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Reign
of Emperor Hien Tsung and the development In China a severe shortage of copper for making coins causes the emperor to issue paper money notes. |
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Charlesmagne (768-814) crowned emperor by Pope Leo III Charlesmagne was the founder of the Western Empire, often called the Holy Roman Empire, which lasted over 1000 years. His silver coinage formed the model for all the succeeding coinage of the West for the next 500 years. He introduced a moneystructure valid up to our days: 1 pound = 20 shillings = 240 pennies. |
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Rome falls to the Visigoths Banking is abandoned in western Europe and does not develop again until the time of the Crusades.. |
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One pound of gold is worth 300,000 Denarii |
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One pound of gold is worth 100,000 Denarii
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Constantine secures control over the West then the whole Empire Constantine issues a new gold coin, the Solidus, which continues to be produced in the Eastern Roman Empire unchanged in weight and purity for the next 700 years. However, he also continues to produce debased silver and copper coins. Thus the poor, unlike the rich, are left with an inflation-ridden currency. |
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Diocletian reforms the coinage Diocletian undertook the first valiant attempt at reforming the Roman monetary system installed by Augustus in 23 AD. He introduced a fine silver coin (argenteus) which got its name because it was pure silver (argent) as opposed to the badly debased antonian which it replaced. This coin had the same weight and exchange value as the historic denarius of the first and second centuries. |
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Reign of Diocletian Diocletian was the first Roman emperor born of unfree parents and proved himself unlike all the others in his longevity, his administrative flair, and his creative ideas for reform.. |
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Reign of Aurelian Aurelian issues new, nearly pure coins, using gold from his eastern conquest, but raises their nominal value by 2.5 times hoping in this way to stay ahead of inflation. However, this reform sends inflation soaring.. |
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Silver content of Roman coins has fallen to only 4% |
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Silver content of Roman coins is down 40% |
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Christ drives the money changers out of the Temple in Jersusalem |
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