M E 
and of Hernclius only 5. A new filver coinage feems to 
have taken place after the days of this emperor ; as the 
little we then meet with, which in the bed: cabinets fcarcely 
exceeds a dozen of coins, confifts entirely of large un- 
fhapely pieces of coarfe metal. 
2. The confular denarius contained alfofour filver feftertii, 
till the as fell to half an ounce, when it was thought pro¬ 
per to coin the feftertius in brafs, as it continued to be 
ever afterwards. “The very laft filver feftertius (fays 
Mr. Pinkerton) which appears, is one with a head of 
Mercury,and H.S. on the reverfea caduceus p. sepvllivs ; 
who appears to be the p. sepvllivs Macer of the denarii 
of Julius Casfar. If fo, as is mod: probable, the feftertius 
was coined in filver dov\ n to Augultus ; and it is of courfe 
rsot to be expected that any of brafs can appear till Au- 
guftus, under whom they are quite common. I have in¬ 
deed feen no coin which could be a confular brafs fefter¬ 
tius ; and, though we have certainly brafs dupondii of 
Caefar, yet it is reafonable to infer, that the brafs feftertius 
was firft coined by Augultus. Not one filver feftertius 
appears during the whole imperial period, yet we know 
that the feftertius was the molt common of all filver coins. 
The confular feftertii of filver, marked H. S. are not un¬ 
common, nor the quinarii; but the latter are very fcarce 
of all the emperors, if we except one inftance, the ASIA 
recepta of Augulius.” 
The Roman gold coinage was (till later than that of filver. 
Pliny tells us, that “gold was coined fixty-two years af¬ 
ter filver; and the fcruple went for 60 felterces. It was 
afterwards thought proper to coin 40 pieces out of the 
pound of gold. And our princes have by degrees dimi- 
nilhed their weight to 45 in the pound.” This account is 
confirmed by the pieces which ftill remain ; for we have 
that very coin weighing a fcruple, which went for ao 
fefterces. On one fide is the head of Mars, and on the 
other an eagle ; and it is marked xx. We have another 
coin of the fame kind, but double, marked xxxx ; and 
its triple, marked iJ/X or 60; the -J, being the old nu¬ 
meral charat 5 Ier for 50. Mr. Pinkerton, the difcoverer 
of this, treats other medallifts with great afperity. Savot 
and Hardouin are mentioned by name; the latter (he fays) 
is “ ignorant of common fenfe ;” and neither he nor Savot 
could explain it but by reading backward ; put the 1]/ for 
the Roman V, and thus making it xv. Other readings 
have been given by various medallifts, but none have hit 
upon the true one excepting our author, though the coin 
itfelf led to it; being juft three times the weight of that 
marked xx. We have likewife half the largelt coin, 
which is marked xxx, and which weighs 26 grains; the 
fmalleft is only 17 J ; the xxxx weighs 34; and the lx, or 
drachma, 53. There is alio the didrachm of this coinage, 
of 106 grains. 
The aurei, or Roman gold coins, were at firft 48 in the 
pound ; but they were afterwards diminilhed in number to 
40, owing to an augmentation in the weight of each coin. 
In the time of Sylla, the aureus weighed no lefs than from 
164 to 168 grains, and there were only 30 in the pound ; 
but fuch confufion in the coinage was introduced by that 
conqueror, that no perfon could know exaftly w hat he 
was worth. Till this time the aureus feems to have con¬ 
tinued of the value of 30 filver denarii, about one pound 
lterling ; for about that lime it was enlarged a whole third, 
that it might ftill be equivalent to the full number of de¬ 
narii. But, after Sylla had taken Athens, and the arts 
and manners of Greece became obje&s of imitation to 
the Romans, the aureus fell to 40 in the pound, probably 
•when Sylla had abdicated his diftatorfhip. Thus, being 
reduced near to the fcale of the Greek p/gvtro;, it paft'ed 
for 20 denarii, as the latter did for as many drachmas, be¬ 
ing in currency i3s.4d. fterling. “This (fays Mr. Pin¬ 
kerton) is the more probable, becaufe we know from Sue¬ 
tonius, that Julius Ctefar brought from Gaul fo much 
gold, that it lold ior nine times its weight of filver; but 
the Gallic gold was of a very bafe fort.” 
