Moneta, Constantine I, 1/3 Siliqua

• Reign over the Western Roman Empire: AD 306–337
• Reign over the Byzantine Empire: AD 324–337
• Period: Constantinian dynasty

Flavius Valerius Constantinus was born around 272 in the city of Naissus in Moesia (modern-day Niš in Serbia) and died on May 22, 337, in Nicomedia in Bithynia (modern-day İzmit in Turkey). His reign was of exceptional longevity for the period.

Major reforms

Among the major reforms, we are indebted to him for the end of the Tetrarchy and the reunification of the Western Roman and Byzantine (Eastern Roman) Empires in 324 following his defeat of Licinius. The capital of the Byzantine Empire was then founded in 324: the ancient city of Byzantium became Constantinople. It would take six years of work before the city was inaugurated in 330.

He brought an end to the religious persecution of Christians with the Edict of Milan in 313 and had the Orthodox doctrine of Christianity defined with the First Council of Nicaea in 325.

Under his leadership, the prefects of the prefectures became great administrators: maintaining order, managing the post, taxes, maintenance of public buildings, education, payment of salaries, etc. They also supervised the governors of the provinces. This system of administrative decentralization rendered the vast empire governable again.

Economy and currency

In 312, the aureus was greatly depreciated. Constantine then replaced it with a new currency of account, the gold solidus (4.55 grams), which would endure for nearly 1,000 years in the East. This respectable currency, the millesimal fineness and weight of which were closely monitored by the workshops issuing it, boosted the economy and pushed the wealthy into hoarding as a safe investment. While silver, bronze, and copper coins suffer the effects of inflation, that is not the case for the solidus.

Painting: "The Triumphant Entry of Constantine into Rome" by Peter Paul Rubens (1621)

Silver can fall into your pocket but also falls between copper and gold in group 11 of the periodic table. Three metals frequently used to mint coins. There are two good reasons for using silver: it is a precious metal and oxidizes little upon contact with air. Two advantages not to be taken for granted.

Here is thus a metal that won’t vanish into thin air.

It’s chemical symbol Ag is derived from the Latin word for silver (argentum), compare Ancient Greek ἄργυρος (árgyros). Silver has a white, shiny appearance and, to add a little bit of esotericism or polytheism to the mix, is traditionally dedicated to the Moon or the goddess Artemis (Diana to the Romans).

As a precious metal, just like gold, silver is used to mint coins with an intrinsic value, meaning their value is constituted by the material of which they are made. It should be noted that small quantities of other metals are frequently added to silver to make it harder, as it is naturally very malleable (you can’t have everything) and thus wears away rapidly.

The first silver coins probably date back to the end of the 7th century BC and were struck on the Greek island of Aegina. These little beauties can be recognized by the turtle featured on the reverse.

The patina of silver ranges from gray to black.

As in numismatics, it is important that the state of conservation of an item be carefully evaluated before it is offered to a discerning collector with a keen eye.

This initially obscure acronym comprising two words describing the state of conservation is explained clearly here:

About Uncirculated(55-58)

This means – more prosaically – that the coin has been in circulation but sufficiently little that its original beauty is preserved almost in its entirety. The wear is barely visible and any other defect can only be identified with a magnifying glass or a particularly keen eye. The number (55-58) indicates that between three quarters and almost all of the original luster remains.