Augustus reforms the Roman monetary and taxation systems issuing new, almost pure gold and silver coins, and new brass and copper ones, and also introduces three new taxes: a general sales tax, a land tax, and a flat-rate poll tax.
Augustus reforms the Roman monetary and taxation systems issuing new, almost pure gold and silver coins, and new brass and copper ones, and also introduces three new taxes: a general sales tax, a land tax, and a flat-rate poll tax.
Jesus overturns the money changers' tables (Matthew 21.12). To gentiles the practice of money changers conducting their business in and around temples and other public buildings would have seemed commonplace. The Greek bankers or trapezitai derived their name from their tables just as the English word bank comes from the Italian banca for bench or counter.
Nero slightly debases the gold and silver coinages, a practice copied by some later emperors, starting mild but prolonged inflation.
After this level is reached inflation accelerates.
During his reign there is a temporary breakdown of the Roman banking system after the banks reject the flakes of copper produced by his mints.
Aurelian issues new, nearly pure coins, using gold from his eastern conquests, but raises their nominal value by 2½ times hoping in this way to stay ahead of inflation. However this "reform" sends inflation soaring. A rebellion by mint workers led by Felicissimus costs Aurelian's army some 7,000 casualties.
Diocletian makes vigorous attempts to get to grips with the problem of inflation using a variety of methods but these prove only partially effective at best.
295 Diocletian reforms the coinage
This fails to halt inflation, probably because the older coins remain in use and, in accordance with Gresham's law, drive the good coins out of circulation.
301 Diocletian issues the Edict of Prices
The Edict introduces direct controls of prices and also wage rates. This, too, is defeated by market forces.
305 Diocletian abdicates voluntarily
Although his currency reform and prices and incomes policy failed, his other reforms of the Roman administration, including the world's first system of annual budgets, are more successful.
Constantine issues a new gold coin, the Solidus, which continues to be produced in the Eastern Roman Empire unchanged in weight or purity for the next 700 years.
Constantine adopts Christianity and following his conversion, he confiscates the enormous treasures amassed over the centuries in the pagan temples throughout the empire. Consequently, unlike Diocletian, he has easily enough bullion to replace the earlier debased gold coinage. However he continues to produce debased silver and copper coins. Thus the poor, unlike the rich, are left with an inflation-ridden currency.
The value of the denarius is only half that stipulated in Diocletian's edict of prices 6 years earlier.
Later, in Egypt by the middle of the 4th century the denarius'value collapses completely so that a pound of gold is worth 2,120,000,000 denarii: another early example of runaway inflation.
Banking is abandoned in western Europe and does not develop again until the time of the Crusades.
As a result of the Anglo-Saxon invasions Britain, uniquely among the former Roman provinces, ceases to use coins as money for nearly 200 years. When they are re-introduced from the Continent they are used initially for ornament.
The minting of coins in Britain had been abandoned after about 435 as a result of the Anglo-Saxon invasions. Bishop Liudard came over from France with the Merovingian Princess Bertha who married Prince Aethelbart who later, in 590, becomes King of Kent.
These are used more for ornament than as currency.
Among the various treasures on board, are 37 Merovingian gold coins, but no English coins.
As a result of the gradual rebuilding of commercial and cultural contacts with France and Italy Anglo-Merovingian types of coinage begin to circulate in south-east England.
A hoard of 101 gold coins, most of which were minted in England, is buried at Crondall in Hampshire. The precise date is not certain.
Initially silver is used with gold as an alloy but early in the 8th century silver and base metals are the only ones used.
This new silver coin serves as a model for the English penny.
During Offa's reign the minting of coins in England reaches new heights, both in terms of quality and quantity.
After the conquest of Kent by Offa, King of Mercia, production of the silver penny increases enormously and it replaces the older, more crudely designed sceat as the main English coin, except in Northumbria.
For the next 2-3 centuries England is subjected to repeated Viking attacks.
In China a severe shortage of copper for making coins causes the emperor to issue paper money notes.
Alfred prevents the Danes from conquering the whole of England. The output of the mints is vastly increased to pay for the defence of Wessex.
Athelstan reconquers the Danelaw and unites the whole of England. This leads to the establishment of a single national currency.
Among the provisions of this statute is that England should have a single national currency.
Edgar reforms the English coinage by controlling the issue of dies and strictly regulating the moneyers to ensure that the coinage is of uniform type and standard.
Because of their convenience as a royally authenticated means of payment the value of coins is higher than the value of their silver content. By recalling, melting down and reminting coins Edgar and his successors not only maintain the quality of the currency but also make handsome profits from the operation.
Mis en ligne le 01/01/2008 par Pierre Ratcliffe. Contact: (pratclif@free.fr) sites web http://paysdefayence.blogspot.com et http://pierreratcliffe.blogspot.com