Publications and Research

Autumn 1994

The Bank of Canada's new Quarterly Projection Model (QPM): An introduction by Stephen Poloz, David Rose, and Robert Tetlow The demand for currency and the underground economy by Thérèse Laflèche The use of Canadian bank notes by Louise Hyland

Cover: Roman Republic: Denarius, 108–107 BC

During the war with Hannibal (218–201 BC), the Romans reorganized their currency system. The denarius, which they introduced in 211 BC, subsequently endured for five centuries.

At first, the themes used on the denarii of the republic denoted the spirit of Rome. Later, they glorified the lineage and deeds of the ancestors of the moneyers, who were aspiring young politicians responsible for the coinage. The trend culminated in the portraits of living individuals.

The Romans admired the quality of pietas—devotion and duty to the gods, the state and the family. Pietas was typified by Aeneas, the founder of the Roman race, who escaped the destruction of Troy while carrying his aged father Anchises and leading his young son Ascanius by the hand.

The denarius on the cover shows another example of pietas in action. During an eruption of Mount Aetna, two brothers, Amphinomus and Anapias of Catana, saved the lives of their parents at great personal risk by carrying them to safety. The coin shows Amphinomus running with his father on his shoulder.

To the left of the figure is the name of the moneyer M. Herenni (Marcus Herennius), and to the right is the control mark, a horizontal P and dot. About the size of a 10-cent piece, this denarius is part of the National Currency Collection, Bank of Canada.

Photography by James Zagon.