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Theaureus (pl.aurei, 'golden', used as a noun) was agold coin ofancient Rome originally valued at 25 pure silverdenarii (sin.denarius). Theaureus was regularly issued from the 1st century BC to the beginning of the 4th century AD, when it was replaced by thesolidus. Theaureus was about the same size as thedenarius, but heavier (sincegold has a higherdensity thansilver).
Before the time ofJulius Caesar theaureus was struck infrequently. Caesar struck the coin more often, and standardized the weight at of aRoman pound (about 8grams).Augustus (r. 27 BC – AD 14) tariffed the value of thesestertius as of anaureus.
The mass of theaureus was decreased to of a Roman pound (7.3 g) during the reign ofNero (r. 54–68). At about the same time the purity of the silver coinage was also slightly decreased.
After the reign ofMarcus Aurelius (r. 161–180) the production ofaurei decreased, and the weight fell to of a Roman pound (6.5 g) by the time ofCaracalla (r. 211–217). During the 3rd century, gold pieces were introduced in a variety of fractions and multiples, making it hard to determine the intended denomination of a gold coin.[1]DuringGallienus’s reign, the purity was briefly reduced to 94%, and a small amount of coins were minted with as low as 80% purity. This was reset back to 99% by the next emperor.[2]
Thesolidus was first introduced byDiocletian (r. 284–305) around 301 AD, struck at 60 to the Roman pound of pure gold (and thus weighing about 5.45 g each) and with an initial value equal to 1,000denarii.[2]However, Diocletian'ssolidus was struck only in small quantities, and thus had only minimal economic effect, although its stable weight brought an end to the instability that had existed for a while. Since only one document of Diocletian's time uses this word to describe the coin, numismatists usually reserve the name "solidus" for the coin that was introduced later by Constantine the Great.
When thesolidus was reintroduced byConstantine I (r. 306–337) in 312 AD, permanently replacing theaureus as the gold coin of the Roman Empire, it was struck at a rate of 72 to a Roman pound of pure gold, each coin weighing twenty-four Greco-Roman carats, or about 4.5 grams of gold per coin. By this time, thesolidus was worth 275,000 of the increasingly debaseddenarii.
However, regardless of the size or weight of theaureus, the coin's purity was little affected. Analysis of the Romanaureus shows the purity level usually to have been near to 24carat gold, so in excess of 99% pure.
| Emperor | Year | Gold content | Julius Caesar Aureus |
|---|---|---|---|
| Julius Caesar | 50 BC | 8.18 grams | 1.000 |
| Augustus | 23 BC | 7.75 grams | 0.95 |
| Nero | 64 AD | 7.27 grams | 0.889 |
| Caracalla | 213 AD | 6.55 grams | 0.800 |
| Severus Alexander | 235 AD | 6.08 grams[2] | 0.740 |
| Gordian III | 240 AD | 4.96 grams[2] | 0.610 |
| Decius | 250 AD | 3.58 grams[2] | 0.440 |
| Gallienus | 255 AD | 3.40 grams[2] (94% pure) | 0.420 |
| Gallienus | 265 AD | 3.07 grams[2] (85% pure) | 0.380 |
| Claudius Gothicus | 269 AD | 5.38 grams[2] | 0.660 |
| Diocletian | 301 AD | 5.45 grams | 0.667 |
| Constantius Chlorus | 305 AD | 4.55 grams[2] | 0.556 |
Due to runaway inflation caused by the Roman government's issuing base-metal coinage but refusing to accept anything other than silver or gold for tax payments, the value of the goldaureus in relation to thedenarius grew drastically. Inflation was also affected by the systematic debasement of the silverdenarius, which by the mid-3rd century had practically no silver left in it.
In 301, one goldaureus was worth 833⅓ denarii; by 324, the sameaureus was worth 4,350denarii. In 337, after Constantine converted to thesolidus, onesolidus was worth 275,000denarii and finally, by 356, onesolidus was worth 4,600,000denarii.
Today, theaureus is highly sought after by collectors because of its purity and value, as well as its historical interest. Anaureus is usually much more expensive than adenarius issued by the same emperor. For instance, in one auction, anaureus ofTrajan (r. 98–117) sold for $15,000, and a silver coin of the same emperor sold for $100. The most expensiveaureus ever sold was one issued in 42 BC byMarcus Junius Brutus, the assassin ofGaius Julius Caesar, which had a price realized of $3.5 million in November 2020.[3] (There is an example of this coin on permanent display at theBritish Museum in London.) Anaureus, issued by the emperorAlexander Severus (r. 222–235), has a picture of theColosseum on the reverse, and had a price realized of $920,000 in 2008.[4] Anaureus with the face ofAllectus was auctioned off in the United Kingdom for £552,000 in June 2019.[5]
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