The Surprising Differences Between Medieval and Ancient Coins

Hi, I’m Stephen Pfeil, founder of Global Coin. For more than 25 years, I’ve handled tens of thousands of ancient coins and medieval coins, and the question I still hear every single day is:

“Why do medieval coins look so completely different — and usually so much cruder — than Roman coins and ancient coins?”

Place a finely struck ancient silver denarius from the era of Ancient Rome next to an early medieval silver penny, and the gap is jaw-dropping. One is a miniature masterpiece of the ancient world; the other looks like it was hammered out in a hurry by someone who had never seen the beautiful coinage of the Romans or the Greek city-states, which reflect the rich Roman history. The designs of medieval coins are typically much simpler and less intricate than those of ancient coins, often representing a step back in artistic sophistication.

There’s a fascinating reason behind that dramatic change, and today I’m going to walk you through exactly why medieval coins evolved the way they did over time, century after century, while ancient coins still represent the absolute pinnacle of numismatic art.

Defining Ancient Coins

When collectors talk about ancient coins from ancient times, we mean coins struck roughly from 650 BC to 476 AD — the great era of Greek city-states, the Romans, and their contemporaries.

Ancient coins came primarily in three metals, including copper coins:

• Gold (Greek staters, Roman aurei)

• High-purity silver (tetradrachms, denarii, drachms)

• Bronze (sestertii, large Greek bronze issues)

Roman coins were officially issued by the authorities, with each coin serving as a means of both currency and propaganda.

The Romans perfected a coinage system that was artistic, consistent, and propaganda-driven. Many Roman coins feature the image of the emperor on the obverse side, which was used to communicate the ruler's authority and legacy. Emperors put their portraits on millions of silver and bronze coins, while the Greek world had already spent centuries creating some of the most beautiful coins ever struck. Ancient coins from Ancient Rome and the Greek mainland still define what “perfection” looks like in numismatics and can be a prized addition to any collection.

Defining Medieval Coins

Medieval coins cover the enormous span from about 476 AD to roughly 1485 AD during the Middle Ages — nearly a thousand years of European history.

The medieval coins most beginners encounter first are the ubiquitous thin silver pennies (deniers/pfennigs/denari) that dominated daily commerce for centuries, including various things like trade and transaction. These medieval silver coins are the ones that look “ugly” next to ancient coins. Only toward the later centuries do we see the return of larger silver coins (groats, gros tournois) and regular gold coinage (florins, nobles, ducats).

The 7 Fundamental Reasons Medieval Coins Look Nothing Like Ancient Coins

1. Collapse of Classical Die-Engraving Skills

Ancient coins were struck with dies cut by master artists — sometimes the same men who carved gems in Ancient Rome. After the fall of Rome, that tradition vanished in the West for centuries. Medieval coins were often engraved by blacksmiths or clergy with no formal training. The drop in quality from ancient coins to early medieval coins is one of the drop in quality from ancient coins to early medieval coins is one of the starkest in history, and finally reflects the changes in craftsmanship.

2. Centuries of Silver Debasement

Ancient silver coins from the Roman and Greek world were typically 95–99% pure. Starting almost immediately after Rome fell, medieval rulers began reducing the silver content in their coins. By the 12th and 13th centuries, many medieval silver coins were 50% silver or less, and by the 14th century and by the 14th century, some dropped below 25%, which significantly affected their worth. Less silver meant thinner, lighter, greyer medieval coins that wore quickly.

3. Loss of Proper Flan Technology

Ancient coins were struck on thick, round, carefully cast or cut blanks, as discussed in many educational videos. Medieval coins were usually scissor-cut from thin rolled sheets, producing the wavy, cracked, irregular flans we see on most medieval coins for centuries.

4. Hand-Hammering for Almost 1,000 Years

The Romans occasionally used collar dies and early screw presses. After Rome collapsed, every single medieval coin in Western Europe was hand-struck with hammer and pile for centuries. Three men, two hammers, no collars — the result was off-center, weakly struck medieval coins that look primitive next to the crisp ancient coins of the Romans, but can still be quite fun to collect.

5. A Completely Different Purpose

Ancient coins were propaganda tools. Emperors and city-states wanted their money to impress the ancient world. Medieval coins were primarily tax counters and feudal payments. As long as a cross and the ruler’s name were vaguely legible, medieval coins did their job. Beauty simply wasn’t a priority for centuries, which might leave collectors interested in the evolution of design.

6. Massive Supply Differences

Ancient Greek and Roman hoards rarely exceed a few thousand coins. Medieval coin hoards routinely contain 10,000–80,000 silver coins from a single reign, showcasing the volume of products that survived. The sheer number of surviving medieval coins keeps prices low even when condition and rarity are exceptional.

7. Wear and Survival

Ancient silver and bronze coins were thick enough that high-grade examples survive in decent numbers. Medieval coins were so thin that Extremely Fine examples of many issues are genuinely rare — yet the flood of lower-grade medieval coins made from a naturally occurring alloy still dominates the market.

Quick Visual Guide: Ancient Coins vs Medieval Coins

Ancient coins (Greek & Roman era) → Thick flan, high relief, lifelike portraits, pure silver or deep bronze patina, readable Greek/Latin legends, and the rich history of Roman coinage.

Medieval coins (500–1485 AD) → Thin irregular flan, hammered look, crude or stylized design, big central cross, heavily debased silver, blundered legends

Online Coin Dealers and Marketplaces

The world of coin collecting has been completely transformed by the rise of online coin dealers and marketplaces. Today, whether you’re searching for a beautifully preserved Roman denarius, a rare medieval silver penny, or a striking gold stater from ancient Greece, you can find an incredible variety of coins at your fingertips—no matter your location or experience level.

