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Roman currency for most of Roman history consisted of gold, silver, bronze, orichalcum and copper coinage. [1] From its introduction during the Republic, in the third century BC, through Imperial times, Roman currency saw many changes in form, denomination, and composition. A feature was the inflationary debasement and replacement of coins over ...
Roman bankers disappear from the historical record between 260 AD and the fourth century. [6] Likely because the continued debasement of the currency hurt the economy, creating difficulties for the banking profession. [1] [2] By the mid-fourth century AD, the argentarii and numularii are mentioned again in ancient sources. They had acquired ...
At the beginning of the next century a clear Roman influence on the Greek coinage can be noticed. Both iconography and style of the coins had changed. Greek coinage from this period can be classified as the first instances of Roman provincial currency. [1] There were over 600 provincial mints in the imperial era. [2]
Roman Republican currency is the coinage struck by the various magistrates of the Roman Republic, to be used as legal tender.In modern times, the abbreviation RRC, "Roman Republican Coinage" originally the name of a reference work on the topic by Michael H. Crawford, has come to be used as an identifying tag for coins assigned a number in that work, such as RRC 367.
It was the lowest valued coin regularly issued during the Roman Empire, with semis and quadrans being produced infrequently, and then not at all sometime after the reign of Marcus Aurelius. The last as seems to have been produced by Aurelian between 270 and 275 and at the beginning of the reign of Diocletian.
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The setup of the banking system under the Empire allowed the exchange of extremely large sums without the physical transfer of coins, which led to fiat money.With no central bank, a professional deposit banker (argentarius, coactor argentarius, or later nummularius) received and held deposits for a fixed or indefinite term and lent money to third parties. [10]
Roman peasants who needed money to pay their taxes used an inverted form of this process, by selling the right to a portion of their harvest in the future, in exchange for cash in the present. [15] The sulpicii arose as professional bankers in the first century AD.