I12 the time of Claudius, the aureus was valued at sco 
feftertii, or 25 filver denarii, at which it continued till the 
time of Ileliogabalus, when it fell to about 92 grains at a 
medium, or rofe in number to 55 in the pound. In the 
reign of Philip, during which the city completed itsthou- 
fandth year, the aureus was coined of two or three tizes. 
Thefe are imprefled with a head of Rome on one fide, and 
various figures on the other; but the workmanfhip is fo 
rude, that they are fuppofed to have been ftruck in fome 
of the more uncivilized provinces of the empire. The 
practice of having different gold coins, however* continued 
under Valerian, Gallienus, and his fucceflors. In the 
time of Gallienus, they were of 30, 65, and from 86 to 93, 
grains; the double aurei being from 17a to 183^ grains; 
but the aureus properly fo called Was from 86 to 93 ; thofe 
of 30 and 32 being the tricntes aurei of the Hiftoriae Au- 
guftte Scriptores ; while the larger, from 62 to 65, are to 
be accounted double trientes, and were perhaps called mi- 
nuti aurei. The value of thefe different fizes of aurei is 
not known. • 
That Aurelian made fome alteration in the coin is cer¬ 
tain ; but Mr. Pinkerton fuppofesit to have been only in 
the gold ; becaufe under him and his fucceffor Probus, 
the common aureus was of 100 grains, a fize confined to 
thofe emperors; there are likewife halves of about 50 
grains; and double aurei,commonly of very fine workman- 
ihip, of upwards of 200 grains. In the time of Gallienus, 
the precious metal was fo common, that this emperor vied 
in magnificence with Nero and Ileliogabalus. Aurelian, 
who plundered the rich city of Palmyra, and thus became’ 
mafter of the treafures of the eaft, obtained fuch a pro- 
fufion of gold, that he looked upon it to be produced by- 
nature in greater plenty than filver. It is remarkable, 
that during this emperor’s reign there was a rebellion 
among the money-coiners, which could not be quelled 
but by the deltruftion of feveral thoufands ; which Mr. 
Pinkerton afcribes to his having ordered the gold to be 
reftored to its former fize, but to go for no more filver 
than it formerly did. “So very little filver (fays he) oc¬ 
curs of this period, that it is plain no alteration in the 
filver produced the war with the moneyers ; and in the 
brafs he made no change ; or, if he had, it were ftrange 
that fuch commotions fhould arife about fo trifling a metal. 
But if, as appears from the coins, he ordered the aureus, 
which had fallen from 80 grains, to be railed to about 
100, it is no wonder that the contractors ihouid be in an 
uproar; for a whole quarter of their coinage, amounting, 
as would feem, to all their profits, was loft. Aurelian 
judged, that, when he found gold fo common in the eaft, 
it was equally fo in the weft; and that the moneyers muft 
have made a moft exorbitant profit; but Ills ideas on this 
fubject were partial and unjuft; and after his (hort reign, 
which did not exceed five months from the time of tiie 
alteration, the gold returned to its former courfe ; though 
a few pieces occur of Aurelian’s ftandard, ftruck, as 
would feem, in the commencement of the reign of Probus 
his fuccefTor. 
From this time to that of Conftantine, the aureus 
weighed between 70 and 80 grains; but in his reion it 
was changed for the folidus, of which fix went to the 
ounce of gold, which palled for 14 milliarenfes ar.d 25 
denarii, as before; the value of filver being now to gold 
as 14 to 1. This new coin continued of the fame vai 
to the final downfal of the Conftantinopoiitan empire; 
gold being always very plentiful in that city, though fi¬ 
ver became more and more fcarce. Trie loiidus was 
worth 12s. fterling. Mr. Pinkerton argues with great 
probability, “that, had any change in the coinage taken 
place between the time of Conftantine and Theodofius, 
that is, in lefs than fifty years, the laws of that period, 
which are all in the Theodoiian Code, muft have noticed 
it.” To this and other arguments upon the fubjeff, Mr. 
Pinkerton adds the fcllovCmg obfervaiion upon the value 
of gold and filver: “As a ftate advances to its height, 
gold increafes in value ; and, as a ftate declines, it de- 
creafes, providing the metals are kept on a par as to pu¬ 
rity. 
