The world is in a uniquely Roman moment

By James Hickman – Schiff Sovereign

The denarius was trusted across three continents— accepted from the bazaars of the Middle East to the frontiers of Britain—precisely because its silver content was consistent and its value unquestioned.

But after centuries of stability during Rome’s republican era, the denarius began to be debased in the early days of the empire.

Nero reduced the size by nearly 25% (which meant 25% less silver). Subsequent emperors reduced the silver purity, until, by the mid-3rd century AD, the denarius contained roughly 5% silver.

And while it still bore the same name and the emperor’s face, its purchasing power had collapsed. What once covered a worker’s daily wage could, within a few generations, hardly buy basic staples like bread.