Sale: Triton XI, Lot: 636. Estimate $500.  Closing Date: Monday, 7 January 2008.  Sold For $1300. This amount does not include the buyer’s fee.

Octavian. 35/4 BC. AR Denarius (3.71 g, 9h). Spanish or northern Italian or mint traveling with Octavian in Illyricum. Bare head left / IMP above, CAE SAR at sides, DIVI F below, round shield (or phiale?) with three concentric rows of studs and central boss. RIC I 543b; CRI 393; RSC 127; BMCRE 313 = BMCRR Gaul 123; BN 1021-2. VF, toned, a few scratches under tone, minor porosity.

This issue with its seemingly enigmatic reverse type has been the subject of much scholarly speculation regarding its placement within the chronology of Octavian’s coinage. Although many different dates and mints have been suggested for this issue, David Sear, in The History and Coinage of the Roman Imperators 49-27 BC, p. 241, contends that “the key to understanding the chronology of Octavian’s post-36 BC coinage lies in the correct interpretation” of this issue.

Regarding this issue, Prideaux remarks on having always been puzzled by this type which was minted in quantities and gives no hint to its significance or year of issue. The design is traditionally described as a shield, but no shield on a Roman coin appears depicted in this manner. Shields individually presented or piled on a trophy are immediately recognizable as shields, and when some doubt might occur the die engraver helps by adding the legend “CL V.” As coins were the newspapers of the day, the significance of this reverse type must have been obvious to a person living at the time. Prideaux further notes that this circular object is shown as convex and not concave. This observation prompted an examination of other known historically significant objects that could be associated with Octavian in this period. An important item of similar appearance, with concave circular shape, three rows of dots, and a central boss, is the Phiale of Panagurishte, an impressive cup that was a highly symbolic tool of Apollo’s cult. One can argue that this would have been an easy association for people to make who lived at the time, and also easy to engrave. From the various styles evident, this type was struck in large numbers from various mints, probably to provide military funding in just prior to Actium.