Crawford 097/1, ROMAN REPUBLIC, L Series Victoriatus

Rome. The Republic.
L Series, 211-208 BCE
AR Victoriatus (3.13g; 18mm).
Luceria mint

Obverse: Laureate head of Jupiter facing right; bead-and-reel border.

Reverse: Victory crowns trophy; L between; ROMA in exergue.

References: Crawford 97/1b; RBW 395; Sydenham 121; BMCRR (Italy) 157-8.

Provenance: Ex Andrew McCabe Collection; ex RBW Collection (not in prior sales); private purchase from H.J. Berk 15 May 1994.

About 212 BCE, when the Romans introduced the denarius system, they also introduced a collateral denomination of silver coin, the victoriatus. As evidenced by its different weight standard, debased metal, iconography and missing denominational mark, the victoriatus was not integral to the denarius system but was produced for a special purpose. While the denarius and its fractions, the quinarius and sestertius, all depicted Roma and the Dioscuri, victoriati depicted Jupiter and Victory crowning a trophy. Further, while denarii were produced from nearly pure silver, victoriati were made from debased silver of about 70% purity. Based on the weight standard of Magna Graecia drachms, victoriati were likely designed specifically for payments to Greek cities of southern Italy and hoard evidence supports circulation largely in southern Italy.

Like the LT Series victoriati that were also struck in Luceria, Crawford notes that the L Series Victoriati went through three obverse phases: the first, with bead-and-reel border and Jupiter with scraggly hair; the second, with bead-and-reel border and Jupiter with neat ringlets; and the last, with dot border. This coin clearly belongs to the second phase.

Rome ceased issuing victoriati circa 170 BCE. Perhaps because of their debased metal (which discouraged hoarding), victoriati continued to circulate in Gaul for many years until they functioned as de facto quinarii due to metal loss from wear. Their continued popularity caused Rome to later issue quinarii bearing the same devices (Jupiter/Victory and trophy).