In 44 BC, the most powerful man in Rome was assassinated. His heir was eighteen years old and took his name. With that name, he raised an army. And with that army, he buried all his rivals.
Forty years later, he ruled the known world.
How did he do it?
One denarius at a time.

THE HEIR OF JULIUS CAESAR (44–43 BC)

Julius Caesar had been assassinated in 44 BC. Mark Antony was consul and Caesar’s principal lieutenant, while Octavian, barely eighteen years old, was in Apollonia.
When the will was read, Octavian emerged as the principal heir and took the name Gaius Julius Caesar. He soon claimed his inheritance, and his rivalry with Mark Antony began.
In 43 BC, the Senate declared Antony a public enemy and sent an army led by the two consuls and Octavian. Antony was defeated and weakened, although both consuls died shortly afterwards.
The Senate expected Octavian to surrender his army, but he refused. He marched on Rome and forced the Senate to appoint him consul.
Octavian’s first denarius then appeared.

His almost boyish portrait is bearded as a sign of mourning for Julius Caesar and a symbol of his intention to seek revenge. The reverse shows an equestrian statue of Octavian that the Senate had been forced to erect in his honour. The initials S C stand for SENATVS CONSVLTO—“by decree of the Senate”—indicating that the denarius was issued with senatorial authority.
Octavian understood that his messages always had to be framed in the strictest legality—or at least appear to be.

His next denarius conveyed another powerful message, pairing his bearded portrait with that of Julius Caesar and proclaiming the revenge that would be taken upon Caesar’s assassins.

THE TRIUMVIR AND CAESAR’S REVENGE (43–36 BC)

At the end of 43 BC, the Second Triumvirate was formed by Octavian, Mark Antony and Lepidus.
Publius Clodius issued this denarius depicting Octavian with the legend:
III VIR R P C CAESAR
That is: “Caesar, triumvir for the restoration of the Republic.”

The reverse depicts the god Mars, conveying a clear message of war and revenge before the decisive confrontation with Brutus and Cassius at Philippi.

Denarii were also issued pairing Octavian with Lepidus and Mark Antony, in an attempt to project unity among the triumvirs.

In 42 BC, after Philippi, the Senate officially recognised Julius Caesar as Divus Julius, making Octavian Divi Filius, the son of the deified Julius.
The moneyer Tiberius Sempronius issued this denarius depicting Octavian with the legend DIVI IVLI F, “son of the deified Julius.”
The reverse symbolises the settlement of veteran soldiers in new agricultural colonies after the civil wars.

In 38 BC, Agrippa himself, while serving as consul and before confronting Sextus Pompey, issued this denarius bearing the busts of Julius Caesar and Caesar Octavian alongside the legends DIVOS IVLIVS and DIVI F:
Octavian, son of the deified Caesar.

From that point onwards, references to DIVI F became a constant feature of Octavian’s coinage.

This denarius served a dual purpose: to finance the legions and to present the struggle against Sextus Pompey, who would be defeated in 36 BC, as the culmination of Caesar’s revenge.

OCTAVIAN STANDS ALONE (36–31 BC)

After the defeat of Sextus Pompey, Marcus Aemilius Lepidus lost all power, leaving the triumvirate effectively reduced to Octavian and Mark Antony.

Their relationship deteriorated rapidly as Mark Antony drew ever closer to Cleopatra and the East.

In 32 BC, Octavian declared war on Cleopatra and, one year later, Marcus Vipsanius Agrippa won the Battle of Actium.

Lucius Pinarius Scarpus deserted Mark Antony and handed his four legions over to Octavian. For Octavian he struck what is often regarded as the last Republican denarius, with an open hand on the obverse and Victory acknowledging the son of the deified Caesar on the reverse.

The path to absolute power now lay open to Octavian, and Egypt came under Roman control. Soon afterwards, the victory was commemorated by the famous denarius:
AEGVPTO CAPTA
“Egypt captured.”

That victory brought the Roman Republic to an end. Rome was now under the power of a single man.

