Dr. David Gwynn

The coinage is one of our key markers for imperial prosperity. Now, a lot of the empire didn't actually need to worry much about coinage. After all, a lot of local economic transactions can continue in kind. You just do it as barter. The key purpose of the coinage is the emperors mint it to pay the army. The army spend it and the tax system brings it back. Very crudely, that's the cycle.

Now, in the third century, the coinage, above all the quality of the gold and silver coinage, collapses. The silver coinage in particular goes from above 50% silver to less than 5%. And then we do have decrees that tell us that people were refusing to use it. Because a Roman coin, of course, differs from a modern 50p piece. Our money is not worth what it's made of.

Now, in the third century, the coinage, above all the quality of the gold and silver coinage, collapses. The silver coinage in particular goes from above 50% silver to less than 5%. And then we do have decrees that tell us that people were refusing to use it. Because a Roman coin, of course, differs from a modern 50p piece. Our money is not worth what it's made of.

Now, in the third century, the coinage, above all the quality of the gold and silver coinage, collapses. The silver coinage in particular goes from above 50% silver to less than 5%. And then we do have decrees that tell us that people were refusing to use it. Because a Roman coin, of course, differs from a modern 50p piece. Our money is not worth what it's made of.

A Roman coin is worth its metal content. So debasement, taking the precious metal out, they're very good at noticing when that's been done. This is why you bite a coin or you try and bend it. In the third century, the coinage did basically collapse. The result was major inflation. That's going to particularly disrupt long distance exchange and the elite attempts to spend large sums of money.

A Roman coin is worth its metal content. So debasement, taking the precious metal out, they're very good at noticing when that's been done. This is why you bite a coin or you try and bend it. In the third century, the coinage did basically collapse. The result was major inflation. That's going to particularly disrupt long distance exchange and the elite attempts to spend large sums of money.

A Roman coin is worth its metal content. So debasement, taking the precious metal out, they're very good at noticing when that's been done. This is why you bite a coin or you try and bend it. In the third century, the coinage did basically collapse. The result was major inflation. That's going to particularly disrupt long distance exchange and the elite attempts to spend large sums of money.

In local communities, what seems to have happened is a reversion to barter, because then you can manage it to a degree. Diocletian and the Tetrarchy set out to try and fix it. Now, there were two options there. You could stabilize the coinage by giving it proper metal content, and you can try and control inflation.

In local communities, what seems to have happened is a reversion to barter, because then you can manage it to a degree. Diocletian and the Tetrarchy set out to try and fix it. Now, there were two options there. You could stabilize the coinage by giving it proper metal content, and you can try and control inflation.

In local communities, what seems to have happened is a reversion to barter, because then you can manage it to a degree. Diocletian and the Tetrarchy set out to try and fix it. Now, there were two options there. You could stabilize the coinage by giving it proper metal content, and you can try and control inflation.

The problem with trying to control inflation, which is what they did by passing an edict called the Edict of Maximum Prices, so laying down this is the maximum anyone can legally charge for a particular good or service, is that totally ignores supply and demand and basically failed almost immediately. The problem with stabilizing the coins is you need gold and silver for that.

The problem with trying to control inflation, which is what they did by passing an edict called the Edict of Maximum Prices, so laying down this is the maximum anyone can legally charge for a particular good or service, is that totally ignores supply and demand and basically failed almost immediately. The problem with stabilizing the coins is you need gold and silver for that.

The problem with trying to control inflation, which is what they did by passing an edict called the Edict of Maximum Prices, so laying down this is the maximum anyone can legally charge for a particular good or service, is that totally ignores supply and demand and basically failed almost immediately. The problem with stabilizing the coins is you need gold and silver for that.

And the problem, of course, is now that the Roman Empire is no longer conquering anywhere, Trajan was the last person to bring in a flood of treasure from outside the empire. Where's the gold and silver going to come from? The result is the Tetrarchy can't succeed.

And the problem, of course, is now that the Roman Empire is no longer conquering anywhere, Trajan was the last person to bring in a flood of treasure from outside the empire. Where's the gold and silver going to come from? The result is the Tetrarchy can't succeed.

And the problem, of course, is now that the Roman Empire is no longer conquering anywhere, Trajan was the last person to bring in a flood of treasure from outside the empire. Where's the gold and silver going to come from? The result is the Tetrarchy can't succeed.

Exactly. And all the great Mediterranean gold and silver mines have been largely played out. So Philippa Maston used the ones in the northern Aegean. Spain, it's always ironic because anyone who's been studying late history thinks of Spain as bringing in gold and silver from the Americas. But actually, in the ancient world, Spain was a good place to go to to find those metals.

Exactly. And all the great Mediterranean gold and silver mines have been largely played out. So Philippa Maston used the ones in the northern Aegean. Spain, it's always ironic because anyone who's been studying late history thinks of Spain as bringing in gold and silver from the Americas. But actually, in the ancient world, Spain was a good place to go to to find those metals.

Exactly. And all the great Mediterranean gold and silver mines have been largely played out. So Philippa Maston used the ones in the northern Aegean. Spain, it's always ironic because anyone who's been studying late history thinks of Spain as bringing in gold and silver from the Americas. But actually, in the ancient world, Spain was a good place to go to to find those metals.

The person who actually solves the problem is Constantine, because Constantine does have access to gold and silver that the Tetrarchs didn't. That's because there's no way that the Tetrarchs, who were devout pagan emperors, would touch pagan temples. Constantine will.