The Roman Monetary Policy from 49 B.C. to the Middle of the Third Century A.D.

1989 ◽  
Vol 64 (0) ◽  
pp. 160-171
Author(s):  
A. WASSINK
Keyword(s):  
Monetary Policy ◽  
Third Century ◽  
The Third

Imperial Monetary Policy and Social Reaction in Third Century Rome

2018 ◽  
Vol 24 (1) ◽  
Author(s):  
Kevin Kallmes
Keyword(s):  
Monetary Policy ◽  
Inverse Relationship ◽  
Social Groups ◽  
Primary Source ◽  
Modern Concept ◽  
Third Century ◽  
Purchasing Power ◽  
The Third ◽  
Social Reaction

Abstract In the third century AD, under the pressure of plagues, external invasion, rising army costs, and usurpation, the Roman emperors incrementally debased the silver coinage that was produced at their imperial mints and incrementally took over civic mints. The debasement, from 2.7 g of silver to 0.04 g of silver in the equivalent of a denarius from 160–274 ad, was accompanied by worries from emperors, mint-workers, and bankers about the value of the currency; however, the total loss of purchasing power of the Roman coinage from the same era was 50–70 %, far less than would be expected from the change in metallic content, if it were the primary source of value. The currency reform of Aurelian in 274 ad, despite raising metallic values of coins, was followed by at least a 90 % reduction in the purchasing power of the silver coinage from 274–301 ad, the year of Diocletian’s Edict on Maximum Prices, showing a paradoxically inverse relationship between metallic value and purchasing power. Based on this quandary, I argue that the Roman silver coinage of the third century CE became a fiat currency in some respects, deriving its guarantee from imperial iconography and assurances rather than from bullion value. The fiat nature of the silver coinage was largely present in usage as a medium of exchange for those without as much long-term interest in maintaining liquid stores of value; this is indicated by the differential debasement of the denarius and aureus; imperial actions and hoarding practices indicate the extent to which the currency was accepted at nominal value. I examine the reactions of different social groups in order to determine the perceived value of the Roman coinage during this time, and in order to understand the paradoxical collapse in the currency’s value in the late third century. To demonstrate this, I will present the applicable elements of the modern concept of “fiat” to this context through portrayal of emperors and usurpers on coins, use coin hoard data to determine the effect of Gresham’s Law, and examine historical and papyrological accounts of currency reforms. I will also use evidence of the expansion of taxes in kind and the rejection of nominal value by both emperor and subjects to argue that the inflation following Aurelian’s reform resulted from an invalidation of the trust in imperial fiat.

Historical Fragments’ Mobile Echo

Transfers ◽  
2017 ◽  
Vol 7 (2) ◽  
pp. 115-119 ◽  
Author(s):  
Susan E. Bell ◽  
Kathy Davis
Keyword(s):  
Nineteenth Century ◽  
Twentieth Century ◽  
Eighteenth Century ◽  
Cultural Revolution ◽  
Ming Dynasty ◽  
Third Century ◽  
Refugee Crisis ◽  
The Third ◽  
Opium War ◽  
The Subject

Translocation – Transformation is an ambitious contribution to the subject of mobility. Materially, it interlinks seemingly disparate objects into a surprisingly unified exhibition on mobile histories and heritages: twelve bronze zodiac heads, silk and bamboo creatures, worn life vests, pressed Pu-erh tea, thousands of broken antique teapot spouts, and an ancestral wooden temple from the Ming dynasty (1368–1644) used by a tea-trading family. Historically and politically, the exhibition engages Chinese stories from the third century BCE, empires in eighteenth-century Austria and China, the Second Opium War in the nineteenth century, the Chinese Cultural Revolution of the mid-twentieth century, and today’s global refugee crisis.

Introduction

2018 ◽  
Author(s):  
Barbara K. Gold
Keyword(s):  
Third Century ◽  
Historical Documents ◽  
The Third ◽  
The Status ◽  
Key Issues

This chapter discusses the key issues surrounding Perpetua’s life and her narrative, the Passio Sanctarum Perpetuae et Felicitatis. It introduces the most perplexing circumstances around her life and times: the authorship of her Passio (which is written in at least three different hands); her life and family; the conditions of her martyrdom and of martyrdoms during the pre-Constantinian period; the status of martyrdom texts as personal, social, or historical documents; whether persecutions can be historically verified or were exaggerated by the Christians and others; and the afterlife of Perpetua and her text in writers from the third century to contemporary times. The introduction lays out the arguments for these thorny issues and tries to find a reasonable position on each one.

Letters from High to Low in the Graeco-Roman Period

2018 ◽  
Author(s):  
Willy Clarysse
Keyword(s):  
Roman Period ◽  
Third Century ◽  
Test Cases ◽  
The Third ◽  
Total Lack

In this chapter, papyrus letters sent from superiors to their inferiors are studied on the basis of test cases ranging across the Graeco-Roman period in Egypt, from the third century BCE to the third century CE. This correspondence is drawn from four archival groups of texts: the archive of Zenon; the letters of L. Bellienus Gemellus and the letters of the sons of Patron; and the Heroninus archive. The letters are usually short, full of imperatives, and characterized by the absence of philophronetic formulae. Recurrent themes of the correspondence are urgency, rebukes, orders, and interdictions, and there is an almost total lack of polite phrases.

‘At last Roman, at last restored to the true light of Empire’

2018 ◽  
Author(s):  
Adrastos Omissi
Keyword(s):  
British Empire ◽  
Economic Reforms ◽  
Third Century ◽  
The Political ◽  
The Third ◽  
The Military ◽  
Late Roman

This chapter begins by considering what made the late Roman state distinctive from the early Empire, exploring the political developments of the later third century, in particular the military, administrative, and economic reforms undertaken by the tetrarchs. It then explores the presentation of the war between the tetrarchy and the British Empire of Carausius and Allectus (286‒96), taking as its core sources Pan. Lat. X, XI, and VIII. These speeches are unique in the panegyrical corpus, in that two of them (X and XI) were delivered while the usurpation they describe was still under way, the third (VIII) after it was defeated. In this chapter, we see how the British Empire was ‘othered’ as piratical and barbarian, and how conflict with it helped to create the distinctive ideology of the tetrarchy.

Inscriptions and the Narrative of Roman History

2015 ◽  
Author(s):  
David S. Potter
Keyword(s):  
Roman History ◽  
Third Century ◽  
Historical Events ◽  
The Third ◽  
Literary Sources

This chapter offers an analysis of how inscriptions can complement the narratives of Roman history from the third century BCE to the third century CE provided in literary sources. They reveal certain historical events or details that would otherwise be unknown, and they supplement the information offered by the surviving Roman historians .

THE DATING OF PHILIPPOS OF AMPHIPOLIS (BNJ 280 T2)

2021 ◽  
pp. 1-3
Author(s):  
Brent Arehart
Keyword(s):  
Short Note ◽  
Fourth Century ◽  
Third Century ◽  
The Third

Abstract On the basis of two neglected testimonia, this short note argues that the terminus ante quem for Philippos of Amphipolis (BNJ 280) should be moved forward to the third century or to the early fourth century c.e. if not earlier.

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