Last Updated on March 24, 2025
If you have ever held a Roman denarius in your hand, you’ve touched a significant piece of monetary history.
The silver denarius is the coin that once powered what is arguably the world’s greatest empires and is one of the most famous silver coins in history.
But how much is a Roman denarius worth in today’s market?
The answer is more complex than you might think.
Kenneth Harl, who is my go to expert on Roman currency, notes:
“Calculations…are fraught with pitfalls – the data are incomplete, at times prices are “official” rather than market prices, and they are not always comparable.”
Additionally, Ancient Rome was not a single time period and the value of a denarius differed during different eras.
It’s unfortunately not that simple to just say that a denarius is worth X USD.
But let’s do our best with the information we have and try and give you a helpful answer.
What Was The Purchasing Power of a Denarius in Ancient Rome?
The denarius was the backbone of Roman commerce for over 400 years.
It was introduced in 211BC and was the primary currency for much of the Roman Republic and Empire.
One method of determining the purchasing power of the denarius, for which we have records, is the annual pay of a Roman legionary compared to the price of wheat.
According to Kenneth Harl in 200-150BC a legionary would receive an annual salary of 108 denarii. At that salary it would take the legionary 5 days to earn a month’s supply of his daily bread.
In 141BC a legionary would earn 112.5 denarii per annum. But this did not keep up with price inflation. By 73BC it would take a legionary 10 days to buy his monthly supply of daily bread.
This rate was in constant fluctuation based on the salary of the legionary and the changing price of wheat. But it gives you an idea.
Kenneth Harl also looks at the prices of oil and wine and suggests that a peasant family of four in 175-150BC would need 68 denarii to provide oil, wine and bread for the family for a year.
In 75-125AD this would have risen to 200 denarii annually.
What Is The Value Of The Silver Content In The Roman Denarius?
Early denarii contained 4.5 grams of silver at 95% purity.
Using current silver prices (at the time of writing in March 2025), the melt value of an early denarius would be around $4.50 based purely on silver content.
However the silver content of the denarius was steadily debased over the course of the Roman Empire and by the late empire the silver content was often below 5%.
So they aren’t going to be worth much.
The silver content generally represents the minimum value of a denarius today, as their historical and collector value far exceeds their metal content.
How Much Is A Roman Denarius Worth To A Collector?
Today’s market values for Roman denarii vary dramatically based on several factors.
A common, moderately worn denarius from the later empire might sell for $20-50, while a rare, well-preserved example from the Republican period or featuring a notable emperor could command thousands.
The most valuable denarii often feature historically significant emperors like Julius Caesar or Augustus.
How valuable a denarius is primarily depends on its condition and historical significance.
Denarii can be purchased from auction houses, online marketplaces and some bullion dealers.
Conclusion
While a Roman denarius’s value can range from $20 to several thousand dollars today, its worth transcends mere monetary terms.
Each coin represents a tangible connection to one of history’s greatest civilizations.
Whether you’re considering starting a collection or simply fascinated by ancient currency, understanding these factors helps appreciate both the historical significance and modern market for these remarkable coins.
Sources
Harl, Kenneth W. Coinage in the Roman Economy, 300 B.C. To A.D. 700. Baltimore: Johns Hopkins University Press, 1996.
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