The Æ Follis: The Coin of the Common Man
In the late 3rd century CE, the Roman Empire was suffering from a “silver crisis.” The once-pure silver denarius had been debased so many times it was essentially a copper coin with a thin wash of silver. To fix this broken system, Emperor Diocletian introduced a new, large, and impressive coin in 294 CE: the Æ Follis.
The term Æ is a numismatic shorthand for aes (bronze/copper), and while “follis” originally referred to a sealed bag of coins, it eventually became the name for the large bronze piece that dominated the pockets of Roman citizens for centuries.
1. The Great Reform of Diocletian
Diocletian’s goal was to restore confidence in the Roman currency. The original follis was a substantial coin—roughly the size of a modern US half-dollar or a British two-pound coin—and weighed about 10 grams.
The “Silver” Illusion
While the follis appeared to be bronze, it contained a secret: a small amount of silver (roughly 4–5%).
- The Silver Wash: When freshly minted, the coins were treated with a chemical process that drew the silver to the surface, making them shine like pure silver.
- The “Silvering” Decay: In the hands of the public, this thin layer quickly wore off, revealing the dull copper beneath. Collectors today highly prize “silvered” specimens that still retain that original luster.
2. Iconography: The Genius of Rome
The early follis was remarkably consistent in its imagery. Diocletian wanted to project stability and unity across an empire divided among four rulers (the Tetrarchy).
- Obverse: The portrait of the Emperor (or Caesar), usually depicted with a “blocky,” soldier-like jawline and wearing a laurel wreath.
- Reverse: Most commonly featured the legend GENIO POPVLI ROMANI (“To the Genius of the Roman People”). It depicted a nude youth (the Genius) holding a cornucopia and a patera (sacrificial bowl), symbolizing the spirit and prosperity of the Roman citizenry.
3. The Shrinking Coin: Inflation Strikes Again
The stability Diocletian hoped for didn’t last. As the 4th century progressed, the Empire’s expenses grew while its silver supplies dwindled. The history of the follis is a history of shrinkage:
- 307–318 CE: Under Constantine the Great, the follis began to decrease in size and weight to save on metal costs.
- 330 CE: By the time Constantinople was dedicated, the follis had become a tiny “nummus” only a fraction of its original size.
- The Constantinian Themes: The imagery shifted from pagan “Genius” figures to military gates (Providentiae Caess) and standard-bearers (Gloria Exercitus), reflecting the militarization of late Roman society.
4. The Byzantine Resurrection
The follis would have disappeared entirely if not for Anastasius I, who reformed the Byzantine currency in 498 CE. He reintroduced the follis as a massive bronze coin, but with a revolutionary new design feature: The Large “M”.
To help an increasingly illiterate population, the value was marked clearly in Greek numerals:
- M = 40 nummi (Full Follis)
- K = 20 nummi (Half Follis)
- I = 10 nummi (Decanummium)
This version of the follis remained the standard copper currency of the Byzantine Empire for another 500 years, surviving until the mid-11th century.
Legacy for Collectors
Today, the Æ Follis is one of the most accessible entry points for aspiring ancient coin collectors. Because millions were minted to pay the Roman legions and bureaucracy, many are still found today in excellent condition. They offer a tangible, heavy link to the era when Rome transitioned from a pagan empire to a Christian one