1. Princeton Numismatic Seminar March 26, 2009 student paper proposals

2. Princeton Numismatic Seminar Simon Oswald

3. Princeton Numismatic Seminar Alison Fishman

4. Princeton Numismatic Seminar Rebecca Katz

5. Princeton Numismatic Seminar Giuseppe Ricci

6. Princeton Numismatic Seminar David Lennington

7. Princeton Numismatic Seminar Brienne Cignarella

8. Princeton Numismatic Seminar Lin Ferrand

9. Princeton Numismatic Seminar Emanuel Lazar

10. Princeton Numismatic Seminar Pagona Papadopoulou

11. Princeton Numismatic Seminar Emma Ljung

12. Princeton Numismatic Seminar Sarah Kampbell

13. Princeton Numismatic Seminar March 26, 2009 The Economics of Minting

14. coin name V metal P T W B G I S % penny A 1 AR 100 100 10 0 0 1 0 0% V - Value = extrinsic value in pennies P - Price = market price of a kilogram of alloy in pennies T - Tale = number of coins struck from kilogram W - Weight = weight of one coin in grams = 1000/T B - Brassage = salaries + overhead per kilogram in pennies G - Seigniorage = profit per kilogram in pennies I - Intrinsic Value = value of metal in one coin in pennies = WP/1000 S - Surplus Value = extrinsic value minus intrinsic value per coin in grams = V-I % - Percent of Overvaluation = surplus value divided by intrinsic value = S/I Penny A is a charge-free coin

15. coin name V metal P T W B G I S % penny A 1 AR 100 100 10 0 0 1 0 0% penny B 1 AR 100 120 8.33 10 10.833.167 20% V - Value = extrinsic value in pennies P - Price = market price of a kilogram of alloy in pennies T - Tale = number of coins struck from kilogram W - Weight = weight of one coin in grams = 1000/T B - Brassage = salaries + overhead per kilogram in pennies G - Seigniorage = profit per kilogram in pennies I - Intrinsic Value = value of metal in one coin in pennies = WP/1000 S - Surplus Value = extrinsic value minus intrinsic value per coin in grams = V-I % - Percent of Overvaluation = surplus value divided by intrinsic value = S/I Penny A is a charge-free coin Penny B is a charged coin

16. Standard - combination of alloy and weight Mutation - change in standard or denomination of a coin issue Debasement - lowering of weight or alloy of a coin issue Devaluation - raising of denomination of a coin issue Restoration, reinforcement - raising of weight or alloy or lowering of denomination of a coin issue Renovatio - periodic change of coin types (and perhaps also standard) accompanied by demonetization of old issues Monetagium - payment to sovereign in lieu of mutation

17. Gresham's Law ‘Bad money drives out good’. If an individual receives two coins of the same denomination and recognizes them to have different intrinsic values, he or she will spend the one with less intrinsic value and retain the one with more intrinsic value. Thus, coins with lower relative intrinsic value will remain in circulation, and those with higher intrinsic value will be saved, hoarded, melted or exported. Culling - removing coins of high intrinsic value from circulation Discounting - accepting coin with lower intrinsic value at lower value Clipping - removing metal from a coin in circulation

18. Fisher Equation - MV = PT; P = MV/T M - money supply V - velocity of circulation P - price structure T - volume of transactions Inflation - increase in M or in P

19. coin name V metal P T W B G I S % penny B 1 AR 100 120 8.33 10 10.833.167 20% V - Value = extrinsic value in pennies P - Price = market price of a kilogram of alloy in pennies T - Tale = number of coins struck from kilogram W - Weight = weight of one coin in grams = 1000/T B - Brassage = salaries + overhead per kilogram in pennies G - Seigniorage = profit per kilogram in pennies I - Intrinsic Value = value of metal in one coin in pennies = WP/1000 S - Surplus Value = extrinsic value minus intrinsic value per coin in grams = V-I % - Percent of Overvaluation = surplus value divided by intrinsic value = S/I

20. coin name V metal P T W B G I S % penny B 1 AR 100 120 8.33 10 10.833.167 20% penny C 1 AR 100 140 7.011 29.7.3 43% V - Value = extrinsic value in pennies P - Price = market price of a kilogram of alloy in pennies T - Tale = number of coins struck from kilogram W - Weight = weight of one coin in grams = 1000/T B - Brassage = salaries + overhead per kilogram in pennies G - Seigniorage = profit per kilogram in pennies I - Intrinsic Value = value of metal in one coin in pennies = WP/1000 S - Surplus Value = extrinsic value minus intrinsic value per coin in grams = V-I % - Percent of Overvaluation = surplus value divided by intrinsic value = S/I

