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Mike Markowitz

ON APRIL 12, 1204, THE army of the Fourth Crusade sacked and looted the great city of Constantinople. The Crusaders established a shaky “Latin Empire” that managed to retain control of the city and a bit of surrounding territory until... more
ON APRIL 12, 1204, THE army of the Fourth Crusade sacked and looted the great city of Constantinople. The Crusaders established a shaky “Latin Empire” that managed to retain control of the city and a bit of surrounding territory until 1261. Byzantine aristocrats escaped from the capital to establish several short-lived states, including the Empire of Nicaea, the
Despotate of Epirus, and the Empire of Thessalonica. The Empire of Trebizond, on the southern coast of the Black Sea, which broke away from the Byzantine state and would outlive it by a few years, is treated in a separate article. All of these states issued coins,which survive as evidence of a chaotic period of medieval history.
THE DREAM OF flight has always held a powerful grip on the human imagination. Pegasus,the flying horse of Greek mythology, symbolizes that dream, and this winged white stallion appears on many ancient coins. A recent search for the term... more
THE DREAM OF flight has always held a powerful grip on the human imagination. Pegasus,the flying horse of Greek mythology, symbolizes that dream, and this winged white stallion appears on many ancient coins. A recent search for the term “Pegasus” on the CoinArchivesPro database (which documents over two million auction records during thepast two decades) produced 25,155 hits! There are hundreds of different types, extending over eight centuries.
THE ABUNDANT AND complex coins of Diocletian document a period of profound change in Roman history. In November 284, Roman soldiers escorting the ailing emperor Numerian’s coach across Anatolia smelled a foul odor. When they opened its... more
THE ABUNDANT AND complex coins of Diocletian document a period of profound change in Roman history.

In November 284, Roman soldiers escorting the ailing emperor
Numerian’s coach across Anatolia smelled a foul odor. When they opened its curtains, they found the emperor hadbeen dead for some time. Suspicion fell on Lucius Flavius Aper, the Praetorian Prefect Diocles, commanding the imperial bodyguard, accused Aper of murdering the emperor andexecuted him on the spot. The legions immediately proclaimed Diocles as emperor, who renamed himself Diocletianus –usually written in English as “Diocletian”.
TITUS AURELIUS FULVUS Boionius Antoninus was born to a distinguished Senatorial family on September 19, 86 CE in Lanuvium, about 20 miles (32 km) southeast of Rome. His father and grandfather had both risen to the rank of consul, a... more
TITUS AURELIUS FULVUS Boionius Antoninus was born to a distinguished Senatorial family on September 19, 86 CE in Lanuvium, about 20 miles (32 km) southeast of Rome. His father and grandfather had both risen to the rank of consul, a position that retained little actual power under the Empire but still carried enormous prestige. As Hadrian’s health failed, he adopted Antoninus as his son and designated successor (with the title of Caesar) on February 25, 138. In turn, Antoninus agreed to adopt two young men that Hadrian was grooming as potential future emperors: Marcus Aurelius and Lucius Verus. When Hadrian died at the age of 62 on July 10, 138, Antoninus, aged 52, became emperor without opposition. Coins of Antoninus Pius helps to illustrate the period of Roman history remembered as the “Five Good Emperors”, a traditional list of competent and mentally stable Roman emperors ruling from 96 to 180 CE.
With nearly six decades of experience in the business, Chicago coin dealer Harlan J. Berk is a well known personality in the world of classical numismatics. Harlan Berk was the perfect author to tackle the challenge of selecting and... more
With nearly six decades of experience in the business, Chicago coin dealer Harlan J. Berk is a well known personality in the world of classical numismatics. Harlan Berk was the perfect author to tackle the challenge of selecting and documenting the 100 Greatest Ancient Coins. In 2008, Berk published the 131-page first edition of this richly illustrated large-format book. The choice of the “100 greatest ancient coins” and their ranking was based on a survey of museum curators, classical scholars, dealers, and collectors. There was a high degree of consensus among the experts.
THE COURTROOM OF the United States Supreme Court is adorned with marble relief panels depicting great lawgivers of history. The sculptor was Adolph A. Weinman (1870 –1952), familiar to American coin collectors as the designer of the... more
THE COURTROOM OF the United States Supreme Court is adorned with marble relief panels depicting great lawgivers of history. The sculptor was Adolph A. Weinman (1870 –1952), familiar to American coin collectors as the designer of the Walking Liberty half dollar and the Mercury dime. On the north wall, at the far right, stands Byzantine emperor Justinian I, whose massive compilation of Roman law, the Corpus Juris Civilis, is remembered as “Justinian’s Code”.