Reputable online coin dealers, such as VCoins and Austin Rare Coins, have made it easier than ever to buy ancient coins, including silver coins, bronze coins, and gold coins, with confidence. These dealers typically offer certified and authenticated coins, so you can be sure you’re adding genuine pieces of Roman history or medieval craftsmanship to your collection. Each coin listing comes with a detailed description, high-quality images, and transparent pricing, allowing you to check the quality and value before you buy.

Online marketplaces, like L5, bring together offerings from multiple dealers, making it simple to compare options and find that elusive coin you’ve been searching for—whether it’s a rare roman coin, a unique medieval issue, or a classic Greek design. These platforms also provide a wealth of resources, including educational videos, in-depth guides, and recommended books, to help collectors of all levels understand the nuances of ancient coinage and make informed buying decisions.

When shopping online, it’s important to do your homework: research the dealer, read customer reviews, and carefully review the coin’s description and images. This ensures you’re getting the right coin at the right price, and that your experience is as secure and enjoyable as possible. The digital age has truly opened up the world of ancient and medieval coins, making it easier than ever to build a collection that spans centuries of history, artistry, and value.

Coin Collecting Communities

One of the most rewarding aspects of collecting ancient coins is connecting with others who share your passion for Roman history, medieval coins, and the fascinating stories behind each piece of money from the ancient world. Online coin collecting communities, such as the popular subreddit r/AncientCoins, have become vibrant places where collectors gather to share knowledge, showcase their latest finds, and support each other’s collecting journeys.

These communities are a treasure trove of information, offering lively discussions on everything from the rarity of a particular Roman coin to the best resources for learning about medieval coinage. Whether you’re a seasoned numismatist or just starting to explore the world of ancient coins, you’ll find a welcoming environment where you can ask questions, get advice, and learn from the experiences of others.

Members regularly share educational videos, recommend books, and point each other toward helpful resources, making it easier to deepen your understanding of coins, history, and the art of collecting. Community guidelines help keep these spaces positive and free from spam, ensuring that everyone can enjoy a respectful and informative atmosphere.

By participating in coin collecting communities, you’ll stay up to date on the latest trends in the ancient coin market, discover new collecting opportunities, and build connections with fellow enthusiasts who appreciate the beauty and history of roman coins, medieval coins, and everything in between. It’s a place where your passion for coins can truly come to life, supported by a global network of collectors who are just as excited about the next great find as you are.

My Take After 25 Years of Buying and Selling Both

Ancient coins represent the absolute high point of numismatic art from the ancient world, especially the silver and bronze coins of the Romans and the Greek city-states from hundreds of years ago.

Medieval coins are the raw, honest survivors of centuries of chaos, debasement, and rebirth. Many series of medieval coins — especially high-grade silver issues from the 12th–14th centuries and the later medieval gold — remain dramatically undervalued.

If you are searching for a specific ancient coin that is not listed, please contact us—we are happy to help you find rare or desired coins.

Q&A with Stephen Pfeil – Founder of Global Coin

Q: Why do medieval coins look so different from ancient coins? A: The short answer is that Western Europe lost almost everything that made ancient coins beautiful after the fall of Rome in 476 AD. Skilled die-engravers disappeared, high-purity silver and gold became scarce, advanced mint technology was forgotten, and for centuries, no one cared if coins looked good — they just needed to be accepted as money. The result? Ancient coins from the Greek and Roman world are thick, artistic, and finely struck; medieval coins are usually thin, crude, off-center, and heavily debased. It took almost 1,000 years for European coinage to climb back to ancient standards.

Q: In what ways were the ancient coins different from the ones we use today? A: Ancient coins (especially Greek and Roman silver and bronze coins) were hand-struck works of art made of nearly pure metal. Modern coins are machine-made from cheap alloys (copper-nickel, etc.), struck at high speed with perfect centering, and designed more for anti-counterfeiting features than beauty. Ancient coins carried propaganda — lifelike portraits of emperors, gods, victories, and historical events. Today’s coins usually just have a head of state, a date, and a denomination. Ancient coins were money, propaganda, and art all in one; modern coins are purely utilitarian.

Q: How do you identify medieval coins at a glance? A: Look for these five dead giveaways:

1. Thin, often irregular or wavy flan

2. Hammered (not machine-struck) appearance, frequently off-center

3. A large central cross (almost universal on European medieval silver coins from ~800–1350 AD)

4. Crude or highly stylized portrait (or no portrait at all)

5. Short, abbreviated Latin legend that’s often blundered or barely legible

If it looks like it was made in a castle basement by a monk with a hammer, it’s almost certainly a medieval coin.

Q: Why are medieval coins so cheap compared to ancient coins? A: Supply, supply, supply. Ancient Greek and Roman hoards rarely exceed a few thousand coins. Medieval hoards regularly contain 10,000–80,000 silver pennies from a single reign (the 2019 Beauworth Hoard had over 7,000 coins from just one king!). Medieval coins were also ignored by serious collectors until the late 20th century, so demand is still catching up. Even high-grade medieval coins trade for a fraction of comparable ancient coins — making them one of the best values in numismatics right now.

Q: What are some fascinating facts about ancient coins most people don’t know? A:

• The first true coins were struck around 650 BC in Lydia (modern Turkey) from electrum, a naturally occurring alloy of gold and silver.

• Some ancient Greek die-engravers signed their work — we know the names of artists like “Eukleidas” and “Kimissas” from Syracuse.

• A single Roman emperor (Septimius Severus) once paid his soldiers a 100% bonus in pure gold aurei — the largest recorded pay raise in history.

• The famous “owl” tetradrachms of Athens were so trusted that they circulated as the “dollars” of the ancient world for over 400 years.

• Julius Caesar was the first living Roman to put his own portrait on coins — a move that shocked traditionalists and set the template for every emperor who followed.