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o
. AD E L S O N
S TAS
NNU M SMAT CSO C E T
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N
o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h
a t h i t r u s t . o r g / a c c e s s
_ u s e # c c - b
y - n
c - s
a - 4 . 0
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E S R V E D Y
NU M SMAT CSO C E T
G R M AN
N .G U C ST AD T
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_ u s e # c c - b y - n c - s a - 4 . 0
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T S AN D MO N O G R A H S
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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T S AN D M O NO G R A H S
eatiseson sub ectsrelating
y medalsanddecorations.
N CO M M T T E
E L L I NG R Ch ai rma n
.B U TTR E Y R .
O TT
STA F
S S R d it or
L S O N A ss oc ia te d it or
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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O NS Í X
E ANA Y S S I
A A NA Y S S 17
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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epublicationofthesecondof three
ef romthelatef if thcenturywhichhavecome
sare allbasicallyofthesamecomposition.
rliestspecimens w hichdecrease innumberas
aretheremnantsofthecoinage ofthe
urystill incirculation.Thefirsthoard
a leU niversity w aspublishedbyusin
p p . 13 9 -1 8 8. I t e t e nd s t o th e p er i od o f L e o I .
bothac uiredfortheA mericanNumismatic
neM. E dw ardsduringherso ournsinGreece
econdcontinuestothesecondreignof theEmperor
rdhasitsterminusinthepre- re formco inage
ignofAnastasius.
thethreehoards formswhatisoften
of animpenetrablefoglyingbetweenthe
eB y antinesplendorof theepochof
atthroughthisworkthereader willcometo
mportanceofthecoinsas historicalpieces
lityoftheir ownandthatthestudy
econstructionofthe historyofthe
nhas previouslybeenpossible.
holerepresentsacollaborativeeffort
eproductofcontinualcooperationbetween
emetro logica lanaly sisanditstabulationare
whileMr.K ustasisresponsibleprimarily
oardandtheconclusionsderivedtherefrom.
thattheapplicationoftwoessentially
orthestudyofthecoins eachelaborated
r hasinnoinstanceyieldedcontradictory
clusionsaretherebymutuallyvalidated
f ourreaders.
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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eP ublicationCommitteeoftheSociety
tionofthe work andweoweaparticular
leagueswhohavebelaboredtheireyesight
nganidentificationofsomeofthemore
errorsinascriptionand discussionwe
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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O NS
rdofminim iofLeo I , parto f theYa leco llection
it le " A B ron eH oardof theP eriod
se u m No t es I X ( i 9 60 , p p . 1 3 9- 1 88 .
e ll inger C atalogueof theC oinsF oundatCorinth
1 9 30 .
k e " T h e Mo n et a ry R e f o r m of A n as t as i us I a n d
ications " A mericanC ouncilo fLearnedSocieties.
umanities.StudiesintheH istoryofCulture.
1942.
r y H i s t o ry o f t he R o m a n E m p i re f r om t h e D e at h
deathof J ustinian( A . D. 395toA . D. 565 ,
lI o f 2 vo l s.
. B r o n e R o m a n I m pe r ia l C oi n ag e o f th e L a t e r E m p i re
. A . G . Ca r so n a nd J . P . C . K e n t i n cl u de d
eR omanB ron eC oinageA . D. 324-498
I isareprintw ithcorrectionsandaddit ions
nallyappearinginNumismaticCircular
g ly " A L a t e R o m an H o a r d f ro m Co r in t h "
5thSeriesX I ( 1931 , pp. 229-233.
na g e = J . W . E . P e a r c e R o m a n Co i na g e fr o m
do n 1 9 33 .
. W . E . P e ar ce a nd M .E . W o od " A L a t e
a lmatia " NumismaticC hronicle 5thSeries
P - 2 6 9- 28 3.
n TheAthenianAgora.V olumeI I .
hroughtheV enetianPeriod P rinceton 1954.
a a ge A n ti o ch - on - th e -O r o n t es I V , P a r t I I . G r ee k
n e an d C ru s ad e rs C o in s P r i nc e to n 1 9 52 .
C ata logueof theC oinsof theV andals O strogoths
heEmpiresofThessa lonica Nicaeaand
ritishMuseum L ondon 1911.
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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E ANA Y S S
American NumismaticSocietyisa
3andЖ 4rangingf romthetimeofC onstan-
ndreignofZ enointhelatter partofthe
blishthis andsimilarhoardsofminimi1in
hadbeendevelopedbyMissK atherineEd-
edbyherdeathi n1950.Shehadproceeded
getherthevariousreversetypesandof
k-listofthecontents ofthehoard.H er
s werepurchasedintheGreekcity of
meinthe20 s.Nofurtherinformationabout
vailable.
of2231 bron epieces.O fthese 1064are
andarelistedi nthecatalogue.Theillegible
ndisregarded.Amongthelatterareincluded
lysmallmodule( c. 3mm. w hichdonot
the imprinto fadie and20piecesofe ceed-
woormore" taps onthesurface inthefo l-
ave ignoredtheslivers astheyservenoscien-
recordthebrittlenessofthe metal.
proportiontothe numberoftimestheyare
areabout100.
generalcompositionasY .I fitspurchase
ographicalprovenience ourhypothesisthat
ewhereon" alinerunningfromCorinth
emssupported.2ThehoardconsistsofbothЖ 3
e b ee n c ut d o wn a n d J E 4 s :
ermof referenceanddoesnotappearinthe con-
modernstudiesthewordusuallyrefers asitwillhere
epiecesofЖ 4moduleorsmallerf romthelatefourth
erunderofficialauthorityor byirregularmoneyers
esternportionsof theEmpire . F oradiscussion
y theR omansthemselvesseeY, pp. 148s.
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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cimens 62arebarbarousissues therest
5areЖ 3andtheremainderЖ 4. A llthe
hoardhavebeencutdow n. A sinY , theya ll
wearbecauseofthelongperiod ofcircula-
estthatthe clippingwasdonenotatthe
somelater dateinthefifth century as
temofproduction8 nodoubtforthepurpose
enerallytothereducedweightand module
evenclippedtheycontinuetobesomewhat
instructivetonotethatY , w hiche tends
yasfarasL eo containsahigherpercentage
mew enton morew ere losttocirculation. 4
ationislessthanin Y .Thereare for
uivalentto504-515intheY a lecatalogue
ngnocorrespondencewhatevertoR oman
occasionallyfindsamongtheissuesof Marcian
ecimenw hichshow sadegreeofdebasement
ybethe productofaR omanmint.s
in comparisonwithY thuspermitsus
littlemoreandverify thee istenceofthe
ever therarityofthesebarbarousissues
ealmostcompletecontrolthattheR oman
coinage acontrolthathashitherto not
ousЖ 3 aphenomenonnotappearinginY .
ofkeepingwiththecharacterofthe remainder
rtoissuesfoundabundantlyin Western
ippingseep. 18andY, p. 144.
esintheZ achahoard( unpublished , presently inthe
ha isav il lage inthew esternPé loponn se. Thehoard
ne bute tendsbeyondV intothesi thcentury .
appearinit inaproportionlesseventhanV .
eo: 508 739 886 Z eno: 1002 il legiblemonograms:
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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t imeso lim itedinnumber( 5: 8 54 64
ustifiedinsupposingthemWesternbarbarian
rnR omanhoard.Notonlythestylebut the
k richbrow nasaga instthegreenish-grayof the
estsmintingina differentarea.6Thestyling
anissuesof theperiodofV a lentinianI I I
ndgenerally" dumpy fabric.Since
uch greatersparsityandwithadebased
uch incommonwiththeso-calledbar-
cultto determinetheiroriginwithany
nI ta lyorthenorthwesternportionof the
bleguess.7
le muchclearerandmorelegiblethan
many instancesthemint-mark mayberead.
