random Roman currency standard question

[Ecgþeow]

I have a random question to ask: in the Roman Empire, what was the base currency where all things were measured from? like, was the denarius considered 4 Sesterii, or was the Sesterius considered 1/4 of the denarius? becuase all of our money is based on a unit, like the US dollar, or the British Pound.  I guess what I'm asking is was it like that back then?

[rick fox]

My belief is this:

The denari WAS the unit of measure until it ceased to be made.  Then I believe in 214 it became the Antoninianus, I think under Diocletian it became the follis...

It is interesting to note that some mints were producing 1 million coins a day.  No wonder we have such a diverse collection.

Now I am relatively new at collecting, so I could be off the mark.  Jochen or someone more knowledgeable can (and most likely will) correct me if I am wrong.

[Jochen]

Hi!

You are right and not right! The unit in which large sums normally were paid was the Denarius. But c.140 BC the relationship between the As and the Denarius was changed, and the Sestertius of course also received a new valuation and was thereafter worth four Asses. At about the same time the Sestertius became the standard unit of account although, as stated above, it was the Denarius which was actually used in making the most payments. It is not clear why this happened. This is valid until ca. AD 300.
(from John Melville Jones)

So in Roman literature you read of payments and taxes of  Thousands and Millions of Sestertii, but the actual payment naturally was not done in Sestertii.

In the late Empire the whole currency system collapsed and the people was forced to go over to a barter society with exchange deals. This lastend in Europe until middle ages.

Regards,
Jochen

[David Atherton]

Zam,

If your interested in the economic history of Roman currency, check out Kenneth Harl's book Coinage in the Roman Economy.

A very enlightening and enjoyable read.

[Numerianus]

I think that already in the 1st century sesterce was used as the standard unit of accounting. See numerous examples in Suetonius.  

By the way, the use of units may depend on traditions. Even now decimal system is not of everyday use in the US and, to my surprise, British still use yards and stones.