Coinage and Currency in Ostrogothic Italy: Did Theoderic and his successors have an economic or monetary policy?

Abstract

The introduction of copper coins in the denominations of 40, 20, 10 and 5 nummi is often regarded as an instrument of Theoderic’s economic policy, the aims of which have remained undetermined. It is difficult to verify this assumption because written evidence is lacking and because the chronology, rhythm and volume of these emissions are disputed; suggested dates for its inception range from 477 to 512. The paper argues that the minting of large copper nominals probably began during the civil war between Theoderic and Odoacer (around 490) and primarily served the purpose of enabling the soldiers of the Gothic king to pay for goods and services they received from the civilian population in a trustworthy currency. The large copper coins were a means of pacifying relations between the military and the civilian population; their minting corresponded to the ideal of civilitas. A consideration of the copper coinage of King Theodahad as well as the circulation of the large copper nominals in Italy confirms this assumption and leads to the conclusion that it applies not only to Theoderic but also to his successors.