/biz/ - Business & Finance

>>29839745
The denarius was the main coin used in the first 200+ years of the empire. When it was created, each coin contained 4.5 grams of pure silver and was the equivalent of a day’s wages for the average craftsman/skilled laborer. Once the amount of precious metals entering the empire fell, fewer denarii could be created. This lack of money didn’t prevent greedy emperors from building ridiculous vanity projects, and they decided to reduce the purity of the coinage.

Nero was one of the first emperors to devalue the denarius, and by the time Gallienus took the throne in 253 AD, the coins contained approximately 5% silver and consisted of a bronze core with a thin layer of silver. By 265 AD, the denarius contained 0.5% silver; the result was inflation of up to 1,000% across the empire. By this time, Rome had no more enemies to steal from so taxation was raised. The resulting mess completely paralyzed trade. By the end of the 3rd Century AD, the vast majority of trade was localized with barter methods used instead of the exchange of currency.