betterindicationof thenumismatic
anhas generallybeenavailablefrom
eginningsometimeinthereignof TheodosiusI I
noreasontosuspectthattheseco insarenotintegra lto
mayperhapsbesufficientlyaccountedforby a
onofthemetal aswellasthe placementofthe
amongtheregularissuesis notableandnodoubt
roughthe socialandeconomicdisruptionsoftheperiod
perienceddie-cutterbecameararity.Seeourre-
141andthe j udiciousobservationsof J . W. E . P earcc
gef romalate4thcenturybron ef ind( " A nE astern
" N u m is m at i c Ch r on i cl e 5 th S e ri e s X I ( 1 9 31 , p . 3 2 1 :
ncedthatifunmistakable instancesofdegradationarefoundthey
if legitimate to loca landtemporarycondit ionsat
nceinthemselvesofanemptyTreasuryanda
fation.
materia lf romthisperiodlistedinY pp. 145 146
undatCorinthinthe courseofthee cavationsof
venby J . M. H arris " C o insF oundatC orinth "
, p. 145. Thehoardconta inssomeco insf romtheH ouseof
a l e nt i ni a n I , 6 M a rc i an 3 L e o 9 Z e n o 9 2 A na s ta s iu s
ata llsuchf indsrepresentof f icia lR omanmintingis
ninhisreferenceto asimilar unpublishedhoardfrom
n s e ( L e P é l op on n s e by a nt in j u s u e n 12 04 P a r i s 1 95 1
esmonnaiesauthenti uementbarbaressontrares etl on
silesmonnaiesby antinesdesV ° -V I esi clesqui
sbarbaresà causedeleurmaladressesontr ellement
onby antins.
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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tthecentury thediesarepractically
.Thereductionin thesi eofthecoins
aturi ationindie-cuttingthatthe unskilled
ldnoteasilymeet w hile thetechni ueo
uatetoanaccuratelyplacedimpression
those issuesw hichbearthemint-mark of
omanprovenienceorforw hichaR oman
rpossible 9a lltheco insinthehoard aside
mentionedabove weremintedintheeastern
fw econsiderthatV o f ferstw iceasmam-
theproportionof issuesf romR omein
23V ) w ouldsuggestthatY istobe locatedin
closertoR omethanV , w hichw illhaveaprov -
sternGreece.V beingalaterdeposit the
hichbelongtothemiddleof thecentury tended
ssoutofcirculationmoreandmore. I nother
samepatternofdisuseastheЖ 3.
eraclea isrepresentedinthehoard.
pecimens 2ofA rcadiusand1ofhisgenera l
vebeenrecordedforZ eno w hileL eo sissue
on series.10Thesparsityofrepresentation
tsthattheoutputfromthis mintserved
ndeed thechaosofE gyptiancurrency
e nt in ia n I I ; 2 ( 3 7 3 8 o f H o no ri us 1 ( 4 5 o f Ar ca di us 2
e a rl y 5 Ü 1 c e nt u ry 1 b a rb a ro u s sp e ci m en ( 7 7 o f T he o do s iu s
o n or i us a n d 5 ( 2 5 8 2 5 9 2 6 6 2 6 7 2 7 0 o f t he p e ri o d of
show varietiesof theR omanmint-mark. ThethreeG sre uire
theratR omeorA uile ia (seecata loguenotes.v . .
gatewithastar betweentheturretsbelongsto
6 . A sinthecaseof71 sincewehavenothingdef initely
herwestthan R ome thesetooareprobably
a lentinianI I andofhisperiodshow ingadistinctive
on d a d ou b t R o m an ( 2 5 4 2 6 0- 2 62 2 6 5 2 6 8 2 6 9 .
f the" tw ov ictoriesfacingoneanother ho ldingonew reath
2 7 3 , o f w hi c h th e re a r e so me s p ec i me n s in Y ( 2 8 5- 2 89 , s o me
o o d ( p . 2 83 a n d so m e by N e we l l ( E . T . Ne we l l T u v
umismaticNotesandMonographsNo.60.NewY ork
3 2 ( 9 5 _ I ° 8 i i n s o fa r a s th e d es i gn a ti o n of m i nt i s a va i la b le i s su e
2932.
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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chMilnehascalledattention11attests
fromtherestofthe E mpire.AfterTheo-
C O R D I A A V G c r o s s re v er s e fr o m Al e a n dr i a t h er e
neofhis" crossinw reath has so far
etermine anA le andriansource nordo
sA mongtheco insof theE asternmints
odosiusI I f oundintheA gorae cavations
driamak esthepoorestshowing. 12I t isthereforenot
ontothenorthof Athensforthelatter
enthemintw asstil l inoperation therepre-
sinsomewhatsimilarcase.I nreviewing
ompsonremark s: " O new oulde ceptto
gthetwomoredistantmints( v i . N icomedia
llrepresentationmayindicateminorimportance
elingofitsoutputto thenorthratherthan
nately nomateria lf romthenorthhasbeen
ughformtoassist ushere.H owever a
Thompson sstatementissuesfromacom-
goraco ins P earceandWood sD almatian
sC orinthianpieces. Corinthhasonly iHerac-
co ins 14theDalmatianhoardtothenorth
whatlargerproportion.Y has3outof 928.
ationfromH eracleainV isprobablyac-
ty intheseB alk anhoards coupledw itha
ce shoardf romA siaMinor 16impliesan
essivelydecliningin thecourseofthe
posit intheenvironsofH eracleamaywe
eablerepresentationof thismintage.
showsasteady contractionfromthe
ouseofConstantine.Thelastverifiable
w o R o ma n H o a r ds o f C oi n s fr o m E g y pt " J o u rn a l of R o m a n
p . 1 84 .
milarly forP earceandWood sD almatianhoard.
e " A L a t e R o m an H o a r d f ro m S ou t hw es t A si a M in o r "
Series X V ( 1935 , passim.
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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nV isthe" crossinw reath o fTheodosius
w here indeed thenumberofspecimense ceeds
his largesamplingisunusual particularly
heCorinthmaterialconfirmsit.W hether
mmunicationbetweenThessalyandAnti-
henecoinsofthereign ofMarcianare
) . 16Thedecline involumeisdeducible f romthe
nw reath co inageisrecordedforLeo. 17
ethatthesameimperialorderbrought
iningin AntiochaswellasAle andria
ryevidencemakesacloserdetermination
ConstantinoplemintedforZ eno ls
ere ected. TheA gorahasunearthedamonogram
essa lonica( Thompson 1678 . unconf irmed
9 9 0 9 9 1 c o nf i rm e d . C y i c us s h ow s a t ot a l ot
9 3 6 9 3 7 9 5 9 9 9 4 , a n d th e re i s o ne f r om N i co -
rarereverse( Sab. 18 andunusua lfabricand
ofZ eno sissues how ever show nomint-
ospaceforone. I tmaybepresumptuousunder
nthemall toConstantinople.Theforce
nd here asidefromconsiderationsof
uldbebetterservedbya moree uitable
rrencythroughouttherealm thanbythe
onlyone location.Norshouldoneneglect
erationthat asthemoduleofZ eno s
thereisreallynoroom leftfortheinclusion
mllersi ecouldquiteeasilyprovokethe
asitdid thefinerdetailsofthe wreath
sincethediesw erea lw ayslargerthanthef lan
ouldtendto eliminatetheimpressionof
ilityofdifferentiationaccordingtostyle
fmorethan onemint.F romtheevidence
hf romtheco llectionofP ro fessorA . R . B e ll inger
irmedspecimenatA ntioch( 2028 .
cit inSabatier slist ings.