Born to a peasant family in what is now North Macedonia about the year 482 CE, Justinian earned his epithet “the Great” as a conqueror, a builder, an administrator, and, according to some contemporaries, a monster. The coinage of his long reign (527-565 CE) illustrates his extraordinary career.
THE GRIFFIN (gryps in Greek) IS a mythical beast with the head and wings of an eagle and the body of a lion. Long before the emergence of coinage in the seventh century BCE, griffins featured prominently in the art of ancient Greeks,... more
THE GRIFFIN (gryps in Greek) IS a mythical beast with the head and wings of an eagle and the body of a lion. Long before the emergence of coinage in the seventh century BCE, griffins featured prominently in the art of ancient Greeks, Egyptians, Babylonians, and other peoples. As guardians of treasure, griffins were a particularly appropriate symbol for coins, and they appeared very early in numismatic history. A griffin adorns the reverse of the current record holder for the highest price paid for an ancient coin. This gold stater is #39 on Harlan J. Berk’s list of the _100 Greatest Ancient Coins_. A superb example of this coin sold for $4,860,267. in a 2023 Swiss auction:
ROMAN EMPEROR Jovian was found dead at the age of 33 on February 17,364 CE – apparently suffocated by charcoal brazier fumes. As usual with sudden Imperial deaths,there was a suspicion of foul play. He had reigned for just seven months.... more
ROMAN EMPEROR Jovian was found dead at the age of 33 on February 17,364 CE – apparently suffocated by charcoal brazier fumes. As usual with sudden Imperial deaths,there was a suspicion of foul play. He had reigned for just seven months. Army commanders electe Valentinian, a 43-year-old officer of the Imperial Guard, as the new emperor. He founded a dynasty that ruled for the next century. Coinage of this strife-torn period illustrates the rapid decline of paganism, the solidification of Christianity as the Empire’s official religion, and growing pressure from barbarian invaders.
ANCIENT GREEKS AND Romans regarded their deities as having perfect human forms. Their gods were (mostly) divinely handsome, and their goddesses were supernaturally beautiful. When ancient coin engravers began to represent real men and... more
ANCIENT GREEKS AND Romans regarded their deities as having perfect human forms. Their gods were (mostly) divinely handsome, and their goddesses were supernaturally beautiful. When ancient coin engravers began to represent real men and women, they naturally followed the conventions of beauty long established by sculptors working in three dimensions and painters working in two.
What makes a face beautiful? This is a subject that has been intensively studied by social psychologists, as well as plastic surgeons. In general, Greco-Roman standards of beauty were much the same as those prevailing in our own time in the West, with the possible exception that ancients favored plumper cheeks–an indication of high status, in a world where only the elite were well fed.
Since beauty is in the eye of the beholder, the following is offered as a highly personal selection of beautiful women on ancient coins.
FOR FOURTEEN YEARS during the late third century (260-274 CE), the western provinces of the Roman Empire maintained a separate state independent of Rome. Rulers of this so-called "Gallic Empire" issued coinage that was often of better... more
FOR FOURTEEN YEARS during the late third century (260-274 CE), the western provinces of the Roman Empire maintained a separate state independent of Rome. Rulers of this so-called "Gallic Empire" issued coinage that was often of better metal and workmanship than Rome was producing.
OUT OF ALL the 91 individuals who wore the crown of the Eastern Roman (or "Byzantine") Empire, perhaps the most extraordinary story, and some of the most remarkable coinage, belongs to Justinian II, who became emperor at the age of 16 on... more
OUT OF ALL the 91 individuals who wore the crown of the Eastern Roman (or "Byzantine") Empire, perhaps the most extraordinary story, and some of the most remarkable coinage, belongs to Justinian II, who became emperor at the age of 16 on July 10, 685 CE. During Justinian II's troubled reign, a group of talented engravers worked at the imperial mint in Constantinople, creating coin portraits that were far more realistic and artistic than the crude stick-figure designs on so many previous-and subsequent-Byzantine issues.
DATES ARE SO universal on modern coins that it may come as a shock to learn that most ancient coins provide no indication of when they were minted. The "Common Era" (or "AD", Anno Domini) dating system used in our world to designate years... more
DATES ARE SO universal on modern coins that it may come as a shock to learn that most ancient coins provide no indication of when they were minted. The "Common Era" (or "AD", Anno Domini) dating system used in our world to designate years did not come into general use on European coins until the 16th century. A wide variety of dating systems were used by different cultures in the ancient world to keep track of years, and in some cases, these appear on coins.
