A Sponsian gold coin from 260-270 AD. Photo: The Hunterian, University of Glasgow
A Sponsian gold coin from 260-270 AD. Photo: The Hunterian, University of Glasgow
A Sponsian gold coin from 260-270 AD. Photo: The Hunterian, University of Glasgow
A Sponsian gold coin from 260-270 AD. Photo: The Hunterian, University of Glasgow

Who was Sponsian? The 'fake Roman emperor' who proved to be real after all


Hareth Al Bustani
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For three centuries, the Roman leader Sponsian, who was first discovered on a set of coins found in Transylvania, was believed to be fake. Unearthed in 1713, the coins depicted him as an emperor — but in the absence of other information, the unconventional coins were widely dismissed as forgeries.

However, a new study on four ancient gold coins from The Hunterian collection at the University of Glasgow and the Brukenthal National Museum in Sibiu, Romania, has revealed that not only were the coins authentic, but they shed light on an obscure figure, and his role in the Crisis of the Third Century.

Professor Paul N Pearson, professorial research associate at UCL's Earth Sciences department, who led the project, says it began during the first Covid lockdown in 2020. “During the first covid lockdown, I decided to write a new history of the Third Century crisis in the Roman empire, which began with a viral pandemic in 248 AD and was a time of anxiety, economic decline, inflation, political instability and war, so seemed grimly appropriate.”

His book, The Roman Empire in Crisis, 248–260: When the Gods Abandoned Rome, spans a period of time when the Roman empire was overrun with civil strife and rebellion, as successive leaders attempted to seize power for themselves, only to be murdered and overthrown.

“The empire suffered a series of escalation disasters until it broke into warring chunks around 259-260 AD,” Pearson tells The National. “I came across the story of the 'fake emperor' Sponsian while researching this — ‘fake’ because he is known only from coins that were pronounced fakes in the 1860s and by every specialist since.

Professor Paul N Pearson, UCL, left, and Jesper Ericsson, The Hunterian, University of Glasgow look at the Sponsian gold coin under a microscope. Photo: The Hunterian, University of Glasgow
Professor Paul N Pearson, UCL, left, and Jesper Ericsson, The Hunterian, University of Glasgow look at the Sponsian gold coin under a microscope. Photo: The Hunterian, University of Glasgow

“I discovered one of the coins was in The Hunterian museum in Glasgow and asked the curator of coins and medals, Jesper Ericsson, for a photo for the book, as only grainy black-and-white images were available. Both of us were intrigued by what appeared to be wear scratches on the surface and dirt in the crevices among the lettering, so we decided to use modern scientific methods to decide if the coin really was fake or perhaps was authentic from the ancient world, despite being so unusual.”

The Sponsian coins are “extremely” rare, he says, with only four depicting him known to exist today. They form part of a larger group of unusual gold coins, which also feature the well-known emperors, Gordian III and Philip the Arab. Adding further confusion, two of the Sponsian coins feature mid-third century style on the front, with a reverse design copied from a Republican issue that would have been more than 370 years old at the time of manufacture.

“They are very obviously not of the high standard expected from the mint at Rome, instead they look distinctly home-made, and have been cast in clay moulds rather than struck between dies as was normal. So it is little wonder that experts have written them off as fakes,” says Pearson.

However, Pearson’s team concluded that rather than fakes, they were probably minted in the isolated province of Dacia — perhaps in the city of Apulum — by jewellery artisans, because the area had no regular coin mints at the time.

Europe’s richest gold field, Dacia had an abundance of gold and silver buried in its mountains, which was usually processed and exported to Rome as ingots — though this became increasingly difficult as the crisis deepened. Archaeological studies show that the area was cut off from the rest of the Roman empire in around 260 AD.

Encircled by enemies, Sponsian may have been a local military officer who was forced to step up and assume supreme command to protect the local military and civilian population until order was restored.

“At the same time, the flow of money from Rome dried up. The obvious thing for the stranded authorities to do would be to use the gold themselves and turn it to money. Gold was universally regarded as a high-value metal in Roman times as it is today and could be traded as bullion by weight.”

In Rome, coinage was also an important source of power and authority, and Sponsian may have authorised the creation of coinage to promote stability and support the economy of his isolated frontier territory.

Detail of minute scratches on the Sponsian gold coin. Photo: The Hunterian, University of Glasgow
Detail of minute scratches on the Sponsian gold coin. Photo: The Hunterian, University of Glasgow

Although little is known of who Sponsian was, the team has been able to draw some deductions from the coins themselves, along with “the very abbreviated historical summaries, and the fact they were found in Transylvania, in an area the Romans called Dacia”.

Pearson adds: “If our interpretation of the Emperor Sponsian is correct, he was a marginal figure for the history of the Empire as a whole and certainly never ruled in Rome. But he is of potentially of great interest for understanding the end days of Roman rule in Dacia, and for the history of Romania he might be a particularly interesting figure.”

Pearson says the biggest mysteries are why the coins are so deeply worn and only yet known locally.

“The best explanation, we suggest, is that they come from a time around 260 to early 270s, when the province became isolated from the rest of the Empire and the borderlands and neighbouring districts south of the Danube were devastated by invaders. The authorities in the province could have made their own high-value money to prevent rebellion and keep the self-sufficient money economy going.

"But this is just a hypothesis, and we would love to develop and discuss these ideas with historians now that our work is published.”

Scroll through images of 1,000-year-old coins discovered in Sharjah below

  • A haul of ancient coins from the Abbasid dynasty was discovered in this ancient pot by a team from Sharjah Archaeology Authority. Photo: Wam
    A haul of ancient coins from the Abbasid dynasty was discovered in this ancient pot by a team from Sharjah Archaeology Authority. Photo: Wam
  • The coins were minted in Morocco, Persia, Al-Rai, the Khorasan region, Armenia and Transoxiana. Fragments of pottery were also found in the dig. Photo: Wam
    The coins were minted in Morocco, Persia, Al-Rai, the Khorasan region, Armenia and Transoxiana. Fragments of pottery were also found in the dig. Photo: Wam
  • The fragments from the Abbasid dynastic era were used in part to date the coins. Photo: Wam
    The fragments from the Abbasid dynastic era were used in part to date the coins. Photo: Wam
  • Mleiha in Sharjah is an archaeological site, from which many ancient discoveries have been unearthed, that has been turned into a tourist destination. Victor Besa / The National
    Mleiha in Sharjah is an archaeological site, from which many ancient discoveries have been unearthed, that has been turned into a tourist destination. Victor Besa / The National
  • Mleiha Archaeological Centre opened to visitors in 2016 and charts the region’s history all the way back to the Stone Age. Victor Besa / The National
    Mleiha Archaeological Centre opened to visitors in 2016 and charts the region’s history all the way back to the Stone Age. Victor Besa / The National
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Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

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