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14 - Wastage and reminting of coin

Published online by Cambridge University Press:  08 October 2009

Richard Duncan-Jones
Affiliation:
University of Cambridge
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Summary

The aim of this chapter is to look at the broad lines of coin-output, and then to show how coin disappeared from circulation through wastage and re-minting. Separate discussions are devoted to denarii, aurei and Egyptian tetradrachms.

CHANGES IN THE AMOUNT OF DENARIUS COIN IN CIRCULATION

It is possible to assess the amount of coin in circulation as a proportion of the coin produced. This involves a simple test based on the output-index for denarii in chapter 8 (Table 8.7). Comparisons between the output-index and the contents of individual hoards normally imply that in a given hoard one reign is better represented than the others. Almost all hoards show contrasting gradients, which are produced by progressive wastage of earlier coin, and by slow input of recent coin from the centre. The peak is the reign where the two gradients meet.

The peak can be identified by dividing the coin for each major reign by the index figure for that reign. The peak is the reign with most coin per index-point, and this reign is taken as being represented at full strength. The number of coins in all major reigns, divided by the number of coins per index-point in the peak reign, then gives the representation quotient for the hoard as a whole.

As an illustration, in the Londonthorpe hoard of 420 denarii (AD 153/4), the peak reign proves to be Hadrian, after dividing the various reign-totals by the index figures in Table 8.7.

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Publisher: Cambridge University Press
Print publication year: 1994

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