THE MAKING OF AUGUSTUS (31–27 BC)

Octavian continued to shape his image carefully through his denarii.
This coin proclaimed his divine legitimacy: Venus on the obverse and Octavian in military guise on the reverse.

Here his bust is accompanied by Venus seen from behind, holding a spear and bearing Caesar’s star on her shield.

A message of peace and prosperity also began to spread, with Pax holding a cornucopia and an olive branch.

On another issue, Peace herself is depicted directly on the obverse.

Victory likewise became one of the great symbols of the new regime.

Here she stands on a globe holding a wreath.

On this other coin, she spreads her wings across the entire obverse.

Here she stands on a ship’s prow holding a palm branch and wreath, while Octavian drives a quadriga.

Military triumphs also took centre stage, as on this reverse depicting a triumphal arch surmounted by a quadriga carrying Octavian.

Political power also began to be represented ever more directly, as on this reverse where Octavian appears togate and seated on a curule chair.

Everything was designed to convey the idea that Octavian was the man destined to restore peace, order and stability to the Roman world.

V. THE TITLE OF AUGUSTUS (27–23 BC)

In 27 BC, Octavian formally returned power to the Senate while simultaneously receiving control of the most strategic and heavily militarised provinces, proconsular imperium and the title Augustus.

From then on, AVGUSTVS began to appear in the obverse or reverse legend of most denarii.

The coins began to disseminate the symbols of the new regime:
The two laurel branches which, according to ancient sources, were placed on either side of the doorway to his house when he received the title Augustus.

The eight-rayed star, symbolising the deification of Julius Caesar.

The Shield of Valour, the CLIPEVS VIRTVTIS, likewise awarded when he was granted the title Augustus.

The civic crown accompanied by the legend “For having saved the citizens.”

Victory guiding Rome’s universal dominion through the virtues of Augustus as recognised by the Senate.

HISPANIA AND THE CANTABRIAN WARS (26–19 BC)

During the Cantabrian Wars, Augustus founded Emerita Augusta, modern Mérida, to settle veteran legionaries.

Publius Carisius issued as many as five denarius types to pay the troops and reaffirm Roman rule in Hispania.

During the campaign in Hispania, probably in 26 BC, Augustus fell ill and temporarily established himself at Tarraco—one of several occasions on which he suffered health problems.

The inscription reads: “The Senate and People of Rome made vows to Jupiter for the health of Caesar Augustus.”

Augustus also founded CAESAR AVGVSTA, modern Zaragoza, which was likewise settled by veterans of the Roman army.

The refounded Colonia Patricia, modern Córdoba, also became an important mint. Hispania was a region particularly rich in silver.

PARTHIA: HONOUR RESTORED (20–17 BC)

In 20 BC, Augustus secured the return by the Parthian king Phraates IV of the standards lost by Crassus, as well as those lost by Mark Antony and in other campaigns.

This prompted great celebrations in Rome, and several moneyers issued denarii with the legend CAESAR AVGVSTVS SIGNIS RECEPTIS, showing a kneeling Parthian warrior on the reverse and various deities on the obverse:

Honos

Hercules

Sol

Feronia

Liber

And Virtus, on an exceptionally rare denarius.

Other issues refer to the Temple of MARS ULTOR, whose construction Octavian had vowed before Philippi in order to avenge Caesar.

Others show Mars holding the standards recovered from Parthia, which were later deposited in the Temple of Mars Ultor.

On this reverse, the Senate and People of Rome dedicate an altar to Fortuna Redux for the return of Caesar Augustus to Rome.

This coin depicts the symbols of a triumph granted by the Senate; the quadriga is empty because Augustus, exercising political caution, chose to decline the public triumphal procession.

Like the preceding coin, this piece represents a triumph with an empty quadriga beneath the legend SPQR.

THE PAX AUGUSTA (17–13 BC)

After decades of war, Augustus began to convey a new message:
the peace, order and prosperity of the Pax Augusta.

This reverse represents the rebuilding of the Via Flaminia, one of the great public works promoted by Augustus. Roads, bridges and infrastructure now became symbols of peace and good government.

