Crawford 098A/1, ROMAN REPUBLIC, LT Series Victoriatus

Rome. The Republic.
LT Series, 211-210 BCE
AR Victoriatus (3.06g; 18mm).
Luceria mint

Obverse: Laureate head of Jupiter facing right.

Reverse: Victory crowns trophy; LT ligate between; ROMA in exergue.

References: Crawford 98A/1b; RBW 429; Sydenham 137; BMCRR (Italy) 178-80.

Provenance: Ex Andrew McCabe Collection; private purchase in 2012 from CNG #910522; ex CNG 88 (14 Sep 2011) Lot 1130.

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 L Series victoriati which were also struck in Luceria, Crawford notes three phases of the LT Series victoriati: the first, with a small head and mint/control letters split between obverse and reverse; the second, with larger head and monogram LT on reverse; the last, with careless, spread devices and mint/control marks again split between obverse and reverse. This coin belongs to the second phase of the series’ development. While the L almost certainly represent Luceria, the meaning of the additional letter T is uncertain. Crawford suggests it may be a magistrates initial or indicate the purpose of the expenditure.

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).