Sale: CNG 64, Lot: 1192. Estimate $5000.  Closing Date: Wednesday, 24 September 2003.  Sold For $4300. This amount does not include the buyer’s fee.

CLAUDIUS II GOTHICUS. 268-270 AD. Æ 32mm Medallion (23.16 gm). IMP C CLAVDIVS P F AVG, laureate, draped, and cuirassed bust right / MONETA AVG, the three Monetae standing facing, heads left, each holding scale above a stack of coins at their feet, and cornucopiae. Gnecchi II 5; Cohen 181. VF, smooth brown patina with traces of gilding. Extremely rare; Gnecchi records five examples, all of which are in museum collections. ($5000)

The reverse of this medallion depicts the tres Monetae, female personifications of the three metals of gold, silver, and bronze, and commemorates the attempt of Claudius II to reform Roman currency. When Claudius II took the throne on the death of Gallienus in 268 AD, the Roman Empire had reached its lowest point. In addition to the numerous internal and external rebellions, the economy was in a state of near-collapse. While gold aurei still continued to be struck in order to pay the army, silver denarii and antoniniani, as well as the earlier large bronze denominations had disappeared completely. In their place, antoniniani of near-billon composition became the medium of daily exchange. These too, however, soon diminished in size and style. Claudius II seems to have planned a reform of the currency, and he also began minting a wide variety of reverse types which emphasized traditional divine protection and renewal of Roman power. Unfortunately, the early death of Claudius II delayed the anticipated monetary reformation, which his successor, Aurelian, would carry through.