IN THE FOURTH century, the Eurasian Steppe was a vast sea of grass extending for thousands of miles, from Mongolia in the East to the Danube in the West. Nomadic tribes roamed the steppe, fighting over grazing rights, women, and honor.... more
IN THE FOURTH century, the Eurasian Steppe was a vast sea of grass extending for thousands of miles, from Mongolia in the East to the Danube in the West. Nomadic tribes roamed the steppe, fighting over grazing rights, women, and honor. Occasionally a leader would emerge, unite the tribes, and lead them to pillage the farms and sack the cities of their “civilized” neighbors, who called these nomads “barbarians.”
Coins give us a unique window into this chaotic era. Some were coins that barbarian invaders minted themselves. Others were coins they looted or extorted from the Romans.
FOR ANCIENT ROMANS, Juno (Iuno in Latin) was the queen of the gods, sister and wife of the supreme deity, Jupiter. She was identified with the Greek goddess Hera, althoughRomans worshipped her under many different local cults.As Juno... more
FOR ANCIENT ROMANS, Juno (Iuno in Latin) was the queen of the gods, sister and wife of the supreme deity, Jupiter. She was identified with the Greek goddess Hera, althoughRomans worshipped her under many different local cults.As Juno Sospita (“Savior”), she was a war goddess, armed with spear and shield. As Juno Moneta (“The Warner”), she was the guardian of
Rome , and later the patroness of mint-workers, since Rome’s mint was located in her main temple. AsJuno Lucina (“Light-Bringer”), she was the protector of childbirth. Many other attributes and epithets became attached to this complex goddess, and these symbols found their way onto coins produced over the course of centuries.
HERA WAS REVERED as a protector by many Greek cities, and subsequently they tried torepresent her surpassing beauty on their coins. While not as common on coins as the goddess of love, Aphrodite, the nature goddess, Artemis, or the war... more
HERA WAS REVERED as a protector by many Greek cities, and subsequently they tried torepresent her surpassing beauty on their coins. While not as common on coins as the goddess of love, Aphrodite, the nature goddess,
Artemis, or the war goddess, Athena. Hera appears on dozens of different coin types. Her signature attributes are the polos, a decorated pillbox hat, or the stephanos, a sort of crown or tiara. She is sometimes depicted “veiled”,with a fold of her garment draped over her head. Hera’s companion animals were the cow,the cuckoo, and (especially) the peacock.
THE ACHAEMENID EMPIRE of Persia founded by Cyrus the Great (ruled 559-530 BCE) was eventually conquered (330 BCE) by Alexander the Great. Achaemenid kings ruled their vast, multi-ethnic state through a system of appointed governors or... more
THE ACHAEMENID EMPIRE of Persia founded by Cyrus the Great (ruled 559-530 BCE) was eventually conquered (330 BCE) by Alexander the Great. Achaemenid kings ruled their vast, multi-ethnic state through a system of appointed governors or satraps, recruited mainly from a narrow elite of closely related Iranian families. “Satrap” is the Greek reading of the Old Persian word khshathapavan, meaning “protector of the province”. As the Persians gained control over regions inhabited by Greek-speakers, these governors issued Greek-style coinage in their own names, and even bearing their individual images. These were some of the earliest coins to bear portraits of living persons, and are of great historic interest to collectors.
THE ROMAN EMPIRE in the West died not with a bang, but with a whimper. A series of short-lived rulers, mostly puppets of barbarian warlords, presided over the accelerating collapse of a state that had endured for five glorious centuries.... more
THE ROMAN EMPIRE in the West died not with a bang, but with a whimper. A series of short-lived rulers, mostly puppets of barbarian warlords, presided over the accelerating collapse of a state that had endured for five glorious centuries. The coins issued in the names of these so-called "Shadow Emperors" help to illustrate this dramatic and melancholy story.
GOATS WERE FIRST domesticated as long as 11,000 years ago, probably in the Zagros Mountains of Iran. The goat (Capra hircus) became a vital and much-loved element of ancient Greek agriculture, providing milk, meat, wool, and skins.... more
GOATS WERE FIRST domesticated as long as 11,000 years ago, probably in the Zagros Mountains of Iran. The goat (Capra hircus) became a vital and much-loved element of ancient Greek agriculture, providing milk, meat, wool, and skins. Sure-footed goats easily managed the rugged mountainous terrain of Greece, and could thrive on vegetation that other animals found unpalatable or even toxic. So it is not surprising that goats were frequently depicted on ancient Greek coins and adopted as the emblems of certain cities.
ROMAN ARISTOCRAT AND general Gnaeus Pompeius (better known to English speakers as “Pompey”) was a pivotal figure in the events that led to the collapse of the Roman Republic. Coins issued in his name, or by his sons and supporters,... more
ROMAN ARISTOCRAT AND general Gnaeus Pompeius (better known to English speakers as “Pompey”) was a pivotal figure in the events that led to the collapse of the Roman Republic. Coins issued in his name, or by his sons and supporters, document and illustrate a dramatic period of Roman history.

