The Coins of Roman Egypt

By Mike Markowitz for CoinWeek …..
 

FOLLOWING THE DEATH of Mark Antony and Queen Cleopatra VII at Alexandria in August 30 BCE, Egypt became a province of the Roman Empire. For over three centuries, Roman Egypt maintained a separate, closed currency system, based on the denominations of the previous Ptolemaic kingdom. Regular Roman coins did not circulate in Egypt, and Egyptian coinage was not exported. There was a debased silver tetradrachm of about 13 grams, and several bronze fractions. Four (later six) bronze drachms typically equaled one tetradrachm, and six small bronze obols equaled one drachm. In practice, moneychangers in the marketplace would exchange one tetradrachm for 28 or 29 obols. The coins were inscribed in Greek, Alexandria’s administrative language^[1].

Augustus

Augustus replaced Cleopatra’s portrait on the bronze coinage with his own image, adding the Greek inscription ΘΕΟΥ ΥΙΟΥ (“Son of a God”, since he was the adopted son of the deified Julius Caesar, remembered by Alexandrians as Cleopatra’s lover). The reverse bears the standing eagle that had appeared on Ptolemaic coins for centuries, with the simple inscription ΚΑΙCΑΡΟC ΑΥΤΟΚΡΑΤΟΡΟC (Kaisaros Autokratoros, “Caesar Ruler”). The coins were undated. Most surviving examples are so heavily worn that the inscriptions are illegible. An exceptional specimen, described as “one of the finest known,” brought $1,250 in a recent U.S. auction.^[2]

Tiberius

Augustus’ successor Tiberius introduced a debased silver tetradrachm, probably because the old circulating Ptolemaic tetradrachms were worn out. Initially, the coins, weighing around 13 grams, consisted of about 33% silver, but this later declined to 25%. They were considered equivalent in value to the Roman denarius. The obverse bore a portrait of Tiberius wearing a laurel wreath, his name and titles in Greek^[3], and dated according to his regnal year. The reverse bears the head of the deified Augustus wearing the spiked “radiate” crown, with the inscription ΘEOΣ ΣEBAΣTOΣ, (Theos Sebastos, “The God Augustus”).

The fractional bronze coinage of Tiberius includes a charming little obol (5.02 grams) with a hippopotamus on the reverse. The Nile hippo was a popular symbol of Egypt.^[4]

Nero

The reign of Nero (54-68 CE) saw the greatest output of coins in the entire history of the Alexandria mint. To finance his extravagant building projects, Nero debased the Roman denarius, reducing the weight from 3.9 to 3.4 grams, and dropping the silver content by about 20%. Egyptian coinage suffered a similar reduction, with the tetradrachm falling from the old standard of 25% silver down to about 16%.

Nero’s tetradrachms bear the profile head of the emperor wearing the spiked radiate crown. The reverse carries the date and the Ptolemaic standing eagle. The coins are quite common.^[5]

Vespasian

The bronze diobol, weighing about 10 grams, was valued at two obols. A diobol of Vespasian (ruled 69 – 79 CE) described as “amongst the finest known”^[6] bears on the reverse the head of the Egyptian goddess Isis, whose cult became popular throughout the Roman world despite resistance from the conservative Senate. A famous temple of Isis was found in Pompeii.^[7]

Domitian

The younger son of Vespasian, Domitian, ruled from 81 to 96 CE. A remarkable little obol, struck in orichalcum (a kind of brass) bears a sphinx on the reverse.

The cataloguer writes:

“…the wonderful appearance of the sphinx on Alexandrian coins shows Rome’s appreciation, perhaps even admiration, of Ancient Egypt’s monumental art.”^[8]

Trajan

Under Emperor Trajan (ruled 98-117 CE) the Roman Empire reached its greatest territorial extent. A bronze drachma (about 20 grams) dated to Year 15 of Trajan depicts the emperor driving a triumphal chariot (a quadriga) drawn rather impractically by four elephants.^[9]

Hadrian

Ancient Egypt was divided into 42 provinces or “nomes” (nomos in Greek, sepat in Egyptian), and this administrative structure remained remarkably stable for centuries.^[10] In the second century CE, several Roman emperors issued coins inscribed with the abbreviated names of various nomes. All the coins of Roman Egypt were struck at Alexandria, but these nome coins, mostly small denominations, were evidently intended for some local fiscal purpose. A good example is the bronze dichalkon dated to Year 11 of Hadrian (126/7 CE) for the Koptite nome.

