Constantine the Great
Diocletian's Monetary Reform and Rebellion




The Antoninianus...and a pirate


  Until A.D. 294, the standard denomination in the Roman Empire was the antoninianus which, during the Tetrarchy, was circa 21mm and 4.0 grams. The coin, which featured a radiate crown on the ruler, was first introduced by Caracalla in A.D. 215. In the late 3rd century, it was issued for all the rulers of the 1st Tetrarchy --Diocletian, Maximianus, Constantius I and Galerius. Below are some assorted examples. The one below for Diocletian was actually struck by the usurper Carausius (reigned 286- 293). Diocletian put Carausius in charge of clearing out the Frank and Saxon pirates pillaging the English Channel. Carausius defeated the pirates, but then declared himself ruler of Britain, in effect, becoming a pirate himself. Carausius struck coins in his name along with Diocletian and Maximianus in hopes that he would be formally named as a co-ruler; which did not happen. This presumptious and ill-fated desire to be recognized is why the reverse legend ends with AVGGG- - one G for each Augustus. The Diocletian and Maximianus coins also have XXI in the exergue, which is likely a mark of value, meaning 20 parts alloy to 1 part silver.




Diocletian PAX from London
 Maximianus VIRTVS AVGVSTORVM from Cyzicus
 Constantius I COMES from London
 Galerius CONCORDIA MILITVM from Alexandria
Diocletian
A.D. 291
21x24mm    4.4gm
IMP C DIOCLETIANVS P F AVG; radiate and cuirassed bust right
PAX AVGGG; Pax stg. l., holding olive branch and transverse sceptre; S-P across fields.
In ex. MLXXI
RIC Vii London 9
"pirate" coin
 Maximianus
A.D. 287
22x24mm    4.5gm
IMP C M A VAL MAXIMIANVS P F AVG; radiate, draped and cuirassed bust right.
VIRTVS AVGVSTORVM; Hercules stg. r., leaning on club, holding lion’s skin and bow.
In ex. XXIB
RIC V Cyzicus 591
 Constantius I
A.D. 294
Ӕ Antoninianus
23x24mm    3.3gm
CONSTANTIVS NOB C; Radiate, draped and cuirassed bust right.
COMES AVGG; Minerva standing left, holding spear and resting left hand on shield
In ex. B
RIC V Lugdunum 627; Bastien 629
 Galerius
A.D. 296- 297
20x21mm    3.5g
GAL VAL MAXIMIANVS NOB CAES; radiate, draped and cuirassed bust right.
CONCORDIA MILITVM; Emperor standing right in military dress, receiving Victory on globe from Jupiter leaning on scepter; Γ between.
In ex. ALE
RIC VI Alexandria 48B





The Follis...and a Berber rebellion


In 294, Diocletian started a monetary reform by introducing a new unit -- the follis (this term may have actually referenced a bag of 1,000 coins); which at circa 27mm and 10 grams was much larger than the old antoninianus. Besides the size difference, the radiate bust was replaced with a laureate bust. The most common type was the GENIO POPVLI ROMANI reverse; which was issued for all the rulers of the Tetrarchy. The GENIO type has several different legends, like GENIO POP ROM, GENIO EXERCITVS, GENIO IMPERATORIS, GENIO CAESARIS, GENIO AVGVSTI [CMH], BONO GENIO PII IMPERATORIS and GENIO FIL AVGG. The GENIO coins were issued from the following mints-- London, Treveri (Trier), Lugdunum (Lyons), Ticinum, Aquileia, Rome, Siscia, Serdica, Thessalonica, Heraclea, Nicomedia, Cyzicus, Antioch, Alexandria. The mints of Carthage and Ostia did not issue any GENIO coinage. Carthage was busy with the Quinquegentiani rebellion and striking unique reverses. The mint of Ostia was not opened until A.D. 308, by Maxentius, who struck his own types.
 


