Owner Comments:
The early 16th century writings of Machiavelli describe Marcus Cocceius Nerva as first in a succession of “five good Roman Emperors.” The accolade is notable, given that Nerva was chosen by the Senate, with little deliberation and without the input of or the opinions of Rome's military or lower classes. In fact, the Senate announced their decision the very same day that Emperor Domitian was killed in a palace conspiracy involving Praetorian guards. Not only that, it was the very first time that the Senate had actually elected a Roman Emperor.
The choice was logical given Nerva’s record. He had faithfully served Emperor Nero, playing a vital role in foiling an assassination plot. Nerva also held important posts under Emperors Vespasian and Domitian, including two terms as consul. As an experienced Roman administrator, Nerva rapidly crafted his own imperial agenda towards improving Rome’s situation, not to mention his own public image.
Emperor Nerva released and pardoned many political prisoners prosecuted under his predecessor. He also ensured that the wealth and properties confiscated by Domitian were returned to their rightful families. Nerva granted an extremely generous
donativa to the Roman military, and also awarded a civil counterpart, called a
congiarium. Various tax reformed were enacted, aimed at alleviating the burden for Rome’s poor, who were also granted land allotments worth many tens of millions of sesterces. To balance the decreased revenues, Nerva decreased spending, for example on state-sponsored religious events and other public galas. He forbade any money be spent on statues in his honor. Nerva was frugal on spending for civil projects; those supported were practical efforts, such as repair and expansion of Rome’s road system, aqueducts, and food storage facilities. The new Emperor also found additional, creative sources of imperial income, notably by auctioning off Domitian’s vast estate.
Despite his popular polices, Nerva’s popularity was not guaranteed. Some Romans, especially within the military ranks, deemed it dangerous to have such a sickly, old, and overly benign Emperor - and they had a reasonable point. Not helping matters, Nerva had yet to identify a successor. Also adding to the precarious situation was the fact that Nerva went against the Praetorian guard’s recommendation to punish Domitian’s murderers, insisting on his policy of absolution.
Matters came to a head in late 97 AD when the Praetorians besieged the royal palace, essentially holding Nerva hostage, and demanded the prosecution of Domitian’s killers. Nerva had no choice but to submit to their demands. Furthermore, in a humiliating - but necessary - gesture to maintain the military’s loyalty, Nerva delivered a speech bestowing thanks and praise to his abductors.
This denarius was struck shortly thereafter, among the last of Nerva' issues during his lifetime. Like much of Nerva’s coinage, the bust here is striking with its long, hooked nose and severe scowl, reminiscent of an old crone. Regardless of the ancient engraver’s intent, the rendering is decidedly unflattering. The verso presents the more balanced motif, literally, of Aequitas, the Roman embodiment of fairness (and a host of related concepts such as justice, equality, conformity, and symmetry) holding a cornucopia in one hand and a scale in the other. Considering Nerva’s reign, the imagery is appropriate.
In spite of his balanced policies, Nerva's support was questionable, and he desperately needed to name an heir after the incident at the palace. Even though he had living male relatives to choose from, Nerva selected his Caesar from another clan. Nerva’s final choice of Marcus Ulpius Traianus was a sensible one, since the latter was not only highly popular among the military, but also a talented general and politician. The pronouncement was also timely. Nerva died just a few months later of natural causes.
Nerva’s choice of successor based on merit, rather than bloodline, paid forward several more times, providing, at least for a while, the continued rule of good Emperors and a new golden age for the Empire.
Coin Details: ROMAN EMPIRE, Nerva, 96-98 AD, AR Denarius (3.23 g), Struck 98 AD, Rome mint, NGC Grade: AU, Strike: 4/5, Surface: 4/5, Obverse: Laureate head right, IMP NERVA CAES AVG GERM P M (I?)TR P II, Reverse: Aequitas standing left, holding scales and cornucopiae, IMP II COS IIII P P, Reference: RIC 44.