A cataloguer writes:

The Koptite nome, so called for its nome capital of Koptos, was located in Upper Egypt. The city was of prime economic importance as it lay near the road to the Eastern Desert, where gold, precious gems and stone for construction could be found. Moreover, goods such as spices and incense imported from Punt, Arabia and India also flowed through Koptos after being unloaded at the Red Sea port of Myos Hormos. The reverse of our coin depicts a Dorcas gazelle, the sacred animal of the local Isis cult.^[11]

In October 130, Antinous^[12], the handsome 19-year-old lover of Emperor Hadrian, drowned in the Nile. Grief-stricken, the emperor had Antinous declared a god, and ordered the construction of a city named after him (Antinoöpolis). An extensive series of coins and medallions were struck by many cities in the Roman East to commemorate the young man. A bronze drachma of Alexandria depicts Antinous in profile on the obverse, and on horseback on the reverse.^[13]

Antoninus Pius

The most famous landmark in Alexandria was the Pharos lighthouse^[14], constructed under Ptolemy II who ruled from 280 to 247 BCE. Standing over 100 meters (330 feet) high, it was one of the “Seven Wonders” of the ancient world. The lighthouse appears on the reverse of many Roman Egyptian coins, notably a bronze drachma dated to Year 12 (148/149 CE) of Antoninus Pius. An image of the protective goddess Isis Pharia holding a billowing sail appears beside the nautical landmark.^[15] Damaged by repeated earthquakes in the medieval era and partly toppled into the sea, some stones from the lighthouse were eventually recycled to build a fort.

Septimius Severus

Born in North Africa in 145 CE, Septimius Severus was the victor in a complex civil war, ruling as emperor from 193 to 211. A rare Alexandria tetradrachm dated to Year 4 of his reign (195/196) depicts Tyche, goddess of good fortune and protector of cities, enthroned, holding her signature attributes: a ship’s rudder and cornucopia.^[16]

Gallienus

Serapis^[17] was a synthetic god invented by the Ptolemies, combining elements of Greek and Egyptian religion. He became enormously popular, frequently appearing on Hellenistic and Roman coins. His signature attribute was his headgear symbolizing an abundant food supply: the modius (a bucket used to measure grain) or calathus (a decorated basket or bowl used to hold fruit). Serapis appears on the reverse of a tetradrachm of Gallienus (r. 253 – 268 CE), pedigreed to the great collection of my friend Kerry Wetterstrom.^[18]

Zenobia

Zenobia was the queen of Palmyra, an oasis in the Syrian desert that grew rich on the Arabian caravan trade. Following the murder of her husband Odenathus in 267 CE, she ruled as regent for her son, Vaballathus (born c. 259). She established a short-lived “Palmyrene Empire”^[19] that controlled much of the Roman East (Egypt, Syria, Palestine, and parts of Arabia and Anatolia). She issued coins bearing her portrait at Antioch, Alexandria, and possibly another mint. Her Alexandria tetradrachms weighing about 9.7 grams are struck in potin, an alloy of copper, tin, and lead. They are dated by the regnal year of Vaballathus. A sharply-struck example pedigreed to the famous Dattari Collection brought $24,000 in a 2018 New York auction.^[20]

Diocletian

Around 294 CE, Diocletian resumed gold coinage at Alexandria, almost unknown since the time of the Ptolemies. Bearing the mintmark ALE, the undated rare aurei are inscribed in Latin. The reverse shows the naked standing figure of Jupiter holding a thunderbolt.^[21]

Constantius

Under the Tetrarchy established by Diocletian, Constantius I (known as Constantius Chlorus, “the Pale One”) ruled Britannia and Gaul as “Caesar” or Junior Emperor. Coins were struck at Alexandria bearing his name and portrait. A tetradrachm dated to Year 4 (295/6 CE) bears the head of the sun god Helios on the reverse.^[22] Pedigreed to the Dattari Collection, this coin brought £650 ($820) in a recent U.K. auction.

Domitius Domitianus

Little is known about Lucius Domitius Domitianus, who led a revolt against Diocletian’s heavy taxation at Alexandria at an uncertain date – probably 295/6 CE. Although he held power for only a short time (about 18 months), he implemented a major currency reform:

It consists of six denominations – three each of Imperial and provincial coinage. The Imperial denominations are aurei, nummi and half nummi, and provincial are octodrachms (or hexadrachms,) tetradrachms, and didrachms. With the latter pieces, Domitianus earned the distinction of being the last man to strike Roman provincial coinage (Vagi, Vol. 1, 430).

Domitianus was probably murdered by Achilleus, a rival rebel, in 297. Diocletian eventually recaptured Alexandria, ending the revolt in 298. A rare potin octodrachm (a double tetradrachm, weighing 8.5 grams) dated to Year 2 (297/8 CE) brought $1,750 in a recent U.S. auction.^[23]

Collecting the Coins of Roman Egypt

Giovanni Dattari (1853-1923), an Italian collector and antiquities dealer who lived in Cairo, assembled a collection of over 25,000 Roman Egyptian coins. Coins from his collection frequently appear on the market. The partial catalog of his collection, published in 1901, is still cited as a reference (Carbone, 10).

