Volusian AD 251-253. Rome
Antoninianus AR

21 mm, 3,74 g

IMP C C VIB VOLVSIANVS AVG, radiate, draped, and cuirassed bust right / VIRTVS AVGG, Virtus standing left, holding grounded shield and spear.

Good Very Fine

RIC IV 186; RSC 135.

The silver content in the antoninianus, a Roman coin introduced during the late 2nd century AD, varied throughout its circulation history. Initially, when it was introduced by Emperor Caracalla in the early 3rd century AD, the antoninianus was intended to be worth two denarii and contained a significant amount of silver. It was larger and heavier than the denarius and was primarily made of a silver alloy. In its early stages, the antoninianus typically contained around 40% silver, with the rest being composed of other metals, such as copper. This level of silver content contributed to the coin's value and purchasing power, making it a substantial denomination in the Roman monetary system. However, as the Roman Empire faced economic difficulties and financial strains, several emperors resorted to debasing the coinage, including the antoninianus, by reducing the silver content. Debasing was a common practice in the ancient world, where rulers would reduce the precious metal content of coins while maintaining their face value. This led to a decline in the purchasing power of the currency and contributed to inflation. As a consequence of debasement, the silver content in the antoninianus gradually decreased over time. By the mid-3rd century AD, during the crisis of the third century, the silver content in the antoninianus had diminished significantly, and the coin became almost entirely base metal, with minimal traces of silver around 5% and less. By the later stages of its circulation, the antoninianus was made almost entirely of copper, with only a thin silver wash on its surface. This essentially turned the antoninianus into a bronze coin, and its original value as a silver denomination was lost. The widespread debasement of the antoninianus was one of the contributing factors to the economic turmoil and hyperinflation in the Roman Empire during that period. The decline in the silver content led to a loss of confidence in the coin, and it eventually fell out of use as a reliable medium of exchange. The debasement of Roman coins was a significant challenge for the stability of the empire's economy and contributed to the decline of the Roman currency system.