There’s a lot of ruin in a currency

Imperial overstretch gradually debased Rome’s money, says Dominic Frisby.

coins
(Image credit: Getty Images)

The Roman empire is probably more famous for debasing its money than for amassing it. Here we look at the rise and fall of sound money in Ancient Rome. There are many parallels with today. The geology of central Italy is not particularly abundant in gold and silver, and it was only after Rome began expanding beyond central Italy in the third century BC that it started using the two metals. 

Commodity money tends to be determined by the resources available. Bronze (made of copper and tin) is abundant in the area, and bronze in the form of weights – known as aes rude, often as heavy as 11 ounces (300 grams) – was the early currency of choice. 

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Dominic Frisby

Dominic Frisby (“mercurially witty” – the Spectator) is as far as we know the world’s only financial writer and comedian. He is the author of the popular newsletter the Flying Frisby and is MoneyWeek’s main commentator on gold, commodities, currencies and cryptocurrencies. He has also taken several of his shows to the Edinburgh Festival Fringe.

His books are Daylight Robbery - How Tax Changed our Past and Will Shape our Future; Bitcoin: the Future of Money? and Life After the State - Why We Don't Need Government

Dominic was educated at St Paul's School, Manchester University and the Webber-Douglas Academy Of Dramatic Art. You can follow him on X @dominicfrisby