"There was something of Jekyll and Hyde in Pompey. One side, the bright side, shows him as a great man who was brilliant, patriotic and talented. The other, the dark side, shows him as a willful monster: cruel,arrogant and overbearing."
HISTORY IS LITTERED with great and wise rulers who fathered heirs who were monsters or idiots: sons who just plain turned out wrong. The coins of these rulers illustrate these stories, perhaps offering us some insight into how such good... more
HISTORY IS LITTERED with great and wise rulers who fathered heirs who were monsters or idiots: sons who just plain turned out wrong. The coins of these rulers illustrate these stories, perhaps offering us some insight into how such good fathers raised such bad sons.
The fourth emperor of the “Macedonian dynasty,” Constantine VII is remembered as Porphyrogenitus , meaning “Born in the Purple.” The term applied to rulers born while their fathers held the throne. The palace in Constantinople had a... more
The fourth emperor of the “Macedonian dynasty,” Constantine VII is remembered as Porphyrogenitus , meaning “Born in the Purple.” The term applied to rulers born while their fathers held the throne. The palace in Constantinople had a “Purple Chamber” where empresses gave birth, its walls lined with slabs of porphyry, a prized reddish purple marble quarried in Egypt.
The coinage of Constantine's long reign (912 - 959 CE) illustrates the complex dynamics of palace politics in the Byzantine empire.
THE LATIN WORD for “siege” is obsidium, so numismatists use the term “obsidional” to describe emergency coins improvised by authorities in cities under siege. Cut off from normal monetary circulation, these towns needed to pay the troops... more
THE LATIN WORD for “siege” is obsidium, so numismatists use the term “obsidional” to describe emergency coins improvised by authorities in cities under siege. Cut off from normal monetary circulation, these towns needed to pay the troops manning the walls, as they struggled to maintain normal commercial activity. Siege coins are highly collectible pieces of the past, although they present many challenges to collectors.
BORN IN THE year 958, Basil II was the son of Emperor Romanos II and the beautiful and ruthless Empress Theophano. At the age of two, Basil was crowned co-emperor with his father. Of the 93 rulers of the Byzantine Empire, he had the... more
BORN IN THE year 958, Basil II was the son of Emperor Romanos II and the beautiful and ruthless Empress Theophano. At the age of two, Basil was crowned co-emperor with his father. Of the 93 rulers of the Byzantine Empire, he had the longest reign, dying of natural causes at the age of 67. Considered one of the greatest rulers, Basil is remembered as the “Bulgar Slayer” (Bulgaroktonos) for his conquest of the First Bulgarian Empire. The coinage of this long reign illuminates a glorious era that many historians have considered the peak of the Byzantine Empire.
BORN IN 247 BCE at Carthage (near modern Tunis in North Africa), Hannibal Barca is remembered as one of the greatest military commanders of ancient history. His father, Hamilcar Barca (lived 275-228 BCE), led Carthaginian forces in Sicily... more
BORN IN 247 BCE at Carthage (near modern Tunis in North Africa), Hannibal Barca is remembered as one of the greatest military commanders of ancient history. His father, Hamilcar Barca (lived 275-228 BCE), led Carthaginian forces in Sicily during the 23 yearlong First Punic War, defeating a revolt by mutinous mercenaries in the aftermath of that disastrous conflict. Beginning in 237 BCE, he built a new Carthaginian empire; numismatists call it the "Barcids in Spain". Spain, with rich mines of precious metal and a warlike Celtiberian population, provided a base for renewed war against Rome-a war known to us as the Second Punic War (218-202 BCE). Romans called it the "Hannibalic War". According to legend, Hamilcar made his nine-year-old son Hannibal swear a solemn oath of eternal enmity toward Rome.
AT THE BEGINNING of the 14th century (c. 1300 CE), Anatolia (modern Türkiye) was a patchwork of "beyliks", small, semi-independent states ruled by Turkic chieftains, often owing nominal allegiance to the distant and declining Mongol... more
AT THE BEGINNING of the 14th century (c. 1300 CE), Anatolia (modern Türkiye) was a patchwork of "beyliks", small, semi-independent states ruled by Turkic chieftains, often owing nominal allegiance to the distant and declining Mongol Ilkhans of Persia. One of these Turkic warlords, Osman, (or Othman) became the founder of one of the world's greatest empires, giving his name to the Ottoman dynasty, ruling a vast swath of the Middle East, the Balkans, and North Africa until the early 20th century. Ottoman coins were produced in enormous quantities and circulated widely. Like most Islamic coins, they have long been under-appreciated and under-valued by Western collectors, but interest in these fascinating exotic pieces is growing.
WINE PLAYED SUCH a central role in Greek and Roman culture, economics, and religion that it is no surprise that Dionysus, the god of wine, appears on thousands of ancient coins, especially from regions famed for their grape vines. These... more
WINE PLAYED SUCH a central role in Greek and Roman culture, economics, and religion that it is no surprise that Dionysus, the god of wine, appears on thousands of ancient coins, especially from regions famed for their grape vines. These are often regions that still produce fine vintages today. Grape clusters, vine leaves, and a two-handled drinking vessel called a kantharos often accompany Dionysus in classical art, along with his supernatural followers the satyrs and his animal companion the panther. On Greek coins, he is almost never identified with a written label, but he can usually be recognized by his signature attributes: a wreath of ivy leaves and the thyrsus , which is a staff or wand topped by a pine cone.
ALONGSIDE THE GREAT Seleucid and Ptolemaic empires that emerged from the breakup of Alexander the Great's empire following his death in 323 BCE, several small Greekspeaking kingdoms sprang up. Some of these produced exceptionally artistic... more
ALONGSIDE THE GREAT Seleucid and Ptolemaic empires that emerged from the breakup of Alexander the Great's empire following his death in 323 BCE, several small Greekspeaking kingdoms sprang up. Some of these produced exceptionally artistic portrait coins, and for almost two centuries, Bithynia's issues ranked among the finest. Bithynia is a fertile, hilly region in the northwestern corner of Anatolia. In 297 BCE, Zipoetes, a tribal chieftain, declared himself king. Many years later, this date became Year 1 of the "Bosporan Era" , used to date coins and inscriptions. Zipoetes ruled for an incredible 48 years, waging successful wars against neighboring kingdoms and expanding his territory. He was succeeded by his son Nikomedes, the first Bithynian ruler to issue coins in his own name.
COINS OF THE last known type issued by a ruling dynasty seem to have a particular fascination for collectors. Events surrounding the collapse of a long-standing regime are often dramatic and frequently tragic, and coins provide a tangible... more
COINS OF THE last known type issued by a ruling dynasty seem to have a particular fascination for collectors. Events surrounding the collapse of a long-standing regime are often dramatic and frequently tragic, and coins provide a tangible link to that history.
THE CLASSIC DEFINITION of money found in most Economics textbooks is divided into three parts: money is a medium of exchange (you can trade it for other things), a store of value (you can save it), and a unit of account (you can express... more
THE CLASSIC DEFINITION of money found in most Economics textbooks is divided into three parts: money is a medium of exchange (you can trade it for other things), a store of value (you can save it), and a unit of account (you can express the value of many other things in terms of money).

