18 September 2025 The Future is the Product of the Past

Analysis Of Roman Coins sheds light on the Roman financial crisis

New scientific analysis of the composition of Roman denarii has brought fresh understanding to a financial crisis briefly mentioned by the Roman statesman and writer Marcus Tullius Cicero in his essay on moral leadership, De Officiis, and solved a longstanding historical debate.

Researchers at the University of Warwick and the University of Liverpool have analysed coins of the period and revealed a debasement of the currency far greater than historians had thought, with coins that had been pure silver before 90BC cut with up to 10 per cent copper five years later.

Dr. Ponting at the University of Liverpool said: “The Romans had been used to an extremely fine silver coinage, so they may well have lost confidence in the denarius when it ceased to be pure. The precise level of debasement might have been less important to contemporaries than the mere realisation that the coin was adulterated and no longer made of true ‘silver’.”

Professor Butcher at the University of Warwick said “The discovery of this significant decrease in the value of the denarius has shed new light on Cicero’s hints of a currency crisis in 86BC. Historians have long debated what the statesman and scholar meant when he wrote “the coinage was being tossed around, so that no one was able to know what he had.” (De Officiis, 3:80) and we believe we have now solved this puzzle.”

The reference is part of an anecdote describing self-serving behaviour by Marius Gratidianus, who took credit for a proposal for currency reform worked out jointly by the tribunes and the college of praetors and became hugely popular with the public as a result.

But what was the cause of the coinage being ‘tossed about’, and what were the solutions for which Gratidianus took credit? 

Rome and the Coinages of the Mediterranean 200 BCE – 64 CE, a five-year research project funded by the ERC aims to increase our understanding of the economies of classical Rome and other Mediterranean states by analysing the composition of their coins and cross-referencing the findings with the historical record.

The research team includes Professor Kevin Butcher at the University of Warwick, Dr. Matthew Ponting at the University of Liverpool, and Dr. Adrian Hillier at ISIS Neutron and Muon Facility, STFC Rutherford Appleton Laboratory.

The 'heads' of a contemporary coin, with a head of the god Bacchus, were sampled as part of the project. Photo: University of Warwick
The ‘heads’ of a contemporary coin, with a head of the god Bacchus, were sampled as part of the project. Photo: University of Warwick

Dr. Ponting said: “Our minimally invasive sampling technique used to take samples from these important coins has revealed a significant decline in the value of the denarius – from being a pure silver coin, the denarius first dropped to under 95% fine, and then it fell again to 90%, with some coins as low as 86%, suggesting a severe currency crisis.”

Professor Kevin Butcher explains the context: “In the years after 91 BC, the Roman state was in danger of becoming bankrupt. The Romans were at war with their own allies in Italy, and by the conclusion of the war, in 89 BC, there was a debt crisis.

“By 86 BC there appears to have been a crisis of confidence in the currency, too. Cicero related how the Roman tribunes approached the college of praetors to resolve the crisis, before Gratidianus claimed sole credit for the collective effort.

“One theory is that Gratidianus fixed the exchange rate between the silver denarius and the bronze as (which had only recently been reduced in weight). Another is that he published a method for detecting fake denarii, and so restored faith in the coinage.

“Unfortunately, Cicero’s choice of words is too obscure for historians to determine exactly what was going on. His purpose in writing about it wasn’t to illuminate monetary history; he was just using the incident as an illustration of a Roman magistrate behaving badly by taking credit for the work of others.

“It has long been thought that there was a very slight devaluation of the denarius between 89-87; but was it enough to trigger a currency crisis?”

The results of the metallurgical analysis suggest that the financial difficulties experienced by Rome in these years led to a relaxation of standards at the mint in 90 BC, with the result that the silver content of the coinage declined in two stages, so that by 87 BC the coinage was deliberately alloyed with 5-10% copper.

Professor Butcher added: “This could be the meaning of Cicero’s words: that the value of the coinage was ‘tossed about’ because nobody could be certain whether the denarii they had were pure or not.

“It is all the more noteworthy that around the time Gratidianus published his edict, the standard of fineness rose sharply, reversing the debasement and restoring the denarius to a high-quality currency.

“Although the precise chronology remains uncertain, the new scientific data suggest that it could have been the main aim of Gratidianus’ edict, rather than something to do with exchange rates between silver and bronze or detecting forgeries.”

