Coins of Augustus were coins of the Roman Empire minted during the reign of Augustus. According to the catalogue The Roman Imperial Coinage, from the Battle of Actium in 31 BC, when power was fully consolidated under Augustus, until his death in 14 AD, 550 distinct coin types of various denominations were issued.
During Augustus reign, a series of measures known as the monetary reform were implemented. The Roman Empire established a system where the gold aureus and silver denarius formed the basis of a bimetallic monetary system. The intrinsic value of silver and gold coins matched their nominal value. Coins made of base metals were fiat, meaning their value was determined not by the metal content but by state legislation. A distinctive feature of the monetary system was the coexistence of both imperial and provincial coins. The issuance of imperial coins was directly controlled by the state or individuals authorized by the emperor, while provincial coins were issued by local authorities under the supervision of Roman governors.
While weight standards were consistent, the designs of the coins were not standardized. This led to the creation of hundreds of coin types across different denominations, with varying imagery. These coins often served as a tool for propaganda. Their active circulation, passing through many hands, combined with their value and relative durability, made them an effective medium for disseminating the ruler's views, ideas, and grandeur.
Organization of coinage
Control over coin issuance
Since the time of the Roman Republic, the Senate oversaw coin minting. The process was managed by a board of three moneyers, typically young aristocrats, known as triumviri auro, argento, aere flando feriundo ("three men for casting and striking gold, silver, copper, and bronze"). In common parlance, they were called tres viri monetales, loosely translated from Latin as "three monetary men". In 44 BC, under Julius Caesar, their number was increased to four. Augustus reduced it back to three. In some cases, the Senate could delegate minting control to other magistrates, such as curule and plebeian aediles or quaestors.
During military campaigns, commanders could oversee coin minting. This practice was justified and served state interests. Commanders often seized enemy treasures, and supplying legions during wartime required funds. The title of "emperor" at this time was an honorary military distinction, awarded for exceptional military achievements. These issues are referred to as "imperial coins" or "military issues". During the civil wars of the late 1st century BC, these became predominant. The traditional organization of coinage was altered due to commanders' desire to control money issuance. Caesar replaced aristocratic moneyers with his freedmen.Suetonius, Divine Julius 76 (3)
After Caesar's death, imperial and senatorial coinages coexisted. Following the defeat of Mark Antony in 31 BC at the Battle of Actium and the consolidation of power under one ruler, both types of coins became "imperial". After Augustus came to power, he implemented measures that effectively centralized control over the issuance of silver and gold coins. This was done gradually and in compliance with legal formalities. During the civil wars, Augustus' coins were among many issued by various military and political figures. After the civil wars ended in 27 BC, Augustus transferred minting rights to the Senate. In 25 BC, through his legate Titus Publius Carisius, who was waging war against the Cantabri and Astures tribes in northern Spain, Augustus gained control over silver coin issuance in the western empire. A mint was established in the Colony of Emerita, located at modern-day Mérida. This mint produced silver denarii and quinarii, as well as copper asses and dupondii, featuring Augustus' image and Carisius' name.
Under Augustus, the empire's provinces were divided into senatorial provinces and imperial provinces. The Senate appointed governors for the former, while the emperor appointed those for the latter. Using his imperium authority, Augustus established mints in provinces controlled by his legates, producing gold and silver coins. To avoid undermining the Senate's authority, Augustus refrained from issuing "imperial" coins in Rome.
The largest imperial mint was established in Lugdunum (modern Lyon) in 15 BC during Augustus' visit to Gaul. The location was chosen strategically, as the region was rich in precious metals. In this imperial province, Augustus could issue coins without Senate approval. In 12 BC, the Rome mint was briefly closed, and Lugdunum became the primary mint for gold and silver coins. In 9 BC, the Rome mint reopened, but only for issuing base metal coins, a decision driven by economic efficiency and the need to reduce abuses, as transporting small denomination coins from distant Lugdunum was challenging.
In 4 BC, the name of the moneyer appeared for the last time on a copper quadrans. This eliminated a republican element in coin design. Copper coins retained the abbreviation "SC" (Senatus Consulto), indicating issuance with Senate approval. However, as historian M. G. Abramzon notes, this was "little more than a façade to mask the autocracy of Augustus and subsequent emperors".
