero’s decapitated head (Cassius Dio, Roman History, 47.8). She was also directly involved in, if not being the cause of the uprising by Antony’s brother Lucius, who was consul in 41 BC, which resulted in his defeat by Octavian at Perusia in Etruria in 40 BC. Fulvia then fled to Greece where she died, having been rebuked by Antony for her involvement in the debacle.

The significance of the amount of power Fulvia wielded is also evidenced by the city Eumenea in Phrygia being renamed Fulvia around 41 BC, where it is believed she was also honoured on coinage, again in the guise of Victory. Equally, as the competition for political dominance between Octavian and Antony is apparent in other coinage, the appearance of Fulvia may have been intended as an important advertisement to convey a widespread political message of strength and unity via their marriage and perhaps even suggesting some dynastic ambition.

It is interesting in comparison, that women connected to Augustus rarely featured in his coinage during the principate, and this may be resultant from a desire to disassociate himself from both Antony’s reputation of being ruled by women (see Plutarch, Antony 10) and his apparent penchant for utilising his wives’ images on coinage – Fulvia was followed by Octavia, whose image was not disguised by deific attributes, and then Cleopatra, who he is thought to have married around 37 BC, (although this marriage was not valid in Rome). Additionally, Augustus’ own personal experience of Fulvia, may also have been influential in his later social reforms and moral legislation in attempting to ensure a higher standard of behaviour for women and a return to more traditional domestic roles.


This month's coin was written by Jacqui Butler. Jacqui has just completed the first year of the MA in Ancient Visual and Material Culture (part time), having gained a BA in Classical Studies with the Open University last year. Her main interests lie in the visual depictions of both mythical and real women in Roman material culture, specifically in art, but also their representation in epigraphy on funerary monuments.


Bauman, R.A. (1994) Women and Politics in Ancient Rome (London, Routledge).

Fraschetti, A. (2001) Roman Women (London, The University of Chicago Press). Kleiner, D.E.E (1992) “Politics and Gender in the Pictorial Propaganda of Antony and Octavian”, Echos du monde classique: Classical views, Volume XXXVI, n.s. 11, Number 3, 1992, pp. 357-367.

MacLachlan, B. (2013) Women in Ancient Rome, A Sourcebook (London, Bloomsbury Academic).

Rowan, C. (forthcoming) ANS/CUP Handbook to the Coinage of the Ancient World 49 BC – AD 14. (Cambridge, Cambridge University Press).

Wood, S.E. ( 2001) Imperial Women, A Study in Public Images, 40 BC – AD68 (Mnemosyne, bibliotheca classica Batava, Supplementum 195).

armenia capta coin

Figure 1: Figure 1: Gold Aureus from the reign of Augustus, 19-18 BC (RIC I (second edition) Augustus 514). The obverse depicts the head of Augustus, with ‘AVGUSTVS’ inscribed (not visible on this specimen). On the reverse is the deity Victory cutting the throat of a bull, representing Armenia. The reverse legend reads ‘ARMENIA CAPTA’. Image produced courtesy of the Trustees of the British Museum.

This coin is indicative of Augustan propaganda, where Augustus exaggerates the role of the military in dealings with Armenia. The Roman Empire and the Parthian Empire were in constant dispute over Armenia, which acted as a buffer zone between the two empires in the East in the first century BC. Armenia fell under Roman influence as a result of treaties and the installation of a pro-Roman ruler, not military annexation. Thus the portrayal of the deity Victory slaughtering a bull (presumably representing Armenia) paints a false militarised narrative of events. The question is why Augustus, on this aureus dating from 19-18 BC, would want to exaggerate his dealings with the Armenians.

It is my belief that this false depiction is an attempt by Augustus to link himself with the military and military success, both key factors in obtaining popularity and support in Ancient Rome. Augustus tries to ‘piggyback’ off the popularity of the army in order to consolidate power; he wishes to be seen as a military man in an attempt to secure his longevity. The military’s popularity stems from the role they played in achieving and maintaining the Empire alongside their connection to the beginnings of Rome, explored by Virgil’s Aeneid. Augustus’ own position was extremely fragile due to the unprecedented nature of his Principate and the real threat of civil war occurring again; he thus sought avenues of popular support. The term ‘capta’ indicates military success, suggesting that the entire state was captured and subjugated, yet this is wholly false. Augustus later on in his own autobiography, Res Gestae (27), even admits this, stating ‘though I might have made it a province’ and details installing a Pro-Roman ruler, further highlighting the degree of exaggeration on the aureus.

The history between Rome and Armenia is particularly key in deciphering why Augustus would exaggerate Rome’s dealings with the Eastern state. Due to Armenia constantly being fought over by Rome and Parthia, it was as a prize for Augustus, that he could claim displayed not only the strength of the Roman military, but his own. Augustus, by portraying himself on the obverse is clearly taking credit for dealings in Armenia, emphasising his role in proceedings, echoed by the inclusion of the Armenia episode in his Res Gestae. One reason why Augustus would particularly emphasise any dealings with Armenia would be to show victory against Roman enemies, the Parthians. The Parthians humiliated Rome with the annihilation of Crassus’ army and loss of the famous legionary standards in 53 BC. This would still be fresh in Roman minds. Augustus’s return of Armenia and later the standards would boost his popularity. Augustus portrayed himself as correcting the wrongs that the Republic never could, cementing his position of singular rule.