Long before the emergence of coinage in the Mediterranean world in the seventh century BCE, people used money for these purposes. Early civilizations in Egypt, Mesopotamia, India, China, and other places arose, created complex economies, and accomplished great things, entirely without coins. For example, the Egyptian workers who built the pyramids were paid in standard loaves of bread and jars of beer. In many early civilizations, cattle was the most important form of wealth. But perishable foodstuffs and livestock on the hoof were not a practical “store of value”.

The term “proto-money” is preferable to “primitive” or “traditional” since many of the societies that used these things were quite advanced, with sophisticated economies. Collectors of proto-money will encounter thorny problems of authenticity and provenance. In many cases, it is impossible to determine whether an object was used as money rather than as an ornament, ritual offering, or ceremonial gift. Nevertheless, examples of proto-money appear from time to time in numismatic auctions and dealer inventories, and they offer us a fascinating glimpse into the pre-history of coinage.
AT THE BEGINNING of recorded history, the Iberian Peninsula was inhabited by a variety of peoples. Iberians, who spoke a non-Indo-European language that might – or might not – be related to modern Basque, lived along the Mediterranean... more
AT THE BEGINNING of recorded history, the Iberian Peninsula was inhabited by a variety of peoples.
Iberians, who spoke a non-Indo-European language that might – or might not – be related to modern Basque, lived along the Mediterranean coast. Along the Atlantic coast lived Lusitanians, a warlike tribe that might – or might not – be related to the Celts.
Coins issued by Celtiberian cities are an important source for understanding this era of Spanish history, from the third century BCE to the final Roman conquest. Without the names of rulers, Celtiberian coins generally can be dated only approximately, on the basis of find context and hoard evidence. As many as 160 mints issued coins during the second and first centuries BCE, some of still uncertain location.
MOVING SILENTLY AND mysteriously without legs, the snake has always held a powerful grip on the human imagination. The snake is a complex and multi-dimensional symbol in Western art. At various times and places, it has represented... more
MOVING SILENTLY AND mysteriously without legs, the snake has always held a powerful grip on the human imagination. The snake is a complex and multi-dimensional symbol in Western art. At various times and places, it has represented fertility, rebirth, healing, and guardianship, as well as the forces of darkness and evil[1]. In the CoinArchives Pro database, which records almost two million ancient coin auction sales that took place during the last two decades, a recent search for the term “snake” produced 36,918 hits. The synonym “serpent” produced 39,759 hits. That’s nothing to hiss at.
BY ONE ESTIMATE, some 20-25 million Americans can trace their ancestry to Scotland[2]. But despite this, the dramatic and bloody medieval history of Scotland is often treated as a footnote to the better-known history of England. Although... more
BY ONE ESTIMATE, some 20-25 million Americans can trace their ancestry to Scotland[2]. But despite this, the dramatic and bloody medieval history of Scotland is often treated as a footnote to the better-known history of England. Although an independent Scottish kingdom dates from the reign of Kenneth MacAlpin in the 840s, there was no national coinage until 1136 when King David I captured the English town of Carlisle with its mint and nearby silver mine. Before then, the modest needs of the local economy were served by imported English and European coins.
REMEMBERED AS THE “Apostate” by his enemies, and the “Philosopher” by his friends, Flavius Claudius Julianus–or Julian–ruled as Roman emperor from November 3, 361 CE until his death from wounds sustained in battle on June 26, 363. On the... more
REMEMBERED AS THE “Apostate” by his enemies, and the “Philosopher” by his friends, Flavius Claudius Julianus–or Julian–ruled as Roman emperor from November 3, 361 CE until his death from wounds sustained in battle  on June 26, 363. On the list of emperors, he is numbered as Julian “II”, because a short-lived usurper, Julian of Pannonia, (c. 283-286), counts as Julian “I”. In the massacre of Constantine the Great’s relatives in 337, Julian’s father and many of his kin were slain. Julian and his half-brother Gallus were spared only because of their youth. In November 355, faced with a shortage of trustworthy generals and an abundance of invading barbarians, Constantius promoted Julian to the rank of Caesar (in effect, Junior Emperor) and put him in charge of defending Gaul. Despite his lack of military and political experience, Julian proved to be a gifted commander and administrator. When the Sasanian Persian king, Shapur II, invaded Roman-held Mesopotamia in 360 CE, Constantius ordered the transfer of a large part of Julian’s army to the East. Unwilling to leave their homeland, the Gallic troops revolted and proclaimed Julian emperor. Eventually, he began to issue coins with his bearded portrait, naming him as Augustus. Coins of Julian are populr with collectors today.
Constantinus I ("The Great") is a pivotal figure in Western history because of his role in the Christianization of the Roman Empire. Like so many historic rulers, however, his family relations were… troubled. Coins issued in the names of... more
Constantinus I ("The Great") is a pivotal figure in Western history because of his role in the Christianization of the Roman Empire. Like so many historic rulers, however, his family relations were… troubled. Coins issued in the names of Constantine's relatives offer a vivid picture of the turbulent middle decades of the fourth century. These coins include some of the most common and affordable surviving ancients, as well as many spectacular rarities.
THE SLAVS BEGAN migrating into southeastern Europe during the chaotic sixth century, interacting – sometimes as adversaries, sometimes as subjects or allies – with the Eastern Roman (“Byzantine”) Empire. By the time of Prince Mutimir... more
THE SLAVS BEGAN migrating into southeastern Europe during the chaotic sixth century, interacting – sometimes as adversaries, sometimes as subjects or allies – with the Eastern Roman (“Byzantine”) Empire. By the time of Prince Mutimir (ruled c. 850-891), many Serbs had converted to Orthodox Christianity. In 1219, under the leadership of Archbishop St. Sava, the Serbian Orthodox Church became independent from Constantinople. Beginning in the 13th century, Serbian rulers issued coins, using silver from the rich mines in their territory.  These coins help to illustrate the turbulent and dramatic history of this important Balkan nation.
FOLLOWING THE MURDER of demented emperor Gaius (nicknamed “Caligula”) on January 24, 41 CE, soldiers found the emperor’s 50-year-old uncle, the aforementioned Claudius, hiding behind a curtain in the palace. Escorted to the fortified camp... more
FOLLOWING THE MURDER of demented emperor Gaius (nicknamed “Caligula”) on January 24, 41 CE, soldiers found the emperor’s 50-year-old uncle, the aforementioned Claudius, hiding behind a curtain in the palace. Escorted to the fortified camp of the Praetorian Guard, the only surviving male of the Julio-Claudian dynasty was proclaimed as Rome’s fourth emperor. To ensure their continued loyalty, every man in the elite Guard received a bonus of 15,000 sestertii–equivalent to over 16 years’ pay for an ordinary soldier. For English-speaking viewers, the 1976 BBC TV series[1] based on Robert Graves’s 1934 novel, I Claudius, is the classic retelling of this story. Coins of Claudius in gold, silver, and bronze have always been popular with collectors, especially those pursuing a set of the “Twelve Caesars”. Many were designed and executed to a high artistic standard, and some are highly sought-after rarities.
ANCIENT ROME ISSUED coins for almost eight centuries. Among the bewildering variety of denominations that circulated during this long span of time, the quinarius stands out as one of the most obscure. Struck in both gold and silver, the... more
ANCIENT ROME ISSUED coins for almost eight centuries. Among the bewildering variety of denominations that circulated during this long span of time, the quinarius stands out as one of the most obscure. Struck in both gold and silver, the type is so scarce that many experienced collectors have never even seen one. No book-length study of the quinarius appeared in English until 2007.
Uneasy lies the head that wears a crown. —Shakespeare, Henry IV, Part II (1597) Roman emperors rarely wore an actual crown. They are more commonly shown wearing a laurel wreath, or a diadem, the jeweled headband that was an ancient... more
Uneasy lies the head that wears a crown.
—Shakespeare, Henry IV, Part II (1597)
Roman emperors rarely wore an actual crown. They are more commonly shown wearing a laurel wreath, or a diadem, the jeweled headband that was an ancient emblem of royalty. But the mortality statistics were enough to make any imperial head uneasy. Over 70 percent died by assassination, suicide, or in combat. Between 27 BCE and 395 CE, the average length of an emperor’s reign was just 5.6 years, but many lasted for a much shorter span of time.  