This coin celebrates the Ludi Saeculares of 17 BC, a major religious festival organised by Augustus to symbolise the purification of Rome and the beginning of a new “Golden Age” of peace and prosperity.

This coin should also be remembered, as it perfectly encapsulates the new Augustan propaganda.

The obverse bears his bust accompanied by the legend CAESAR AVGVSTVS.

On the reverse, each element recalls his elevation as Augustus:
the civic crown, awarded to anyone who saved the life of a Roman citizen; and, at the centre, the Shield of Valour, the Clipeus Virtutis, granted by the Senate in recognition of his virtues.

All of this is encircled by the legend OB CIVIS SERVATOS, “For having saved the citizens.”

This piece, struck by a certain Vinicius—a name that sounds oddly familiar—commemorates Augustus’ monumental achievements. The obverse shows his equestrian statue before the walls of Rome, while the reverse celebrates the restoration of the Roman roads.

THE CONSOLIDATION OF THE EMPIRE (16–13 BC)

Augustus reorganised Gaul, promoted campaigns in Hispania and Germania, and strengthened Roman control over the frontier regions.

This denarius, now struck at the mint of Lugdunum, shows Augustus receiving the submission of barbarian peoples after the campaigns led by Drusus and Tiberius.

The charging bull conveys the military strength and vigour of Augustus’ legions, capable of safeguarding and stabilising the imperial frontiers.

This denarius recalls the victory at Actium under Apollo’s protection and conveys the divine legitimation of Augustus’ power in a new era of peace, order and prosperity.

The message of this coin is very clear.
The obverse reads: “To Imperator Caesar, because through him the Republic is in a more prosperous and peaceful condition.”
The reverse is interpreted as a reference to Augustus as guarantor of the common good and political consensus.

On the reverse of this extremely rare coin, Augustus and Agrippa are depicted as equals beside two matching altars, underscoring Agrippa’s role as Augustus’ chief military supporter in consolidating the new regime.

AUGUSTUS: RELIGION AND MORAL RENEWAL (13–10 BC)

With the Empire now stabilised, Augustus sought to present himself as the restorer of ancient Roman traditions.

On this denarius, his bust appears beside a lituus on the obverse, while the reverse shows him togate as Pontifex Maximus. It represents his pietas, his direct connection with the gods and his legitimacy as Rome’s undisputed spiritual leader.

Here he is associated with four ritual implements:

The simpulum: a ladle used to pour sacred liquid over an altar or sacrificial victim.
The lituus: a curved staff used by the augurs.
The tripod: a three-legged stand on which incense was burned or offerings were made.
The patera: a shallow dish used in ceremonies and ritual banquets held in honour of the gods.
Each implement represents a priestly college: the Pontifices, Augures, Quindecimviri (who interpreted the Sibylline Books) and Septemviri (who organised sacred banquets in honour of the gods).

In 9 BC, Augustus dedicated the Ara Pacis, the Altar of Peace—a monument that expressed in stone the message his coins had conveyed for years: Rome had found peace, order and prosperity under his rule.

THE DYNASTIC SUCCESSION (13 BC–AD 2)

Once his power was secure, Augustus began to consider his heirs.

Rome officially remained a republic, but in practice the entire system now depended on one man.

This issue commemorates his daughter Julia, represented as Diana.

Agrippa is depicted here, reflecting the immense political and military importance of Augustus’ principal associate and one of the fundamental pillars of the new regime.

This reverse depicts Julia accompanied by Gaius and Lucius Caesar, reinforcing the idea of family continuity and dynastic legitimacy.

Agrippa died in 12 BC, depriving the Empire of one of its greatest supports. Some scholars propose that the reverse of this denarius should be read as Comiti Caesaris Augusti—“to the companion of Caesar Augustus”—and interpret the cippus as an honorary or funerary monument dedicated to Agrippa’s memory.

In 9 BC, at barely ten or eleven years of age, Gaius Caesar already appears on this coin as Augustus’ son and a future commander, shown on horseback with a sword, shield and military standards.

