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Did normal middle class people have gold coins in Ancient times?
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<p>[QUOTE="Theoderic, post: 7318311, member: 110471"]Gam3rBlake, I agree that there was a middle class during the Roman Empire; perhaps not as widespread or as aggressively consuming as the middle class that we've known in the post WWII era but more in line with the smaller merchant/artisan class that has existed in the West since the 15th century. People from various walks of life living relatively simply but with the means to save a small amount every month and put it away for a rainy day.</p><p><br /></p><p>However, as to whether they would keep their savings in gold I would say no. Saving some excess every month, no doubt their savings were accumulated in bronze and/or silver. After a few years, could they afford to trade it all in for one or two aurei? Yes in theory, but in practice it would not make economic sense. Money changers in antiquity were notorious for their outrageous exchange rates and one would not use their services unless absolutely necessary. Recall Jesus, forgiving of tax collectors and prostitutes, but angry enough with money changers to start kicking over tables in the Temple. Any one changing their 25 or 50 denarii into 1 or 2 aureii would face a severe haircut in fees. Additionally, if you needed to actually spend your savings on some unexpected emergency, you'd need to exchange it back into silver to pay the relevant parties, and thus face another exchange rate loss from the money changers.</p><p><br /></p><p>Glancing at Roman coin hoard records and publications it seems that many consist of bronze and silver coins and that very few are of gold. Those that are gold are usually substantial deposits connected to government/army or wealthy private individuals. Perhaps findings of one or two aureii are misdescribed as a "stray find" instead of a "small hoard", but overall my feeling is that the Roman middle class kept their savings ready at hand in silver.[/QUOTE]</p><p><br /></p>
[QUOTE="Theoderic, post: 7318311, member: 110471"]Gam3rBlake, I agree that there was a middle class during the Roman Empire; perhaps not as widespread or as aggressively consuming as the middle class that we've known in the post WWII era but more in line with the smaller merchant/artisan class that has existed in the West since the 15th century. People from various walks of life living relatively simply but with the means to save a small amount every month and put it away for a rainy day. However, as to whether they would keep their savings in gold I would say no. Saving some excess every month, no doubt their savings were accumulated in bronze and/or silver. After a few years, could they afford to trade it all in for one or two aurei? Yes in theory, but in practice it would not make economic sense. Money changers in antiquity were notorious for their outrageous exchange rates and one would not use their services unless absolutely necessary. Recall Jesus, forgiving of tax collectors and prostitutes, but angry enough with money changers to start kicking over tables in the Temple. Any one changing their 25 or 50 denarii into 1 or 2 aureii would face a severe haircut in fees. Additionally, if you needed to actually spend your savings on some unexpected emergency, you'd need to exchange it back into silver to pay the relevant parties, and thus face another exchange rate loss from the money changers. Glancing at Roman coin hoard records and publications it seems that many consist of bronze and silver coins and that very few are of gold. Those that are gold are usually substantial deposits connected to government/army or wealthy private individuals. Perhaps findings of one or two aureii are misdescribed as a "stray find" instead of a "small hoard", but overall my feeling is that the Roman middle class kept their savings ready at hand in silver.[/QUOTE]
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