Affordable Ancients: Workhorse Roman Coins

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Ancient coin collecting is often seen as intimidating, defined by complex history, unfamiliar terminology, and seemingly prohibitive costs. In our Affordable Ancients series, Tyler Rossi of Shanna Schmidt Numismatics Inc. dispells these myths, proving that collecting authentic ancient coins can be both approachable and affordable. Each installment will provide practical insights, historical context, and expert guidance to help collectors confidently navigate the ancient-coin market.

The first “Affordable Ancients” installment explored the overlooked bronzes of the Iberian Peninsula, coins that bridged the Phoenician, Carthaginian, and Roman worlds. For the second installment, we turn our attention to Rome itself, spotlighting the antoninianus, the workhorse coin of the Crisis-era Roman Empire. Even these silver-washed pieces of living history needn’t break the bank.

The Antoninianus’s Origins

The coin below takes its modern name from Emperor Caracalla, born Marcus Aurelius Antoninus, who first introduced the denomination in A.D. 215. It is perhaps not too much of a hyperbole to state that as time went on, it became one of the most consequential, and ultimately most troubled, coins in Roman numismatic history.

Initially, authorities almost certainly intended to pass the denomination as a double denarius. The telltale sign? The radiate crown worn by the emperor on the obverse, rather than the laurel wreath of the standard denarius. Empresses depicted on these coins were similarly distinguished by a crescent beneath their bust. Despite this implied doubling of value, the coin never contained twice the silver of a denarius. Thus, the seigniorage made it quite profitable for the imperial treasury from day one.

Troubling Times

After a brief discontinuation following Caracalla’s death, the antoninianus was reintroduced under Gordian III around A.D. 238 and quickly became the dominant silver denomination circulating across the Roman world. This is where the story gets interesting for collectors, and troubling for Rome. The third century was a period of near-constant military upheaval, rapid imperial turnover, and crippling financial pressure. To meet these demands, successive emperors systematically debased the antoninianus, reducing its silver content with each successive reign. By the time of Gallienus in the 260s, what had once been a respectable silver coin had been reduced to little more than a bronze core with a thin silver wash. Shockingly, in some cases containing as little as only a few percentage points of actual silver.

The consequences were severe. Inflation spread across the empire as public trust in the monetary system collapsed, which effectively ceased to function. It took the sweeping monetary reforms of Diocletian at the close of the third century to stabilize the Roman economy.

What to Look For

For collectors today, antoninianii offer a remarkable and highly accessible window into this pivotal era of Roman history. So, for such a pivotal coin, what should collectors be looking for? Unlike many ancient series that require deep pockets just to get started, these coins are genuinely plentiful on the market and, depending on the emperor and condition, can be acquired for surprisingly modest sums.

That said, not all antoninianii are created equal. Early examples struck under Gordian III (238-244) represent some of the finest quality the denomination ever achieved. Minted when the coin’s silver content was still relatively respectable, Gordian III issues are sharply detailed and historically significant, yet remain well within reach for collectors at most budget levels. A solid example in VF condition can frequently be found for under $100, making them an ideal starting point for anyone new to the series. 

Probus (276-282) is another emperor whose antoninianii enjoy enormous popularity among advanced collectors, and for good reason. Despite being struck during the heavily debased later period, Probus produced a remarkable variety of reverse types across multiple mint cities, giving collectors a deeply complex series to work through. Building even a partial type set of Probus issues alone can occupy a collector for years.

Cost & Quality

As with all ancient coin collecting, you should always prioritize clear portraiture and legible legends over a flashy but harshly cleaned surface. Also, coins with handsome cabinet toning and a good pedigree will outperform most others.

Pricing runs the full gamut. At the truly affordable end, heavily worn, debased examples can be picked up for as little as $5 at a coin show without breaking a sweat. Move toward the better-quality early silver issues however, and you’re realistically looking at $30–$150 for a respectable example. Top-tier specimens with exceptional portraiture, original surfaces, and solid provenance will test your budget considerably more.

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