In the decades that followed, the Romans avoided debasing the denarius again, until the state once again faced huge expenses during the civil war between Pompey and Julius Caesar. Even then, the Roman mint did not go as far as it had in the time of Gratidianus.

These findings are part of a larger EU-funded study that aims to examine the financial and monetary strategies of Mediterranean states from c. 150 BCE to a major coinage reform in c. 64 CE by providing a detailed and reliable set of analyses of the chemical composition of all major silver coinages of that period.

Warwick Üniversitesi

Related Articles

Newly Discovered Two Fortress Settlements and a New Type of Open-Air Temple in Eastern Anatolia Region of Türkiye

26 March 2024

26 March 2024

Two fortress settlements and two new open-air temples were discovered during a survey in Tunceli province in the Eastern Anatolia...

A Rare Find That Stuns Archaeologists: Ancient 3,500-Year-Old Dagger Found in Germany’s Heartland

22 August 2025

22 August 2025

A simple family walk near the village of Gudersleben in Nordhausen County, in Thuringia, central Germany, has turned into a...

8,000-year-old Yarmukian ‘Mother Goddess’ figurine discovered in Israel

9 July 2022

9 July 2022

An 8,000-year-old Yarmukian Mother Goddess figurine was found at Sha’ar HaGolan archaeological site, located on the northern bank of the...

A fragment with the oldest Syriac translation of the New Testament discovered

7 April 2023

7 April 2023

A researcher from the Austrian Academy of Sciences, with the help of ultraviolet photography, was able to discover a small...

Lost Children’s Circle: Seven Infant Remains Unearthed in Mysterious Hittite Ritual Structure at Uşaklı Höyük

8 August 2025

8 August 2025

At the heart of Uşaklı Höyük (Uşaklı Mound), archaeologists have uncovered the “Lost Children’s Circle” — a mysterious Hittite-era ritual...

The Highest Prehistoric Petroglyphs in Europe Discovered at 3000 Meters in the Italian Alps

20 November 2024

20 November 2024

The highest petroglyphs in Europe were found at Pizzo Tresero (Valfurva) in the Stelvio National Park in the northern Italian...

A Polish-Croatian team discovered Ancient Roman Temple under a Croatian 18th Century church

24 November 2022

24 November 2022

Under an 18th-century church, the Church of St. Daniel in Danilo near Sibenik, Croatia, the foundations of an ancient Roman...

Illegal digs reveal rare Roman-era mass grave in Turkey

28 July 2022

28 July 2022

A total of 27 skeletons were found in a burial pit carved into the rocks in Adıyaman province, an important...

Bidnija olive trees have seen medieval, not the Roman period

13 July 2021

13 July 2021

The olive trees in the Bidnija grove on the island of Malta are believed to be 2000 years old. But...

The Surprising Fact About The Roman-Era Female Bust

24 March 2021

24 March 2021

50 years ago, foundation excavation work was started for the construction of Girls’ Institute in Akpınar Neighborhood of Bolu city...

Botanical Findings Analysis from Biblical area of Goliath sheds Unprecedented Light on Philistine Ritual Practices

27 February 2024

27 February 2024

Bar-Ilan University researchers shed “unprecedented light” on Philistine ritual practices, such as the use of psychoactive and medicinal plants, by...

Stone Age Loved to Dance to the Rhythm of the Elk Tooth Rattles

4 June 2021

4 June 2021

Thousands of years ago, people danced frequently and to the rhythm. This is the conclusion of the discovery of elk...

Newly Discovered Tiwanaku Temple in Bolivia Sheds Light on Mysterious Ancient Civilization

25 June 2025

25 June 2025

Tiwanaku Temple Ruins in the Andes Reveal Vital Clues About a Powerful Pre-Incan Society’s Religious and Trade Networks Archaeologists have...

Archaeologists Found Evidence of a Lost Temple in Chorazin Linked to Jesus’ Healing Miracles

12 August 2024

12 August 2024

Recent archaeological excavations in Israel may have unearthed the remains of a long-lost temple, believed to be the very site...

International Sand Sculpture Festival Opens with the Theme “The Lost City of Atlantis”

6 May 2021

6 May 2021

The 16th edition of the International Sand Sculpture Festival (SANDLAND) has begun in Turkey’s Mediterranean resort city of Antalya. Every...