Here we have one of the most abundant denarii of Augustus’ reign: Gaius and Lucius, his grandsons and heirs, proclaimed sons of Augustus.
What this coin does not say is that it was struck in the same year that Augustus exiled his own daughter Julia, the mother of the two young men—the same year in which he received the title Father of the Fatherland.

That same year, Tiberius, his leading general, left Rome and voluntarily withdrew to the island of Rhodes. At the worst possible moment, Augustus was left without his most capable man.

THE SUCCESSION CRISIS (AD 2–14)

But Augustus’ plan collapsed. Lucius died of a mysterious illness at the age of seventeen. Gaius died at twenty-three from a serious battle wound.

This denarius then appeared with a reverse that scholars identify either as Pax, as Livia, or as Livia in the guise of Pax. In these circumstances, I favour Livia.
It is the same design that Tiberius would use for the great majority of his issues and that, centuries later, tradition would identify as the biblical Tribute Penny.

The final years were not easy. In AD 9, three Roman legions were annihilated in the Teutoburg Forest. He is said to have cried out for weeks: “Varus, give me back my legions!”

The reverse legend of this other coin already names Tiberius Caesar, son of Augustus, shown in a quadriga and invested with tribunician power.

This denarius sums everything up: Augustus on the obverse, Tiberius on the reverse. For the first time, both portraits appear on the same coin—a direct and unambiguous message.

DIVUS AUGUSTUS: THE APOTHEOSIS (AD 14)

Augustus died in AD 14, after dominating Rome for more than forty years.
The Senate officially deified him, and Tiberius would rule as the son of the deified Augustus.
It had all begun decades earlier with the legend “Son of the Deified Caesar.” It was his calling card, his claim to legitimacy and the argument with which a nineteen-year-old had carved out a place for himself in Rome.
Now he himself had become divine.
DIVI FILIVS.

SILVER AND THE MINTS

Augustus’ silver came from three principal sources: the spoils of Egypt, the mines of southern Hispania and the recycling of earlier coinage, especially Mark Antony’s denarii.

Before the imperial minting system was established, between 44 and 32 BC Octavian had already struck around twenty distinct types to finance his wars. From 32 BC onwards, the mints were organised and their messages tightly controlled. The travelling mints in Italy struck around twenty-four denarius types between 32 and 27 BC, during the period when Octavian had not yet become Augustus.

At Cyrene in North Africa, two types were struck between 31 and 29 BC by Scarpus, the general who deserted Mark Antony and handed his legions over to Octavian.

At Emerita Augusta, modern Mérida, five iconographic types and their variants were struck between 25 and 23 BC, all under the authority of Publius Carisius, Augustus’ propraetorian legate in Hispania.

Across the eastern mints—in the Peloponnese, Samos and Pergamum—six types were struck between 21 and 18 BC. All celebrate the victories in the East: Armenia and the standards recovered from Parthia.

At Caesaraugusta, modern Zaragoza, eleven iconographic types were struck between 20 and 18 BC. The dominant themes are Victory and the shield inscribed CL V.

At Colonia Patricia, modern Córdoba, twenty-two distinct iconographies were produced between 20 and 15 BC, making it the most varied mint of the reign. Mars is the dominant theme, with multiple variants depicting the god and his temple.

At Rome, forty-four distinct iconographic types were produced between 19 BC and AD 4, with numerous moneyers identified. It was the most diverse mint of the reign: Parthian standards, Armenia, dynastic succession, Agrippa and mythological figures.

At Lugdunum, modern Lyon, fifteen distinct iconographies were produced between 15 BC and AD 14, with no moneyer identified. Their subjects range from the bull and Apollo to Gaius and Lucius, and finally Tiberius.

There are also seven iconographies from uncertain mints, dominated by Capricorn, the astrological symbol of Augustus that also appears on issues from Córdoba and Lyon.

In total, more than 120 distinct iconographies were produced over the course of his reign: a propaganda machine without precedent in Roman history.