In 1969, the American numismatist Colonel James W. Curtis wrote:

The fascination of this coinage would have to remain an academic matter, as have those of so many ancient states, were its coins rare and priced beyond the purse of the average numismatist. Fortunately, however, the output of the Alexandrian mint was prodigious. Equally fortunate was the tendency of the Ancient Egyptians to bury their money for safekeeping. As a result, a great quantity of the coins of Ancient Egypt have been preserved to modern times… The resulting price of the more common coins is well within the reach of even the most budget-minded numismatist (Curtis 1969, ix).

Prices have increased considerably since Curtis wrote, but common coins of Roman Egypt are still relatively affordable. Under the terms of a Memorandum of Understanding (“MOU”) between the U.S. State Department and the Government of Egypt, Roman Egyptian coins are on a “Designated List” of antiquities that are prohibited from importation into the United States:

Coins of this type are struck in bronze, silver, or gold at Alexandria and any other mints that operated within the borders of the modern Egyptian state until approx. A.D. 498. The iconography of the coinage in the Roman period varied widely, although a portrait of the reigning emperor is almost always present on the obverse of the coin. Approximate dates: ca. 31 B.C. through ca. A.D. 498.^[20]

Such Roman coins are subject to seizure by agents of Customs and Border Protection and repatriation to Egypt. Since many tens of thousands of Roman Egyptian coins were outside of Egypt before the effective date of this rule, the impact of this on the numismatic market – at least so far – is limited.

* * *

Notes

[1] Most ancient Egyptians spoke Coptic: https://en.wikipedia.org/wiki/Coptic_language

[2] Classical Numismatic Group (CNG) Auction 126, May 28, 2024, Lot 509. Realized $1,250 USD (estimate $750).

[3] CNG E-auction 567, July 31, 2024, Lot 365. Realized $950 USD (estimate $150).

[4] https://www.metmuseum.org/toah/hd/hipi/hd_hipi.htm

[5] CNG E-auction 567, July 31, 2024, Lot 369. Realized $170 USD (estimate $100).

[6] CNG Triton XXI, January 9, 2018, Lot 31. Realized $1,600 USD (estimate $750).

[7] https://en.wikipedia.org/wiki/Temple_of_Isis_(Pompeii)

[8] Leu Web Auction 29, February 24, 2024, Lot 1503. Realized CHF 2,000 (about $2,270 USD; estimate CHF 500).

[9] CNG Electronic Auction 485, February 10, 2021, Lot 313. Realized $325 USD (estimate $300).

[10] https://en.wikipedia.org/wiki/Nome_(Egypt)

[11] Leu Web auction 30, July 13, 2024, Lot 1617. Realized CHF 320 (about $358 USD; estimate CHF 50).

[12] https://en.wikipedia.org/wiki/Antinous

[13] Leu Web Auction 30, July 13, 2024, Lot 1623. Realized CHF 2,200 (about $2,460 USD; estimate: CHF 500).

[14] https://en.wikipedia.org/wiki/Lighthouse_of_Alexandria

[15] NAC Auction 144, The Cope Collection, May 8, 2024, Lot 1083. Realized CHF 3,000 (about $3,316 USD; estimate: CHF 750).

[16] CNG Auction 115, September 16, 2020, Lot 517. Realized $1,100 USD (estimate $500).

[17] https://en.wikipedia.org/wiki/Serapis

[18] CNG E-auction 565, July 3, 2024, Lot 570. Realized $550 USD (estimate $150).

[19] https://en.wikipedia.org/wiki/Palmyrene_Empire

[20] CNG Triton XXI, January 9, 2018, Lot 245. Realized $24,000 USD.

[21] CNG Triton XXVI, January 10, 2023, Lot 835. Realized $8,500 USD (estimate $5,000).

[22] Naville Numismatics Auction 88, April 7, 2024, Lot 306. Realized £650 (about $820 USD; estimate £150).

[23] CNG Triton XXVII, January 9, 2024, Lot 558. Realized $1,750 USD (estimate $2,000).

[24] Federal Register, Vol. 86, No. 230. December 3, 2021. p 68549.
 

References for The Coins of Roman Egypt

Butcher, Kevin. Roman Provincial Coins: An Introduction to the Greek Imperials. London (1988)

Carbone, Lucia. “Giovanni Dattari and his fabled collection of Alexandrian coins”, ANS Magazine 17:2 (2018)

Curtis, James W. The Coinage of Roman Egypt: A Survey. (1956)

–. The Tetradrachms of Roman Egypt. Chicago (1969)

Sear, David. Greek Imperial Coins and Their Values: The Local Coinages of the Roman Empire. London (1982)

Harl, Kenneth. Coinage in the Roman Economy: 300 BC to AD 700. Baltimore (1996)

Hazzard, R.A. Ptolemaic Coins: An Introduction for Collectors. Toronto (1995)

Vagi, David. History and Coinage of the Roman Empire (2 volumes). Sidney, OH (1999)
 

* * *

The post The Coins of Roman Egypt appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.