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Diocletian. AD 284-305. AV Medallion of Ten Aurei (38mm, 53.65 g, 12h). Aquileia mint. Struck AD 294. IMP C G VAL DIOCLETIANVS P F AVG, bare head right / IOVI CONSER VATORI, Jupiter, naked to the waist, with himation over knees, seated left on ornate throne, holding thunderbolt in right hand and vertical scepter in left; to left, eagle standing left, head right, holding wreath in beak; AQ in exergue. Cf. Gnecchi I 5, pl. 4, 12 (Alexandria mint); cf. RIC VI 1 (Alexandria mint); cf. Lukanc p. 125, 2 (Alexandria mint); cf. Cohen 264 (Alexandria mint). Lustrous with just a hint of minor staining, slight die shift on reverse. In NGC encapsulation 5872664-001, graded Ch AU★, Strike: 5/5, Surface: 5/5, Fine Style. Of the highest rarity, the only denio offered at public auction since 1922.
Equivalent to ten gold aurei, this magnificent medallion of Diocletian ranks among the largest denomination Roman Imperial gold medallions in existence and is a masterpiece of late classical portraiture. A gold multiple of this size and artistry, termed a denio in numismatic circles, represented vast wealth at the time of issue and must have been created for a special occasion. Before we examine the possible reasons for its striking, let us briefly review the extraordinary career and historical importance of the man it celebrates.
Although he attained the Roman purple via the brutal path of coup and civil war, Gaius Valerius Diocletianus turned out to be a far-sighted statesman whose reforms and innovations shaped the world of Late Antiquity. Seizing power at a time of anarchy in AD 284, he arrived with a detailed blueprint for Roman revival. Recognizing the task of governing the Empire had grown too great for one man, in AD 286 he divided supreme power with his old military colleague, Maximian, whom he named joint Augustus and placed in charge of the western provinces.
In 293, this collegiate rule was expanded with two other loyal officers, Constantius and Galerius, who were each given the junior title of Caesar. All four rulers of this newly minted “Tetrarchy” took charge of their territorial spheres and cooperated fully. By AD 300, the revolts and barbarian invasions that nearly destroyed the Roman Empire in previous decades had been defeated and the frontiers restored, allowing Roman civil and economic life to recover.
Among his most urgent priorities was reform of Roman finances and coinage. Decades of chaos and hyperinflation had witnessed the disappearance of the old silver and bronze denominations, while the gold aureus, so vital for paying the army, had fluctuated wildly in weight. By AD 286, Diocletian and Maximian stabilized of the gold aureus at about 5.4 grams, or 60 to the Roman pound. In AD 294, a whole new set of denominations was introduced and new mints opened, including one at the northern Italian city of Aquileia, to accommodate the new flood of coinage.
Thus the year AD 294 represents a threefold occasion for celebration by the increasingly confident regime: The tenth anniversary (decennalia) of Diocletian’s reign, the enlargement of the Dyarchy into a Tetrarchy, and the full implementation of a new system of coinage. Here, then, is the historical context for the striking of this impressive denio, no doubt intended as a handout to a military officer of high rank. The decennalia in particular was notable: No emperor since the revolt-plagued Gallienus (AD 253-268) had held the throne so long. Indeed, the subtext of “ten aurei for a decade of rule” would have been readily apparent to the receiver.
Though the mint of Aquileia was new, the task of creating dies for such an impressive medallion was bestowed on an experienced engraver of singular talent. The portrait, while reflecting some of the stylized Tetrarchic artistic conventions of the time, is still highly individualistic and conveys the Diocletion’s dominating personality, particularly in the pursed lips and piercing gaze. His military origins are revealed in his close-cropped haircut and trim beard. Remarkably, the head of Diocletian is shown plain and unadorned with a laurel wreath, cuirass, cloak or other symbol of rank. The reverse depicts Diocletian’s patron god, Jupiter, half-draped and clutching a thunderbolt, enthroned in a three-quarter frontal pose reminiscent of Alexander the Great’s coinage six centuries before. An eagle, symbol of Rome’s legions, stands at his feet, clutching the laurel wreath of victory. The legend IOVI CONSERVATORI (”Jupiter the Protector”) reflects the chief god’s role as guardian of the regime. The letters A Q in the exergue show the mint to be the newly opened one at Aquileia; perhaps this medallion was among the first pieces struck there.
At just under 54 grams, this unique piece is among the weightiest Roman gold medallions on record. At least four other ten aurei medallions of Diocletian by himself are recorded, all in museum collections. Two other examples of the same types and similar weight, but struck at the Alexandria mint, are recorded by Gnecchi; one of these is in Berlin state museum. Another, from the Nicomedia mint, has the same legends but a standing figure of Jupiter and a more “Tetrarchic” style head; this piece presently resides in the British Museum collection. All of these are dated to AD 294. At least five denio medallions representing the Tetrarchs singly and in groups were found in the Arras (Beaurains) Treasure of 1922; several were sold privately at the time and most, if not all, are currently in institutional collections.
The present example is the only known Tetrarchic gold multiple from the Aquileia mint, and the only denio to be offered for sale in more than a century. It thus offers a unique opportunity to acquire the largest Roman gold coin currently available, from a momentous time in history.
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The final winners of all Triton XXVI lots will be determined at the live public sale that will be held on 10-11 January 2023.
Triton XXVI – Session Three – Lots 674-990 will be held Wednesday morning, 11 January 2023 beginning at 9:00 AM ET.
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