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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arstohaveusedonly tw oformsofZ eno s
V 3and4 , w hileThessa lonicashowsonly
ationsarefacileanddangerous butmostof
nogramsЫ andИ ( V 3and4 , 915-988 are
weightthan thosewithmonograms
d 2 , 8 9 6- 9 14 a n d di s pl a y a wo r km a ns h ip
odetail thelineationofbothobverse
ndmoreeconomical.
henone considersthoseissuesofL eo
igureonthereverse( Sab. 15 . This
largestsinglegroupinginthehoard
lo f147co ins oroneseventhofa llthe legiblepieces.
sitnotat leasttheoreticallypossible
ibutionofmintsforbothL eoandZ eno 19
mbershouldbeassignedtomintsother
I t istruethatahighconsistencyofsty ling
aperiodwhich asw ehavesuggested 20
dtheservicesofgood die-cutters.Nor
suere uireanyothere planationthana
perorormint-master.H owever the
tainclearly definedstylisticgroupings
picionthatthereis aninnerlogicto
eeminglyamorphous couldwebutfind
stheclosemeasureofcontrol overthe
anditscoinagethat thepovertyofthe
tobelie.I nthisparticularinstancea
ainbemadeonthe basisofweightand
rtherobservethatsomecoins showathick-
eminiscentof someofthemonogramissues
istinctionhasits sourceinaparticular period
argeographicalareais aq uestionwhich
fadditionalfindsfor itssolution.Attempts
thparticular versionsoftheobverse
eno atechni uew hichw oulda llow at
havenotproducedmeaningfulresults.
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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how ever w eshouldnotlosesighto f the
ofConstantinopolitanissues.Thecapital
centurytobethe primesourceofcoinage
eandmay indeedhavearrogatedtoitself
imew enton. L eo svarious" lion reverses
erew ecanreadthemint-mark a llcomefrom
eptionis418w ithC V Z onw hichthe
.Thegroupallowsusa neatstylistic
totw overydistinctseries the" crouching
4-508 displayingahomogeneityofstyle
co insw iththe" standing variety ( 418-423 ,
ntcompositionandmuch morefinely
uching varietyinV allissuesfromCon-
tthattherecordedspecimensfromother
e . 21
iain V attestthecontinuingimportance
oftheE mpire.We notethatunderMarcian
esameasthatof Constantinople.How-
nentrationislarge it isa lsose lective . Nico-
rtionofthe varietiesoftheMarcianic
ottohavemintedanyofL eo smonogram
forthe latteremperorbeinglim itedtothe" emperor
cianshow stwomint-mark s N C andN C O,
lingofNicomedianco inscanbedistinguished
ainty.Theflanstendtobe broader
ewhathigherrelief.Theoutlinesof thefigure
thewreath andthemonogramlinesaresharp
nvariablywell made theleavesnot
ysharplydrawn linesingoodrelief.
icusisama orminto f theE mpireand
roughthereign ofZ eno.Theabsenceof
reignofMarcianand thestronglyrising
w osucceedingemperors(L eo 5 Z eno 5
putf romthissourceor converse ly areduc-
ss a lo n ic a C y i c us a n d Al e a n dr i a. A " w al k in g l i on
aandNicomedia( C 2009 2470 , andtheanimal
tioch(C 2813 .
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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heodosiusI I ( 7co ins andL eo. How ever
ghproportionofthecoinsof Marcian
slegible isf romC y icus( 2outof10
raryaconclusion. F orbothL eoandZ eno
icarethecrudestamongthespecimensinV .
e thestylingcloseto barbarous.
onicaisclosesttothe areaofdeposition.
atnoe amplesof itsco inageappearbefore
larlack.Thephenomenonisparticularly
thatcoinsfromThessalonicaheadthe list
ns. 22C orinthshow saverysi eablerepresenta-
butaheavydropforthef if thcentury .23P earce
anmaterialandMattingly sC orinthianhoard24
rto f thee planationliesinthefactthat
tionsinbron ebetw een393andthe j o int
heodosiusI I , 408-423. 25H ow ever this
table lack ofe amplesf rombeforeorafter
phasi ingtheimportanceofAthensand
nthin thecommerceofthefifthcentury 28
tethatmoneyfromThessalonicawassent
largemartsoftheE mpire.Theinland
w ere le f tto theirow ndevices supplied
redistantmints ( inpartbyoverland
thavebeenlitt lecontactbetw eentheGreek
hinterlandinthef ifthcentury . Leo sissues
icaarethe bestmadeofthecoinsin
lyroundedandthe metalisfirm.Thelines
ed asifto conformtothecontourofthe
carefullye ecuted.
rL iciniusI throughTheodosiusI I Thessa lonicashows
nople thene tmintinorderof f re uency 1244.
NospecimensofTheodosiusI appearinC orinth.
osiusI andhisperiod 2 A rcadius 7MarcianC HE S
odosiusI ; 1A rcadius 6Marcian noneforL eo.
fhcenturyseeJ . H . F inley J r. " C orinthintheMiddle
I I ( 1 9 22 , p p . 4 7 7 4 7 8 a n d P . C h ar a ni s " T h e Si g ni f ic a nc e
theH istoryofAthensandCorinthin theSeventhand
i s to r ia I V ( 1 9 55 , p p . 1 63 1 6 4.
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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ofMarcianbearamint-markusually
-325 374 375 . Themark hasoccasionedsome
ensuggested. 7H ow ever there isnoreason
emoteareaatthistime.Chersonesecoin-
ginbefore J ustinianI inanycase in
hcentury . 28P earceandWoodrecordthee -
amples aga inofMarcian intheDalmatian
ascription. I t isnoticeablethatnoMarcianic
ionallyrecogni edmarksofThessalonica
anyformulathatmay besointerpreted.There
eof MarcianfromThessalonicawhich
. Themintisw ork inginboththeprev iousand
reis noreasontosuspecta suspensionof
an. The largesamplinginV o fC HE S
hichthemint-mark islegible w ouldsuggest
scouldmoreeasilybemetatama orminting
TheodosiusI hasaw iderrangeofmints
Marcianthereis acontractionofimperial
rrito ries. Thisw oulda lsohelpe pla inthe
ThessalonicathatweobserveforL eointhe
oubtof theformoftheinitial letterinour
hesitationinsupposingС tostandforTand
mint ofThessalonica.Thetransitionfromthe
is confirmedbycoin511whichclearly
SforTH S , w iththesamedistinctivesty lingas
pecimensfromL eo sreign.Theassignment
ica isepigraphica lly sound. I tsuppliesthe
andmeetsthehistoricalre uirementsof
sra isedbyК О С observedinlarge
co ins , w ith1specimenrecordedforB asil iscus29
cimensofalltheseemperorshavea common
rscloseto thatofNicomedia.Theflanstend
ndthereliefsomewhathigher.E ffect
h er i ne E d wa r ds i n h er n o te s o n V .
nagef romtheChersonesemintseeB MC p. cii i .
e . O . o f 1 02 4 c on c ea l s К О С a n d no t C O N .
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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nline inthew reath the lettering or
rguallineisveryprominentin thisgroup
К О С co insofL eo. V conta ins10e amples
9 t ( V 6 a n d 1 ( 7 0 3 o f i nd e te r mi n at e
ssumptionthatthismaverick isa lsot -
aw holehas26co ins( 667-692 withthismono-
r mint-markforthisseries.Sofaras the
sespermitsusto j udge there isa fairlyw ide
hapreponderanceof theshortD N E O .
wouldseemtoindicatethat К О С isaGreek
.С isthenthelunatesigma.This distin-
ermints.O neshouldthereforelookto
amecouldbeabbrev iatedasК О С . F or
comestomind only tobesummarilydis-
noev idencetoconnectLeow ithC orinthinany
fadingoutpostof empirewouldbe
on.The e cavationsatCorinthseem
lespecimen. К О coulde ua llywell
twolettersofCy icus.Thissupposition
forC y icuscontinuesanimportantmint
ry. C y icus how ever seemssuf f iciently
C V Z . B arringnew ev idence it ishardly
Cosismeant.I tisa sufficientlyvalidrule
mintbe locatedinacityofsomema ormili-
ortance andtheislanddoesnot meetthis
od. F urther themintingcit iesintheEast
rprisinglyshortradiusfromthecapital
all oftheE asternempirefromwithinthis
s andC y icuscanberuledout le tusconsider
pleitself.I tisthe onemintweshouldhave
lly represented yetamongL eo sco insitshow s
ev e rs e 5 0 9 5 1 0 wi t h ^ £ ( V 1 a n d 58 9
heobverse legendon510cannotberead but
edistinctivefullerformofthe legendwith
e ni t iv e D N E O S F A V G . L e o s m o no g ra m s
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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1 - 4 s h o u ld b e r ea d a s ab b re vi a ti o ns o f L E O S o r
N I S ) . A ss um in g th es e ar e L a t in f or ms w it h , £ 4 a n d t< £
e pa s s in t o Gr e ek . Th e О a t t he t o p of t h e le f t pe r -
iredacross-barbeneathitwhich couldbe
themonogramasstandingfor A flN.
