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Roman adoption of metallic commodity money was a late development in monetary history. Bullion bars and ingots were used as money in Mesopotamia since the 7th millennium BC; and Greeks in Asia Minor had pioneered the use of coinage (which they employed in addition to other more primitive, monetary mediums of exchange) as early as the 7th ...
In ancient Rome there were a variety of officials tasked with banking. These were the argentarii, mensarii, coactores, and nummulari.The argentarii were money changers.The role of the mensarii was to help people through economic hardships, the coactores were hired to collect money and give it to their employer, and the nummulari minted and tested currency.
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.
Roman provincial currency was coinage minted within the Roman Empire by local civic rather than imperial authorities. These coins were often continuations of the original currencies that existed prior to the arrival of the Romans .
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 denarius of Julius Caesar, 44 BC Roman sestertius of Nero, c. 54–68 AD Roman aureus of Septimius Severus, c. 193–211 AD The worship of Moneta is recorded by Livy with the temple built in the time of Rome; a temple consecrated to the same goddess was built in the earlier part of the 4th century (perhaps the same temple).
Right-facing laureate head of Maximinus Thrax, first emperor of the period of barracks emperors.. Coinage from Maximinus Thrax to Aemilianus is understood as the set of coins issued by Rome during the reigns of more than a dozen emperors of the first part of the period called military anarchy, succeeding Severus Alexander (last of the Severan dynasty), from 235 to 253: Maximinus Thrax (235 ...
The denarius contained an average 4.5 grams, or 1 ⁄ 72 of a Roman pound, of silver, and was at first tariffed at ten asses, hence its name, which means 'tenner'. It formed the backbone of Roman currency throughout the Roman Republic and the early Empire. [9] The denarius began to undergo slow debasement toward the end of the republican period.