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Why did most ancient civilizations debase their currency over the centuries?
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<p>[QUOTE="Finn235, post: 7695547, member: 98035"]Back to the original question -</p><p><br /></p><p>1) Were Greek coins actually debased? I know that the Attic standard was mostly abandoned in favor of lighter local standards (e.g. the ~14g Egyptian tet, the ~11g Cistophorus) but on the whole I didn't think that the purity was debased or weight reduced to inflate the currency supply?</p><p><br /></p><p>2) One interesting observation is that the various Persian empires (Achaemenid, Parthian, Sassanian) saw surprisingly little inflation, given how tumultuous their history often was. Perhaps they relied more heavily on their ability to buy mercenaries from abroad during times of war? Even the early Islamic dynasties didn't inflate their coinage until about the time of the Mongol takeover, although that has more of a religious basis. </p><p><br /></p><p>3) Similarly, although the Ban Liang is a classic tale of fiscal mismanagement, China holds the distinction of making the Wu Zhu so uniformly that many types cannot be attributed with certainty to any specific time frame between their inception in 118 BC until their replacement with Kai Yuan Tongbao in 628.[/QUOTE]</p><p><br /></p>
[QUOTE="Finn235, post: 7695547, member: 98035"]Back to the original question - 1) Were Greek coins actually debased? I know that the Attic standard was mostly abandoned in favor of lighter local standards (e.g. the ~14g Egyptian tet, the ~11g Cistophorus) but on the whole I didn't think that the purity was debased or weight reduced to inflate the currency supply? 2) One interesting observation is that the various Persian empires (Achaemenid, Parthian, Sassanian) saw surprisingly little inflation, given how tumultuous their history often was. Perhaps they relied more heavily on their ability to buy mercenaries from abroad during times of war? Even the early Islamic dynasties didn't inflate their coinage until about the time of the Mongol takeover, although that has more of a religious basis. 3) Similarly, although the Ban Liang is a classic tale of fiscal mismanagement, China holds the distinction of making the Wu Zhu so uniformly that many types cannot be attributed with certainty to any specific time frame between their inception in 118 BC until their replacement with Kai Yuan Tongbao in 628.[/QUOTE]
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