Classical Numismatics Discussion
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Author Topic: well-worn Nero aurei  (Read 577 times)

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Alan D

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well-worn Nero aurei
« on: April 27, 2017, 07:03:39 pm »
Roman aureus coins for sale are usually in excellent condition despite being made from soft metal. Except those of Nero which often show signs of circulation. Why is this so?

Offline Joe Sermarini

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Re: well-worn Nero aurei
« Reply #1 on: April 27, 2017, 07:50:51 pm »
The excellent condition is due to hoarding vs. circulating. Gold coins were very high value and thus not very useful for everyday transactions. Since people did not have bank accounts, they held savings in coins. Gold coins were obviously the best coins to save - they were not demonetized. A bronze coin could be made worthless by a proclamation from the emperor. An aureus might be held in savings for years, decades, or even generations. 

Nero reduced the weight of the aureus, so older aurei would have been hoarded and the Nero coins spent first. Later aurei were even lighter but by that time many of the Nero aurei were already worn.
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Alan D

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Re: well-worn Nero aurei
« Reply #2 on: April 30, 2017, 04:52:53 pm »
"Nero reduced the weight of the aureus, so older aurei would have been hoarded and the Nero coins spent first. Later aurei were even lighter but by that time many of the Nero aurei were already worn."


Gresham's law at work. Thank you for the answer.

 

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