- The Antoninianus was a Roman Coin introduced by Caracalla from 215 CE onwards with the value of a Double Denarius.
Description
- Initially, it was a silver coin worth approximately 2 Denarii. However, it was gradually debased to Bronze.
- It was larger than the Denarius and featured the Roman Emperor wearing a radiate crown, indicating it was twice the value of a Denarius.
- In 271 CE Aurelian increased the weight of the Antoninianus and made it 5% silver with the rest made of Bronze.
- The coins were marked ‘XXI’, meaning 20 Antoniniani were worth 1 silver Denarius.
Silver runs out in the Roman Empire
- The Spanish silver Mines had expired.
- No new Territories had been conquered.
Issuing the Antoninianus triggers Inflation
- The silver content of the Coin was only worth 1.5 Denarii.
- Romans therefore hoarded the Denarii, and raised prices to adjust for the lower value.
- Each new issue had less and less silver in it, leading to higher and higher Prices.
- By Diocletian‘s time, the Antoninianus was made of Bronze with almost no silver content.
Roman Coins