This exceptional AV aureus, minted in July-August 43 BC, is a monument to power, ambition, and transformation—a coin that bridges the gap between the fall of the Roman Republic and the rise of the Roman Empire. Struck under Octavian, the adopted son and heir of Julius Caesar, this piece is one of the rarest gold portraits of Caesar ever issued, with fewer than 50 known examples across all types.
The obverse features a bare-headed Octavian, inscribed C•CAESAR•COS•PONT•AVG•. In the summer of 43 BC, Octavian—only 19 years old—had just forced the Senate to appoint him Consul after marching on Rome with his army. This was the first step in his meteoric rise.
Though young, Octavian was already proving himself a master of political maneuvering. After Caesar’s assassination in 44 BC, he positioned himself as the rightful heir to his legacy, rallying veterans and securing the backing of the people. He used coins like this to assert his claim to power, emphasizing his connection to Julius Caesar, whom the Senate posthumously deified as Divus Julius in 42 BC. This divine link later allowed Octavian to style himself as the son of a god (Divi Filius), reinforcing his legitimacy.
In 43 BC, Octavian was still locked in a struggle with Mark Antony and the Senate’s Liberators (Brutus and Cassius). This coin was likely struck at a military mint in Transalpine or Cisalpine Gaul, where Octavian’s forces were mobilizing for battle.
On the reverse, Julius Caesar is depicted laureate, his face aged, gaunt, and deeply realistic, showing a man hardened by decades of war and politics. The legend C•CAESAR•DICT•PERP•PONT•MAX• reflects his final titles: Dictator Perpetuo (Dictator for Life) and Pontifex Maximus (High Priest of Rome)—titles that made him the most powerful man Rome had ever seen but also sealed his fate.
Caesar’s dictatorship, declared perpetual in February 44 BC, was a direct challenge to Rome’s traditional Republican values. His rivals feared he intended to make himself king, despite his famous rejection of a crown when offered by Mark Antony. This fear led to his assassination on 15 March 44 BC, when a conspiracy of senators, including Brutus and Cassius, stabbed him to death in the Theater of Pompey.
However, instead of restoring the Republic, Caesar’s death plunged Rome into chaos and civil war. This very coin reflects that power vacuum, as Octavian fought to seize control, ultimately forming the Second Triumvirate with Antony and Lepidus later in 43 BC.
Though this coin was minted during Octavian’s early rise, its significance extends into the transformation of Rome from Republic to Empire. Over the next two decades, Octavian outmaneuvered and defeated all his rivals. In 42 BC, he and Antony crushed Brutus and Cassius at the Battle of Philippi. By 31 BC, he defeated Mark Antony and Cleopatra at the Battle of Actium, becoming the sole ruler of Rome. In 27 BC, the Senate granted him the title Augustus, officially making him the first Roman Emperor.
Thus, the young man on the obverse of this coin would go on to rule for over 40 years as Augustus (27 BC – AD 14), overseeing an era of relative peace and prosperity known as the Pax Romana.
For collectors, assembling a Twelve Caesars portrait set in gold is a pinnacle achievement, and Julius Caesar’s portrait is by far the hardest to acquire. Most of his surviving gold issues were struck much later and bear idealized images. This aureus, minted by his adopted son and future emperor, is among the closest to his lifetime and one of the few realistic portrayals in gold.
Ex Classical Numismatic Group, Mail Bid Sale 78 (14 May 2008), lot 1619.
Calicó 52, Crawford 490/2 (R3), Sydenham 1321, Julia 64.
Newman, “A Dialogue of Power in the Coinage of Antony and Octavian,” ANS AJN 2 (1990), p. 43.9.
This extraordinary coin is not just a rare numismatic treasure—it is a testament to the violent end of the Republic, the rise of an empire, and the ambitions of two of Rome’s greatest figures: Julius Caesar and his heir, Augustus.
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