le tosuggestthatК О standsforthenameof
mandmarksatransitionfromL atinto
sre ign. I tsintroductionisastepintheGrae-
, w hichendsinthemiddleofLeo sre ign
eomegaandall itsmonogramissuesshow
msof the legend. I nthecaseofZ enoК О С
nctionwithonlythoseformsofmonogram
, 2 w hi ch h av e th e om eg a. I n de ed Z E N O N w hi ch
eknominativeinthe legend appears
0 1 9 0 2 9 0 5 9 1 2 .
eenthestylingofL eo smonogramissues
seriessuggestthatw ehavetodonotw ithan
twithanabruptchangebroughtaboutby
ctor. H erew eare intherea lmofpurespecu-
osupposethattheverydestructivefire which
eSeptember2 46530destroyedpartof the
mportationofnew die-cuttersandpromptinga
nage I f so maynotthesim ilarit ieswith
tthesource? 31TheК О coinsmayrepresent
workshopwithintheparticularminting
al.
e plausiblethoughitmayappearon
w oob ections: 1 w ouldnottheforceof tra -
thestandardsymbolfortheminto f theca-
eranynew comer particularly sinceC ON
utthe lifeo f theE asternE mpire and
sc u s sh o ws b o th К О С ( 1 0 23 a n d CO N ( C 2 2 84
tleastthepossibil ityo f twodistinctmints if
vagrius H ist. Eccl. i i13. F ordeta ilsandsupplementa l
pp. 321 322.
twocities wasinanycaseclose.W rothnotesthat
ndC y icusintheB y antineperiodisclose ly
apita l( B MC p. c .
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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softwodistinctworkshopswithinthe
presentstate ofourevidencedoesnot
atefortheB asiliscanspecimens.I tisalso
nocoinswithCO Nappeareitherinour hoard
southerncoastof theP ropontisonthe
e uidistantf romC y icusandNicomedia . I t
he mainroadfromL ydiatoConstanti-
andtheeast. 32A noldandproudcity it
ntilthe reignofSaloninus.I nthefifthcen-
nceasanindependentmetropolisinthe
prics.A measureofitscivilimportanceis
etachmentofScholarii ordomesticguards
etime ofJ ustinian.33Anumberofits
arecitedasactivein churchaffairs.34Thus
amintand sincetheК О С co insaresim ilar
edia itsdie-cuttersmayeasilyhavecome
reekformofthemonogramontheК О С
nkeepingwiththe Greekhinterlandthan
omanassociationsandwouldfitinwith
mperial seriesforwhichCiosis known.
ngnomint-markmightthenbereservedfor
specimensassignedtoCios. Theoccasionfor
must remainobscure.Militarypressure
eryearsofLeo sre ignf rombarbarianin-
necaveatshouldbegiven:howlikelyis it
itsmintdesignationtoК О С , or putan-
nof amint-markinthreelettersfor this
heHistoricalGeographyofA siaMinor L ondon 1890
ned. p. 236.
bishopof CiosattheCouncilof E phesusin431
Sacrorumconcil io rumnovaetamplissimacollectio reprint P aris
2 70 a n d i f R a m sa y i s co r re c t ( o p . c it . p . 4 28 , a c e rt a in
upposestobebishopofC ios w aspresentattheC ouncil
pearsin 458asoneof thecorrespondentsofthe
oV . Schult e A ltchrist l icheSt dteundLandschaften
9
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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ercomethedifficultyinvolvedin there-
s becauseof thenesto fproblemsconnected
ntof theК О С co ins w eprefertopostpone
dingtheappearanceofadditionalevidence.
chronologicallybyreign butdoesnot
y orderwithinthereignitself.The in-
onprimarily forthere ignofLeobecauseof
ypesand obverselegends.O ntheusual
hattheissuewiththefullest rangeand
hinthetypeshould precede thishonor
nthe" lion series( 418-508 . Thesame
reК О С tobe late inthere ign forthese
plyDN E O. Thelastissuew illbethe
ed " representedinV byasinglespecimen
ugustusbe ingpresumablyLeo sgrandsonof
edinOctober 473. 38I fw emaydraw а л
umberof " lion typesw iththeshort
O ( 5outof91co ins , theseriesmayhavebeen
ningof theDN E O obverseandthengave
fits demiseisthesameas theintroduction
astheshortformalmoste clusive ly . The issueswith
mo n og r am Щ , ^ ( V 1 - 4 , s e em t o
w ithonly1co in( 524 showingtheshortform
s" emperorandcaptive serieshasasitslargest
P E R P E T . I t t h en p a ss e s th r ou g h th e t wo g e ni -
L E O N S a n d L E O S a n d sh o ws m a ny c o in s
emaysupposeitbeginsshortly after
P E T A V G a n d r un s w el l t hr o ug h t he r e ig n .3 7 T he l a te r
mint-markofastar orcrossinthe left
ury p. 323 note1 remark sthat" co insissuedat
sre ignshow Marcian shead the legendbeingmere ly
P E R P E T A V G .
aptive reverseusually impliesav ictoryofsomek ind
smilitaryventuresweresingularlyunsuccessful.
arstobeavictory inP ontusoveranunspecified
atearlyinthereign mentionedincertainepiscopal
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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gue. The" empress seriesappearstohave
legendand maybeconsideredcontem-
missuesbeginshortlyafterthe" lion
atappearstobe anabbreviationofthe
s e en a s P T i n 5 2 8 an d 5 31 t h ro u gh a h e av y c on c en -
egenitivedownto theshortforms.38
msof theemperors w ehavelisteda larger
aspreviouslybeendone althoughsurely
oe amplesreflectnotanofficialchange
dualartist.Thedistinctionsmaypossibly
archif moree amplesoftherarerforms
endtablesshowingthecorrespondences
fthevarietiesofmonogramfoundin V
rks:
1 = C 7
6 1
63 = C 2 = P e ar ce a nd
275
4 3 65 = C 6 = P e a rc ea nd
75
3 67 V a r .
3 69 = C 4 = P e ar ce a nd
Sab. 21=
6
5 = P e ar ce a nd W o od n in th o n
sinMansi J . D . Sacrorumconcil io rumnova— co l-
5 8 1 5 8 3 6 0 0 c i te d b y B u r y p . 3 2 2 n o te 5 . T he e v id e nc e a t
more accuratedesignation.Althoughthedatecan
tistemptingtoconnectthe" emperorandcaptive
ctory particularlyastheonly tw omintstostrik ethe
ndNicomedia thelatterbeingcloseto thebattle-
opiousevidenceofV promptsthisrevisioninsub-
ttentative lyof feredinY , pp. 144 145. F uturee -
-marksmaybelegiblewill sharpenpresentdistinc-
tw efeelw il lnotseriouslya lterthebasicpattern.
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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S
N I S
R U S
23
i
. 3 26
r .
3 2 6
( u nd er B a s il is cu s
de r B a s i li s cu s
C i
O N O F M O N O GR A MS B Y M N TI N Y
N i co m ed i a C H E S
S
Nicomedia
icus
ssa lonica C y icus
i
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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A A NA Y S S
eV olohoardisparticularlyrewarding.
