A tetradrachm made of silver and copper alloy minted in Alexandria, Egypt, depicting the emperor Hadrian on the obverse and his wife Sabina on the other. The series of imperial portraits on the coins of Alexandria are almost complete, due to the large production and duration of operation of its mint. A characteristic of the reverse is the great variety of representations with frequent references to the peculiarities of Egyptian religion and the inscription of the regnal year of each emperor. The dating is expressed in Alexandrian years, which begin every 29th of August. It is written with the symbol L, which in Egyptian demotic script denotes the year, and Greek numerals (IZ = the seventeenth year of the reign of Hadrian, 132/133 AD).
Hadrian (117-138 AD)
Hadrian was born in Spain in 76 AD and succeeded Trajan in 117 AD after the latter’s death in a campaign against the Parthians. He was known for his cosmopolitan character, his extensive travels, and his genuine admiration for Greek culture. His foreign and military policy had as its main objective the preservation of the territories and the strengthening of the borders of the empire by creating a strong system of fortifications. His domestic policy was characterized by his care for the resolution of administrative problems, and the achievement of the complete Romanization of the empire with the parallel development of the eastern and western provinces, which were considered vital for the prosperity and unity of the state. His era was marked by the renaissance of Greek education and art. In 100 AD. married Trajan’s niece Sabina, who was depicted on coins after acquiring the title of Augusta in 128 AD.
The monetary system of Roman Egypt
The incorporation of Egypt into the Roman territory by Octavian Augustus in 31 BC was marked by the suspension of the issuance of silver coins and the reform of the bronze coins minted in Alexandria. At the same time, until the years of Claudius (41-54 AD) or Nero (54-68 AD) the Ptolemaic silver coins continued to be used. Egypt was the first Hellenistic kingdom to establish a closed monetary system. In practice, this meant that on the one hand, only Ptolemaic coins circulated in the Ptolemaic territory, and on the other hand, the products of the Egyptian mint did not leave the borders in large quantities. The kings of Egypt had imposed this measure with profit as their motive, since the commission that merchants had to pay when they exchanged their coins upon arrival or departure from the country ended up in the royal treasury.
This system was continued by the Roman emperors, who began minting their own silver coins – the vast majority tetradrachms – in the years of Tiberius (14-37 AD), and was maintained until the reforms of Diocletian in 296 AD. Egypt’s monetary system was unique in the empire. The production of silver coins in Alexandria was the largest after Rome. The tetradrachm, an alloy of silver and copper, initially contained an amount of silver equivalent to a Roman denarius. This parity was maintained even after the reduction in the amount of silver in the tetradrachm in 57/58 AD. The reasons for this peculiarity of Egypt are not clear. However, if we take into account the special relationship of the Roman emperors with Egypt, who considered it their property, it is possible that in this case too the motive was profit.