Due to the contunual debasement of the currency the Roman Empire forbade coin collecting under penalty of death. The penalty seems harsh but I guess the penalty for most "crimes" was death during that era. The following quote is from a book that was quoted in an on-line article. The article is an interesting read. It makes parallels between hyperinflation and the collapse of the Roman Empire's economy and what is going on in the US today. (I'll stop there so as not to venture into the realm of political discussion.) A History of Inflation in Rome: Are We on a Similar Course?
I wonder how they defined hoarding ? Searching merchants at the border... they had had to have coins to make change and run the biz ! How could los federales tell the difference between a legitimate holding of coinage and hoarding ?
It's a good thing our government didn't threaten that punishment in the thirties when gold was banned from private ownership. We might not have as much gold coin left. By the way Hobo, you're looking quite young today.
Currency inflation in the Roman Empire is an old story. Gibbons book "The Decline and Fall of the Roman Empire", published in the 1770's, blamed the decline on the emperor Septimius Severus who used debased silver currency to finance an invasion of Parthia (Iraq).
It started in earnest under his son Caracalla who began issuing the Antoninianus. Named after Caracalla whose real name was Antoninus...change to that from his original name Bassianus for its connection to Antoninus Pius and Marcus Aurelius. The real name of this currency is unknown. It was worth 2 denarii but only had about 1.5 denarii worth of silver in it...after than the coins rapidly debased to bronze and copper with little to no silver content.
Correct me if I'm wrong, but I thought the province of Parthia was a little farther east, over the mountains, in the modern day province of Parsia - from which we get the name Persians (the most populous ethnic group in Iran).
Again, correct me if I'm wrong... but I would think something as complex as the decline of the Roman Empire cannot be traced to one simple thing like an invasion of Parthia; but rather would have multiple contributing root causes.
Good question but I guess the difference if one of us was carrying a few hundred bucks compared to someone carrying $10,000 , the person carrying $10,000 would raise some questions . rzage:hatch::hammer:
I have to disagree with you on this one, Hobo. I think you misinterpreted the statement. There are no decrees banning the collecting of coins in ancient Rome. What that article is referring to is more speculating, as one today would buy euros in the hope that they'll rise in value compared to the dollar. Or, as the coins were primarily precious metals, something more akin to bullion investing. Of course, it is also possible that the author himself is misinterpreting the statements in Diocletian's Edict that banned the transport of more than 1,000 folles of coined money. (not much at all!)
You may be right. I may have stretched things by saying coin collecting was banned when actually what was written was "t was forbidden to buy or sell coins". So perhaps what they meant was it was illegal to be a coin dealer. Then again, you may be correct in that the edict forbade speculation in the currency. (That would seem to be a bad gamble with inflation causing the coins to be worth less and less over time. Maybe they were selling short but I doubt that concept had been invented then.)
Well they didn't threaten us with death, but were you aware that during the coin shortages of the early 1960's a bill was submitted to Congress to outlaw coin collecting in the United States and to make it a criminal offense to sell any coin for a greater amount than its face value? I would say what they meant by that was that you could not buy and sell coins in bulk most likely for their metal value. Same reason we now have a law that forbids us to meld down cents or five cent pieces, and limits the amount of them we can export lest they be melted down elsewhere. It's a measure intended to try and keep the coins in circulation rather than having to be constantly replaced.
