In-depth study of coinage minted in Theodosian times, in particular the AE2 produced AD 379-381 under Gratian, Valentinian II and Theodosius I. This report analyses the circulation, supply and imitation of the AE2 and its distribution in Spain. Discoveries of large quantities of coins on some excavated sites suggests that this issue was frequently hoarded in the 4th century, ranging from a few coins to several thousand, and by the 5th and 6th century had lost much of its value. Large catalogue.