Mr. M. P. Charlesworth's Raleigh Lecture, ‘The Virtues of a Roman Emperor: Propaganda and the Creation of Belief,’ serves admirably to illuminate a new aspect of the history of the Roman Empire, in which the debt of pure history to numismatics (and notably to the work of Mr. Mattingly in the British Museum Catalogues) will be plain. From the numismatic point of view there is, indeed, one curious omission in Mr. Charlesworth's argument; and attempts to make good the omission have opened up a series of speculations which are here discussed.