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Rh the sesterce remained the unit of account. Marks of value occur on all the coins from 269 for some time onward, except on the smallest bronze and the victoriatus. After the reduction of the bronze had been carried far, it became possible to issue large denominations of a circular form; thus circular bronze decusses (equal each to 1 denarius) are known of various periods, weighing from over 1100 to 650 grammes.

Gold was not regularly coined by the Romans until the close of the republic; but certain exceptional issues must be noticed. The earliest (some time during the first Punic War) consisted of pieces of 60 (Pl. II. fig. 26), 40 and 20 sestertii; they were issued both from Rome and from some external mint or mints. To the crisis of the second Punic War may be assigned certain electrum coins of 1 scruple weight (types: janiform female head, and Jupiter in quadriga). It is to this time that Pliny attributes the fixing of the as at the weight of an uncia, and the valuation of the denarius at 16 instead of 10 asses (although in estimating the pay of soldiers the denarius continued to be given for 10 asses). Finally there is some probability in the attribution to the year 209 of the well-known gold coins of 6 and 3 scruples which have on the obverse a head of the young Janus, and on the reverse two soldiers taking an oath of alliance over the carcass of a pig—in allusion to the loyalty to Rome of her Latin colonies (Livy xxvii. 9, 10).

Without following the fortunes of the various denominations, we may note that in 89 the lex Papiria suppressed all local mints throughout Italy, ordered the reissue of the silver sestertius, and introduced the semuncial ( ounce) standard for bronze. This was just after the close of the Social War, which had been signalized by the issue, on the part of the revolted allies, of an interesting series of coins (denarii and—most treasonable of all—a gold piece) chiefly from Italia, as they called Corfinium. These coins bear in Oscan letters the names of the Italian military leaders, such as C. Papius Mutilus. In 81 the regular bronze coinage came to an end, and the denarius remained for a long time the only coin issued by the Roman mint. Roman generals sometimes, however, issued exceptional coins in their own names, such as “bronze sesterces.”

We have already dealt with the earliest gold money of the republic. Another exceptional issue was the gold coin bearing the name of T. Quinctius Flamininus, the liberator of Hellas (struck between 198 and 190 ); but it was minted in Greece and conformed to Greek standards. The earliest Roman aurei proper (those of Sulla) were also struck outside Rome. They weigh or  of a Roman pound. The aurei of Pompeius were , those of Julius Caesar, of the pound. After Caesar’s time the weight of the aureus fell to ℔, under Augustus.

The types of the Roman republican coins are of great interest, although their art never rises above mediocrity. The chief types

of the period before 269 have already been mentioned. The earliest denarii, quinarii and sestertii bear a head of the goddess Roma, helmeted, and the Dioscuri charging on horseback, as they appeared at Lake Regillus. The victoriatus has a head of Jupiter and a figure of Victory crowning a trophy. The types of the bronze coins are practically the same as in the earlier period. About 190 the goddess Diana in her chariot begins to appear on the reverses of some of the denarii. Later, other types gradually encroach on the reverses; first, Victory in a chariot; still later such types as the Juno of Lanuvium in a chariot drawn by goats. This and other types which now begin to relieve the monotony of the series usually have a personal allusion to the moneyer, or to his family history. Thus, on a denarius of Sex. Pompeius Fostlus is seen the shepherd Faustulus discovering Romulus and Remus suckled by the she-wolf. Imaginary or more or less authentic portraits of ancestors, such as Numa, L. Junius Brutus or M. Claudius Marcellus, belong to the same category. An elephant’s head on a Macedonian shield, on a coin of M. Caecilius Metellus (c. 94 ), alludes to victories won by Caecilii at Panormus (in 251, over Punic elephants) and in Macedonia (in 148). The cult of Venus by the Julian family is illustrated by a denarius of L. Julius Caesar (c. 90 ) with a head of Mars and a figure of Venus in a car drawn by two Cupids. The surrender of Jugurtha by Bocchus to Sulla is represented on a denarius of Sulla’s son Faustus (62, Pl. II. fig. 23). The type is probably a copy of the design which we, know the dictator used for his signet-ring, M. Aemilius Lepidus (TVTOR REGis) crowning Ptolemy Epiphanes, or Paullus Aemilius erecting a trophy, while King Perseus and his two children, stand before him, are other historical types. A contemporary event is commemorated on a special issue inscribed AD FRV(mentum) EMV(ndum) EX S(enatus) C(onsulto), coined by L. Calpurnius Piso and Q. Servilius Caepio in 100 Caepio, quaestor in that year, defeated the proposal of Saturninus to sell corn publicly at a nominal price; but the senate voted a special issue of money to meet the strain of the market. On the obverse is a head of Saturn, from whose treasury the funds for the issue were drawn; on the reverse are Caepio and Piso on their official seat, and two ears of corn. Perhaps the most graphic allusion to a contemporary event to be found on any coin is furnished by the cap of liberty with two daggers and the inscription EID(ibus) MAR(tiis) on coins of Brutus. Representations of a less obviously historical character, as personifications of countries or places (Hispania, Alexandria) or qualities (Honos and Virtus) or mythological figures (Scylla), are all, it would seem, inspired by some personal interest. Many types will only be explained when more light is thrown on the obscure corners of Roman mythology and ritual; but they will all probably be found to have some personal reference to the moneyer. Roman types of the later republic, therefore, though they may be classified externally as “religious,” “historical,” “canting,” &c., are all inspired by some personal motive. The inevitable outcome of this character was that, when once contemporary portraiture was regarded as legitimate on the coins, it speedily became its most important feature. The portrait of Flamininus on his gold coin struck in Greece long remained without a Roman analogy. In 44, by order of the senate, the head of Julius Caesar was placed on the silver coins (Pl. III. fig. 1; the gold coin bearing his portrait is of doubtful authenticity). After Caesar’s death portraits occur on coins issued by men of all shades of political opinion, showing that portraiture on the coins was not then regarded as the monarchical prerogative, which it became from 6 onwards, when it was limited to members of the imperial family.

The history of the imperial coinage is full of metrological difficulties. These arise from the conditions fixed by Augustus (16–15 ), by which the emperor alone coined gold and silver, the senate alone bronze. Consequently the senate was wholly at the mercy of the emperor. Augustus struck the aureus at 42 to the pound, equal to 25 denarii at 84

to the pound (Pl. III. fig. 3). He introduced a new coinage in two metals, the sestertius of 4 asses and dupondius of 2, both in fine