Faustina I Silver Denarius, RIC III Antoninus Pius 338 (denarius)

Monetary Context and Imperial Policy

The accession of Antoninus Pius in July AD 138 marked a transition toward institutional stability and fiscal conservatism across the Roman Empire. Following the complex succession arrangements orchestrated by Hadrian in his final months, Antoninus inherited a stable monetary network centered on the silver denarius and brass sestertius. In monetary terms, the early Antonine period maintained the fineness standards stabilized during Trajan's later years and Hadrian's reign, with the denarius circulating at approximately 75 to 80 percent silver purity and an intended theoretical weight around 3.2 to 3.4 grams, corresponding to approximately one ninety-sixth of a Roman pound. The production of silver for imperial women served a distinct public purpose within this monetary framework. Unlike the vast military and bureaucratic payouts funded by the emperor's primary coinage, denarii struck in the name of the Augusta supported civilian prestige, domestic largesse, and the symbolic cohesion of the imperial family. Faustina the Elder held the title of Augusta from late AD 138 until her death, during which time a coordinated sequence of silver denarii celebrated her status as the living consort of the Princeps. The issue catalogued as RIC III Antoninus Pius 338 (denarius) belongs to this crucial early window. It circulated side by side with existing Flavian, Trajanic, and Hadrianic denarii, functioning as a fully integrated unit of high-velocity imperial currency throughout the Mediterranean market.

Mint Location and Striking Technique

The entire regular production of imperial silver denarii for Antoninus Pius and Faustina the Elder was centralized at the primary mint of Rome. Operating under the oversight of imperial procurators and freedmen administrators, the Rome mint executed large-scale die engraving and coin manufacturing using traditional manual striking techniques. Flans were cast in individual molds or prepared from segmented silver rods, heated to an annealed state to improve ductility, and struck between hand-carved intaglio dies. The dies for RIC III Antoninus Pius 338 (denarius) reflect the refined artistic standards of the early Antonine workshop, distinguished by smooth portrait contours, delicate drapery folds, and balanced epigraphy. Die axes were predominantly aligned in the conventional imperial orientation, typically inverted at twelve or six o'clock, although slight variations occur due to manual die handling by the striking team. Surviving dies demonstrate careful die cutting where the complex hairstyle of the empress required meticulous gouging and detailing. Because this issue was struck during Faustina's lifetime, its die production occurred within a tightly circumscribed period, resulting in a cohesive stylistic corpus without the wide stylistic variances seen in the posthumous issues produced over decades across multiple subsequent officinae.

Obverse Design and Portraiture

The obverse of RIC III Antoninus Pius 338 (denarius) presents an elegant, draped bust of Faustina the Elder facing right. The imperial portrait represents an outstanding example of mid-second-century Roman court classicism, emphasizing mature dignity, aristocratic poise, and tranquil composure. Faustina's coiffure was one of the most celebrated and imitated fashions of Roman antiquity: her hair is carefully parted, waved in soft horizontal ripples along the temples and sides of the head, and gathered into braided strands that are wound upward into an elaborate, elevated coil or braided nest resting securely on the crown of the head. Light strands of hair or delicate tendrils occasionally frame the nape of the neck. The drapery is arranged in classical folds across the lower neck and shoulder truncation, covering the bust without obscuring the anatomical contours. Surrounding the portrait from lower left upward to the right is the continuous Latin legend FAVSTINA AVGVSTA. The absence of additional titles or filiation formulas emphasizes her undisputed status as Augusta, standing as the primary living female representative of the Antonine dynasty.

Reverse Iconography of Juno Regina

The reverse iconography of RIC III Antoninus Pius 338 (denarius) is dedicated to Juno Regina, Queen of the Gods and celestial guardian of Roman womanhood, marriage, and imperial majesty. Juno stands facing left, robed in a flowing chiton and fully veiled, symbolizing religious piety, modesty, and matronly rectitude. In her extended right hand she holds a patera, a shallow libation dish used in sacrificial offerings to denote continual prayer and propitiation on behalf of the state. In her left hand she supports a tall, vertical sceptre, the quintessential attribute of divine kingship and sovereign authority. Standing at her feet to the left is a peacock, the sacred bird intimately associated with Juno in classical myth and Roman state religion, turned leftward toward the goddess. The compositional balance between the vertical sceptre, the veiled figure, and the diminutive bird at the lower left creates an aesthetically harmonious scene that directly connects the living Augusta with the highest female divinity of the Capitoline Triad, reinforcing her role as an imperial exemplar of domestic stability and celestial protection.

