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13 - Money and finance

from Part IV - Distribution

Published online by Cambridge University Press:  05 February 2013

Walter Scheidel
Affiliation:
Stanford University, California
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Summary

The development of Rome and the Roman Empire would have been impossible without the development of money. The introduction of coinage was a direct consequence of Rome's expansion into Italy and soon formed a close relationship with Roman imperialism. Coined money was the medium with which the Roman armies were paid and most tributes from the provinces extracted, while imperial conquest secured control over a growing number of gold and silver mines as well as expanding the geographical radius of monetary relationships. Culturally, Roman money owed much to the Greek model, or rather, what it had grown into during the Hellenistic period: the idea of coinage; the idea of bronze coins as fiduciary money (money not backed up by ‘absolute’ value); the exchange of coins between different monetary systems; banks as places for money-changing, safekeeping of deposits, managing of payments, and making of loans; and, above all, some fundamental rules of contractual law that made credit and cashless transactions possible among a wide group of people. The Greek influence on Roman monetary practice is reflected in many Latin financial terms, such as mensa (table) for bank like the Greek trapeza also meaning table. Certain types of loan contract and banking procedures carried transliterated Greek names, such as sungrapha for witnessed loan contracts, and chirographum referring originally to an informal hand-written contract. Some terms were translated from the Greek, such as perscriptio for the Greek term diagraphe, meaning written order of payment.

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Publisher: Cambridge University Press
Print publication year: 2012

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  • Money and finance
  • Edited by Walter Scheidel, Stanford University, California
  • Book: The Cambridge Companion to the Roman Economy
  • Online publication: 05 February 2013
  • Chapter DOI: https://doi.org/10.1017/CCO9781139030199.017
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  • Money and finance
  • Edited by Walter Scheidel, Stanford University, California
  • Book: The Cambridge Companion to the Roman Economy
  • Online publication: 05 February 2013
  • Chapter DOI: https://doi.org/10.1017/CCO9781139030199.017
Available formats
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Save book to Google Drive

To save content items to your account, please confirm that you agree to abide by our usage policies. If this is the first time you use this feature, you will be asked to authorise Cambridge Core to connect with your account. Find out more about saving content to Google Drive.

  • Money and finance
  • Edited by Walter Scheidel, Stanford University, California
  • Book: The Cambridge Companion to the Roman Economy
  • Online publication: 05 February 2013
  • Chapter DOI: https://doi.org/10.1017/CCO9781139030199.017
Available formats
×