Coining Trickery

Press, Volume CV, Issue 31030, 9 April 1966, Page 5

Coining Trickery

/Specially written for “The Press’’ by

DENARIUS]

'pHE coins of ancient Romans do not have the artistic appeal of those of the early Greeks, but Roman coins are vigorous in style, informative as to the historic events they chronicle, and apparently faithful in portraiture. They give the most complete known gallery of Roman emperors.

Extravagances and luxuries in ancient Rome, and the forming of great armies, created the need for much money and the Roman leaders soon learned how to make their money go further by debasing their preciousmetal coins.

Even Julius Caesar is believed to have been forced by necessity to substitute 3000 pounds of plated brass for gold in the Capitol treasury. Septimus Severus directed that some of his silver denarii should be cast, instead of being struck from dies, so that he could more easily debase the silver coins. Caracalla issued lead coins gilded with gold and copper. The soldiers of Anthony rebelled when they were paid with denarii alloyed with iron. The Roman emperors who debased their coinage did not themselves incur penalties, but they treated copiers and false coiners harshly. Constantine the Great did much to check counterfeiting. He de-

creed that false coiners should be burned alive.

English kings who reaped a rich reward from seignorage or profit in the striking of coins, were equally harsh in dealing with issuers of false or debased coins. Henry 1 decreed that false coiners should be tortured then killed: and similar penalties were incurred in the time of Henry VIII who debased his coins by silverplating copper pieces. In early England issuers of debased or false coins sometimes had one hand chopped off and nailed over their doors.

In New Zealand in 1947 metal money was debased by the hand of the Treasury, with the consent of the Minister of Finance. Only numismatists mourned the loss, and no hand was nailed over the Treasury door. It is a coincidence that steeper inflation in New Zealand dates from that year.

The picture shows a coin of the Emperor Septimu|! Severus.