Roman Imperial Coins: Augustus to Constantine

The Most Collected Ancient Coins

Roman Imperial coins — spanning from Augustus (27 BC) to the fall of the Western Empire (476 AD) — form the most popular and accessible category in ancient numismatics. The reason is simple: every coin features a portrait of the ruling emperor, creating a visual gallery of Rome's leaders across five centuries. Collecting Imperial coins means collecting the faces of Augustus, Nero, Trajan, Hadrian, Marcus Aurelius, and dozens of other rulers whose names echo through history.

The Imperial series offers collecting opportunities at every budget level. Common bronze coins of late Roman emperors (3rd–4th century) are available for $5–$20. Silver denarii of 1st–2nd century emperors cost $50–$500. Gold aurei represent the premium tier at $2,000–$50,000+. This extraordinary range makes Imperial coins accessible to beginners while offering depth and challenge for the most advanced collectors.

The Imperial Denomination System

The Roman Imperial currency system used several denominations across three metals:

Gold:

• Aureus (~7.8g under Augustus, declining over time): The premier Roman gold coin, worth 25 denarii. Aurei are scarce and valuable, rarely found below $2,000.

Silver:

• Denarius (~3.5–3.9g): The standard silver coin. Silver content gradually debased from 95%+ under Augustus to less than 50% by the mid-3rd century.
• Antoninianus (introduced 215 AD, ~5g but increasingly bronze with silver wash): Replaced the denarius as inflation ravaged the economy.

Bronze/Copper:

• Sestertius (large bronze, ~25g): The most visually impressive Roman bronze coin, prized for its large size and detailed portraits
• Dupondius (brass, ~12g): Mid-sized bronze, the emperor typically wears a radiate crown
• As (copper, ~10g): Small bronze, emperor wears a laureate crown
• Late Roman bronze (various names): After Diocletian's reforms (c. 295 AD), a new system of bronze denominations emerged

The Most Collected Emperors

Certain emperors are perennially popular with collectors:

Augustus (27 BC–14 AD): The first emperor. His coins established the template for Imperial portrait coinage. Denarii featuring the young Octavian through the aged Augustus document Rome's transformation from Republic to Empire. Prices: $200–$2,000 for denarii.

Nero (54–68 AD): Infamous for the Great Fire of Rome, persecution of Christians, and eventually suicide. His portrait coins showing his increasingly corpulent features are fascinating historical documents. Denarii: $200–$800.

Trajan (98–117 AD): The "best emperor" under whom Rome reached its maximum territorial extent. His coins often depict military campaigns and building projects. Denarii: $75–$400.

Hadrian (117–138 AD): Builder of the famous wall in Britain and the Pantheon in Rome. His "travel series" coins depicting personifications of the provinces he visited are particularly collectible. Denarii: $75–$500.

Marcus Aurelius (161–180 AD): The philosopher-emperor, author of "Meditations." His coins from the Stoic scholar-soldier are consistently popular. Denarii: $50–$300.

Constantine I (306–337 AD): The emperor who legalized Christianity and founded Constantinople. His bronze coins are among the most affordable ancient coins available ($5–$30) and feature groundbreaking Christian symbolism.

Collecting Approaches

The vast scope of Imperial coinage supports many collecting strategies:

Twelve Caesars: One coin of each of the first twelve emperors (Suetonius' classic list): Julius Caesar, Augustus, Tiberius, Caligula, Claudius, Nero, Galba, Otho, Vitellius, Vespasian, Titus, Domitian. This is one of the most popular ancient collecting goals — challenging because Otho and Vitellius (who ruled briefly in the chaotic Year of Four Emperors, 69 AD) are scarce. A complete set of 12 denarii can cost $5,000–$15,000.

Dynasty sets: Coins of all rulers from a specific dynasty — the Julio-Claudians, Flavians, Antonines, Severans, or Constantinian dynasty.

Reverse themes: Roman reverse designs depict gods, personifications (Pax, Fortuna, Victoria), buildings, animals, military scenes, and allegorical concepts. Collecting by reverse theme creates a visual encyclopedia of Roman culture.

Denomination type set: One example of each major denomination (aureus, denarius, antoninianus, sestertius, dupondius, as, follis) providing a survey of Roman monetary denominations.

Budget timeline: One affordable bronze coin from each century (1st through 5th) creates a 500-year timeline of Roman Imperial portraits for under $100 total.

Buying Roman Imperial Coins

Roman Imperial coins are the most readily available ancient coins at US coin shows. Many dealers who primarily handle US coins also carry a selection of Roman coins, and specialist ancient coin dealers bring extensive inventories to major shows. When buying:

• Prioritize portrait quality: On portrait coins, the face is everything. A coin with a sharp, well-centered portrait on a full flan is worth more than a coin with an off-center or weak portrait, even if the latter has a more impressive reverse.
• Check for tooling: Some ancient coins have been "enhanced" by tooling — scratching details into worn areas to make the coin look better graded. Under magnification, tooled areas show unnatural parallel lines and inconsistent metal texture.
• Understand patina: Ancient bronze coins develop a natural patina over centuries — green, brown, or black surface layers that collectors value. Never clean an ancient coin or remove its patina. Coins with stripped (cleaned) surfaces are worth significantly less.
• Buy certified when possible: NGC Ancients provides grading and authentication for ancient coins, adding confidence to purchases. For coins valued above $500, certification is worth the investment.

Our grading guide and authentication guide provide detailed guidance for evaluating ancient coins at shows and from dealers.