Museum of Antiquity: A Description of Ancient LifeYaggy, L. W. (Levi W.)
History
Museum of Antiquity: A Description of Ancient Life
Yaggy, L. W. (Levi W.)
Civilization, Ancient; Classical antiquities
The house of Marius, bought of Cornelia for $12,105, was sold
to Lucullus for $80,760; the burning of his villa was a loss to M.
Scaurus of $4,036,455; and Nero's golden house must have cost an
immense sum, since Otho laid out in furnishing a part of it
$2,017,225." But though Rome was greatly enriched by conquest, she
never obtained possession of the chief wealth of Asia; and the largest
quantity of the precious metals was always excluded from the
calculations of ancient writers.
The whole revenue of the Roman Empire under Augustus is "supposed to
have been equal to 200 millions of our money;" and at the time of his
death (A.D. 14) the gold and silver in circulation throughout the
empire is supposed to have amounted to $1,790,000,000; which at a
reduction of 1 grain in 360 every year for wear, would have been
reduced by the year A.D. 482 to $435,165,495; and when the mines of
Hungary and Germany began to be worked, during the seventh and ninth
centuries, the entire amount of coined money was not more than about
42 at the former, and 165 or 170 million dollars at the latter,
period; so that if no other supply had been obtained, the quantity
then circulating would long since have been exhausted.
"The loss by wear on silver" is shown by Mr. Jacob "to be four times
that of gold;" that on our money is estimated at more than one part in
a hundred annually; and "the smaller the pieces, the greater loss do
they suffer by abrasion." "The maximum of durability of gold coins
seems to be fixed at 22 parts, in 24, of pure gold with the
appropriate alloys. When the fineness ascends or descends from that
point, the consumption by abrasion is increased."
It is from its ductility that gold wears so much less than silver; and
many ancient gold coins (as those of Alexander and others), though
evidently worn by use, nearly retain their true weight, from the
surface being partly transferred into the adjacent hollows, and not
entirely rubbed off as in silver.
The quantity of the precious metals, formerly used for the purposes of
luxury, greatly diminished after the decline of the Roman empire, and
in the middle ages they were sparingly employed except for coinage;
ornamental work in gold and silver, mostly executed by first-rate
artists, being confined to men of rank, till the opening of new mines
added to the supply; which was afterwards increased by the abundant
treasures of America; and the quantity applied to ornamental purposes
then began to vie with that of olden times.
M. Leon Faucher even calculates the annual abstraction of the precious
metals from circulation by use for luxury, disasters at sea, and
export, at 25 million dollars, in Europe and the United States.
Public-domain text, read in full here on John Shaqi.
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