Roman mints were so efficient that even in a reign of a few weeks, it was possible to produce an extensive coinage, often with lifelike portraits of the ruler, and his family. Every new ruler knew it was important to show the people his face on their money. Some of these coins are very rare, but many are surprisingly common and affordable today.

"Don't buy damaged coins. They will be impossible to sell." This was some of the best advice I ever got from an experienced collector of ancients. But like most things in classical numismatics, there are exceptions. Ancient coins were... more
"Don't buy damaged coins. They will be impossible to sell." This was some of the best advice I ever got from an experienced collector of ancients. But like most things in classical numismatics, there are exceptions. Ancient coins were sometimes pierced with a hole, to be worn as ornaments or amulets, or to be attached to a garment, a weapon, or some other object. If a coin type is so rare that you will never be able to afford a perfect specimen, a pierced coin may be an acceptable alternative. On the CoinArchives Pro database, which lists over 1.8 million records from nearly 4,400 auctions over the past two decades, a recent search for the term "pierced" returned 1,322 hits.. "Pierced and plugged" returned 60 hits, while "pierced and repaired" returned 36. Some of these were repeated sales of the same coin.
FOR ANCIENT GREEKS and Romans, Britain was a mysterious land at the northern edge of the world. As early as 2000 BCE, the Phoenicians traded with the Celtic tribes of Cornwall (the southwestern tip of England) for the valuable tin... more
FOR ANCIENT GREEKS and Romans, Britain was a mysterious land at the northern edge of the world. As early as 2000 BCE, the Phoenicians traded with the Celtic tribes of Cornwall (the southwestern tip of England) for the valuable tin essential to making bronze. By the third century BCE, coins from the Mediterranean world began to arrive in Britain, perhaps with mercenaries returning home from service on the Continent. Ancient British coinage was produced in gold, silver, and copper alloys over a period of about 150 years. It ended with the Roman conquest of Britannia by the legions of Emperor Claudius beginning in 43 CE.
Collectors of ancient coins face a complex problem. With thousands of types issued by hundreds of cities, states, and rulers over many centuries, information on ancient coins is scattered across out-of-print books and obscure journal... more
Collectors of ancient coins face a complex problem. With thousands of types issued by hundreds of cities, states, and rulers over many centuries, information on ancient coins is scattered across out-of-print books and obscure journal articles in many languages. Fortunately, during the past two decades, a tremendous range of instantly accessible online resources has emerged to help the collector of ancient coins in their study and research. The following is a personal listing of high-quality websites that I have found useful in my own research and study.
ANCIENT GREEK COINS struck before 500 BCE are called “archaic” by numismatists. Actually, archaic features continue to appear on coins for at least another century or so. Male and female faces on many of these coins bear a faint,... more
ANCIENT GREEK COINS struck before 500 BCE are called “archaic” by numismatists. Actually, archaic features continue to appear on coins for at least another century or so. Male and female faces on many of these coins bear a faint, enigmatic smile, something that is also found in sculpture and vase painting from this era. For centuries, art historians have been fascinated by this “Archaic Smile”, and many different theories have been proposed to explain it.
MUSIC IS MUCH older than civilization-it may be as old as language itself. The earliest known musical instrument, a flute made from a bear's shinbone found in 1995 in a cave in Slovenia, dates from 43,000 years ago. In the ancient world,... more
MUSIC IS MUCH older than civilization-it may be as old as language itself. The earliest known musical instrument, a flute made from a bear's shinbone found in 1995 in a cave in Slovenia, dates from 43,000 years ago. In the ancient world, musical instruments played important roles in worship and warfare as well as entertainment, and we see them depicted on a wide range of coins.
THE SOUTHERN SHORE of the Black Sea is a narrow strip of fertile land–famed for excellent hazelnuts–between the sea and the rugged Anatolian plateau. The coastal fortress of Trebizond (“Trapezus” to the ancient Greeks and Romans, now... more
THE SOUTHERN SHORE of the Black Sea is a narrow strip of fertile land–famed for excellent hazelnuts–between the sea and the rugged Anatolian plateau. The coastal fortress of Trebizond (“Trapezus” to the ancient Greeks and Romans, now Trabzon, Turkey) was the capital of a small, but remarkably durable medieval empire, remembered as the last independent outpost of Byzantine Civilization. We know something about the coinage of this lost empire thanks to diligent research by a handful of scholars and collectors during the past century, notably the great British numismatist Simon Bendall (1937-2019).
MOST ANCIENT PEOPLE lived close to nature. Long before they built temples of stone, they worshipped their gods in sacred groves. Greeks myths describe trees inhabited by supernatural spirits called dryads , who could take the form of... more
MOST ANCIENT PEOPLE lived close to nature. Long before they built temples of stone, they worshipped their gods in sacred groves. Greeks myths describe trees inhabited by supernatural spirits called dryads , who could take the form of beautiful young women. The ancient Mediterranean world was a much greener place, before deforestation and climate change destroyed much of the original vegetation.Trees were important in ancient mythology, and we often encounter them on ancient coins – sometimes as major features; sometimes as small, auxiliary symbols.
Recognizable trees often seen on ancient coins include the olive, the laurel, the fir, the plane tree, the fig, the oak, and especially the date palm.
ANCIENT GREEK ARMIES fought mainly with the spear. Roman legions fought mostly with the sword. Persians fought largely with the bow and arrow. The mythical warrior Herakles (or Hercules) wielded a knobby wooden club. All these weapons,... more
ANCIENT GREEK ARMIES fought mainly with the spear. Roman legions fought mostly with the sword. Persians fought largely with the bow and arrow. The mythical warrior Herakles (or Hercules) wielded a knobby wooden club. All these weapons, and many others, feature prominently on ancient coins. War was a central preoccupation of most ancient states, and rulers and magistrates who commissioned engravers to create coin designs wanted accurate depictions of their weapons and the weapons carried by their gods, heroes, and foes.
The magazine Numismatic Scrapbook was published from 1935 to 1976 at Chicago by printer and collector Lee Hewitt (1911-1987). In 1974, Numismatic Scrapbook listed 10 record auction prices for ancient coins. CoinWeek asked me to revisit... more
The magazine Numismatic Scrapbook was published from 1935 to 1976 at Chicago by printer and collector Lee Hewitt (1911-1987). In 1974, Numismatic Scrapbook listed 10 record auction prices for ancient coins. CoinWeek asked me to revisit this list, exploring what equivalent coins might sell for in today’s super-hot ancient coin market.
The medieval coinage of Portugal provides useful insight into the history of this fascinating country. Beginning with the emergence of the kingdom under Afonso I Henriques in 1139, the coinage consisted largely of dinheiros in base... more
The medieval coinage of Portugal provides useful insight into the history of this fascinating country. Beginning with the emergence of the kingdom under Afonso I Henriques in 1139,  the coinage consisted largely of dinheiros in base silver alloy. In the following centuries a wide variety of denominations in silver, gold and copper alloy were issued. An influx of gold from West Africa in the 15th century made the country rich, and this was reflected in an abundant gold currency.
Majestic, powerful, swift, and intelligent, the eagle has held a strong grip on human imagination since the earliest times. The bald eagle, native to North America, features prominently on the Great Seal of the United States, and on many... more
Majestic, powerful, swift, and intelligent, the eagle has held a strong grip on human imagination since the earliest times. The bald eagle, native to North America, features prominently on the Great Seal of the United States, and on many classic and modern American coins. The U.S. $10 gold piece was called an "Eagle", and the current one-ounce silver bullion coin bears the same name. The golden eagle (Aquila chrysaetos), native to the Old World, is frequently seen on ancient coins. A search for the term "eagle" on the Coin Archives Pro database, which currently lists over 1.8 million auction records, found 128,257 hits. "Eagle" and "Tetradrachm" (a common collectable ancient) produced 24,099 records. Eagles appear on eight coins listed in Harlan J. Berk's 100 Greatest Ancient Coins.
Temples were designed to house a statue of the deity and store votive offerings, and were not intended to provide accommodation for a congregation of worshippers (Adkins, 218). Two of the most common circulating American coins depict... more
Temples were designed to house a statue of the deity and store votive offerings, and were not intended to provide accommodation for a congregation of worshippers (Adkins, 218). Two of the most common circulating American coins depict buildings modeled on Greco-Roman temples: the Lincoln Memorial on the cent, and Monticello, Thomas Jefferson's elegant domed residence, on the nickel. Coinage is conservative! Temples of many different deities adorn the reverses of hundreds of ancient coin types, and collectors have eagerly sought the finest and most historic specimens for centuries. By one estimate, over a thousand different ancient buildings are depicted on coins, and, in many cases, the coins are the only evidence for how the structures appeared (Price and Trell, 11).

