Book contents
- Frontmatter
- Contents
- List of charts
- Acknowledgements
- List of abbreviations
- Framing the Roman Monetary System: An Introduction
- 1 Statistics and numismatics
- 2 Planning the financial policy of the Roman state
- 3 Trimetallism and bimetallic laws
- 4 The application of the Quantity Theory of Money to third-century economics
- 5 Roman monetary integration
- 6 Micro-economies
- 7 Metallism vs. chartalism
- Appendix 1 The inscription of Mylasa
- Appendix 2 Excavations finds, coin hoards and museums
- References
- Index
6 - Micro-economies
Published online by Cambridge University Press: 01 March 2011
- Frontmatter
- Contents
- List of charts
- Acknowledgements
- List of abbreviations
- Framing the Roman Monetary System: An Introduction
- 1 Statistics and numismatics
- 2 Planning the financial policy of the Roman state
- 3 Trimetallism and bimetallic laws
- 4 The application of the Quantity Theory of Money to third-century economics
- 5 Roman monetary integration
- 6 Micro-economies
- 7 Metallism vs. chartalism
- Appendix 1 The inscription of Mylasa
- Appendix 2 Excavations finds, coin hoards and museums
- References
- Index
Summary
AUTHORISING THE PRODUCTION OF SMALL CHANGE
In previous chapters we emphasised the imperial control of the production and primary supply of gold and silver currencies in the Roman empire. The number of mints producing precious-metal coinages during the first two centuries was limited, while minting was mainly restricted to the cities of Rome, Caesarea Cappadociae, Antioch and Alexandria. Among them, the mint of Rome produced the bulk of silver coins that circulated in the eastern provinces. The emperor controlled these mints either directly or indirectly, since he needed these coins in order to pay for his military and administrative expenses. The mint of Rome did not restrict itself in the production of silver and gold currencies but it also produced large numbers of bronze coins. When Augustus reformed the monetary system, he introduced small change made of orichalcum (sestertius and dupondius) or copper (as and quadrans). These denominations may have been used, initially, for state payments; eventually, though, they facilitated minor commercial transactions in the markets.
With regard to the circulation of aes we may assume that originally, it was intended mainly for circulation in Rome and Italy; however, soon it was spread over the western provinces and especially in the Rhine army camps. The Roman aes was used extensively in the urbanised western provinces, especially in Iberian and Punic towns that had produced civic coinages for centuries.
- Type
- Chapter
- Information
- The Roman Monetary SystemThe Eastern Provinces from the First to the Third Century AD, pp. 209 - 243Publisher: Cambridge University PressPrint publication year: 2011