Coins of Crisis: Rome’s 3rd Century Instability
Exploring the Roman Empire’s Turbulent 3rd Century Through Numismatics
Coins are more than just pieces of metal — they’re tiny time capsules that have traveled through centuries, carrying the stories of emperors, battles, and crises. Each scratch, each symbol, every inscription holds a tale of a world that once was. As an aspiring numismatist, holding an ancient coin feels like holding a tangible connection to history.
Today, we’re stepping back into one of the most chaotic periods in Roman history: the Crisis of the Third Century. The Roman Empire was under siege — politically, militarily, and economically — and this chaos is captured in the coins of the time.
In my collection, I have antoniniani from three emperors who reigned during this period: Trebonianus Gallus, Volusian, and Valerian I.I love holding these coins, love that their state of preservation isn’t perfect. In fact, some of them are in pretty rough shape, a very symbolic element to this analysis but we’ll get to that. For now, suffice to that that these coins always transport me into the past, for they represent a stark contrast between what these emperors wanted to portray and what the reality of the empire was at the time. Through their coinage, we’ll glimpse the struggles these emperors faced, trying to hold together an empire on the brink of collapse.
The Crisis of the Third Century: An Era in Decline
The Crisis of the Third Century (235–284 AD) was one of the most chaotic periods in Roman history. The empire was besieged on all fronts: Germanic tribes and Persian armies pushed against the borders, while internal revolts and civil wars tore the empire apart from within. To make things worse, the Plague of Cyprian ravaged the population, killing soldiers and citizens alike, leaving Rome weakened and vulnerable.
Economically, the empire was collapsing under the weight of these challenges. The emperors struggled to fund their armies, and one of their solutions was to debase the currency. This is where the antoninianus comes in. Originally introduced by Caracalla as a silver coin, the antoninianus became the most widely circulated currency during the Crisis. However, as the financial strain on the empire grew, so did the debasement of the coin — less silver, more copper. By the time of Trebonianus Gallus, Volusian, and Valerian, these coins were worth only a fraction of their original value, reflecting the empire’s broader economic decline.
The steady degradation of the antoninianus mirrors the crumbling state of the empire itself — once mighty and strong, but now weakened and devalued, struggling to hold itself together in the face of constant threats.
Trebonianus Gallus: A Fragile Peace Amidst Chaos
When Trebonianus Gallus became emperor in 251 AD, he inherited a kingdom already on its knees. His predecessor, Decius, had fallen in battle against the Goths, and the empire was being ravaged by the Plague of Cyprian. Gallus made a fateful decision — one that would come to define his reign. He signed a peace treaty with the Goths, allowing them to keep their plunder in exchange for a break in hostilities. This peace was fragile at best and viewed by many Romans as a humiliating concession.
Gallus was caught in an impossible situation — unable to secure a true victory on the battlefield or stabilize an empire beset by disease and economic collapse.
Coinage Analysis
The antoninianus I own from Gallus’ reign provides a fascinating window into this fraught period. On the obverse, Gallus is depicted wearing a radiate crown, a common symbol for emperors on this type of coin. The radiate crown not only signifies his status as emperor but also his connection to the divine, an important symbol in a time when emperors needed to project an image of strength and authority.
The reverse of the coin features the inscription “VIRTVS AVGG”, invoking the Roman virtue of courage and military strength. The figure of Virtus, clad in armor and wielding a spear, reinforces the image of a Rome ready to defend itself against all threats, even if the reality was quite different. In fact, Gallus had agreed to a peace treaty with the Goths that brought a momentary pause in open conflict — but was also seen by many as a humiliating deal for Rome. In using Virtus for his coinage, Gallus might have been attempting to reassure to the people that Rome was still a military superpower.
The plural AVGG suggests the idea of shared imperial strength, perhaps a nod to Gallus’ co-rule with his son Volusian or a more symbolic reinforcement of unity in the face of external threats.
But the coin’s debased silver content tells another story. The increasing use of base metals signals the deep economic troubles Rome faced, and this trend of debasement would only worsen in the years to come.
Key Takeaway
Gallus’ reign, as seen through his coinage, is a study in contrasts. On the one hand, his antoninianus projects traditional images of power and virtue — strong, divine leadership and military readiness. On the other hand, the coin’s debased silver content hints at the underlying weaknesses of the empire: the fragility of its economy, the loss of military dominance, and the growing instability that would define the Crisis of the Third Century.
In the end, Gallus’ attempts to maintain peace and stability were fleeting, much like the radiance of the silver wash on his coins. His rule was a temporary pause in the chaos, a fragile peace that could not hold against the mounting pressures of a collapsing empire. And as we’ll see with the coins of Volusian and Valerian I, this debasement was only the beginning of a long, downward spiral.
Volusian: The Emperor in the Shadows
Volusian ruled alongside his father, Trebonianus Gallus, from 251 to 253 AD. His role was secondary, and his reign came at a time when the empire was already collapsing under external pressures and internal instability.
While his father struggled to secure a fragile peace, Volusian’s role was more passive, and his coins reflect the empire’s increasing desperation to maintain the appearance of control. Volusian didn’t leave a significant mark on military campaigns or political reforms, but his coins offer a window into his brief, turbulent time in power.
Coinage Analysis
The antoninianus of Volusian bears the inscription “IMP C VIB VOLVSIANVS AVG”, featuring him in the familiar radiate crown. His portrait is calm, almost passive, reflecting his lesser role in leadership.