Mint operations Information about the structure and operation of Roman mints is derived from inscriptions from the reign of Trajan (98–117 AD). The minister of finance (rationalis) was responsible for imperial mints, with mint overseers reporting to him. Technical operations were managed by a subordinate official, titled exactor auri, argenti et aeris manceps officinarum aerarium quinquae, item fraturariae argentariae. The mint staff included engravers (signatores), smelters (flaturarii), blank placers (suppostores), hammerers (malleatores), adjusters (aequatores), assayers (nummularii), and cashiers (dispensatores). Some production stages could be outsourced. The entire structure was ultimately accountable to the emperor, who could order specific designs, approve, or reject trial samples for mass production.
For senatorial mints, a board of Senate-approved moneyers was responsible for issuance. The technical aspects of production were likely similar to those of imperial mints.
Differences in issuance and appearance compared to republican coins Following the conquests of Caesar and Augustus, the Roman Empire became a vast state by ancient standards. To sustain monetary circulation, mass coin production was necessary, requiring improvements in minting processes. Notably, iron dies were replaced with hardened iron dies, increasing the production of uniform denarii and aurei. Coins from Augustus' era were flat and uniformly shaped, often featuring a dotted or (less commonly) continuous rim encircling the central design.
Coins of Augustus during the civil wars
Since BC, following the assassination of his adoptive father Julius Caesar, Augustus emerged as an independent political figure. In 43 BC, as part of the Second Triumvirate with Mark Antony and Marcus Aemilius Lepidus, he received Senate authorization to mint coins independently. During this period of civil war, various military and political figures minted coins, often using mobile mints without Senate approval. Augustus' pre-imperial coin issues were irregular. Historian M. G. Abramzon identifies four series of Augustus' coins from this period:
Under Senate control in Rome, 39–36 BC Military issues in Gaul, 42–32 BC Provincial issues in Gaul, 40–28 BC Military issues in Africa, 31–29 BC
The compilers of Roman Imperial Coinage classify the African issues as imperial coins.
In 42 BC, Julius Caesar was deified, making Augustus the "divi filius" ("son of the divine"). Most of Augustus' pre-imperial coins reference his connection to his "divine" father. Aurei and denarii bore variations of his title "IMP CAESAR DIVI FILIO," meaning "Emperor Caesar, son of the divine". Coins featuring both Julius Caesar and Augustus, either together or on opposite sides, were also issued.
Among the Gallic imperial coins, one legionary coin dedicated to the XVI Gallic Legion is known. The obverse features a bearded Augustus, while the reverse shows the legion's lion symbol and the inscription "LEG. XVI." Some researchers believe it was minted in Gaul, others in Africa.
Roman monetary units during Augustus' reign After Augustus consolidated supreme power in the Roman Empire, a coherent monetary system was established with fixed ratios and weight standards for imperial coins. From one Roman pound (327.45 g) of gold, 42 aurei were minted, each valued at 25 silver denarii. Denarii were minted at 84 per pound. Half-denominations, gold and silver quinarii, were issued sporadically. Coins were made from highly purified precious metals. Base metal coins, such as the sestertius and dupondius, were made of brass (orichalcum, or "yellow copper"), while the as, semis, and quadrans were made of pure copper. Augustus largely retained republican monetary units and their relative values. Under his rule, the aureus became a universal imperial coin, its value fixed by the state rather than the market price of gold.
The metal content ratios for equivalent-value coins were as follows:
Gold to silver: 1 to 12.5 (one gold aureus weighed 12.5 times less than 25 silver denarii of equal value); Silver to brass: 1 to 28; Brass to copper: 28 to 45.
The monetary system established under Augustus was essentially bimetallic. The intrinsic value of silver and gold coins matched their nominal value. Base metal coins remained fiat, with their value determined by state laws. After Augustus' monetary reform, the sestertius became the unit of account, used for expressing large sums. In the Res Gestae Divi Augusti and Suetonius' biography of Augustus, all expenditures, payments, and rewards are expressed in sestertii.Suetonius, Augustus 30, 40, 41, 46, 68, 71, 101Res Gestae Divi Augusti 15, 16, 17, 21
The following table outlines the relationships between the main monetary units after Augustus' reform: +Table 1. Relationship of monetary units in the Roman Empire during Augustus' reignNominal value in denariiNominal value in sestertiiNominal value in assesCoinMetalWeight, g25100400AureusGold~7.8512½50200Gold quinariusGold~3.921416DenariusSilver~3.79½28Silver quinariusSilver~1.79¼14SestertiusBrass~25½2DupondiusBrass~12.5¼1AsCopper~11½SemisCopper~4.6¼QuadransCopper
Imperial mints After defeating Mark Antony's forces and conquering Egypt, Augustus became the sole ruler of a vast empire. From 30 BC until his death, Roman imperial coins were minted at mints in around twenty cities. The locations of some mints remain unidentified (see Table 2).