Money and Exchange in the Roman World

Abstract

A wide variety of objects may function as money in the different uses which this possesses—for payment, for storing wealth, for measuring value and as a means of exchange. In the Roman world coined money was clearly dominant over other forms of money in the first three uses, and I want here to explore the extent to which it served as a means of exchange, partly because this is the most distinctive function of money and one for which coined money or a token substitute is essential to achieve any great versatility, partly because the problems involved seem particularly complex. It is not sufficient simply to discuss how coined money was used as a means of exchange. Attitudes to the process are equally relevant. Nor should the absence of ancient discussions of monetary theory mislead us into minimizing the practical importance of coined money in the ancient world.