AR25 - Trajan L ΙΑ

Year 11 of Trajan's reign in Egypt fell during the period immediately following the First Dacian War, when the imperial administration was reorganizing provincial finances to fund the second campaign. Alexandria's mint operated under tight Roman supervision, producing tetradrachms to a billon standard that had been progressively debased since Nero's currency reform of 64 AD — by Trajan's time, the silver content had fallen well below 20%.

The Alexandrian coinage circulated exclusively within Egypt, legally prevented from leaving the province under Rome's closed monetary system.