21. coin name V metal P T W B G I S % penny B 1 AR 100 120 8.33 10 10.833.167 20% penny C 1 AR 100 140 7.011 29.7.3 43% penny C2 1 AR 120 140 7.011 9.84.16 19% V - Value = extrinsic value in pennies P - Price = market price of a kilogram of alloy in pennies T - Tale = number of coins struck from kilogram W - Weight = weight of one coin in grams = 1000/T B - Brassage = salaries + overhead per kilogram in pennies G - Seigniorage = profit per kilogram in pennies I - Intrinsic Value = value of metal in one coin in pennies = WP/1000 S - Surplus Value = extrinsic value minus intrinsic value per coin in grams = V-I % - Percent of Overvaluation = surplus value divided by intrinsic value = S/I

22. coin name V metal P T W B G I S % penny B 1 AR 100 120 8.33 10 10.833.167 20% V - Value = extrinsic value in pennies P - Price = market price of a kilogram of alloy in pennies T - Tale = number of coins struck from kilogram W - Weight = weight of one coin in grams = 1000/T B - Brassage = salaries + overhead per kilogram in pennies G - Seigniorage = profit per kilogram in pennies I - Intrinsic Value = value of metal in one coin in pennies = WP/1000 S - Surplus Value = extrinsic value minus intrinsic value per coin in grams = V-I % - Percent of Overvaluation = surplus value divided by intrinsic value = S/I

23. coin name V metal P T W B G I S % penny B 1 AR 100 120 8.33 10 10.833.167 20% grosso 10 AR 100 1283.30 2 18 8.331.67 20% V - Value = extrinsic value in pennies P - Price = market price of a kilogram of alloy in pennies T - Tale = number of coins struck from kilogram W - Weight = weight of one coin in grams = 1000/T B - Brassage = salaries + overhead per kilogram in pennies G - Seigniorage = profit per kilogram in pennies I - Intrinsic Value = value of metal in one coin in pennies = WP/1000 S - Surplus Value = extrinsic value minus intrinsic value per coin in grams = V-I % - Percent of Overvaluation = surplus value divided by intrinsic value = S/I Money of account - unit of value in which coins are reckoned Ghost money - system of account based on coin no longer in circulation

24. coin name V metal P T W B G I S % penny B 1 AR 100 120 8.33 10 10.833.167 20% V - Value = extrinsic value in pennies P - Price = market price of a kilogram of alloy in pennies T - Tale = number of coins struck from kilogram W - Weight = weight of one coin in grams = 1000/T B - Brassage = salaries + overhead per kilogram in pennies G - Seigniorage = profit per kilogram in pennies I - Intrinsic Value = value of metal in one coin in pennies = WP/1000 S - Surplus Value = extrinsic value minus intrinsic value per coin in grams = V-I % - Percent of Overvaluation = surplus value divided by intrinsic value = S/I

25. coin name V metal P T W B G I S % penny B 1 AR 100 120 8.33 10 10.833.167 20% noble 10 AV 1000 120 8.3315 185 8.331.67 20% V - Value = extrinsic value in pennies P - Price = market price of a kilogram of alloy in pennies T - Tale = number of coins struck from kilogram W - Weight = weight of one coin in grams = 1000/T B - Brassage = salaries + overhead per kilogram in pennies G - Seigniorage = profit per kilogram in pennies I - Intrinsic Value = value of metal in one coin in pennies = WP/1000 S - Surplus Value = extrinsic value minus intrinsic value per coin in grams = V-I % - Percent of Overvaluation = surplus value divided by intrinsic value = S/I

26. coin name V metal P T W B G I S % penny B 1 AR 100 120 8.33 10 10.833.167 20% V - Value = extrinsic value in pennies P - Price = market price of a kilogram of alloy in pennies T - Tale = number of coins struck from kilogram W - Weight = weight of one coin in grams = 1000/T B - Brassage = salaries + overhead per kilogram in pennies G - Seigniorage = profit per kilogram in pennies I - Intrinsic Value = value of metal in one coin in pennies = WP/1000 S - Surplus Value = extrinsic value minus intrinsic value per coin in grams = V-I % - Percent of Overvaluation = surplus value divided by intrinsic value = S/I