But the real story is on the reverse, which reads “PAX AVGG”, and shows Pax, the goddess of peace, holding a spear and branch. I believe that in using Pax, Volusian was trying to defend his father’s controversial peace treaty with the Goths. Many Romans saw the treaty as humiliating, but Volusian’s coin sought to portray it as a necessary move to protect the empire — an attempt to redefine weakness as wisdom.
This marked a significant shift from Gallus’ focus on Virtus (military strength) to Pax (peace). It suggests a growing realization that Rome could no longer rely solely on military might. But much like the fragile peace itself, Volusian’s reign and his coins were fleeting.
The Decline of Coinage
By Volusian’s time, the antoninianus was even more debased. The silver content had diminished significantly, with the coins relying mostly on base metals. The declining quality of these coins mirrored the empire’s deteriorating state. Rome’s economy was crumbling, and the emperors were running out of resources to pay their armies or maintain infrastructure. As we move on to Valerian I, this trend would reach its peak, with the currency losing nearly all of its silver content.
Volusian’s coinage reflects a shift in imperial messaging from military strength to a desperate plea for peace. His reign was brief, and the coins he left behind symbolize a Roman Empire grasping at stability, even as it slipped further into crisis.
Valerian I: The Emperor Who Fell to Persia
When Valerian I came to power in 253 AD, the crisis continued to spiral. He tried to hold the empire together, co-reigning with his son Gallienus, but external threats were overwhelming. His reign would be defined by a devastating defeat that led to his capture by the Persian king Shapur I — the first Roman emperor to ever suffer such a fate.
I love that this coin is in such a poor state. Yes, this could be due to its life and how it was preserved for the thousands of years since Valerian first minted it. And yet, the extremely low quantity of silver in this coin must have contributed to its corrosion. I find it to be almost poetic — a tangible symbol of the sorry state the empire was in.
Coinage Analysis
The antoninianus from Valerian’s reign provides a window into this precarious time. The obverse features the inscription “IMP C P LIC VALERIANVS AVG”, displaying Valerian’s full imperial title, with Valerian in the radiate crown.Yet, the portrait lacks the refinement of earlier coinage, a reflection of the increasing pressures to mint coins quickly during this period of turmoil. Valerian’s expression is stern.
The reverse inscription reads “PIETAS AVGG”, meaning “Piety of the Emperors.” The figure of Pietas, representing religious duty and devotion, is depicted holding a scepter and raising her hand in a gesture of blessing. This imagery was meant to communicate that Valerian and his son Gallienus were devoted to the gods and to their duty to Rome.
This Pietas imagery stands in stark contrast to the harsh reality of Valerian’s reign. Instead of securing divine favor, Valerian’s capture marked one of the lowest points in Roman history, a symbol of the empire’s vulnerability. While his coinage sought to reassure the Roman people, the empire continued to crumble from within.
Key Takeaway
Valerian I’s coinage encapsulates the final stages of the Crisis of the Third Century, when the gap between imperial messaging and reality had become painfully clear. The image of Pietas and the emperor’s attempts to project divine favor and stability stand in stark contrast to the chaos that engulfed Rome. Valerian’s reign ended in personal disaster, with him rumored to have died in captivity.
By this time, the antoninianus had been severely debased, now little more than bronze with a thin silver coating, barely resembling the once valuable currency it was meant to be. The coin’s value had plummeted, much like the emperor’s fortunes. Valerian’s coinage reflects an economy in freefall.
The antoninianus of Valerian I, with its hollow symbolism and rapidly declining value, is the perfect symbol of Rome’s fall from grace during this period. While the coin’s imagery may speak of piety and devotion, the debasement of the coin mirrors the debasing of the empire itself.
Valerian’s defeat at the hands of the Persians and his capture further compounded the empire’s economic and military crises. His coinage, once a symbol of power, now feels almost like a relic of an empire in freefall. This downward spiral of debasement would continue under his successors, reaching its height as the empire teetered on the brink of collapse.
Connecting with History Through Numismatics
The antoniniani of Trebonianus Gallus, Volusian, and Valerian I offer more than just glimpses of emperors — they tell the story of an empire on the brink. What once stood as symbols of strength, power, and divine favor gradually became shadows of their former selves, much like the empire they represented.
These coins may have passed through the hands of soldiers guarding the empire’s crumbling borders, merchants trading in markets that were becoming emptier by the day, or citizens struggling to make sense of a world that seemed to be falling apart.
To me, they tell the tale of how emperors tried to keep the people of Rome calm — a narrative that kept changing, kept evolving. Gallus’ effort to project military strength, Volusian’s plea for peace, and Valerian’s failed piety as the empire slipped into chaos. Their coinage reflects both their aspirations and the harsh realities of their reigns.
This is why I love Numismatics; it’s a way to connect with history on a deeply personal level. Coins are like time travelers, carrying the weight of empires, the struggles of leaders, and the lives of ordinary people. They remind us that history isn’t just a collection of dates and events — it’s a living, breathing story that we can hold in our hands. They have the power of bringing the notion of a distant and often abstract Ancient Rome into the present, much like gigantic builds like the Coliseum in today’s Rome or the Aqueduct of Segovia. Tangible elements from Ancient Rome that still stand to this day.
The silver may have faded, the images worn thin, but the stories they tell remain vivid. When I study these coins, I don’t just read about the Crisis of the Third Century — I feel it in the palm of my hand. And in doing so, I’m reminded that history, no matter how distant, is always within reach.
So, the next time you come across an old coin, pause and think about the hands that held it before. It’s not just a piece of metal; it’s a piece of someone’s story, a bridge to a world long gone. Numismatics brings that world to life in ways that nothing else can. History, after all, isn’t just meant to be studied — it’s meant to be held.
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