History
During the Crisis of the Third Century, Roman coinage had been greatly debased by the numerous emperors and usurpers who minted their own coins, using base metals to reduce the underlying metallic value of coins used to pay soldiers and public officials.
Earlier in his reign, as well as in 301 around the same time as the Edict on Prices, Diocletian issued Currency Decrees, which attempted to reform the system of taxation and to stabilize the coinage.
It is difficult to know exactly how the coinage was changed, as the values and even the names of coins are often unknown or have been lost in the historical record. The Roman Empire was awash with other coins from outside of the Empire – especially in the Mediterranean. The implied coinage changeover time was at least a decade.
Although the decree was nominally successful after it was imposed, market forces led to more and more of the decree being disregarded and reinterpreted over time.
Read more about this topic: Edict On Maximum Prices
Famous quotes containing the word history:
“Boys forget what their country means by just reading “the land of the free” in history books. Then they get to be men, they forget even more. Liberty’s too precious a thing to be buried in books.”
—Sidney Buchman (1902–1975)
“This is the greatest week in the history of the world since the Creation, because as a result of what happened in this week, the world is bigger, infinitely.”
—Richard M. Nixon (1913–1995)
“History does nothing; it does not possess immense riches, it does not fight battles. It is men, real, living, who do all this.... It is not “history” which uses men as a means of achieving—as if it were an individual person—its own ends. History is nothing but the activity of men in pursuit of their ends.”
—Karl Marx (1818–1883)