Ancient Roman Tetrarchy coinage refers to the coinage produced during Diocletian’s tetrarchy rule. During this period, the empire split into two regions (east and west), and Rome recognized four leaders simultaneously. The system of two primary leaders, Augusti, and two secondary leaders, Caesars, led to economic prosperity during Rome’s Crisis of the Third Century. Tetrarchy coinage features emperor busts, mythological figures, and cultural symbols. 

After Rome’s economy peaked in the second century CE, it entered a steady decline. By the latter half of the third century, the Roman public was in a state of desperation. Inflation caused the cost of living to outweigh wages severely. For example, by decree, employers paid approximately 25 denarii for a daily wage, while a modius of wheat cost 100 denarii. 

By 270 CE, Roman mints, except for Egyptian locations, ceased provincial coin production. Some experts believe the cessation of local currencies created the decline. After Numerian died in 284 CE, the Roman army named Diocletian emperor. Diocletian dedicated himself to solving military and fiscal issues. He soon concluded that the empire's size made it impossible for one person to create significant changes. In 286 CE, Diocletian did something unprecedented; he named military commander Maximian as his co-Augustus in 286 CE. Diocletian ruled the east and worked toward economic stability, while Maximian combated revolts and war in the east. 

By 293 CE, Diocletian and Maximian agreed that the Roman Empire required further assistance. Diocletian named Galerius his Caesar, and Maximian chose Constantius I. Thus, the first tetrarchy officially commenced, and currency reform followed. The Senate approved an Edict on Prices in 294 CE, and the values of the radiate changed. Diocletian also released new small silver coins called the argenteus and nummus. The aureus rate also changed to 1/60 of a Roman gold pound. Roman follis(the standard purse) were now valued at 12,500 denarii. 

Despite the emperors' best efforts, Rome’s economy continued to decline. For the first time in Roman history, an emperor abdicated voluntarily. In 305 CE, Galerius and Constantius I ascended to power; Galerius named Severus II and Maximinus II Caesars, which led to unrest. After Constantius I died in 306, the Roman Imperial army named his son Constantine I emperor, but this did not bode well with the government. In 307, the death of Augustus Severus II left space in the Imperial college that usurpers fought over. Galerius rejected Constantine initially, but the army pledged loyalty to him, and in 312 CE, Constantine defeated his main rival, Maxentius. After 313 CE, Licinius and Constantine worked collaboratively, but this quickly ended. In 324 CE, Constantine defeated Licinius to take control of the entire empire.

What is the Value of your Ancient Roman Tetrarchy Coinage? V​iew more in our Ancient Roman Tetrarchy Coinage Price Guide.

While experts often recognize and date ancient Tetrarchy coinage by the portrait or denomination, collectors should note that Tetrarchy coins greatly vary. During this period, twenty Augusti, Caesars, and usurpers struck coins, so mints struck several busts during the First Tetrarchy. However, these aspects make Tetrarchy coinage valuable. 

Collectors should also consider weight and denomination. For example, Tetrarchy aurei weigh 1/60 of a Roman gold pound, and the argenteus weighs 1/96 of a Roman silver pound. Nummus coinage contains 5% silver, giving these coins a distinct, colorful surface; nummus coins weigh 7g-10g, with a diameter between 25mm-27mm. These coins have smooth edges, and some display a decorative rim. Tetrarchy coin composition consists of silver, gold, bronze, and billon.

Several coins exist at affordable prices, but higher-value coins are also available on the market. A Maximinus II Daza auctioned for nearly thirty-three thousand dollars in 2016. Collectors should consider purchasing coins from reputable dealers to avoid counterfeits. Some other well-known designs include the Diocletian AV Aureus, the Galerius Caesar Follis, and the Diocletian Silver Argenteus.

Find the Value of your Ancient Roman Tetrarchy Coinage. WorthPoint is the largest resource online for identifying, researching and valuing antiques. Explore over 425 Million “sold for” prices with item details and images.

Tetrarchy Era coinage displays a legend, mint location, and sometimes a moneyer's name. Collectors may find the Latin letter “C” or the Greek letters “MH” to indicate a coin’s value based on whether a mint produced the coin in Italy or the West. Sometimes, both are present. The expert analysis of these items reassures the collector that a purchase is genuine. A trustworthy, detailed provenance is often the best method of authentication.

Identify your Ancient Roman Tetrarchy Coinage Marks.

In the WorthPoint Library    

Historical Roman Coins from the Earliest Times to the Reign of Augustus by George Francis Hill. 

Roman Coins: Elementary Manual by Francesco Gnecchi and Alred Watson. 

Books and Periodicals  

Coinage and History of the Roman Empire by David Vagi. 

The Oxford Handbook of Greek and Roman Coinage by William E. Metcalf. 

Web Resources  

Monetary Reform of Diocletian in 295 AD www.collectingancientcoins.co.uk. 

The Tetrarchy of Diocletian www.coinweek.com.