COINAGE AND FINANCE
DOI link for COINAGE AND FINANCE
COINAGE AND FINANCE book
The reconstitution of the army (Chapter 5) was enormously expensive, but the currency was so weak that the heavy taxation that was necessary had to be served by contributions in kind. The Roman currency reached its lowest level under Gallienus, in whose reign the empire was flooded by coins which although ostensibly multiple denarii ('antoniniani'), were in fact made of bronze, mitigated by the lightest of silver washes. 1 Gallienus's reform of the army was unaccompanied by the necessary reform of the coinage. If you look favourably upon that emperor, it is possible to conclude that he would have reformed the currency if he had lived; but he did not.