Ec365 Fall 2016 Assignment 2: Money in the Roman Empire Part A: The

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Ec365 Fall 2016 Assignment 2: Money in the Roman empire Part A: the Roman monetary system This system is, like all monetary systems, based on the physical properties of gold, silver and other metals. In the Roman time, the price ratio between gold and silver was 12.5. The reference coin was the Aureus (meaning "made of gold"), a coin of 8 grams of nearly pure gold. Its traded value is the same as the value of its gold content. One aureus = 25 denarius (plural denarii): the denarius is a nearly pure silver coin. One denarius = 4 sesterces: the sesterce is a coin made out of bronze. One sesterce = 4 asses (singular \as"). 1. What is the maximum weight of a Denarius? Could this weight be less than the maximum? In the rest of the assignment, it is assumed that the denarius is indifferently traded by weight and by tale. What is the weight in this case? 2. Given the information about metals that was given in class and assuming a sesterce is a coin of pure bronze, weighing no more than 30 grammes, dwere the sesterces traded by weight or by tale? Part B: the pay of a Roman legionnaire in the first two centuries There is strong evidence that the unit of payment for the legionnaire was the aureus. The legionnaire did not see the aurei, which were of a high value, but the prestige of that coin of pure gold was such that it was used in setting the payments. We can therefore assume that annual payments are in units of aureus. 1. Tacitus, perhaps the most famous Roman historian (end of the first century), wrote that legionaries complained in AD 14 about their pay of 10 asses per day. From this information, what is a good guess about the annual pay (of a legionnaire), in aurei and in denarii? 2. How many times a year was a legionnaire paid (more than once), and how much each time, measured in denarii? 3. Suetonius, another famous Roman historian, contemporary of Tacitus, in his life of Domitian, writes that Domitian increased the annual pay by a fourth \stipendium". Given the previous information and assuming that the pay increase was the smallest possible, what was the amount of the annual pay increase (in denarii)? Does this amount fit with your answer in the previous question? 4. The next pay increase was granted by Septimius Severus in 197. The source does not say by how much and we have to find out. Additional information from the documents{this is not made up for the exercise{is that the pay was augmented by 50 % in the year 212, and doubled in the year 234. Assuming again that all yearly amounts must be in units of aurei, and using your answers in the previous questions, what is the amount (in aurei or denarii) of the increase by Septimius Severus. (If there is more than one possible answer, you will choose the smallest one). 5. Using your previous answer, represent the annual pay (in denarii) of a legionnaire from the year 0 to 300. (Years on the horizontal axis, denarii on the vertical axis). 6. From your previous answers, what can be said about the inflation rate in the second and the third century of the Roman empire? 2.

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TIMELINE of ROMAN IMPERIAL COINAGE
27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 B.C. AUGUSTUS 16 Jan 27 BC AUGUSTUS CAESAR Other title: e.g. Filius Augustorum Aureus 7.8g KEY TO METALLIC COMPOSITION Quinarius Aureus GOLD Gold Aureus 25 silver Denarii Gold Quinarius 12.5 silver Denarii SILVER Silver Denarius 16 copper Asses Silver Quinarius 8 copper Asses DE-BASED SILVER from c. 260 Brass Sestertius 4 copper Asses Brass Dupondius 2 copper Asses ORICHALCUM (BRASS) Copper As 4 copper Quadrantes Brass Semis 2 copper Quadrantes COPPER Copper Quadrans Denarius 3.79g 96-98% fine Quinarius Argenteus 1.73g 92% fine Sestertius 25.5g Dupondius 12.5g As 10.5g Semis Quadrans TIMELINE of ROMAN IMPERIAL COINAGE B.C. 27 26 25 24 23 22 21 20 19 18 17 16 15 14 13 12 11 10 9 8 7 6 5 4 3 2 1 1 2 3 4 5 6 7 8 9 10 11 A.D.A.D. denominational relationships relationships based on Aureus Aureus 7.8g 1 Quinarius Aureus 3.89g 2 Denarius 3.79g 25 50 Sestertius 25.4g 100 Dupondius 12.4g 200 As 10.5g 400 Semis 4.59g 800 Quadrans 3.61g 1600 8 7 6 5 4 3 2 1 1 2 3 4 5 6 7 8 91011 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 19 Aug TIBERIUS TIBERIUS Aureus 7.75g Aureus Quinarius Aureus 3.87g Quinarius Aureus Denarius 3.76g 96-98% fine Denarius Sestertius 27g Sestertius Dupondius 14.5g Dupondius As 10.9g As Semis Quadrans 3.61g Quadrans 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 48 49 TIBERIUS CALIGULA CLAUDIUS Aureus 7.75g 7.63g Quinarius Aureus 3.87g 3.85g Denarius 3.76g 96-98% fine 3.75g 98% fine Sestertius 27g 28.7g
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