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Lot 106
Roman Egypt. Hadrian, 117-138 AD. AE Drachm (29.57 g), Alexandria. Dated Year 17 (132/133 AD). Laureate, draped and cuirassed bust of Hadrian right. Reverse: Athena stands left, in peplos and aegis, holding out two ears of corn, other hand holding spear, against which shield leans; date across field. Milne 1359; Emmett, Alexandrian Coins, no. 921 (only 1 example known). Handsome, finely centered strike, with only minor peripheral flatness -- mostly limited to reverse. Lovely variegated red and brown patina, with touches of green. Overall, exceptional for series. Rare. NGC graded Extremely Fine.
This coin's unusual image of Athena / Minerva displaying an association with one of the various grain-fertility goddesses by holding up ears of "corn" (actually a British misnomer perpetrated in historical literature; "corn" was instead a grain like barley or wheat, or emmer), is one not often encountered in her iconography. The implication suggested, because Athena was both a goddess of wisdom and war, that prudent management and force of arms, if needed, went hand in hand with the prosperity and strength (from nourishment) represented by the corn. However, for this Egyptian coin, like Egypt itself in the panorama of ancient Rome and its territories, it can be seen that the unusual was more often the norm.
As Rome was absorbing conquered territories into its domain, in the Near East especially, Augustus initially allowed the rulers of the conquered peoples (often called subject kings) to remain in power and deal with their own lands. Eventually local squabbles, often over royal succession, would lead to the rulers to be replaced by Roman governors, and the countries then incorporated into Rome's provinces. While the provinces as a whole were regarded as territory of the Roman state, generally those lands, property, or holdings of the former rulers became the Roman emperor's personal property.
After his conquest of Egypt, Augustus, had personally seized the vast accumulated treasure of the Egyptian Ptolemies, which had accrued uninterrupted for over two and a half centuries, up through the reign of Cleopatra VII, the last of the line. In addition, Augustus also took over the immense ongoing income of Egypt, resulting from its normal daily course of production and manufacturing, trade, taxes, etc. As a result of Rome's intermittent civil wars since Julius Caesar's assassination, the city's treasury was nearly empty. To replenish this loss, Augustus contributed large amounts of his own income to the treasury, aided and abetted expansively by the newly received wealth of Egypt. (This public-spirited "generosity" of course being carefully recorded in his public memoirs, for all the propaganda value that it was worth -- but he did finally manage to balance Rome's budget, among other benefits.) As a result and a necessity for a secure royal income, Augustus kept Egypt as a personal property. All subsequent Roman emperors maintained this tradition. Thus the economic status of Egypt could be compared to the socialist state of today, but with its industries nationalized for the benefit of the Imperial Throne in far-off Rome.
Another reason, and perhaps the most important, for maintaining this status quo was that Egypt was to become the most reliable source of food for Italy, and especially Rome itself -- Rome's supply of "corn" was a main factor of its economy and its survival. It was also because of Egypt's impressive agricultural productivity that it proved to be a vital prop in maintaining an important aspect of the socio-political tradition of inter-class patronage that had evolved during Rome's Republican period. This was the "dole" -- directed mainly to the lower class citizens, and somewhat like a welfare program (termed annona). This program had evolved in the previous century as a means of supplying grain to Roman citizens at favorable government-subsidized prices. By 58 BC, the policy had become free grain (and later, ready-made bread). By the time of Augustus, this dole was providing free food for over some 200,000 Romans; Julius Caesar had gotten the numbers down to 150,000 a quarter of a century earlier but the numbers had climbed once again. Augustus, as emperor, paid the cost of this dole out of his own pocket, as well as the cost of games for entertainment (thus: panem et circenses, "bread and circuses," the famous phrase coined by the Roman poet Juvenal).
Payment for the latter came principally from his personal holdings in Egypt. Augustus eventually restricted the number of beneficiaries to a maximum of 200,000 male citizens. Later a portion of this supply was also set aside to feed the soldiers, primarily the Praetorian Guard, who protected the emperor. Thus the maintenance of this supply was critical to a substantial portion of the Roman citizenry's survival. And even more so, the uninterrupted flow of grain from Egypt to Rome was an important base of power for the emperor. Therefore, it behooved all Roman emperors to maintain Egypt as their preserve with diligence and care. The distribution of free grain or bread in Rome remained in effect until the end of the Empire. Other later emperors added on occasion free pork and wine. Eventually, other major cities of the Empire also began providing similar benefits. But again, the dole and free rations were limited to specific numbers of recipients. The vast bulk of the Empire's grain supply was distributed through a free market system comparable to that seen today.
Estimated Value $2,000 - 2,400.
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| Realized $2,415 |
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