Diocletian GENIO POPVLI ROMANI from Siscia
 Maximianus GENIO POPVLI ROMANI from Cyzicus
 Constantius I GENIO POPVLI ROMANI from London
 Galerius GENIO POPVLI ROMANI from Antioch


Diocletian
A.D. 294
27x29mm   9.5gm
IMP C DIOCLETIANVS P F AVG; laureate head right
GENIO POPVLI ROMANI; Genius standing left, naked except for chlamys over left shoulder, holding patera and cornucopiae, across fields S/Γ.
RIC VI Siscia 79a
Maximianus
          A.D. 297- 299         
27x29mm    9.8gm
IMP C M A MAXIMIANVS P F AVG; laureate head.              
GENIO POPV-LI ROMANI; Genius standing left, modius on head, naked but for chlamys over left shoulder, right holding patera, left cornucopiae.
In ex. K E
RIC VI Cyzicus 12b
Constantius I
A.D. 296- 303
27x28mm     9.7gm
FL VAL CONSTANTIVS NOB C; laureate and cuirassed bust.
GENIO POPVLI ROMANI; Genius standing left, modius on head, naked but for chlamys over left shoulder, right holding patera, left cornucopiae.
No mintmark
RIC VI London 14a/20
 Galerius
A.D. 300- 301
25x26mm     9.2g
GAL VAL MAXIMIANVS NOB CAES; Laureate head right.
GENIO POPV-LI ROMANI; Genius standing facing, head left, modius on head, naked but for chlamys across left shoulder, liquor flowing from patera in right hand, cornucopiae in left, in left field Δ over K, in right Є over V.
In ex. ANT
RIC VI Antioch 55b




The Tetradrachm...resistance to reform


The coinage reform was probably not well received by some people...surprise, nobody likes change (pun intended). The people of Alexandria probably really disliked the coin reform. They used a different monetary system based on Greek currency and had used the tetradrachm for over 300 hundred years-- since the time of Augustus.
Diocletian tetradrachm from Alexandria
 Maximianus tetradrachm from Alexandria
 Constantius I Tetradrachm from Alexandria
 Galerius Tetradrachm from Alexandria


Diocletian BI Tetradrachm of Alexandria, Egypt. # Year 10 (= 293/4). Laureate and cuirassed bust r. / Diademed bust of Zeus r. Emmett 4086. 6.70g, 18mm, 12h.
Maximianus (286-305 AD). AE Tetradrachm (18 mm, 7.56 g), Alexandria, Egypt, 291-292 AD.
Obv. MAXIMIANOC CEB, laurate, draped and cuirassed (?) bust right, seen from behind.
Rev. L Z, Herakles standing left, holding club and lion's skin in left hand and Victory with wreath in right.
Dattari 5908

Constantius I, as Caesar, BI Tetradrachm of Alexandria, Egypt. Year 3, AD 294-295. Laureate, draped and cuirassed bust r. / Athena seated l. holding Nike and spear, L-Δ across fields. Emmett 4173; Dattari (Savio) 6037 and 10754; BMC -. 7.89g, 21mm, 12h.

Galerius (293-305 AD). AE Tetradrachm (18 mm, 7.11 g), Alexandria, Egypt, 294-295 AD.
Obv. ΓAΛ MAΞIMIANOC K, laureate, draped and cuirassed bust right.
Rev. L - Γ, Nike advancing right, holding wreath and palm.
Dattari 6150.




So, the people in Alexandria were likely not very happy about the monetary reform; which would have been a perfect time for a rebellion...and the name of the newest usurper is...Domitius Domitianus. Though we don't know for certain that the coin reform was a factor in the rebellion, the timing would seem to indicate that it was, at least to some extent, a factor. Circa 295- 296, Domitius seized power in Alexandria. Interestingly, he struck coins for all the rulers and minted Greek tetradrachms and tetrarchic folles. The reign of Domitius lasted less than a year though, as Diocletian quickly marched on Alexandria and quelled the rebellion...and ended 300 plus years of the Alexandrian tetradrachm. Below are examples of the GENIO types that Domitius struck.
Diocletian GENIO Alexandria
 Maximianus GENIO Alexandria
 Domitius GENIO Alexandria
 Constantius GENIO Alexandria
 Galerius GENIO Alexandria

