Trajan Sestertius, RIC II Trajan 500 (sestertius)

Monetary Context

During the reign of Trajan, the Roman monetary system functioned on a bimetallic and base-metal hierarchy established under Augustus and refined during the Flavian dynasty. The sestertius represented the largest regular base-metal denomination in daily use, tariffed at one quarter of a silver denarius or four copper asses. Struck in orichalcum, a golden-toned copper-zinc brass alloy, the sestertius possessed an intrinsic prestige and an expansive physical surface that made it exceptionally well suited for communicating imperial policy, monumental architecture, and civic virtues to the general populace. Trajan's fifth consulship, initiated on January 1, AD 103, coincided with a transformative era in Roman state finance. The successful conclusion of the First Dacian War brought vast mineral and financial resources into the imperial treasury, prompting extensive public works, philanthropic initiatives, and substantial recoinage programs. Base-metal coinage circulated alongside the flood of newly struck silver denarii, sustaining trade across urban and military centers. In this broader context, the sestertius of RIC II 500 served both an essential transactional function and a programmatic ideological purpose, celebrating the stability, divine guidance, and abundance achieved under Trajan's rule.

Production and Mints

The entire regular emission of RIC II Trajan 500 (sestertius) was produced by the central mint of the Roman Empire located in Rome. While regional and provincial mints produced local bronze denominations in the East and occasionally in the West, Rome retained exclusive authority over the striking of regular senatorial orichalcum and copper coinages destined for imperial circulation. Production followed standard imperial minting techniques of the early second century AD. Cast flans were prepared from carefully weighed alloy batches, primarily composed of copper and zinc with minor traces of tin or lead. The dies, cut in steel or hardened bronze by skilled engravers, were positioned within an anvil and hammer framework. Striking was performed while the flan was warm or cold, requiring forceful manual blows to bring up the high-relief portrait and detailed reverse allegorical attributes across a broad planchet. The reverse field carries the prominent abbreviation S C (Senatus Consulto), reflecting the enduring constitutional formula that base-metal currency was issued by decree of the Roman Senate, even though overall fiscal direction and mint operations were under direct imperial supervision.

Obverse Design and Portraiture

The obverse of RIC II Trajan 500 displays a dynamic portrait of the emperor Trajan facing right. He is shown laureate, with the ties of the wreath falling down the nape of the neck, and his shoulders display light drapery, specifically noted as draped on the left shoulder. The portraiture belongs to the mature Trajanic realistic style developed after the First Dacian War. Departing from the severe Flavian realism or the aged, fragile depictions of Nerva, Trajan's portrait conveys physical vigor, moral fortitude, and solemn civic responsibility. The features are sharply defined: a low forehead, straight nose, firm jawline, and straight bangs combed forward in the classic Julio-Claudian tradition. This visual presentation emphasizes the emperor's self-restraint and discipline, matching the contemporary literary praise articulated in the Panegyricus of Pliny the Younger. The drape over the left shoulder adds a military yet heroic dimension, balancing martial authority with civil dignity.

Reverse Iconography and Attributes

The reverse of the coin is dominated by a standing figure of Fortuna, the Roman personification of luck, fate, and providential guidance. Draped in a long stola that cascades gracefully to her feet, she stands facing left, personifying the watchful benevolence guiding the empire. In her left arm, Fortuna cradles a brimming cornucopiae, the horn of plenty representing imperial abundance, fertility, and the material fruits of state stability. In her lowered right hand, Fortuna holds a ship's rudder, symbolizing the steering and navigation of the Roman state through turbulent times. In primary representations of this type, the rudder rests in front of or upon a ship's prow (prora). The naval attribute references Roman maritime commerce, the safeguarding of the grain supply, and possibly the imperial river fleet operations along the Danube during the Dacian campaigns. Catalogues note minor engraving variations within the type: while the prow is standard beneath or beside the rudder, certain dies omit the prow entirely, presenting Fortuna holding the rudder poised directly above the ground line.

Inscriptions and Epigraphy

The obverse legend reads continuously clockwise around the flan: IMP CAES NERVAE TRAIANO AVG GER DAC P M TR P COS V P P. Rendered in the dative case (Traiano), the inscription presents the coin as a dedication to the emperor: 'To Imperator Caesar, son of Nerva, Trajan Augustus, conqueror of the Germans, conqueror of the Dacians, Pontifex Maximus, invested with Tribunician Power, Consul for the fifth time, Father of his Country.' The inclusion of 'DAC' reflects Trajan's assumption of the victory title Dacicus late in AD 102 following his initial successes north of the Danube, while 'COS V' anchors the series to his fifth consulship. The reverse inscription features the famous formulaic legend S P Q R OPTIMO PRINCIPI, accompanied by the field letters S C. Translating as 'The Senate and the Roman People to the Best of Princes,' this legend was an extraordinary collective tribute. Bestowed formally by the Senate around AD 103, the title 'Optimus Princeps' evoked the virtues of Jupiter Optimus Maximus and praised Trajan's justice, accessibility, and respect for senatorial tradition. The letters S C, divided in the left and right fields, confirm the senatorial decree underpinning the production of the brass coinage.

Typology and Chronological Placement

RIC II Trajan 500 (sestertius) was struck between AD 103 and 111, a chronological window bounded by Trajan's fifth consulship in AD 103 and his assumption of the sixth consulship on January 1, AD 112. Because Trajan did not update his consular numbering between these years, coins bearing 'COS V' encompass nearly a decade of continuous and prolific production at Rome. Within the broader 'Optimo Principi' series, RIC 500 is classified under the standing allegorical issues that celebrated peacetime virtues following the close of the Dacian conflicts. Numismatists distinguish this type from neighboring issues based on the specific combination of obverse drapery (draped on the left shoulder) and the reverse arrangement of Fortuna with the rudder and prow. Bernhard Woytek's systematic corpus of Trajan's coinage contextualizes this type within successive production groups, demonstrating that the variant lacking the prow represents a minor die-engraver variation rather than a distinct legislative issue. The type forms an integral part of the extensive sestertius repertoire issued during the middle period of Trajan's principate.

Circulation, Wear, and Hoard Evidence

Trajan's sestertii circulated extensively throughout the western provinces and the Italian heartland. Base-metal currency traveled along established military routes and commercial river networks, servicing legionary fortresses along the Rhine and Danube frontiers as well as bustling provincial towns across Gaul, Hispania, and Britannia. Due to their substantial weight, intrinsic value as copper alloy, and reliable metal quality, sestertii of the middle Trajanic period experienced exceptionally long circulation lives. Excavation records and coin hoards demonstrate that Trajanic sestertii remained active well into the reigns of Marcus Aurelius, Commodus, and the Severan emperors, often exhibiting considerable surface wear, edge battering, and patination acquired over decades of handling. The widespread distribution of RIC II 500 across both domestic hoards and military site finds underscores its role as an everyday medium of high-denomination exchange in the Roman world.

References

1. Coins of the Roman Empire in the British Museum, Volume III: Nerva to Hadrian. pp. 175-177
2. Online Coins of the Roman Empire: RIC II Trajan 500 (sestertius). ric.2.tr.500_sestertius
3. The Roman Imperial Coinage, Volume II: Vespasian to Hadrian. p. 281, no. 500
4. Die Reichsprägung des Kaisers Traianus (98-117) (MIR 14). Moneta Imperii Romani 14, Gruppe 10-12