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Halved Coins, the Augustan Reform, and Horace, Odes I.3

The cutting of coins to provide small change or to indicate revaluation has occurred in various areas at various times.2 Unlike counter stamping, which arises from many motivations and is usually taken to be official, cutting of itself reveals neither agent nor purpose: anyone can cut a coin.3 A small number of halved or quartered coins is known for almost every Roman emperor.4 The post-Augustan fragments were certainly for the most part private mutilations, which may have served as small change in the currency but without official standing. They may equally have been private fancies, or expressions of pique. Without any question Greek and Roman counterfeit silver was halved, doubtless by the enraged victim, to eliminate its future circulation.5 If all cutting were as random as this it would be enough to acknowledge the fragments which survive as curiosa and forget them. But we are faced with two kinds of evidence which require us to take cut coins more seriously, the testimony of the literature and the archaeological finds. As literary evidence one regularly cites Pollux, Onomasticon 9.70-71, who speaks of -t',roctov vdtto-ltUa as a