314 - 476 AD

Constantine and the gold solidus

Constantine the Great (306–337) became sole ruler in 324 and dedicated his new capital, Constantinople, in 330. His most lasting monetary legacy is the solidus, a gold coin struck at 72 to the Roman pound, introduced around 310. Its standard was kept for centuries and it became the gold coin of the Byzantine world. Bronze was a different story: the small bronze coin known as the nummus, or follis, was repeatedly reduced in size. A follis from 313–314 and a nummus struck in Nicomedia in 328–329, both in excellent condition, illustrate Constantine’s coinage.

Julian II and the bull

Julian (sole emperor 361–363), known as “the Apostate”, tried to revive the traditional cults after the Christian rule of Constantine’s sons. His large bronze, the double maiorina, shows a bull with two stars above and the legend SECVRITAS REIPVB, “the security of the state”. The meaning is disputed: the bull has been read as the Egyptian Apis bull, as a sacrificial animal and as an astrological sign. These large, heavy bronzes from Antioch are among the most characteristic coins of the 4th century.

Weighing gold: the exagium solidi

To counter clipped and underweight gold coins, the state issued official bronze weights inscribed EXAGIVM SOLIDI, “the weighing of a solidus”, against which solidi could be checked. The example in this category, from Constantinople, shows the facing busts of two emperors and Moneta holding scales. It is not a coin but a part of the same monetary system.

The end of the Western Empire – and what collectors look for

After 395 the empire was permanently divided between East and West. The Western Empire ended in 476 when its last emperor, Romulus Augustulus, was deposed, while the East lived on, see Byzantine coins. On Late Roman bronzes, collectors pay close attention to the mint mark in the exergue below the reverse design, which tells where the coin was struck – Antioch, Nicomedia, Constantinople and many others. A clear mint mark, a full legend and a stable patina add to the value. Earlier coins are found under 221 – 313 AD.