"Another Day, Another Denarius": Roman Stipendium and Inflation

Abstract

This master’s thesis looks at how Rome paid its soldiers and the impact of this payment on the Roman economy. The research will make a significant contribution to the classics field in its focused exploration of how Roman soldiers were paid, the payment sources and how these payments contributed to the Roman Empire's vast military operations. This thesis will further analyze how the payment of soldiers impacted Rome’s inflation during the Republic and Augustan and Flavian periods of the early Empire. The author uses numismatic evidence to support his arguments. In chapter 1, the author uses research by Duncan-Jones and Michael Crawford’s hoard evidence to support the line of inquiry on how much it cost to pay the Roman army. In chapter 2, the author argues for and provides support on using Dutch excavation findings to illustrate the types of coins used and when they were used to pay the Roman military. Previously, scholars relied on excavations in German forts along the main part of the Rhine for such evidence. The author’s use of numismatic evidence in this unique way provides further support that the use of the denarius was the government's standard currency. He includes pictures of similar coins from the McMaster Museum of Art’s Bruce Brace Coin Collection to help the reader visualize the currency. Finally, in chapter 3, the author looks at the economic impact of such massive payments to pay Rome’s ever-expanding army. There, he uses numismatic evidence to look at issues of debasement, inflation and the bi-metallic standard. Again, he returns to the Dutch fort excavations for additional evidence on debasement. In each chapter, the author looks at the socioeconomic impacts of these issues on the soldiers, especially the foot soldiers, and asks the question of how Rome valued its army. From this thesis, readers will gain insight into how paying the military negatively impacted Rome’s economy. The inflation that resulted had a significant impact on Roman culture, and this thesis focuses on the specific impact on Roman soldiers.