4coinswhichare fullydescribedandweighed
ssingincompletenessanythingpreviously
thesecoinscanbeused inthemetrological
romthestudy fourco insofLibiusSeverus
estintheperioda. D. 461-465 one il le-
cannot beattributedwithanycertainty
dsevenpieceswithillegiblemonogramswhich
oorZ enoorA eliaZ enonis. C arefulstatist ica l
pieces usedinthefre uencytablesreveals
a orclasses: f irst thereare810specimens
ntinianI I throughL eo second 36specimens
scus andthird 110specimensf romthereign
coversa crucialperiodinR omanhistory
ourthcenturytothe reformcoinageof
sitpossibleto fo llow thema orvaria tionsof
ingtheV ö lk erw anderungf romthecontents
ebodyofthe metrologicalanalysis how-
putforthafew wordsofcaution. B ron e
dmoreparticularlywhentheweightofthe
small willshowagreatervariationin
pectedinthecaseofsilverorgo ld. The
waysproducedal-marco anditmustbe
eraneffectivesystemof ad ustmentto
ards.Sincetheindividualcoinswere of
stofsystematicweightcontrolwouldhave
sof themint. I naddit ion thefactthatthe
acterwouldhave lessenedtheimportance
erminingtheirvalue.I tismorelikely
tionsofweightfrom reigntoreignwhich
onomicsignif icance. Thestatehadse i edcom-
e ofallcurrency includingthefiduciary
heendof thethirdcentury. Suchcurrency
ervaluedatthemintand inthemarket
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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profitsmusthaveaccruedtothe mintfrom
anperhapspointoutsomeof thesmaller
mevidentfromthecoinsthemselvesand
blereasonsforthesechanges butanyattempt
scientificdescriptionofthe historyofthe
eevidenceof asinglehoardwouldbeillusory.
othercaveatwhichshouldbecarefullycon-
trologicalstudyof minimi.Allwho
tainingminimihavebeenstruck by
ng normallypresent.I nourdiscussion
use planationspossibleandconcluded
en w ouldseemanintegralparto fanew and
ratherthana devicefortheconservation
conclusion whichattributedthepeculiar
othe generaldecayinmintingprocedures
antiatedinthis hoard.O nceagainthe
amassivescale.Naturallythiswould
uvestoacerta indegree. I t isimpossibleto
tateandC urrency intheR omanE mpireto300a. D. Stock-
2103. We neednotresorttoB o lin sthesisregarding
ria tion o f so-ca lled" charged co insinthecaseo
soovervaluedthatthe intrinsicvalueofthemetal
theiracceptabilityinthemarket.O nlyinsofar
ew aslega llye uiva lenttoagivenw eightofgo ldw ould
nagevaryw ithitsw eight. Theactua lquantityof
paredwiththe needsforsuchcurrencywouldhave
ofthefiduciarycurrencyinto goldtoagreaterde-
erew astoomuchbron eonthemarkettobeabsorbed
nvertibil itywouldhavefa llen. I nsofarasthequantity
besaid tobeanatural concomitantofitsweight
pieces maybesaidtoreflect theconvertibility
nstantrateofabsorptionintothe economyispostu-
88 hasmadeaninterestingremark ontheoverva luation
cywhichwasmaintainedduringthe earlyempire:
urrency how ever w asquiteadif ferentmatter. During
eenheavilyovervalued ascomparedtothegold
spect thoughI cannotprove it thattheemperors
eamountofcopperincirculation inordertoe tricate
ncialdifficulties andthatcertainmeasuressuch
dAntoninianus hasasoneofits basicaimsthedeva-
rncy asHill igerasserts. B o linstressesthatthe
have beenverygreat.
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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mtheundippedspecimensin thehoard
rudeworkmanshipwhichisevidentin the
theconse uentlackofuniformity
anyverye actdistinctionsmeaningless.
ardclippingonthe formofthefre uency
nbepredicted.Allthosecharacteristicswhich
dationw ouldbee aggerated. I tshould
edthatthemode orpo intofhighestconcentra-
eaverageweightand thatthecoefficient
itehigh.
hepublicationofY therearedataw ithw hich
n.F orthispurposeweshall addthe
rdtothatderivedfrom V .Manyofthe
atstudyareconfirmedin V .Thisisparti-
onsbaseduponthefre uencytable.
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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ductionswhichmaybemadeon thebasis
aw ordshouldbesa idaboutthecho iceof
oningbehindthechoice ofaninterval
actly thesameasinthecaseofY . I t is
nminteverad ustedevenitsprecious
egreethan0.095gramsorone-halfcarat.
allestweightintheancientworldwhich
nthecaseof al-marcoissuesoffiduciary
ttheR omanmintw ouldhavebeenaware
n afullcarat.A tablebasedupona
samulti-modaldistributionbecause
ofaccuracythanwase ercisedbythe
pintervalofonecaratseemsto yieldthe
uency table forV theco insarediv idedinto
groups.Cumulativesub-totalsofallthe
fV a lentinianI I I , Marcian andL eoare
velopmentofthelarger pictureoffifth
ymaynotbeobscured. I naddition o fcourse
mogeneous thelargerthebodyof datathe
onclusionswhicharederivedfromit.
efre uencytablewhichmustbee plained.
alforall periodssavethatfromV alenti-
s. F orthissegmentof thehoardthere isabi-modal
how ever rememberthatonly thirty -eight
particularseriesandthatclipping was
onanduncertainattributionsofsomeof
omparisoninarigidsensew iththef re uency
ble.Y containsonlythirty-sevencoins
dduringthesameinterval.The inter-
ntedbyY canonlybetentativebe-
blesis toogreat.I tispossiblethat this
tsfromstrikingtheearlierissues ofЖ 4
rweightthan thelaterissues.This
g whichfollowedaspecificpatternto
o lderco ins ortoother unk now nfactors.
basis oftheevidencenowbeforeusis that
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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f romV alentinianI throughA rcadiusdoes
ousseries.I twillre uirefurthermetrological
moreinformationcomesto lightfrom
stsofclarityw ehaveincludedaf re uency
mationderivedfromY andV .
vedmetrologicalproblemtoonesidefor
ebroaderpicture certainfactsareimme-
lstepforall thecoinsinV beforethe
iththeso lee ceptionof thosedatingf romthe
ween0.78and0.95grams.Thecoins of
avier themodalstepbeingbetween
eY containedcoinsthroughthereign
dsaredirectly comparable buttheco insin
econdit ionthanthose intheV o lodeposit.
circulationfor alongerperiodoftime
oardorhadreceivedmuchworsetreatment.
d containsspecimenswhich f romthestandpo int
dcondition.Theyhad verylikelybeen
odof time.Anobviousconclusiontobe
udedinthef re uency table isthatthe J 4
Arcadius toZ enoformsahomogeneous
truckveryslightly heavierduringthe
rmsthe findingmadeinthecaseof Y ,
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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ei nweightduringthereignof Marcian
entinthatcasebecauseof thepaucity
eignincludedinthedeposit.
thecaseof theco inagesofZ enoandthe
hointervenedbetweenthefirstandsecond
mitsfurtherdeductions. I t isimpossibletodeter-
noarederivedfromhis firstreign( 474-475
d(477-491 . P ossibly thefourco insofZ eno
otherthana monogramandseemtobe
006 w erestruck inZ eno sf irstre ign
nogramtypes whicharegenerallylighter
condre ign. Thisiscon ectura l a lthough
rityofic onographietypesandthediffering
how ever placetoomuchimportanceonthe
enthetwoseriesbecausethis initselfmay
w coinsoftheiconographietypesto
ents.We maysafelyassumethatthebulk
epresentedinthishoarddatesfrom thesecond
oyedthe imperia ldignity f romF ebruary9
hhischild L eo I I , itw asonlyaf terNovember
leemperor. 41B y J anuary9 475hehadalready
asiliscuswasincontrolof thecapital.
ereignforZ enolastedlessthantwo
asiliscuslastedtwentymonths from
476. I t isimprobablethatthef irstreign
nlyone- tenthaslongasthere ignofB asil iscus
aternumberofcoins.SinceV shows110
edtoonly36 struckduringthereignof
nferthatthebulk of theco inageofZ enoderives
eventeenyears.Wecan notdatethedeposit
sincethebron eco inageitse lf isundated
asburiedq uitesometimebeforethe
1. ThechildemperorLeo I I hadconferredthe imperia l
hecoinagewasissuedinboth namesuntilthesole
Sabatier Descriptiong n ra ledesmonnaiesby antines
reursd O rientdepuisA rcadiusj us u à laprisedeCon-
I , r e p r in t G r a , 1 9 5 5 P i s . V I I , n o s . 15 1 6 a nd 1 7 .
