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Gaius (Caligula). AD 37-41. AV Aureus (19.5mm, 7.66 g, 3h). Lugdunum (Lyon) mint. 2nd emission, 2nd phase, late AD 37-early 38. C • CAESAR • AVG • GERM • P • M • TR • POT, laureate head right / S • P • Q • R/ P • P/ OB • C • S in three lines within oak wreath. RIC I (first edition) 4; Lyon 173 (unlisted dies); Calicó 328 (this coin illustrated); BMCRE p. 148, note *; cf. BN 30 (Denarius); Adda –; Biaggi 188 (this coin); Jameson –; Mazzini –; CNR XII 1. NGC Photo Certificate graded Ch XF, Strike: 5/5, Surface: 4/5. Of the highest rarity, this is only the second example known of this issue. The other specimen was sold from the Sir Hyman Montagu Collection (Rollin & Feuardent, 20 April 20 1896), lot 132.
From the PLZ Collection. Ex Numismatica Ars Classica 54 (24 March 2010), lot 327; Numismatica Ars Classica 33 (6 April 2006), lot 422; Leo Biaggi de Blasys Collection (1906-1979).
This extremely rare, well-centered ex-Biaggi aureus of Caligula was an immediate draw for me. I especially liked the slightly unhinged look in Caligula's portrait. (PLZ)
Gaius Caesar Augustus Germanicus, popularly known as Caligula, was the son of Germanicus and Agrippina the Elder. This heritage would make him a descendant of both the Julio and Claudian families. While on campaign with Germanicus, Agrippina would routinely dress Gaius in a child-sized military kit, complete with a tiny set of military boots or caligae. This gained him his lifelong moniker Caligula, which translates to “little boot” or “bootikins.”
His father had been extraordinarily popular with the Roman citizenry but was destined to die young in AD 19. Agrippina openly blamed his death on Tiberius, who reacted by subjecting her and her two elder sons, Nero and Drusus, to a campaign of persecution that eventually led to their deaths. Her youngest son, Caligula, was eventually brought to live with Tiberius at his villa on the island of Capri, where he grew up under the emperor’s baleful eye. His three younger sisters, Agrippina the Younger, Drusilla, and Livilla, all survived into Caligula’s reign and onto one of his most endearing coins types (see lot 18).
When Tiberius died in AD 37, Caligula was immediately hailed as emperor by the Praetorian Guard and quickly ratified by the Senate. He entered Rome in late March with unprecedented authority and power. He acted professionally in dealing with Tiberius’ will and distributed a great deal of money to the guard and to the citizens of Rome. Caligula began his reign, in the words of Philo, being “universally admired.” Indeed, the first few months were cause for celebration throughout the empire. Unfortunately, sometime in the fall of AD 37, he took seriously ill and recovered a changed man. In short order he disposed of Gemellus, the grandson of Tiberius, and several powerful senators whom he perceived had acted suspiciously during his illness. He followed this with the forced suicide of Macro, the Praetorian prefect who had largely been responsible for his survival and rise to the throne. His troubles would continue with the death of his beloved sister, Drusilla, in 38 AD. Whether a result of his illness, the loss of his sister, or his actual temperament all along, his love affair with the Roman political system quickly began to fade.
Caligula is reported to have continually spent money beyond his means, totaling some 2.7 billion sesterces, to the detriment of the treasury coffers. As a result, he increased taxes, made loans at exorbitant interest rates, condemned wealthy Romans on spurious charges to seize their estates, and even held two public auctions of Imperial possessions, the latter acting as auctioneer. Reputedly he demanded to be worshipped as a god and ordered the heads of Olympian statues to be replaced with his own. While he remained popular with the wider populace, who seemed to enjoy his antics, his downward spiral with the Senate was accompanied by souring relations with the Roman legions and, fatally, a senior officer of the Praetorians, Cassius Chaerea, who arranged his assassination on 24 January AD 41. His relatively short reign of just under four years, which had started so promisingly, ended in dysfunction and disgrace.
The rare gold aureus offered here depicts his portrait paired with the Corona Civica, or Civic Crown, reprising an important reverse type first issued under Augustus. The corona was awarded to a soldier who had saved the life of another Roman in battle. At the beginning of his reign, the Senate had voted Caligula the honor for saving the entire citizenry from the tyranny of Tiberius. Additionally, the reverse inscription P P recognizes him as Pater Patriae, or “father of the fatherland.” Today, this is the rarest surviving gold issue of Caligula. Just as importantly, it carries an exceptionally high grade and a remarkable portrait. Truly an exceptional coin.
The final winners of all CNG Feature Auction 132 lots will be determined at the live online sale that will be held on 18-19 May 2026.
CNG Feature Auction 132 – Session One – Lot 1-318 will be held Monday morning, 18 May 2026 beginning at 9:00 AM ET.
Winning bids are subject to a 22.5% buyer's fee for bids placed on this website and 25% for all others.
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