And 150 more

The Mughal (or “Moghul“ ) Empire ruled much of South Asia for over three centuries. Mughal emperors accumulated vast wealth, with an economy based on a stable andabundant coinage in gold, silver and copper. They commissioned magnificent... more
The Mughal (or “Moghul“ ) Empire ruled much of South Asia for over three centuries. Mughal emperors accumulated vast wealth, with an economy based on a stable andabundant coinage in gold, silver and copper. They commissioned magnificent buildings and works of art – including some of the largest, costliest, most beautiful and most historic coins ever issued.
ABOUT THE YEAR 895, THE MAGYARS, a federation of nomadic tribes whose origin was in the distant forests of Siberia, crossed the Carpathian Mountains led by a chieftain named Árpád (c. 845-907), and occupied the wide, fertile Danubian... more
ABOUT THE YEAR 895, THE MAGYARS, a federation of nomadic tribes whose origin was in the distant forests of Siberia, crossed the Carpathian Mountains led by a chieftain named Árpád (c. 845-907), and occupied the wide, fertile Danubian basin. Magyar warriors were horse archers, a skill that takes years of training and constant practice to master. During the 10th century they became fearsome raiders, looting and pillaging across much of Europe. They abandoned their predatory ways following a crushing defeat in 955 by the armored knights of the German emperor Otto "the Great" (ruled 936-973) at Lechfeld in Bavaria. Few medieval coins would win a numismatic beauty contest, but their stories give us insight into the brutal "game of thrones" that characterized this turbulent era.
Public reporting burden for the collection of information is estimated to average 1 hour per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and... more
Public reporting burden for the collection of information is estimated to average 1 hour per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of ...
Abstract : The Naval History and Heritage Command (NHHC) is committed to providing all U.S. Navy personnel, especially decision makers, their staffs, and the faculty and students of its educational institutions with a deeper understanding... more
Abstract : The Naval History and Heritage Command (NHHC) is committed to providing all U.S. Navy personnel, especially decision makers, their staffs, and the faculty and students of its educational institutions with a deeper understanding of their past. Such an understanding enables the making of more sophisticated and nuanced Navy policy decisions in the present and future. To this end, NHHC is embarking on a study of the origins and development of the position of Chief of Naval Operations (CNO) and his staff (OPNAV), to provide needed perspective and context for current and future incumbents in that position and office. Completion of this study is timed to coincide with the upcoming 100th anniversary of the 1915 creation of the position of CNO by President Woodrow Wilson. It is intended to expand upon and update the existing literature on the subject, which is becoming outdated, especially Dr. Thomas Hone's excellent "Power and Change: The Administrative History of the Office of the Chief of Naval Operations, 1946-1986" published in 1989 by the Naval Historical Center (NHHC's predecessor organization). 2. As an initial input to that effort, NHHC commissioned CNA, the Navy's Federally Funded Research and Development Center to examine recent changes in OPNAV including the latest reorganization near the end of 2009. It is NHHC's intention to use this preliminary study as one of several points of departure for its larger effort. Meanwhile, since this CNA study may have some current utility beyond its originally intended use, it is provided to you now as an attachment to this memorandum.
For many of us, it has been quite a while since we actually purchased anything using coins, but we still think of coins as money. Over much of the world for the last 2500 years or so, coins really were the dominant form of money. But... more
For many of us, it has been quite a while since we actually purchased anything using coins, but we still think of coins as money. Over much of the world for the last 2500 years or so, coins really were the dominant form of money.  But coins have been many other things - an official medium for propaganda - or if you prefer, for the transmission of ideas about politics, religion and art - an expression of civilization in miniature.