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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33/101
necanonlysay thattheev idencepo intsto
ugust476and April491.I fweallowa
heaccumulationofZ eno s110specimens
asonableguess.
tmadecanbeaccepted thene tgroupofco ins
geofB asil iscus A e liaZ enonis andthe j o int
Marcus.Thepiecesfalling intothiscategory
othetw entymonthsbetw eenJ anuary
is anoticeabledropinweight reflected
chfallsbetween0.60and0.77grams.This
obviouslymirroredin thedeclineinthe
ageto0.79grams thelightestyeten-
minimi.B asiliscusapparentlytookthe
rocessoflighteningtheminimibelowthe
ofArcadius.
chcoversthenospecimensfromthe reign
ntinuingdecline inw eight. Wehavepresumed
sdatefromAugust476to April491.
itslowestpoint 0.42to0.59grams and
esthenadirat 0.62grams.
the historyoftheminimimaybe
ency tables butacloserana ly siso f the
uponthesetablesis necessarybeforethe
hany degreeofe actness.
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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8/9/2019 A bronze hoard of the period of Zeno I / by Howard L. Adelson and Georg L. Kustas
34/101 C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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8/9/2019 A bronze hoard of the period of Zeno I / by Howard L. Adelson and Georg L. Kustas
35/101
d 1.21grams.Areviewofall thedata
eticalweightof about1.18grams with
mthe poundofrawmetal.O nceagain
nmustbee ercised fortheR omanmoneyer
onsinbron ecoinagefinerthanthe carat.
hisseries couldj ustaseasilybe1.14
beingstruckfromthe poundofrawmetal.
aR omanmoneyercoulddistinguishob ects
byonly0.04grams.W emaylogically
hatthetheoretica lw eightof thecoinsw asa
ansystemofweights. Thescruple aunito f
mansystem w eighs1. 14grams. Thereare288
ththisinmind w ew ouldsuggestthatthe
inimiissuedduring theperiodfromTheo-
re ignofLeo w iththee ceptionof those
Marcian wasonescrupleinweight.This
indingsonaverysmallsca le fromY, but
essomeviolencetothe principlesupon
eisusedinnumismatics. I nthecaseofY
wassogreat thatwefeltit morelikely
18gramswasmoreaccurate.I nactual
wouldbemeaninglessbecausethedifference
recouldbeacceptedf romtheev idenceofY .
moreserious foritinvolvesplacingthe
wohundredthsofa gramabovethehighest
eforthecoinsfromthe reignsofTheo-
n t in i an I I I a s w el l a s in t h e se r ie s f ro m t he
inianI I throughV alentinianI I I andin
etica lly it isimprobablethattheco ins
rethan1.12 or1.13gramswhenissued.
insfrom theperiodfromV alentinianI I
enincludedin thetotalof237covering
nianI I toV a lentinianI I I mak esnoappreci-
ts.O mittingthesepiecesdoesnotalter
hedifficulty.All thatcanbesaid isthat
o insf romthereignofV a lentinianI to
emstoshowatheoreticalweightof 1.14
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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36/101
erhapsthe136coinsfromthe reignsof
hroughA rcadiusandthere ignofMarcianhave
forthelightnessoftheremaining674
heperiodprecedingthereignof Z eno.
atisfactorymethodforsolvingthe
playingwithfiguresin ordertogeta spe-
emustallowthefacts tospeakforthem-
heminimi werestruckslightlyheavier
r.This conclusioncannotbeavoided.
er werenegligibleandevenundetectable
Theymerelyreflectimperialordinanceswhich
recoinsbe issuedfromthepoundof
ingthere ignsofTheodosiusI andV alen-
llasduringthatofLeo asmanyas300co insw ere
fmetal.E achpiecewouldthenhavea
9grams( f iveandahalf carats . Thisaccords
nthere ignofMarcian how ever m inimi
stheoretica lw eight( j ustabovesi carats
nedfromthe poundofrawmetal.These
R omanmoneyermightoperateandstill
erybythepublic.All coinswouldcirculate
auniformweightof1.14gramsandas if
hepound.
sedisthatthere wereminorfluctuationsin
hich reflectedgovernmentalmonetary-
werenotimmediatelyevidentoreven
nryandwerethereforeoflimitedeconomic
s.Theywouldnaturallyescapethenotice
ThisconclusionwasnotevidentfromY
omeofthe attributions.I twouldseem
esultofthemetrologicalanalysis.
weight oftheminimi wehaveseen
asiliscus.Thetheoreticalweightoftheindi-
bout0.97grams.P erhapsitwasevenas
ecarats butthestatist ica ldataseemto
eight.I neithercase thedifferencebetween
ecoins asissuedfromthemint andthe
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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37/101
hadacceptedtheearliercoinagewasnow
oins weremorethantwo-tenthsofa
ticalweight whileonlyveryfewspecimens
ishedstandard.Specimensfromthereign
greaterdroptoabout0. 84grams( fouranda
h384co insstruck f romthepoundof raw meta l.
ly awareofthechangewhichhadbeen
mentalrecognitionofthechangedstandard
icnecessityifcompleterepudiationwere
tplace.
htof theminiminowbecomesclear.
pla inthemonetarypo licyw hichcausedthese
heentire picturetothegeneraleconomic
The evidencefortheperiodpreceding
mewhatconfusing butitwouldseemthat
elast q uarterofthefourthcenturythe
gramstheoreticalweight.This agrees
forintheyear396 theEmperorsA rca-
edthattwenty-fivepoundsofbron eshould
s.43This constitutionwasincludedinthe
edin438.ANovellaof V alentinianI I I of
thesolidus mightbeboughtfromthe
gildofmoneychangers , f o r7 200nummiandso ld
ignif icantchangeoccurredinthew eightsof thegold
period396-445 anditseemsclearthatthe
tomaintaina fi edvalueforthesolidus
s. Go ldco inageva luesintermsofbron e
tefreelyin themarket andthemargin
salepriceof solidibythecollectantwas
husthe profitmarginofthemoneychanger
rnment.E conomicconditionsinthemarket
betweenpurchaseandsalepricebemade
ecollectariimightevenpetitionfor sucha
2 1 2 . Cf . С . J u s t. X , 2 9 I , w h i c h re p ea t s th i s co n st i tu t io n
mssionofq uin u a f terv iginti. I nthecourseof the
atethischange.
I . S e e Y , p . 1 51 n o te 2 6 f o r ou r d is c us s io n o f th i s te t .
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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8/9/2019 A bronze hoard of the period of Zeno I / by Howard L. Adelson and Georg L. Kustas
38/101
w ek now thatin384/ 5theydidmak esuchapeti-
idiandminimi andtheq uantityofthese
etwouldchange andasaresult thepur-
ychangerswouldhavetoreflecttheeconomic
prescribedbylaw.O neisclearlybefore
erventionintheoperationof themarket
Thattherewere constantdifficulties
entalinterferenceisclearfromthe number
t.
