Coinage of a Conquered Land, Engraved with a Crocodile

The Small Change of Crocodile and Emperor

In the southern Gallic town of Nemausus (Nîmes), a bronze coin was struck in the first century BC. The obverse features portraits of the emperor Augustus and his confidant Agrippa, while the reverse depicts a crocodile chained to a palm tree. This design commemorates the conquest of Egypt. This small coin, minted in the province of Gaul, tells the story of how a conquered people used the face of their conqueror and the symbol of his victory in their daily payments. The town of Nîmes still uses this crocodile as its coat of arms today.

Wealth Drained Away

After Caesar's conquest, Gaul transformed from a land plundered for its gold into a province that paid taxes. Households and property were surveyed, and land and poll taxes were imposed. Wealth was assessed and siphoned off in the form of currency. Furthermore, Roman moneylenders provided loans at high interest, and taxes and debt drove the noble families of Gaul to bankruptcy. In AD 21, this led to an uprising by figures such as Julius Sacrovir of the Aedui.

This region was one of the most productive in the Empire. The glossy red high-quality pottery fired at La Graufesenque in southern Gaul was transported throughout the Empire. Vessels from this region have even been found in the town of Pompeii, which was buried in AD 79. However, much of the fruit of this prosperity flowed to the Empire through taxes and trade, and little of it tended to remain in the region.

Broken Trust

The Roman currency itself, a tool for siphoning wealth, eventually declined in quality. The denarius silver coin, initially almost pure silver, was lightened by Emperor Nero in AD 64, after which its silver purity continued to decrease. Gold coins also became lighter over time.

In AD 215, Emperor Caracalla issued a new silver coin. Its face value was two denarii, but it contained only one and a half denarii worth of silver. The emperor, by wearing a radiate crown, claimed a double value. Eventually, the coinage became little more than a bronze core with a thin silver coating, and by the reign of Gallienus, the silver content had dropped to about two percent. The trust in the currency, a form of wealth for all who held it, was lost.

Independence in the Name of Good Coinage

In AD 260, when Emperor Valerian was captured by the Persians, the general of the Rhine frontier, Postumus, was hailed as emperor by his troops. The catalyst was his decision to distribute spoils seized from barbarians among his own soldiers instead of sending them to the capital. He attacked Colonia Agrippinensis (Cologne) and established the Gallic Empire, which extended over Gaul, Germania, Britannia, and Hispania.

Postumus copied the Roman system exactly. And most importantly, he struck better coinage than the central Empire. Seizing control of the mines in Hispania and Britannia, he minted coins with a high precious metal content and inscribed on them "Restorer of the Gauls." Striking good coinage was his statement of legitimacy. However, by the end of AD 268, his own coinage began to show signs of debasement. Eventually, after refusing to allow his troops to sack a city, he was killed by his own soldiers.

What an Imprint Alone Cannot Restore

The Gallic Empire came to an end after fourteen years. In AD 274, Emperor Aurelian brought the western territories back into the fold of the central Empire. Reasserting his monopoly on coinage, he struck a mark indicating "twenty to one" on the reverse of his recoined currency. He attempted to restore the lost silver with a mere mark.

However, the silver itself did not return. By the end of this century, specie had disappeared from daily commerce, and taxes were collected in kind. The denarius, used for three hundred years, had lost almost all its value.