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Was Gold undervalued or was Silver overvalued in Ancient times?
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<p>[QUOTE="kaparthy, post: 7651956, member: 57463"]The ratio was the correct one for the times and places because markets were open across the entire Roman world. As noted here above, by Robert Ransom, local variations existed, but as nothing but tranport costs prevented import and export, the price was the right one for there and then. </p><p><br /></p><p>There was no official, legal, enforced alternative to the market place. What the mints at Rome did set their buy/sell prices. But if they had been greatly off, then there would have been a agoric flow from one metal into the other on the streets. It did not happen.</p><p><br /></p><p>One thing that did happen is that in the late empire, people had their silver coins made into silver housewares. When the barbarians took the goods, they did nothing with them. Hoardes languished in cellars during the Dark Ages. </p><p><br /></p><p>Also, as a point, we think of gold and silver. As common as silver was 2000 years ago, Roman <b>thinking</b>, trade, and commerce, was in <b>sesterce</b>, bronze coins.[/QUOTE]</p><p><br /></p>
[QUOTE="kaparthy, post: 7651956, member: 57463"]The ratio was the correct one for the times and places because markets were open across the entire Roman world. As noted here above, by Robert Ransom, local variations existed, but as nothing but tranport costs prevented import and export, the price was the right one for there and then. There was no official, legal, enforced alternative to the market place. What the mints at Rome did set their buy/sell prices. But if they had been greatly off, then there would have been a agoric flow from one metal into the other on the streets. It did not happen. One thing that did happen is that in the late empire, people had their silver coins made into silver housewares. When the barbarians took the goods, they did nothing with them. Hoardes languished in cellars during the Dark Ages. Also, as a point, we think of gold and silver. As common as silver was 2000 years ago, Roman [B]thinking[/B], trade, and commerce, was in [B]sesterce[/B], bronze coins.[/QUOTE]
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