200nummitotheso lidusistakenaspreva il-
f if thcentury andif theedicto fHonorius
orce thenatheoreticalweightof1.14
mthepoundof raw meta lisre uiredfor
eemtobereasonablein thelightofthe
heperiodfromArcadius throughthereign
f itsthissystemwell. I tseemslik e ly thattheaction
rcadiusestablishingthemintratio ofgold
ainthenatureofareformconnectedw itha
currency.Theconfusedpictureyieldedby
hecoinageof theperiodbeforethedeath
turalconcomitantofthischange.I nany
swasa periodoffinancialandfiscaldifficulty
nt.L argetributepaymentsweremadeto
barbarians. A tthesametimetheta struc-
ppliedrigorously.B ydintoftheseefforts
dtoretainsolvencyandtomaintaincurrency
thefinancialpositionofthe government
.P erhapstheresoluteq ualityofhis
alpolicytowardsthebarbarians aswell
fthewesternrulers andthemachinations
a inducedtheHunstoturnthe irattention
avennaandGaul.Marcianstoppedthe
tswhichhadbeenmadetothe H uns
rangementsandmanagedtoaccumulate
n100 000poundsofgo ld asumw hiche cited
us i n M GH , A . A. V I , p p . 30 3 3 0 4.
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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8/9/2019 A bronze hoard of the period of Zeno I / by Howard L. Adelson and Georg L. Kustas
39/101
un.4eTheemperormanagedtodothis
softhe empireinsuchfashionthatnot
utenewta esbutevenremovedoldones
a lsoremittedarrearsinta es. Hisre ignw as
age inwhichallthingswere well.47This
mittedtheemperortoreducetheprofits
int andtostriketheminimi slightlyheav-
msor276 coinsfromthepoundof metal.
duced thenumberofcoinsissuedand
ncreasedthe irva lue. I nessence theminim i
redtothe standardprevalentbefore396.
nmentfinanceswasnotlong-lived.
yL eo. TheB y antineauthorshavegivenL eo
davaricewhich isperhapssomewhat
thetighteningoffiscal policyintimesof
sfule peditionagainsttheV andalsin
hichensued uponthemurderofAspar
umsofreadycash.U nderthecircumstances
aina greaterprofitfromtheissuanceof
cingtheweight onceagaintothestandard
orius.B ythismeasureagreaternumber
dfromagivenweightofbron e.
luctuationsofthe bron ecurrencyfrom
calq ualityintheseminorshifts which
enalargemassof minimifromasingle
ordetailedstudy.Thefactsare q uite
ge planationforthesecyclica ltrendsmust
eabsenceof literaryevidenceoracomplete
nviewofthepaucityof certainlydatedpapyri
suchaprice inde w ouldappeartobebeyond
eightinthe caseoftheminimi however
olicyandarenot merechance.F orreasons
us D e M a gi st ra ti bu s P o pu li R o m an i I I I , 4 3 ( B o nn e d. p . 23 6 :
a io v к а M cc p i av v t v p hp io v ê X Ô c ov ô A < o v K a i t 6v u Ao t ov
X o s à T s o t o vp vT is т т о Х ё щ о ; X an í á v i vü h eX X e v ( f v 5 í mi pT s
r ov T S oc s т о й x p v̂ í o uA iT p v .
237 w hocitestheancientsources. The laterchronicler
thereignof Marcianasa" goldenage ( B onned. p.167 .
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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8/9/2019 A bronze hoard of the period of Zeno I / by Howard L. Adelson and Georg L. Kustas
40/101
butwhichnonethelessmusthavebeen
f f icia lso f thetime minorad ustmentsw ere
bron ecurrency . Onesuchad ustment as
de inthere ignofMarcian andthoughw ehave
planation theev idence isinsuf f icientfor
rntoaslightlyheav ierbron eco ininthe
y j udgethebron ecurrencyof theperiod
edat 1.14gramsand288minimito the
ssiblethat thetheoreticalweightwasslightly
renoma orchangesduringthoseyears.
ngedabruptly.P erhapstheshortreign
ngprecariously fortw entymonths e hausted
inthetreasuryatthetimeofL eo sdeath.
resourcesofthestatemusthavebeen
yearsfollowingthedeathof L eobecauseof
ressure.48U nderthecircumstancesaweight
urrencywouldhaveyieldeda signi-
thavesolvedthe fiscalproblemsofagovern-
ydependentuponta rece iptsink ind but
lioratingeffect.Atthispoint ifthesame
7 200nummitotheso lidushe ldtrue tw enty
havepurchasedonegoldpiece.This isa
nnow bedatedonnumismaticgrounds
ofB asiliscus.
dictofH onoriusandArcadiusaspreserved
cordstheolder evaluationattwenty-five
eso lidus. Whenthissameconstitutionw as
urisC ivil is theva luationw aschanged
e.49SincetheTheodosianCodewaspublished
ef fectasof J anuary1 439 thechangemust
rthisdate.No changeisindicatedinthe
tnianI I I o rMa orian. I nthepreservedsecond
w ascompletedin534 how ever thechange
H i s t o ry o f t he L a t er R o m a n E m p i re f r om A r ca d iu s t o I r e í ,
p . 25 3.
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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8/9/2019 A bronze hoard of the period of Zeno I / by Howard L. Adelson and Georg L. Kustas
41/101
irstC odeof J ustinian w hichisunfor-
aredin529by acommissionoftenwithvery
empoweredtoremoveobsoleteorunneces-
concilecontradictorylaws andeventomake
nte tsandin theorderoftheenactments.
ntoTrebonianus D orotheus andthethree
w ork edonthesecondC ode w hichise tant.
tantintroductoryconstitutionstothe
sevident therefore thatthechangeoccurred
blicationoftheTheodosianCodeandthe
monetaryhistoryofthe laterR oman
e thechangeto475/6.Trebonianusandhis
eapparentcontradictionbyinserting
older constitution.
s notendhere.A fragmentfromthe
dinSuidastells usthatduringthe early
othetreasuryhadreachedsuch alowebb
hateverL eohadmanagedtoaccumulate
peditionandbeforehisdeathhadbeenq uick ly
argesses. 60E venif thispassagebedatedto
o n n ed . p . 2 75 : t 5 k oi v v t t e el s т г й с т о т â - rr op ia v к а -
uriS vï x e ví nr Aomov & tey pê vт ф koivc tc u I coA covkoteAittev
r oZ r i vo ov os t oc ú í k ek ev c t o Tr v To c T r o AA u v x a p it ou v ou t o ç ç î A oi ,
C k ô w to s5 ¿ x p î o O s с Ь с г г е c cC rr y iv cb a E i v e t ti к а 1 ä A Ac os kA et tt oi ut o.
esthete tto477w ithoutany furthercomment. C . M ller
um G r ae c or u m P a r is 1 8 68 I V , p . 1 16 r e pe a ts t h e sa m e
buthedatestheeventto475 re ly ingontheauthority
etorianPraefectEry thrius w hoseactivit iesaredis-
w asinoff ice in473andlater andthathew asprobably
tlybeforethereturnofZ eno. O. Seeck P auly -Wissow a
derclassischenA ltertumsw issenschaf t I V , co l. 602 ho ldsthat
ceduringthefirstreign ofZ enobecausethepassage
cf ic a ll y ' E p O ô p i o â - r ra p /o s y ey o vc o s ё т г 1 Z r v c v o s. I n f a ct
essedtoE rythriusdatefrom466and472 duringthe
e d . P a u l K r u e ge r C o de I u s ti n ia n us i n C or p us I u r is C i vi l is
rl in 1954 H » P -5 7-E ry thriusw asapparently succeeded
ometimeintheyear472 ifw emay j udgef romthecon-
urisC ivil is. A lsoseeE. Ste in H isto ireduB as- mpire
, p . 66 . Cf . Ma lc hu s 88 B ( B o n n ed . p . 26 3 : ô t i t v & p o vt o
Р и с т ' ° и Ah pc ns v E K r r e uT r u ev ov с о с т т г е р E Ü S o nn ov a r p oc s ys vo u v ri s
ё т г T re vT oc O C T a is ó u o A T pa i й л г ё с т т е Л е у . T hi sp as sa ge is re pe at ed in
i s t or i co r um G r ae c or u m I V p . 1 20 . I t i s d at e d by M l l er t o
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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8/9/2019 A bronze hoard of the period of Zeno I / by Howard L. Adelson and Georg L. Kustas
42/101
s
therecanhavebeennosubstantialimprove-
asiliscus.With anemptytreasurythe
esorttoall possiblesourcesofrevenue.
