Antoninianus

  • 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

 

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