Diocletian
A.D. 295- 296
25mm     10.0g
IMP C DIOCLETIANVS P F AVG; laureate head right.
GENIO POPVLI ROMANI; Genius standing left, modius on head, naked except for chlamys over left shoulder, holding patera and cornucopiae, eagle with wreath in beak at feet to left; A in right.
In ex. ALE   
RIC VI Alexandria 18a
Maximianus
A.D. 295- 296
24x26mm     10.0gm
IMP C M A MAXIMIANVS P F AVG; laureate head right.
GENIO POPVLI ROMANI; Genius standing left, modius on head, naked except for chlamys over left shoulder, holding patera and cornucopiae, eagle with wreath in beak at feet to left; A in right.
In ex. ALE   
RIC VI Alexandria 18b
Domitius Domitianus
A.D. 295- 296
24mm     10.8g
IMP C L DOMITIVS DOMITIANVS AVG; laureate head right.
GENIO POPV-LI ROMANI; Genius standing left, modius on head, naked except for chlamys over left shoulder, holding patera and cornucopiae, eagle to left; A in right.
In ex. ALE 
RIC VI Alexandria 20
Constantius I
A.D. 295- 296
26mm    11.7gm
FL VAL CONSTANTIVS NOB CAES, laureate head right.
GENIO POPVLI ROMANI, Genius standing left, modius on head, naked except for chlamys over left shoulder, holding patera and cornucopiae, eagle with wreath in beak at feet to left; B in right.
In ex. ALE   
RIC VI Alexandria 21a 

Galerius
A.D. 295-296
26mm      8.6g
GAL VAL MAXIMIANVS NOB CAES; laureate head right.
GENIO POPV-LI ROMANI; Genius standing left, modius on head, naked except for chlamys over left shoulder, holding patera and cornucopiae, eagle at feet to left; B in right.
In ex. ALE   RIC VI
Alexandria 21b





Sacred Money and Price Fixing


Starting A.D. 300, a few mints (Trier, Ticinum, Aquileia, Rome and Siscia) started issuing a new reverse type with Moneta. There were variations on the reverse legend; but most common was SACRA MONET AVGG ET CAESS NOSTR...Sacred money of our rulers. This type was issued because of Diocletian's Edict on Maximum Prices in an attempt to bolster public confidence in the financial system. Despite the "sacred money", Diocletian was not successful in his attempt to stop inflation and actually made the situation worse by trying to order fixed prices and flooding the market with his new coins. 


here are some examples from Aquileia

Diocletian SACRA MONET AVGG ET CAESS NOSTR from Aquileia
 Maximianus SACR MONET AVGG ET CAESS NOSTR from Aquileia
 Constantius I SACRA MONET AVGG ET CAESS NOSTR from Aquileia
 Galerius SACRA MONET from Aquileia
Diocletian
A.D. 300
25x26mm     10.8gm
IMP DIOCLETIANVS P F AVG; laureate head right.
SACRA MONET AVGG ET CAESS NOSTR; Moneta standing left with scales & cornucopiae.
In ex. AQP
RIC VI Aquileia 29a
 Maximianus
A.D. 301
26x28mm     10.2g
IMP MAXIMIANVS P F AVG; laureate head right.
SACRA MONET AVGG ET CAESS NOSTR, Moneta standing left with scales & cornucopiae; V in right field.
In ex. AQP
RIC VI Aquileia 31b
 Constantius I
A.D. 301
26x27mm   9.8gm
CONSTANTIVS NOB CAES, laureate head right.
SACRA MONET AVGG ET CAESS NOSTR, Moneta standing left with scales & cornucopiae; V in right field.
In ex. AQΓ
RIC VI Aquileia 32a
 Galerius
A.D. 302- 303
27mm   8.4gm
MAXIMIANVS NOB CAES; laureate head right.
SACRA MONET AVGG ET CAESS NOSTR; Moneta standing left with scales & cornucopiae; VI in right field.
In ex. AQΓ
RIC VI Aquileia 36b





Much of Diocletian's time ruling was spent trying to fix the economy; but by the end of his rule in A.D. 305, the Edict on Prices was mostly ignored by the people of Rome. It was not until reforms under Constantine that the Roman economy stabilized.










page created on 14 May 2021


Constantine the Great