Over a few hundred years, as the Roman Republic evolved from small town to small empire, its monetary system evolved from weighed bronze lumps (Aes Rude) to a bi-metallic, struck coinage. This album captures that period of intense development. By the early third century BCE, Rome began producing currency bars (Aes Signatum) which circulated as bullion, and heavy cast bronze coins (Aes Grave) which were subsequently issued in various series from circa 280 to 215 BCE. While the mint of Rome produced Aes Grave and Currency Bars, Italo-Greek cities to the south struck the first silver Didrachms and related bronze coins bearing the legend “ROMANO.” The Didrachm coinage was issued infrequently until circa 240 BCE, when the ROMANO inscriptions were replaced with ROMA and Didrachm production increased. Perhaps with the influx of silver from the Carthaginian’s indemnity following the First Punic War, Rome introduced the large issue of Quadrigati circa 225 BCE, though Quadrigatus production would eventually decentralize when the Second Punic War ensued.

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The immense financial pressure of defending Hannibal’s invasion of Italy, and subsequent successes, are reflected in periods of debasement, reform and renewal in the Republican coinage of the Second Punic War period. This album depicts the upheaval and rebirth. We see gradual reduction in the weight standard of the bronze coinage and debasement of the Quadrigatus silver coinage. The semilibral reduction in the bronze coinage occurs from 217-215 BCE and is soon followed by further weight reductions. Bronze overstrikes are common during this period as coinage of defeated regions are restruck by Rome (Roman overstruck on foreign) and as Rome reduced the weight standard of its bronze currency (Roman overstruck on Roman). Eventually, the monetary system is completely reformed with the introduction of the Denarius coinage of good silver, the Victoriatus coinage (of not such good silver!) and the so-called sextantal struck bronzes. This denarius system would continue with occasional changes for the next 450 years.

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During the second century BCE, we see Roman moneyers becoming progressively more independent, both in terms of type selection and messaging on the coinage. The office of moneyer was an important early rung on the Cursus Honorum - the imposed political path toward consulship and personal prestige.   Testing traditional constraints, moneyers gradually chose types and inscriptions to increase their name recognition and brand for future elected offices.  Early in the century we see standard types (Roma/Dioscuri or Bigati) paired with symbols, initials and abbreviated monograms.  By the close of the century, full names and creative devices (some focusing on a moneyer's illustrious ancestors) are common. This use of the coinage as a propaganda device would continue to expand in the next century.

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By the first century BCE, the Republican coinage had fully-matured into a personal propaganda medium for politicians on the rise.  Many of these politicians sided with Marius or Sulla during their supremacy struggle, and the selection of coin types sometimes reflect those alliances.  The abilities of the mint were tested during the Social War crisis of 90 BCE, which required massive expenditure in coined money to put down.  By the close of this period, a new supremacy struggle echoing Marius and Sulla would emerge - that between Pompey and Caesar - which would plunge the Roman world into years of civil war and eventually end the Republic.

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This era of the Roman Republic is referred to as the "Imperatorial" period, because it is marked by the political and military struggle for supremacy among the premier generals ("imperator" in Latin).  It begins with Caesar crossing the Rubicon with his legions,  challenging and ultimately defeating Pompey.  In preparing for his next great military challenge against the Parthians, Caesar would authorize the production of coins bearing his own portrait and honors - the first Roman to do so - completing the evolution of personal propaganda on Republican coinage.  Caesar would be assassinated before his Parthian campaign could launch.  The next 20 years of Roman coinage depict and reflect the various protagonists and antagonists and their respective allies in the supremacy struggles among Caesarians, Republicans, Octavian and Antony.  Following the defeat of Antony and Cleopatra at Actium, Octavian (later known as Augustus) would at last emerge as undisputed master of Rome and the Mediterranean world . This marks the end of the Republican coinage, and the commencement of Imperial coinage.

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