This aureus indicates the usage of coinage to foster support and is a prime example of Augustan propaganda through exaggeration of militarism. Both the military popularity and Parthian context are key motivators for Augustus’ actions. The use of this coin to promote popularity indicates that coins were not simply economical tools but key in spreading the Imperial view. This work is based on the view of an imperially directed die-engraver, rather than a die engraver creating something to his own taste.

dillon patel

This month's coin was written by Dillon Kylan Patel. Dillon is an undergraduate first year Ancient History and Classical Archaeology student and current Secretary of Classics Society with a keen interest in Numismatics, especially in the Imperial period. This summer I’ve been luckily enough to gain a placement at the British Museum where I will further explore numismatics.


Bellinger, A & Berlincourt, M (1962) ‘Victory as a coin type’, Numismatic Notes and Monographs 149:1-68.

Edwell, P. (2008) Between Rome and Persia (London: Routledge).

Gow, J. (1895) ‘Horatiana’. The Classical Review 9:6:301-304.

Res Gestae Divi Augusti, trans Shipley, F.W (New York/ London: Harvard University Press 1924).

token mold harvard
Roman Token Mould from Harvard Art Museums, 2008.118

Amongst the McDaniel bequest to Harvard Art Museums in Boston is one half of a mould made of palombino marble. Shown here, this piece is one of the numerous moulds of this type used to cast Roman lead tokens. This particular mould half is 10.8x7.6x2.9cm and weighs 389.2g. It would have been used in conjunction with another half to cast seven circular lead tokens of c. 14mm, all carrying an image of the goddess Fortuna holding a cornucopia and rudder (and presumably another image on the other side, engraved on the other half of the mould). It has previously been published in Hirschland and Hammond 1968.

This type of token mould is characteristic of Rome and Ostia, and was donated to Harvard along with McDaniel's collection of Roman lead tokens and other antiquities. We know from McDaniel himself that he purchased his lead tokens (and thus probably also this mould) from the city of Rome. In his memoir, Riding a Hobby in the Classical Lands (p. 71), McDaniel writes:

For the integrity of one dealer in Rome I can vouch unreservedly and so, as a contrast to some of the rest of my group, I name him here at the end of the chapter, honoris causa, Signore Scalco. His sunny face and smile alone used to lighten the tiny, gloomy shop not far from St. Peter’s in which he exposed for sale his modest stock of classical antiquities. A charming, well-informed Italian was he, who often had unusual things for sale. Thus, it was from him I bought a considerable number of papal medals…. From him, too, came my piombi, those coin-shapes of lead which have so much about them to pique the curiosity and to puzzle the best of scholars as they work on the problem of their various uses. While I almost never saw any customers in the shops of the other small dealers in Rome, Scalco was one who received calls from archaeologists, who liked to chat with him, and also from the proprietors of the more pretentious establishments, who would buy from him in order to sell again. There, too, one might chance at any time upon one of the rough dwellers of the Trastevere who had fished something out of the Tiber which he expected to have identified as modern, or, if good luck were his, to sell as an antiquity. He was just as sure as the most promising customer to receive all the attentions of courtesy and fair treatment; that was Scalco."

tokens cast
Cast lead tokens
from Ostia.

The mould carries the channels through which molten lead was poured into the token cavaties; the resulting tokens were then broken off to be used (see the picture left for an example of what the resulting cast would have looked like before the tokens were broken off). The mould still contains the iron nails used to fasten both halves of the mould together (in the top right and lower left corners) - this would ensure that both halves of the mould were correctly aligned. The top and bottom sides of the mould carry faint grooves (see image below); it has been suggested that these grooves were created for or by wire that was wrapped around the moulds during the casting process (Pardini et al 2016). The back of the mould is unworked, as many moulds of this type are.

The top right corner of the Harvard mould has an unusual feature: two concentric circles are etched into the material (see image below). The inner circle is 14mm, the precise diameter of the tokens produced by this mould. These two circles may have been an error made by the person producing the mould, or they may in fact provide a clue as to how these moulds were made: perhaps two concentric circles were sketched before a design was carved into the inner circle- here, perhaps, it was decided that this additional token design was not needed. When one looks closely at each of the circular designs, one sees a deep circular depression at the centre, on Fortuna's body. Jack Kroll, in his unpublished catalogue of these pieces, suggested that this depression was caused by the bit of an instrument used for cutting the circular depressions before the designs were engraved (much like the point of a compass). Many Roman lead tokens carry circular protuberances at their centre; the Harvard mould allows us to understand these protuberances were the result of the mould manufacturing process rather than an intentional part of the design.

Images below from left to right: the side of the mould with faint grooves; a close up of the top left corner of the mould showing two concentric circles and a central depression on the body of Fortuna; a Roman lead token from the Harvard Art Museums collection (2008.116.41) with a wreath and a central dot, now understood to be a result of the mould making process.

harvard side of mould top left of mould token from harvard

This coin of the month was written by Clare Rowan as part of the Token Communities in the Ancient Mediterranean Project.

Select Bibliography:

Hirschland, N. L. and M. Hammond (1968). Stamped Potters' marks and other stamped pottery in the McDaniel Collection. Harvard Studies in Classical Philology 72: 369-382.

Kroll, J. H. (unpublished manuscript). Roman Lead Tokens in Harvard Art Museums.

McDaniel, W. B. (1971). Riding a Hobby in the Classical lands. Cambridge, Mass., Harvard University Printing Office.

Pardini, G., M. Piacentini, A. C. Felici, M. L. Santarelli and S. Santucci (2016). Matrici per tessere plumbee dalle pendici nord-orientali del Palatino. Nota preliminare. In: Le regole del gioco tracce archeologi racconti. Studi in onore di Clementina Panella. ed. A. F. Ferrandes and G. Pardini, Edizioni Quasar: 649-667.