Inscriptions and Epigraphy

The epigraphic program of RIC III Antoninus Pius 338 (denarius) is concise, elegant, and directly communicative. The obverse inscription reads FAVSTINA AVGVSTA, positioned clockwise along the outer beaded border. The letters are cleanly executed with classical serifs, characteristic of the Rome mint during the early 140s AD. This legend deliberately omits patronymics or spousal designations, as the singular title of Augusta conveyed absolute imperial standing. The reverse legend reads IVNONI REGINAE, inscribed along the upper perimeter above and behind the figure of the goddess. In Latin grammar, the dative form 'Iunoni Reginae' translates as 'To Juno the Queen', identifying the coin type as a sacred votive dedication. This dedicatory formula explicitly honors the goddess for her watchfulness over the imperial house and the person of Faustina. The total absence of consular dating, tribunician numbering, or imperial acclamations on Faustina's coinage requires that chronological placement be established through portrait development, historical context, and stylistic comparison with dated issues of Antoninus Pius.

Typology and Chronological Classification

In the standard classification established by Harold Mattingly and Edward A. Sydenham in The Roman Imperial Coinage, volume III, this denarius is listed under number 338 within the lifetime issues of Faustina the Elder under Antoninus Pius. Chronologically, this emission falls between AD 139, when Antoninus Pius assumed his second consulship and stabilized his administrative court, and late AD 140 or early AD 141, the universally accepted window of Faustina's death. Following her demise, Antoninus Pius petitioned the Senate for her deification, initiating the colossal 'DIVA FAVSTINA' posthumous coinage that replaced all active lifetime types. Paul L. Strack's detailed analysis of the Antonine die sequences confirmed that the IVNONI REGINAE reverse with standing Juno and peacock ran alongside lifetime types featuring Concordia and Vesta. Numismatists distinguish RIC III 338 from later posthumous Juno types, which consistently bear the obverse legend DIVA FAVSTINA or DIVA AVGVSTA FAVSTINA. Furthermore, RIC III 338 is specific to the silver denarius; corresponding bronze sestertii and dupondii with identical legends exist under distinct catalogue numbers within the imperial series.

Circulation, Hoards, and Preservation

Upon its release from the mint of Rome, RIC III Antoninus Pius 338 (denarius) entered broad imperial circulation throughout Italy and the provinces. As part of the standard silver money supply, it traveled along military supply chains and commercial routes across the Western and Danubian frontiers, as well as the urban economies of the Roman East. Hoard evidence from Britain, Gaul, Germany, and the Balkans regularly features Antonine denarii, though lifetime issues of Faustina the Elder are consistently outnumbered by her vast posthumous consecration strikings. Because the silver standard maintained by Antoninus Pius was slightly superior to that of later Severan and third-century issues, denarii of this type were heavily hoarded and occasionally melted during subsequent debasements. Many surviving specimens display moderate to heavy wear consistent with several decades of active trade before being deposited in Antonine, Severan, or mid-third-century hoards. Die wear and flan crack patterns indicate that striking teams maintained high throughput, while the good silver alloy of this issue has generally preserved the delicate contours of Faustina's braided portraiture where specimens avoided severe corrosion.

References

1. Coins of the Roman Empire in the British Museum, Vol. IV: Antoninus Pius to Commodus. p. 23, nos. 136-138
2. Online Coins of the Roman Empire: RIC III Antoninus Pius 338 (denarius). ric.3.ant.338_denarius
3. The Roman Imperial Coinage, Vol. III: Antoninus Pius to Commodus. p. 71, no. 338
4. Untersuchungen zur romischen Reichspragung des zweiten Jahrhunderts, Teil III: Die Reichspragung zur Zeit des Antoninus Pius. p. 50