221 - 313 AD

The crisis of the 3rd century

After the murder of Severus Alexander in 235, the Roman Empire went through half a century of civil wars, invasions and short reigns. Maximinus I, often called the first of the “soldier emperors”, ruled for only three years, and many of his successors fared no better. From 260 to 274 the western provinces broke away as the so-called Gallic Empire under Postumus, the short-lived Marius and finally Tetricus I, before Aurelian reunited the empire. The coins of the period are a direct record of this turmoil, with a long line of emperors and co-rulers, among them Valerian II, son of Gallienus.

The antoninianus and the decline of silver

The antoninianus was introduced under Caracalla around 215. It is recognised by the radiate crown worn by the emperor, a sign that it was valued as a double denarius, even though it held less silver than two denarii. In the following decades it replaced the denarius and was steadily debased: by around 270 most antoniniani were essentially bronze coins with very little silver. The large brass sestertius also disappeared in the course of the century. The category also includes billon tetradrachms from the eastern provinces and an AE28, a large provincial bronze of Gordian III.

Diocletian and the follis

Diocletian (284–305) restored order through the tetrarchy, a system of two senior emperors (Augusti) and two junior ones (Caesars), and reformed the coinage around 294. The new large bronze coin with a thin silver surface, known to collectors as the follis, was struck in mints across the empire with uniform designs. Galerius, Caesar under Diocletian, is represented by a follis from the 290s. The story continues under 314 – 476 AD.

What do collectors look for?

Coins of the 3rd century vary greatly in quality, since many were struck in haste on irregular flans. Collectors look for a full legend, a clear portrait and, on antoniniani, remaining silvering. The Gallic emperors and other short-lived rulers are especially sought after. More coins from the period before 221 are found under 27 BC – 220 AD.