Drachmas, Doubloons and Dollars: The History of Money

Ancient Rome

The Late Roman Empire (AD 284-476)

In 294, Diocletian (AD 284-305) issued a new silver-clad nummus and, in 301, briefly imposed price ceilings. Although civil wars sparked debasement and inflation, later emperors repeatedly reformed the base-metal coinage and maintained the gold solidus introduced by Constantine (AD 306-337).

Bronze nummus (AD 296-297) of Diocletian. This denomination, originally covered by a wash of silver, replaced the debased antoninianus.

Gold medallion (c. AD 293) of the First Tetrarchy with portraits of the four emperors.

Bronze maiorina (AD 347-351) of Constantius II with a sliver wash, depicting the chilling message of "Restoration of Blessed Times" with a Roman soldier spearing a fallen barbarian horseman.