Numismatics is the study of coins and coin-like objects.

Abstract : This research memorandum summarizes the insights of a long-term, CNA self-initiated project. This project undertook to explore and experiment with applying interactive technologies and techniques to communicating CNA's... more
Abstract : This research memorandum summarizes the insights of a long-term, CNA self-initiated project. This project undertook to explore and experiment with applying interactive technologies and techniques to communicating CNA's research to its Navy and Marine Corps sponsors. Our approach was an applied one: we created interactive electronic media and wargames derived from, or in support of, other Navy- and Marine Corps-sponsored CNA studies. In the process, we developed insights and perspectives on the role interactive media might play in CNA's future support for the Department of the Navy and other clients, particularly those in the Department of Defense.
When we think about ancient coins, the first question that comes to mind is often: Greek or Roman? For example, in coin auction catalogs, everything that isn't Roman is sometimes lumped together under the general heading of "Greek," but... more
When we think about ancient coins, the first question that comes to mind is often: Greek or Roman? For example, in coin auction catalogs, everything that isn't Roman is sometimes lumped together under the general heading of "Greek," but many ancient peoples who issued and used coins spoke little or no Greek, and had little in common with the Hellenic or Hellenistic civilization of the Greeks. Today I'd like to talk about three of these cultures and their coinage that are especially interesting to many collectors, the Persians, the Phoenicians and the Carthaginians.
A presentation to the Ancient Numismatic Society of Washington, DC, MAy 2016
Research Interests:
For most of us who collect them, ancient coins are a hobby. But for a fortunate few classical numismatics, the study, collecting, buying, and selling of ancient coins can be a career. A few years ago, François de Callataÿ, an eminent... more
For most of us who collect them, ancient coins are a hobby. But for a fortunate few classical numismatics, the study, collecting, buying, and selling of ancient coins can be a career. A few years ago, François de Callataÿ, an eminent Belgian numismatist, analyzed a biographical database that included thousands of scholars over a period of many centuries. He identified 1,186 individuals that could be described as numismatists. He found that they lived on average about six years longer than their contemporaries. It seems that numismatics is a low-stress career, the sort that promotes longevity.

This is the script for my podcast, which is online at:

https://coinweek.com/coinweek-podcast/coinweek-podcast-148-how-to-become-a-professional-classical-numismatist/
Since ancient coins are made of metal, it’s very helpful for serious collectors to know something about the history of metallurgy. 
I often like to say that ancient coins work like the medals in the modern Olympic Games: There’s Gold,... more
Since ancient coins are made of metal, it’s very helpful for serious collectors to know something about the history of metallurgy. 
I often like to say that ancient coins work like the medals in the modern Olympic Games:  There’s Gold, Silver and Bronze. 

The more you know about these metals, the better you will appreciate the coins you collect; the enormous labor and the remarkable technology that our ancestors used in creating them, using nothing but fire and hand tools. 


This is the script of my podcast for CoinWeek.com, which is online at:

https://coinweek.com/coinweek-podcast/coinweek-podcast-141-precious-metals-in-antiquity-with-mike-markowitz/
If you want to be remembered as “Great” it helps to be the child of a king, whether your name is Alfred, or Catherine, or ….Alexander.

It also helps to fight victorious wars. History’s losers seldom get to be called “Great”

And it... more
If you want to be remembered as “Great” it helps to be the child of a king, whether your name is Alfred, or Catherine, or ….Alexander.

It also helps to fight victorious wars.  History’s losers seldom get to be called “Great”

And it helps to be Rich.  Alexander’s father, king Philip II of Macedon was the richest man in Greece, thanks to the gold mines of Mt. Pangaion, and he left Alexander the best trained and equipped army in the world.

This is the script for my podcast, which is online at:
https://coinweek.com/coinweek-podcast/coinweek-podcast-140-what-made-alexander-great/
For many of us, it has been quite a while since we actually purchased anything using coins, but we still think of coins as money. Over much of the world for the last 2500 years or so, coins really were the dominant form of money. But... more
For many of us, it has been quite a while since we actually purchased anything using coins, but we still think of coins as money. Over much of the world for the last 2500 years or so, coins really were the dominant form of money. But coins have been many other things-an official medium for propaganda-or if you prefer, for the transmission of ideas about politics, religion and art-an expression of civilization in miniature. Numismatics is the study of coins and coin-like objects.

This is the script for my podcast on CoinWeek.com:

https://coinweek.com/coinweek-podcast/coinweek-podcast-157-the-history-of-numismatics/
Few medieval coins are masterpieces of numismatic artistry. But what they lack in eye appeal, they often make up for in historical interest.
Reading the history of this era leaves you with a strong impression that the main interests of... more
Few medieval coins are masterpieces of numismatic artistry. But what they lack in eye appeal, they often make up for in historical interest.
Reading the history of this era leaves you with a strong impression that the  main interests of medieval rulers were war, hunting, and fathering illegitimate children (not necessarily in that order). This left little time or energy for concern with the technical aspects of coinage.

But what do we mean by “A medieval coin”  — or more specifically, a “medieval European coin?”  

And WHY were they so ugly? 
Why would anyone want to collect them?  
And assuming you want to add some medieval coins to your collection, how could you get started?