The Military Orientation of the Roman Emperors Septimius...

[Ioannis]

Katsari, C. 2002. The Military Orientation of the Roman Emperors
Septimius Severus to Gallienus (146-268 C.E.), Anistoriton www.anistor.co.hol.gr/english/enback/e022.htm

[Jona Lendering]

The military orientation of the Severan emperors caused an increase in the demand of coined metal, especially silver. Coin hoards and excavation finds from the provinces indicate that the State increased substantially the annual mint output of denarii and antoniniani in order to cover its expenses (Katsari 2001, ch. 3).

However, it seems that the amount of silver and gold bullion in the empire did not increase. In fact, wars were not as profitable as they used to be during the first and the beginning of the second century, since the emperors did not seek to expand the line of the frontiers; instead they waged only defensive wars against the barbaric tribes or civil wars in order to secure their throne. These activities resulted to the drainage of the imperial treasury, since fresh bullion or loot would not be imported in the empire. So, in their struggle to find more coins in order to pay the expenses for their military campaigns, Roman emperors kept melting down and re-coining the older silver coins of higher fineness into new debased ones. In some cases, older coinages probably disappeared completely from the circulation pool.

This practice was intensified during the reign of Septimius Severus

This may well be true. I am not specialized in numismatics. But to the best of my knowledge, there was no debasement after the 193-194 dynastic crisis. I remember having read (in Birley's biography?) that Severus' capture and looting of Ctesiphon made it possible for Severus to increase the number of legions (I Parthica, II Parthica, III Parthica) without need to debase coinage. Have I missed something important?

[Ioannis]

To be honest, I don't have an answer to your question!

[Caracalla]

The military orientation of the Severan emperors caused an increase in the demand of coined metal, especially silver. Coin hoards and excavation finds from the provinces indicate that the State increased substantially the annual mint output of denarii and antoniniani in order to cover its expenses (Katsari 2001, ch. 3).

However, it seems that the amount of silver and gold bullion in the empire did not increase. In fact, wars were not as profitable as they used to be during the first and the beginning of the second century, since the emperors did not seek to expand the line of the frontiers; instead they waged only defensive wars against the barbaric tribes or civil wars in order to secure their throne. These activities resulted to the drainage of the imperial treasury, since fresh bullion or loot would not be imported in the empire. So, in their struggle to find more coins in order to pay the expenses for their military campaigns, Roman emperors kept melting down and re-coining the older silver coins of higher fineness into new debased ones. In some cases, older coinages probably disappeared completely from the circulation pool.

This practice was intensified during the reign of Septimius Severus

This may well be true. I am not specialized in numismatics. But to the best of my knowledge, there was no debasement after the 193-194 dynastic crisis. I remember having read (in Birley's biography?) that Severus' capture and looting of Ctesiphon made it possible for Severus to increase the number of legions (I Parthica, II Parthica, III Parthica) without need to debase coinage. Have I missed something important?

There was a continue debasing of coins since Nero.
During the reign of Gallienus, silver coins were just brons coins with a silver wash.
Coins from the late 5th century were just tiny little brons "things" compared to the big sestertii from the 1st century.

I hope this has helped.


Best,

Eve

[S SEVERUS]

According to Alaric Watson in his book "Aurelian" the debasement of the coinaige started with Nero. At the time of S Severus the silver content of the standard Roman coin was 50 per cent from its original 98 per cent.
From the reign of Caracalla something more like a massive and deliberate manipulation of the coinage came into plat.