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:
“[Men say:] “Don’t you know that we are your natural protectors?” But what is a woman afraid of on a lonely road after dark? The bears and wolves are all gone; there is nothing to be afraid of now but our natural protectors.”
—Frances A. Griffin, U.S. suffragist. As quoted in History of Woman Suffrage, vol. 4, ch. 19, by Susan B. Anthony and Ida Husted Harper (1902)
“Yet poetry, though the last and finest result, is a natural fruit. As naturally as the oak bears an acorn, and the vine a gourd, man bears a poem, either spoken or done. It is the chief and most memorable success, for history is but a prose narrative of poetic deeds.”
—Henry David Thoreau (1817–1862)
“The history is always the same the product is always different and the history interests more than the product. More, that is, more. Yes. But if the product was not different the history which is the same would not be more interesting.”
—Gertrude Stein (1874–1946)