arycoinageyieldedstillgreatermint
erageweightoftheminimi nowfellto
mayc on ec turethatthetheoretic alweightwas
imately 84c oinswerenowstruc k fromthe
eclineofthe nummus introducedinthe
asvirtuallytheonly smallchangeduring
tury wasnowcomplete. tremained
fbetterfinancialability withasenseof
iutereformsveryearly inhisreign. A n
n ecurrencywithsomelargeso-called
andan averageweightofalmostseventeen
bedrawnfromthereconstructionof
tseemsobviousata glancethattheim-
ellawareoftheprofitsto besecuredby
rybron ecurrency.Theprofittothemint
minimicannothavebeen inconsiderable
rgencytheweightofthecoinwaslowered
romapoundof metal. ntimesofrelative
eattempttomaintainarespectablefiduciary
c aseofmostc oinages however theimperial
oresisttemptation andthegeneraltrend
epassageis uestionablebecauseoftheimprobability
yptincreasedfromfiftypoundsofgoldto 5oopounds
oftime.Sucha ten-foldincreasewouldhavebeen
theperiod butthereisnosupportingevidence.
rnhistorianshave simplyomittedanyreferenceto
e M a gi st ra ti bu s o pu li R o m an i I I , 4 5 B o n n ed . p p . 2 8
pec if ically thatthestatewasonthevergeof f inanc ialruinf romthe
ssionofAnastasiusbecauseZ enoforcedthemagistrates
ebarbarians. ohn yduswasac ontemporaryof
anditmaybesafelyassumedthat hewouldhave
creaseinwealth.
7 stressesthef inanc ialac umenoftheemperor. Seealso
e M ag is tr at ib us o pu li R o m an i I I , 4 5 B o n n ed . p p . 2 8
sthatAnastasiussavedthestatef romvirtualruin. B ury
sesthefinancialpolicyofAnastasiusinlaudatoryterms.
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_ u s e # c c - b y - n c - s a - 4 . 0
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8/9/2019 A bronze hoard of the period of Zeno I / by Howard L. Adelson and Georg L. Kustas
43/101
ecoinage.Thisis particularlytrueafter
aya lsonotethatthe increase inthenumber
ndofmetalprobablymeantanincrease
tisunlikelythat theimperialgovern-
n anywayintermsofthe q uantity
esmeantmomentarilygreaterprofits.As
therewasadayof reck oning andthatday
asil iscus a f terthema orforceof the
dspentitselfandtheW estwaslost.Thelarger
cedweightmusthave lostsomeoftheir
nversionintogold atthefi edrateof
idus.Thiswasdisastrousbecausethein-
y coinagewassolowthattheir market
conversion.Throughouttheentirefifth
ecurrencyhadbeenissuedi nlargeamounts
hat L eowasforcedintoa positionof
ntsthanbefore.H istremendouse pen-
ll-f a tedV andalice peditionin468had
sofover100 000poundsofgo ldle f ttohim
estimatesthecosto f thee pedit ionat130 000
ohnL ydusandC andidusgivetheestimate
o ldand700 000poundsofsilver. 52Thesetre-
couldnotpossiblyhavebeenrecoupedbefore
sus. Theearly si thcenturyauthor Malchus
mostavariciousruler who becauseof
w asguiltyo f thesinofe tortingmoney f rom
apswasthemeasureof hisneed.W ithan
yholdon thethronetheemperorwasin
tosecure moneyfromallpossiblesources.
ralthanthat heshouldseekagreatin-
theoperationofthemint Theevidence
heeconomicsituationre uiredsomegovern-
e l lo V a n d l ic o I , 6 ( B o n n ed . I , p . 3 35 ; I o an ne s L y du s
u l i R o m an i I I I , 4 3 ( B o n n e d . p . 23 7 ; C a nd i du s ( B o n n
y p. 337 note3 foradiscussionof thesef igures. Also
h te d e s sp t r m i sc h en R e i c h es V i e nn a 1 9 28 1 p p . 53 1 5 3 2.
B o n n e d . p p . 2 7 4 2 7 5 = f r a g. 7 i n M l l er F r a gm e nt a
m I V , p . 1 16 .
C r e a
t i v e C o m m o n s A t t r i b u t i o n - N o n C o m m e r c i a l - S h a r e A l i k e
/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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8/9/2019 A bronze hoard of the period of Zeno I / by Howard L. Adelson and Georg L. Kustas
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swereopentohim:either hemight
nimie ualtothesolidus andsimplyre-
w hichmusthaveoccurredw henthebron e
lity—inwhichcase hederivednoprofit— or
tratioofgo ldtobron e w itha llthatthis
ngedthenumberofminim ie ua ltothesolidus
hew ouldsimplyhavestabil i edthecourseof
rrency . I t isclearf romthete tintheC orpus
condcourse thato f low eringthego ld-
1:1800to1:1440 w aschosen. Thereasons
Stocksof bron eformonetarypurposes
ble.B yloweringthemintratiothe E mperor
ne- f if thtotheva lueofsuchbron estock s.
vewouldhavehadthelong-termeffectof
fiduciarybron ecurrency.This however
assbecauseprices arenotoriouslyslowon
nditisdoubtfulthat thismovebyitself
sedconfidenceinthefiduciarybron e.The
nforcedtoaccept thegovernment s
highestauthority butthereisno surety
sthemovewas particularlyeffective.
entaladvantagewhichaccruedtotheimperial
ngewastheincreasedabilityto lighten
orquick ga in. Thef irstso lution w hich
conomicsituation thatis thedecline in
wouldhavebeensounderfromapurelytheoretical
how ever l ik e indiv idua ls are interested
economics andsothesecondcourse was
erin476wasnotmark edbyany improvement
the government.Aswehaveindicated
ringhisfirst yearsinpower.O nlyone
mperor a furtherreductioninthew eight
togetherw itha largerissue. B asil iscushad
eminimitothebreakingpoint.There can
mintratioof1: i8oogavebron eahigher
ein themarketplace.Suchis thenature
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/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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8/9/2019 A bronze hoard of the period of Zeno I / by Howard L. Adelson and Georg L. Kustas
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overnmentinitstime ofneedwasvitally
chit couldobtainfromtheoperation
lana ly sis w hentheminimife lltoanaverage
anda theoreticalweightof0.84grams
maintained.Notonlywasthebron every
buttheactualcoinagewas belowitstheoretical
hatallcoulddetectit. Thisinitselfmight
ningless iftheissueshadbeen limitedand
ouldhavebeen maintained.Unfortunately
ebeenthecase.Thetemptationtoissue
of itmusthavebeenalmostoverw helmingin
tinthemidstofa financialcrisis.
eformof Anastasiusremainssomewhat
ay.Thereis noinformationastohowthe
eti edorhow thee changew asaccomplish-
arscertain.An emperorofbusinessability
dingupthetreasurycouldnot havemade
alueofthebron einthetreasurystocks
intratio . I nstead theemperorreformed
emonetarysystembyabolishingtheminimi
ioof 1:1440whichappearsintheCorpus
C r e a
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/ h t t p : / / w w w . h a t h i t r u s t . o r g / a c c e s s_
u s e # c c - b y - n c - s a - 4 . 0
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8/9/2019 A bronze hoard of the period of Zeno I / by Howard L. Adelson and Georg L. Kustas
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47/101
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48/101
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49/101 C r e a
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8/9/2019 A bronze hoard of the period of Zeno I / by Howard L. Adelson and Georg L. Kustas
50/101
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