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Thedenarius (Latin:[deːˈnaːriʊs];pl.:dēnāriī,Latin:[deːˈnaːriiː]) was the standardRomansilver coin from its introduction in theSecond Punic Warc. 211 BC[1] to the reign ofGordian III (AD 238–244), when it was gradually replaced by theantoninianus. It continued to be minted in very small quantities, likely for ceremonial purposes, until and through theTetrarchy (293–313).[2]: 87
The worddēnārius is derived from theLatindēnī "containing ten", as its value was originally of 10assēs.[note 1] The word for "money" descends from it in Italian (denaro), Slovene (denar), Portuguese (dinheiro), and Spanish (dinero). Its name also survives in thedinar currency.
Its symbol is represented inUnicode as 𐆖 (U+10196), a numeral monogram that appeared on the obverse in the Republican period, denoting the 10asses ("X") to 1denarius ("I") conversion rate. However it can also be represented as X̶ (capital letter X with combining long stroke overlay).
A predecessor of thedenarius was first struck in 269 or 268 BC, five years before theFirst Punic War,[3] with an average weight of 6.81 grams, or1⁄48 of aRoman pound. Contact with the Greeks had prompted a need for silver coinage in addition to the bronze currency that the Romans were using at that time. This predecessor of thedenarius was a Greek-styled silver coin ofdidrachm weight, which was struck inNeapolis and other Greek cities in southern Italy.[4] These coins were inscribed with a legend that indicated that they were struck for Rome, but in style they closely resembled their Greek counterparts. They were rarely seen at Rome, to judge from finds and hoards, and were probably used either to buy supplies or to pay soldiers.
The first distinctively Roman silver coin appeared around 226 BC.[5] Classical historians have sometimes called these coins "heavydenarii", but they are classified by modern numismatists asquadrigati, a term which survives in one or two ancient texts and is derived from thequadriga, or four-horse chariot, on the reverse. This, with a two-horse chariot orbiga which was used as a reverse type for some earlydenarii, was the prototype for the most common designs used on Roman silver coins for a number of years.[6][7][8]
Rome overhauled its coinage shortly before 211 BC, and introduced thedenarius alongside a short-lived denomination called thevictoriatus. Thedenarius contained an average 4.5 grams, or1⁄72 of a Roman pound, of silver, and was at first tariffed at tenasses, hence its name, which means 'tenner'. It formed the backbone of Roman currency throughout theRoman Republic and the early Empire.[9]
Thedenarius began to undergo slowdebasement toward the end of the republican period. Under the rule ofAugustus (27 BC – 14 AD) its weight fell to 3.9 grams (a theoretical weight of1⁄84 of a Roman pound). It remained at nearly this weight until the time ofNero (AD 37–68), when it was reduced to1⁄96 of a pound, or 3.4 grams. Debasement of the coin's silver content continued after Nero. Later Roman emperors also reduced its weight to 3 grams around the late 3rd century.[10]
The value at its introduction was 10asses, giving thedenarius its name, which translates as "containing ten". In about 141 BC, it was re-tariffed at 16asses, to reflect the decrease in weight of theas. Thedenarius continued to be the main coin of theRoman Empire until it was replaced by theantoninianus in the early 3rd century AD. The coin was last issued, in bronze, underAurelian between 270 and 275 AD, and in the first years of the reign ofDiocletian.[11][12][13]
| Year | Event | Weight | Purity | Notes[14] |
|---|---|---|---|---|
| 267 BC | Predecessor | 6.81 g | ? | 1⁄48 pound. Equals 10assēs, giving thedenarius its name, which translates as "containing ten". The original copper coinage was weight-based, and was related to the Roman pound, thelibra, which was about 325 g. The basic copper coin, theas, was to weigh 1 Roman pound. This was a large cast coin, and subdivisions of theas were used. The "pound" (libra, etc.) continued to be used as a currency unit, and survives e.g. in the British monetary system, which still uses the pound, abbreviated as £. |
