Hoarding Gold in Times of Trouble

by Martin Armstrong, Armstrong Economics

Nero AU  Boscoreale

Perhaps one of the most famous discoveries from Pompeii is known as the Boscoreale Treasure made about 1894/1895. The Boscoreale treasure was buried by its owner prior to the eruption of Vesuvius in 79AD. It included a remarkable set of 109 items of tableware in silver and included over 1,000 gold aurei, the latest of which dates to 78 AD, with many pieces dating back decades as this gold aureus of Nero (54-68AD). This discovery came to light in 1894 or 1895, which was covered with volcanic ash from Mount Vesuvius on August 24th, 79 AD. The villa in which the coins were found had lain undisturbed until 1876, but even then the coin hoard lay undiscovered for almost another 30 years. The owner had hidden the treasure in a wine tank prior to the eruption so it was not immediately discovered.

Unfortunately, no formal study of the Boscoreale coins was made before they were dispersed into the market. Consequently, we do not know for sure the full extent of the find. Nevertheless, the coins are easily identified for a distinctive feature of this hoard from Boscoreale is their deep-red toning, and the term “Boscoreale” is now used in auction catalogs to describe similar discoloration on any Roman gold. The coinage of Boscoreale does tend to be well preserved.



Boscoreale Cups

The Boscoreale treasure included a remarkable set of tableware reflecting the quality of Roman silverwork in the 1st century AD. The decoration on these two cups illustrates a most curious theme. There is an Epicurean maxims (engraved in dots) and the skeletons of poets and Greek philosophers representing an invitation to enjoy the present for death comes to us all.

In 1895, excavations at a Roman villa at Boscoreale on the slopes of Vesuvius unearthed a remarkable hoard of coins and 109 items of silver tableware, which the owner hid prior to the eruption.These two silver cups pictured here, are famous for their strange decoration. A Latin inscription on the base of one of the cups gives their weight and the name of their owner, Gavia.

A ring of skeletons on these two cups have similar and complementary decoration depicting the tragic and comic poets and famous Greek philosophers, beneath a garland of roses. Greek inscriptions engraved in dots form captions, and are accompanied by Epicurean maxims such as: “Enjoy life while you can, for tomorrow is uncertain.” Clotho, one of the Fates, looks on as Menander, Euripides, Archilochus, Monimus the Cynic, Demetrius of Phalera, Sophocles, and Moschion provide a caustic and ironic illustration of the fragility and vanity of the human condition. But the main message of the cups’ decoration is that life should be enjoyed to the full: Zeno and Epicurus, the founders of the Stoic and Epicurean philosophies in the 4th century BC, confront each other before two mating dogs—a detail of some significance, as it represents the triumph of Epicureanism.

Silver and gold coins from ancient times have survived as well as bronze. The silver can be effected by the sea and at times when it is debased. Bronze requires certain conditions to survive in good form. So if you intend to bury you gold and silver in the backyard, keep in mind that humanity has been doing this in times of trouble since before recorded history.

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