Macrinus Silver Denarius RIC IV Macrinus 62b

Monetary Context and Currency Reforms

The emission of RIC IV Macrinus 62b occurred against a backdrop of severe fiscal strain and monetary restructuring within the Severan monetary system. In AD 215, Caracalla had altered Roman silver coinage by introducing the radiate antoninianus, a coin tariffed at two denarii but struck with an intrinsic silver content equivalent to only about one and a half denarii. Simultaneously, the fineness of the traditional denarius had declined to roughly fifty percent silver. Upon his accession in Mesopotamia in April AD 217, Macrinus faced an exhausted treasury, exorbitant military bonuses promised by his predecessor, and an expensive peace settlement with the Parthians. In response, the new administration initiated a conservative currency reform aimed at restoring faith in the classic denarius. Macrinus suspended the regular striking of the debased antoninianus at Rome and moderately elevated the fineness of the denarius back toward fifty-four to fifty-eight percent silver. Denarii such as RIC IV Macrinus 62b were struck on standard flans averaging around 3.1 to 3.3 grams. This reform reflected a deliberate effort to appease both the senatorial elite and the civilian markets, presenting the new regime as an agent of sound economic management and imperial rehabilitation.

Mint Organization and Production Techniques

Although Macrinus spent his entire fourteen-month reign in the East and never entered Rome, the primary mint of the capital operated continuously on his behalf, responsible for striking RIC IV Macrinus 62b. The Rome mint was staffed by established hereditary celatores (die engravers) and officinatores organized into multiple working officinae. The production process adhered to standard Roman minting methods: refined silver blanks were cast, heated to annealing temperature, and struck by hand between upper and lower dies. The initial dies prepared at Rome reveal that engravers had to rely on imperial dispatches, descriptions, or plaster master models sent from Syria. This operational separation led to observable stylistic evolution, transitioning from an initial profile closely mimicking Caracalla to a refined depiction of Macrinus. Technical analysis of die links among the FELICITAS TEMPORVM issues indicates substantial volume and rapid die consumption, as the capital mint worked to supply sufficient silver coin for administrative distributions, domestic commerce, and grain subsidies in Italy despite the physical absence of the emperor.

Obverse Portraiture and Iconography

The obverse of RIC IV Macrinus 62b features the emperor's laureate, cuirassed bust facing right, displaying a cropped, closely trimmed beard. In the taxonomy established by Harold Mattingly and Edward A. Sydenham in Roman Imperial Coinage, type 62b is specifically differentiated from type 62a by the omission of the paludamentum (drapery) over the shoulder, presenting the emperor solely in military cuirass. The cropped beard is indicative of the earlier portrait phase struck at Rome during AD 217 and early AD 218, before imperial portraiture adopted the longer, flowing beard associated with Hellenistic philosopher kings and seasoned statesmen. The cuirass highlights Macrinus's role as supreme military commander, an indispensable attribute for a ruler whose legitimacy rested on tenuous army loyalty following Caracalla's death. The laurel wreath tied with fillets resting on the nape of the neck signals imperial authority and victorious majesty, maintaining strict continuity with traditional Julio-Claudian and Severan conventions of imperial representation.

Reverse Iconography and Symbolism

The reverse design of RIC IV Macrinus 62b portrays Felicitas, the Roman personification of good fortune, success, and divine harmony, standing facing left. She is draped in a long stola and holding two potent allegorical attributes: a long caduceus in her right hand and an overflowing cornucopiae in her left. The caduceus, traditionally carried by Mercury, symbolized peaceful commerce, diplomatic resolution, and balanced concord, while the cornucopiae invoked agricultural abundance, economic nourishment, and imperial generosity. By presenting Felicitas on an undated silver issue, the imperial administration delivered a broad programmatic message to all levels of Roman society. Following years of oppressive military taxation, internal political terror, and border warfare under Caracalla, this reverse promised a peaceful restoration. The personification reassured Roman citizens that the heavens favored the newly established regime and that domestic stability and economic flourishing would prevail under Macrinus's governance.

Epigraphic Analysis and Legend Formulations

The legends on RIC IV Macrinus 62b are carefully constructed to balance political legitimacy with ideological propaganda. The obverse reads IMP C M OPEL SEV MACRINVS AVG, an abbreviated form of Imperator Caesar Marcus Opellius Severus Macrinus Augustus. The inclusion of the cognomen Severus represents a calculated dynastic adoption, through which Macrinus sought to embed himself within the popular Severan lineage and obscure his origins outside the traditional senatorial elite. The reverse legend reads FELICITAS TEMPORVM, translating to 'The Felicity of the Times' or 'The Blessed Happiness of the Age.' The legend is executed in standard classical Roman capitals without punctuation stops between words, maintaining a clean aesthetic balance around the circumference of the flan. The genitive plural noun TEMPORVM underscores that prosperity was not merely a fleeting imperial virtue, but rather a permanent condition defining the contemporary era under the current princeps.

Typology, Variants, and Chronological Placement

Within the cataloguing structure of Roman Imperial Coinage, type 62 is divided into distinct bust varieties: RIC IV Macrinus 62a features a draped and cuirassed bust, while RIC IV Macrinus 62b features an exclusively cuirassed bust. Both varieties share identical legends and the Felicitas reverse. The type belongs to the non-tribunician, undated series of denarii struck at Rome across the entirety of Macrinus's reign, spanning AD 217 to 218. Parallel emissions at the capital included dated issues recording his first and second tribunician powers (TR P and TR P II), along with thematic types proclaiming FIDES MILITVM, PONTIF MAX, and SECVRITAS TEMPORVM. While dated coins served precise administrative and chronological milestones, the general virtue types such as 62b were struck continuously to fulfill broad fiscal requirements. Die studies show that obverse dies for type 62b were paired both with this Felicitas reverse and occasionally across other programmatic reverses, illustrating a dynamic, multi-officina mint operation functioning throughout late AD 217 into the spring of AD 218.

Circulation Patterns and Hoard Evidence

Denarii of RIC IV Macrinus 62b entered circulation within a currency pool dominated by earlier Severan issues of Septimius Severus and Caracalla, as well as surviving second-century silver. Because Macrinus was defeated by the partisans of Elagabalus at the Battle of Antioch in June AD 218 and subjected to formal damnatio memoriae, his overall coinage was struck over a period of barely fourteen months. Although his coins were not comprehensively recalled, the cessation of his types and the subsequent resumption of antoninianus production under Elagabalus meant that Macrinus's issues represent a relatively small percentage of third-century silver hoards. Nevertheless, specimens of RIC IV Macrinus 62b are consistently recorded in significant third-century hoard deposits across Britain, Gaul, the Rhine-Danube frontier, and the Balkan provinces. Wear analysis from hoards deposited during the reigns of Severus Alexander and Gordian III confirms that these denarii circulated actively for decades, accepted at par with other Severan silver due to their reputable weight standard and silver content.

References

1. Coins of the Roman Empire in the British Museum, Volume V: Pertinax to Elagabalus. pp. 498-505
2. Coinage and History of the Roman Empire, c. 82 BC - AD 480. pp. 250-254
3. Roman Coins from the Earliest Times to the Fall of the Western Empire. pp. 145-152
4. Online Coins of the Roman Empire: RIC IV Macrinus 62b. ric.4.mcs.62b
5. The Roman Imperial Coinage, Volume IV, Part II: Macrinus to Pupienus. pp. 5-7, 12, no. 62b