| 211 BC | Introduction | 4.55 g | 95–98% | 1⁄72 pound.Denarius first struck. According to Pliny, it was established that thedenarius should be given in exchange for ten pounds of bronze, thequinarius for five pounds, and thesestertius for two-and-a-half. But when theas was reduced in weight to one ounce, thedenarius became equivalent to 16assēs, thequinarius to eight, and thesestertius to four; although they retained their original names. It also appears, from Pliny and other writers, that the ancientlibra was equivalent to 84denarii. |
| 200 BC | Debasement | 3.9 g | 95–98% | 1⁄84 pound. |
| 141 BC | Debasement | 3.9 g | 95–98% | 1⁄84 pound. Retariffed to equal 16assēs due to the decrease in weight of theas. |
| 44 BC | Debasement | 3.9 g | 95–98% | Death of Julius Caesar, who set thedenarius at 3.9 g. Legionary (professional soldier) pay was doubled to 225denarii per year. |
| 14–37 AD | 3.9 g | 97.5–98% | Tiberius slightly improved the fineness as he gathered his infamous hoard of 675 milliondenarii. | |
| 64–68 | Debasement | 3.41 g | 93.5% | 1⁄96 pound. This more closely matched the Greekdrachma. In 64 AD, Nero reduced the standard of theaureus to 45 to the Roman pound (7.2 g) and of thedenarius to 96 to the Roman pound (3.30 g). He also lowered thedenarius to 94.5% fine. Successive emperors lowered the fineness of thedenarius; in 180 Commodus reduced its weight by one-eighth to 108 to the pound. |
| 85–107 | Debasement | 3.41 g | 93.5% | Reduction in silver content under Domitian |
| 148–161 | Debasement | 3.41 g | 83.5% | |
| 193–235 | Debasement | 3.41 g | 83.5% | Several emperors (193–235) steadily debased thedenarius from a standard of 78.5% to 50% fine. In 212 Caracalla reduced the weight of theaureus from 45 to 50 to the Roman pound. They also coined theaes from a bronze alloy with a heavy lead admixture, and discontinued fractional denominations below theas. In 215 Caracalla introduced theantoninianus (5.1 g; 52% fine), a doubledenarius, containing 80% of the silver of twodenarii. The coin invariably carried the radiate imperial portrait. Elagabalus demonetized the coin in 219, but the senatorial emperors Pupienus and Balbinus in 238 revived theantoninianus as the principal silver denomination which successive emperors reduced to a less intrinsically valuablebillon coin (2.60 g; 2% fine). |
| 241 | Debasement | 3.41 g | 48% | |
| 274 | DoubleDenarius | 3.41 g | 5% | In 274, the emperor Aurelian reformed the currency and his denominations remained in use until the great recoinage of Diocletian in 293. Aurelian struck a radiateaurelianianus of increased weight (84 to the Roman pound) and fineness (5% fine) that was tariffed at five notational[clarification needed]denarii (sometimes called "commondenarii" or "denarii communes" by modern writers, although this phrase does not appear in any ancient text). The coin carried on the reverse the numerals XXI, or in Greek κα (both meaning 21 or 20:1). Some scholars believe that this shows that the coin was equal to 20sestertii[clarification needed] (or 5denarii), but it is more likely that it was intended to guarantee that it contained1⁄20 or 5% of silver, and was thus slightly better than many of the coins in circulation. Theaureus (minted at 50 or 60 to the Roman pound) was exchanged at rates of 600 to 1,000denarii, equivalent to 120 to 200aurelianiani. Rare fractions of billion[clarification needed]denarii, and of bronzesestertii andassēs, were also coined. At the same time, Aurelian reorganized the provincial mint at Alexandria, and he minted an improved Alexandrinetetradrachmon that might[clarification needed] have been tariffed at par with theaurelianianus. The emperor Tacitus in 276 briefly doubled the silver content of theaurelianianus and halved its tariffing[clarification needed] to 2.5 d.c. (hence[clarification needed] coins of Antioch and Tripolis (in Phoenicia) carry the value marks X.I), but Probus (276–282) immediately returned theaurelianianus to the standard and tariffing[clarification needed] of Aurelian, and was the official tariffing until the reform of Diocletian in 293. |
