Rome’s mid-republican period is back in the centre of attention. Roman money and coinage, however, are largely absent from the debate. As this field has seen important developments in recent years, this paper surveys recent research in order to explore how numismatic sources can contribute to our understanding of this formative period in Roman history. First, we present an overview of these new developments, which we then contextualise in the framework of the Roman economy, Roman state formation and the development of a distinct Roman identity. We argue for a development from coinage irregularly commissioned by individual Roman magistrates to a regular Roman state coinage; from haphazard production often outside Rome to large-scale and more regular coordinated production clearly institutionalised within the Roman state, with a distinct Roman appearance. We propose to recognise two principal moments of acceleration in this process: around 240 and, above all, 210 b.c.e., and show how these insights relate to broader debates on mid-republican Rome.

Fiscal explanations often given for Rome's first coins fail to account for the shape of monetary development. Nothing in the mid-republican budget matches the small scale and sporadic production of Roman coins during the early third century, or coinage's rapid expansion in the lead-up to the Second Punic War. Instead, I locate early Roman coinage within a broader reconfiguration of wealth and political power during the early phases of imperial expansion. Coins facilitated the exchange of wealth in the absence of strong social ties; conquest opened up Roman society to vast wealth of this order while also sparking debate about wealth's integration into the political community. Archaeological and textual evidence permits us to trace the contested and uneven development of elite accommodation to impersonal wealth during the third century. This context, I argue, offers the best explanation for Rome's initial coins.