, Columnist
The Debasement and Fall of the Roman Empire
Gold prices have been running on an irresistible but empty narrative.
All roads lead to debasement: Giovanni Faure, 1806-1867, "Roman Forum."
Photographer: Molteni Motta/Universal/Getty
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Currency debasement has a long history. When the Roman Republic started minting the denarius in the second century B.C.E., each coin was 98% silver. As the centuries passed, coins were clipped, baser metals were added, and by the third century of the Common Era, each denarius was less than 5% silver.