| 755 | Novus denarius (new penny) | Pepin the Short (r. 751–768), the first king of the Carolingian dynasty and father ofCharlemagne, minted thenovus denarius ("new penny"): 240 pennies minted from oneCarolingian pound. So a single coin contained 21 grains of silver. Around 755, Pepin'sCarolingian Reform established the European monetary system, which can be expressed as: 1 pound = 20 shillings = 240 pennies. Originally the pound was a weight of silver rather than a coin, and from a pound of pure silver 240 pennies were struck. The Carolingian Reform restored the silver content of the penny that was already in circulation and was the direct descendant of the Romandenarius. The shilling was equivalent to thesolidus, the money of account that prevailed in Europe before the Carolingian Reform; it originated from the Byzantine gold coin that was the foundation of the international monetary system for more than 500 years. Debts contracted before the Carolingian Reform were defined insolidi. For three centuries following the Carolingian Reform, the only coin minted in Europe was the silver penny. Shillings and pounds were units of account used for convenience to express large numbers of pence, not actual coins. The Carolingian Reform also reduced the number of mints, strengthened royal authority over the mints, and provided for uniform design of coins. All coins bore the ruler's name, initial, or title, signifying royal sanction of the quality of the coins. Charlemagne spread theCarolingian system throughout Western Europe. The Italianlira and the Frenchlivre were derived from the Latin word for pound. Until the French Revolution, the unit of account in France was thelivre, which equalled 20sols orsous, each of which in turn equalled 12deniers. During the Revolution thefranc replaced thelivre, and Napoleon's conquest spread thefranc to Switzerland and Belgium. The Italian unit of account remained thelira, and in Britain the pound-shilling-penny relationship survived until 1971. Even in England the pennies were eventually debased, leaving 240 pennies representing substantially less than a pound of silver, and the pound as a monetary unit became divorced from a pound weight of silver. After the breakup of theCarolingian Empire pennies debased much faster, particularly in Mediterranean Europe, and in 1172 Genoa began minting a silver coin equal to four pennies. Rome, Florence, and Venice followed with coins of denominations greater than a penny, and late in the 12th century Venice minted a silver coin equal to 24 pennies. By the mid-13th century Florence and Genoa were minting gold coins, effectively ending the reign of the silver penny (denier,denarius) as the only circulating coin in Europe. | ||
| 785 | Penny | Offa, king of Mercia, minted and introduced to England a penny of 22.5 grains of silver. The coin's designated value, however, was that of 24 troy grains of silver (onepennyweight, or1⁄240 of a troy pound, or about 1.56 grams), with the difference being a premium attached by virtue of the minting into coins (seigniorage). The penny led to the term "penny weight". 240 actual pennies (22.5 grains; minus the 1.5 grain for the seigniorage) weighed only 5,400 troy grains, known as aSaxon pound and later known as the tower pound, a unit used only by mints. The tower pound was abolished in the 16th century. However, 240 pennyweights (24 grains) made onetroy pound of silver in weight, and the monetary value of 240 pennies also became known as a "pound". The silver penny remained the primary unit of coinage for about 500 years. | ||
| 790 | Penny | 1.76 g | 95–96% | Charlemagne new penny with smaller diameter but greater weight. Average weight of 1.7 g, but ideal theoretical[clarification needed] mass of 1.76 g. Purity is from 95% to 96%. |
| c. 1527 | Penny | 1.58 g | 99% | Tower pound of 5400 grains abolished and replaced by the Troy pound of 5760 grains. |
| 1158 | Penny | 92.5% | The purity of 92.5% silver (i.e. sterling silver) was instituted by Henry II in 1158 with the "Tealby Penny" — a hammered coin. | |
| 1500s | Penny | By the 16th century it contained about a third the silver content of a Troy pennyweight of 24 grains. | ||
| 1915 | Penny | The penny, now struck in bronze, was worth around one-sixth of its value during the Middle Ages. British government sources suggest that there has been an 8700% price inflation since 1914, or an average of 4.2% annually. |
| Marco Sergio Silo: 116–115 BC | |
|---|---|
 | |
| Helmeted head ofRoma | GallopingEquites holding a sword and a barbarian's head |
| Denarius:Sergio 1 | |
1goldaureus = 2 goldquinarii = 25silverdenarii = 50 silverquinarii = 100bronzesestertii = 200 bronzedupondii = 400copperasses = 800 coppersemisses = 1,600 copperquadrantes[when?]