27. coin name V metal P T W B G I S % penny B 1 AR 100 120 8.33 10 10.833.167 20% copperA 1/100 AE 1 120 8.3310 -9.8.008.002 25% V - Value = extrinsic value in pennies P - Price = market price of a kilogram of alloy in pennies T - Tale = number of coins struck from kilogram W - Weight = weight of one coin in grams = 1000/T B - Brassage = salaries + overhead per kilogram in pennies G - Seigniorage = profit per kilogram in pennies I - Intrinsic Value = value of metal in one coin in pennies = WP/1000 S - Surplus Value = extrinsic value minus intrinsic value per coin in grams = V-I % - Percent of Overvaluation = surplus value divided by intrinsic value = S/I

28. coin name V metal P T W B G I S % penny B 1 AR 100 120 8.33 10 10.833.167 20% copperA 1/100 AE 1 120 8.3310 -9.8.008.002 25% copper B 1/12 AE 1 120 8.33 8 1.008.075 940% V - Value = extrinsic value in pennies P - Price = market price of a kilogram of alloy in pennies T - Tale = number of coins struck from kilogram W - Weight = weight of one coin in grams = 1000/T B - Brassage = salaries + overhead per kilogram in pennies G - Seigniorage = profit per kilogram in pennies I - Intrinsic Value = value of metal in one coin in pennies = WP/1000 S - Surplus Value = extrinsic value minus intrinsic value per coin in grams = V-I % - Percent of Overvaluation = surplus value divided by intrinsic value = S/I Token/fiduciary coinage - coins with high degree of surplus value

29. Princeton Numismatic Seminar March 26, 2009 The Late Roman Empire and Early Middle Ages

30. Princeton Numismatic Seminar Hadrian Rome gold aureus, 119-122

31. Princeton Numismatic Seminar Hadrian Rome silver denarius, 125-28

32. Princeton Numismatic Seminar Hadrian Rome orichalcum sestertius, 128-38

33. Princeton Numismatic Seminar Hadrian Corinth bronze, 117-38

34. Princeton Numismatic Seminar Hadrian Antioch silver tetradrachm, 118

35. Princeton Numismatic Seminar Hadrian Alexandria billon tetradrachm, 126-27

36. Princeton Numismatic Seminar Hadrian Alexandria bronze drachm, 126-27

37. Princeton Numismatic Seminar Philip II Rome billon antoninianus, 248

38. Princeton Numismatic Seminar Philip II Rome bronze sestertius, 248

39. Princeton Numismatic Seminar Philip II Antioch Billon tetradrachm, 248

40. Princeton Numismatic Seminar Philip II Alexandria billon tetradrachm, 248

41. Princeton Numismatic Seminar Aurelian Rome billon antoninianus, 270

42. Princeton Numismatic Seminar Aurelian Alexandria billon tetradrachm, 275

43. Princeton Numismatic Seminar Roman Empire Constantine the Great, 307-37 gold solidus, Trier

44. Princeton Numismatic Seminar Roman Empire Constantine the Great, 307-37 large bronze, Trier

45. Princeton Numismatic Seminar Roman Empire Constantine the Great, 307-37 medium bronze, Trier

46. Princeton Numismatic Seminar Roman Empire Constantine the Great, 307-37 small bronze, Trier

47. Princeton Numismatic Seminar Constantine the Great, 307-37 Trier

48. Princeton Numismatic Seminar Rome, Constantine the Great gold 1 ½ solidus, 326-27 CE

49. Princeton Numismatic Seminar Rome, Constantine the Great gold, 1 ½ solidus, 326-27 CE

50. Princeton Numismatic Seminar Roman Empire Theodosius I, 379-95 gold solidus, Constantinople

51. Princeton Numismatic Seminar Roman Empire Theodosius I, 379-95 silver miliarensis, Constantinople

52. Princeton Numismatic Seminar Roman Empire Theodosius I, 379-95 silver siliqua, Constantinople

53. Princeton Numismatic Seminar Roman Empire Theodosius I, 379-95 bronze, Antioch

54. Princeton Numismatic Seminar Roman Empire Theodosius I, 379-95

55. Princeton Numismatic Seminar Roman Empire Leo I, 457-474 gold solidus, Constantinople

56. Princeton Numismatic Seminar Roman Empire Leo I, 457-474 gold tremissis, Constantinople

57. Princeton Numismatic Seminar Roman Empire Leo I, 457-474 AE 2, Antioch

58. Princeton Numismatic Seminar Roman Empire Leo I, 457-474 AE4, Constantinople?

59. Princeton Numismatic Seminar Roman Empire Leo I, 457-474