Coinage reform of Augustus

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The coinage reform of Augustus refers to the reform of Roman currency undertaken by Augustus in 23 BC.

The reform[edit]

Augustus brought the minting of gold and silver coins, the aureus and denarius, under his personal control without changing their weight or fineness. The gold aureus, weighing about one-quarter ounce, was worth twenty-five silver denarii, weighing about one-seventh of an ounce.[1]

Augustus more comprehensively reformed denominations below the denarius. New ratios were fixed among the currencies: the sestertius was now minted from about an ounce of orichalcum, an alloy of copper and zinc, rather than silver, and fixed at a quarter of a denarius. The dupondius, formerly a two-pound bronze coin, was now orichalcum, valued at half a sesterius and weighing half as much. The half-ounce as, worth half a dupondius, the semis, worth half an as, and the quadrans, worth half a semis, were the first pure copper coins minted in Rome since 84 BC.[2]

References[edit]

  1. ^ Cartwright, Mark. "Roman Coinage". Ancient History Encyclopedia. Retrieved 21 April 2016. 
  2. ^ Crawford, Michael. Coinage and Money Under the Roman Republic: Italy and the Mediterranean Economy. pp. 257–258, 260.