Introduction of the Argenteus

Sale: Triton XIII, Lot: 357. Estimate $1000.  Closing Date: Monday, 4 January 2010.  Sold For $1600. This amount does not include the buyer’s fee.

Diocletian. AD 284-305. AR Argenteus (3.32 g, 12h). Ticinum mint. Struck circa AD 294. DIOCLETI ANVS AVG, laureate head right / VICTORIA SARMAT, four tetrarchs sacrificing over tripod before city enclosure with seven turrets. RIC VI 12a; Jelocnik 25; RSC 488d. Superb EF, toned.

From the White Mountain Collection.

During the later 3rd century AD, monetary reforms were implemented to restore the imperial coinage to a more more stable system of relational weights and improve fineness. Inspired by the monetary system of Nero, Diocletian set out on his reformation of the coinage along that line, based on a ratio of 1:4, with four sestertii equal to one denarius. To this end, in AD 294/5 two new denominations were introduced including one of pure silver. Known as the argenteus, it was to be a coin struck at 96 to the pound (indicated by the XCVI on the reverse of some issues), and, like the denarius, of a high fineness of silver. The argenteus would then be valued against the new bronze denomination, the nummus, thereby restoring a sense of unity to the entire monetary system, and although Diocletian had reintroduced the first true silver coin in over a century, the argenteus was to take a subsidiary role, as the aureus and nummus were intended to be the principal coins. This new system, however, was fragile and problems soon began to develop. By AD 301, the argenteus had to be revalued to double its face value to keep up with inflation and maintain the relational standard. Furthermore, the appearance of high quality silver issues encouraged hoarding, resulting in the disappearance of the argenteus from the marketplace.