It is difficult to give even rough comparative values for money from before the 20th century, as the range of products and services available for purchase was so different. During the republic (509 BC – 27 BC), a legionary earned 112.5denarii per year (0.3denarii per day). UnderJulius Caesar, this was doubled to 225denarii/yr, with soldiers having to pay for their own food and arms,[15] while in the reign of Augustus aCenturion received at least 3,750denarii per year, and for the highest rank, 15,000denarii.[16]
By the lateRoman Republic and earlyRoman Empire (c. 27 BC), a common soldier or unskilled laborer would be paid 1denarius/day (with no tax deductions), around 300% inflation compared to the early period. Using the cost of bread as a baseline, this pay equates to around US$20 in 2013 terms.[17] Expressed in terms of the price of silver, and assuming 0.999 purity, a1⁄10troy ouncedenarius had a precious metal value of around US$2.60 in 2021.[18]
At the height of theRoman Empire asextarius (546 ml or about 21⁄4 American cups) of ordinary wine cost roughly onedupondius (1⁄8 of adenarius); after Diocletian'sEdict on Maximum Prices was issued in 301 AD, the same item cost 8 debased commondenarii – 6300% inflation.
Silver content plummeted across the lifespan of thedenarius. Under the Roman Empire (afterNero) thedenarius contained approximately 50grains, 3.24 grams, or 0.105 ozt (about1⁄10troy ounce). The fineness of the silver content varied with political and economic circumstances. From a purity of greater than 90% silver in the 1st century AD, thedenarius fell to under 60% purity by 200 AD, and plummeted to 5% purity by 300 AD.[19] By the reign ofGallienus, theantoninianus was a copper coin with a thin silver wash.[20]
In the final years of the 1st century BCTincomarus, a local ruler in southern Britain, started issuing coins that appear to have been made from melted downdenarii.[21] The coins ofEppillus, issued aroundCalleva Atrebatum around the same time, appear to have derived design elements from variousdenarii, such as those ofAugustus andM. Volteius.[22][21]
Even after thedenarius was no longer regularly issued, it continued to be used as a unit of account, and the name was applied to later Roman coins in a way that is not understood. TheArabs whoconquered large parts of the land that once belonged to the Eastern Roman Empire issued their owngold dinar. The lasting legacy of thedenarius can be seen in the use of "d" as the abbreviation for the Britishpenny until 1971.[23] It also survived inFrance as the name of a coin, thedenier. Thedenarius also survives in the common Arabic name for a currency unit, thedinar used from pre-Islamic times, and still used in several modern Arab nations. The major currency unit in formerPrincipality of Serbia,Kingdom of Serbia and formerYugoslavia wasdinar, and it is still used in present-daySerbia. TheMacedonian currencydenar is also derived from the Romandenarius. TheItalian worddenaro, theSpanish worddinero, thePortuguese worddinheiro, and theSlovene worddenar, all meaning money, are also derived from Latindenarius. The pre-decimal currency of the United Kingdom until 1970 of pounds, shillings and pence was abbreviated as£sd, with "d" referring todenarius and standing for penny.
In theNew Testament, the gospels refer to thedenarius as a day's wage for a common laborer (Matthew 20:2,[24]John 12:5).[25] In theBook of Revelation, during the Third Seal: Black Horse, achoinix ("quart") of wheat and three quarts of barley were each valued at onedenarius.[26] Bible scholarRobert H. Mounce says the price of the wheat and barley as described in the vision appears to be ten to twelve times their normal cost in ancient times.[27] Revelation thus describes a condition where basic goods are sold at greatly inflated prices. Thus, theblack horse rider depicts times of deep scarcity or famine, but not of starvation. Apparently, a choinix of wheat was the daily ration of one adult. Thus, in the conditions pictured byRevelation 6, the normal income for a working-class family would buy enough food for only one person. The less costly barley would feed three people for one day's wages.
Thedenarius is also mentioned in theParable of the Unforgiving Servant & inParable of the Good Samaritan (Luke 10:25–37). TheRender unto Caesar passage in Matthew 22:15–22 and Mark 12:13–17 uses the word (δηνάριον) to describe the coin held up by Jesus, translated in the King James Bible as "tribute penny". It is commonly thought to be adenarius with the head of Tiberius.
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