Octavian’s Finances after Actium, before Egypt: The CAESAR DIVI F / IMP CAESAR Coinage and Antony’s Legionary Issue

Abstract

The CAESAR DIVI F / IMP CAESAR issues of Octavian are generally regarded as the coinage with which Octavian financed the campaign that culminated in the Battle of Actium. Italian coin hoards deposited soon after the battle and through the reign of Augustus, however, enable us to compare the issues of Octavian with the legionary issue of Mark Antony directly, which Antony minted for the same campaign. Antony’s legionary issue dwarfs the issues of Octavian, and already in the aftermath of Actium Antony’s legionary denarii were in circulation in Italy in considerably greater numbers than Octavian’s coins. Drawing on the narrative of Dio and figures given in the Res Gestae of Augustus, we conclude that Octavian must have seized Antony’s war chest at Actium and used it to finance rewards for the veterans discharged in 30 B.C. The article concludes with a note on the abolitio memoriae of Antony and the regular circulation of legionary denarii.