Roman Economic History from Coins and Papyri: Monetary Value, Trust and Crisis

Abstract

Abstract This paper attempts to quantify the development of the key monetary values and changes in monetary trust that occurred during Roman times under ever-increasing prices. To track those developments, the paper introduces a minimal-parameter model that builds on available numismatic data relating to the Roman landmark coinages and on papyrological findings. The modelling produces a series of graphs which clearly signal the occurrence of a later crisis of confidence. It is argued that the monetary measures typically taken by the Roman authorities actually fostered a crisis of confidence, and even made it inevitable.