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More than a century before the founding of the Empire by Augustus, the silver denarius had been established as a principal monetary unit across the Roman world. Anchored between the bronze sestertius and the gold aureus, the denarius sustained its popularity under Augustus’ successors. Over time, however, the denarius experienced a relentless, intentional dilution in its actual silver content. By the time of Rome’s Crisis of the Third Century, a new silver-coated billon coin appeared, known by its modern-day moniker of the antoninianus, whose actual argentum content was as low as only 1-2%. As part of an imperial reboot known as the Tetrarchy, Diocletian re-introduced a highly pure silver coin, the argenteus, in 294 AD. However, rampant inflation and public hoarding — a textbook manifestation of Gresham’s Law — eventually drove the denomination entirely out of circulation. Contemporaneous with the argenteus’ demise was the rise of Constantine (ca. 272 – 337 AD), who not only abandoned the rigid, failing policies of the Tetrarchy but also engineered a novel, transitional silver solution: the "pseudo-argenteus".
Struck almost exclusively at Treveri (modern-day Trier, Germany) circa 310 to 313 AD, the pseudo-argenteus epitomizes Constantine’s determination to forge his own path. While technically classified alongside the nummus, this unique issue was struck using a highly enriched billon alloy (containing roughly 20% silver) coated in a thick, premium silver wash. It was deliberately engineered to look, feel, and circulate as a silver fraction, brilliantly bridging the economic void between standard copper and pure gold.
The current coin provides an example of Constantine’s foray into metallurgical experimentation. Like all pseudo-argentei, this coin was primarily intended to be used as a
donativum — a military bonus doled out by the Emperor to the troops. From the soldiers’ perspective, there was certainly a lot to like about this coin. In addition to its premium alloy and shine, this coin’s intricate die engravings are considered among the most dramatic of the entire Late Empire. The obverse entirely abandons the blocky uniformity of the earlier Tetrarchs, unleashing a dynamic, veristic portrait of martial supremacy: facing left instead of right, donning an ornate cuirass and literally topped off by a magnificent, high-crested cavalry helmet. Gripping a spear over his right shoulder and resting his left hand confidently on the hilt of his sword, the Emperor radiates the aggressive energy of a juggernaut preparing for war. Encircling this portrait is the epithet IMP CONSTANTINVS AVG. The overall messaging for this obverse design is clear: imperator Augustus Constantine is an unstoppable military machine.
The theme continues on this coin’s intricately engraved reverse, featuring an altar upon which stand a pair of winged Victories (deifications of the same) standing face-to-face, supporting a shield inscribed with VOT / PR (
Vota Populi Romani) touting the vows of the Roman people. Encircling the triumphant scene is the sweeping proclamation VICTORIAE LAETAE PRINC PERP ("To the Joyous Victories of our Perpetual Prince").
The extent to which this coin was a propagandistic masterpiece is best appreciated considering its context. It was struck over the period Constantine consolidated his Western legions and marched on Italy to ultimately defeat Maxentius at the epic Battle of the Milvian Bridge. This coin was more than just a well-deserved bonus for the hard-working troops. It was a personal promise from their Augustus that victory was a joyous, perpetual certainty.
Despite all its numismatic bling, the pseudo-argenteus was ultimately a doomed economic experiment. Containing a massive silver premium over standard bronze coins, it fell victim to the very inflation it was trying to outsmart. The State simply could not afford to sustain the production costs, and the denomination faded out rapidly by 313 AD. Because of their high intrinsic value, the vast majority of these coins were either aggressively hoarded by the public or recalled and recycled by the State. Consequently, coins like this one are relatively rare and highly sought after for inclusion in private ancient coin collections.
The fall of the pseudo-argenteus was no matter to Constantine. He steadfastly kept innovating, just as he inexorably consolidated his power over the entire Roman world. After defeating Licinius in 324 AD, Constantine had direct control over the wealthy East. He eventually replaced the pseudo-argenteus with new pure silver coins, the siliqua and the miliarense, in addition to a new gold coin, the solidus. While these new coins had their place in history, they undeniably cannot match the multifaceted intrigue and allure of the pseudo-argenteus. Besides being a fascinating macroeconomic and propagandistic artifact, the pseudo-argenteus represents a magnificent canvas for elite Roman artistry. Of all of Constantine's rich numismatic legacy, it perfectly captures the relentless trajectory that fundamentally transformed the foundations of the Roman world.
Coin Details: ROMAN EMPIRE, Constantine I, AD 307/310-337, BI Argenteus (18.5mm, 3.05 g, 12h), Treveri (Trier) mint, Struck circa 310-313 AD, NGC Grade: Ch XF, Strike: 5/5, Surface: 4/5, Obverse: Cuirassed bust left, wearing high-crested helmet, holding spear over shoulder and resting hand on sword hilt, IMP CONSTANTINVS AVG., Reverse: Two Victories standing vis-à-vis, holding between them shield inscribed VOT/ PR in two lines over altar, VICTORIAE LAETAE PRINC PERP, PTR in exergue, References: RIC VI 208A: RSC 643.
Image: NGC Photo Vision Plus.