Monetary Reforms and Economic Processes in Late Antiquity: A Perspective from the Study of Monetary Circulation

Although the Roman economy has often been characterized in scholarly literature as not fully monetized—owing to the collection of taxes in kind—the currency system of the Roman Empire was fundamentally based on coinage. Alongside written sources and epigraphic monuments, coins provide a direct historical source for understanding the socio-economic conditions of the Roman Empire. Their issuance was organized and controlled by the state through a complex organizational system governing each mint and subsequent distribution. Late Antiquity emerges as a particularly interesting period for the study of monetary issues, marked by significant political transformations, continuous struggles for power, and efforts to maintain the Empire’s borders. The structure of the state underwent multiple changes, shifting from a diarchy to a tetrarchy, and eventually to absolute rule by a single emperor. The comprehensive reforms implemented by Diocletian and Constantine I—administrative, economic, monetary, fiscal, and military—left a profound impact on all segments of society. Economically, the Roman Empire in Late Antiquity faced recurring episodes of inflation and challenges to the stability of its monetary system. Recent research has increasingly focused on the study of monetary circulation as a means to achieve a more holistic understanding of the Roman monetary system and the role of money in the imperial economy. Analyzing the movement of coinage offers insights into economic phenomena such as inflation, where increased production of new issues leads to a higher rate of inflation and a greater volume of money in circulation. Moreover, investigating monetary processes sheds light on the effectiveness of legal measures aimed at curbing inflation, such as monetary reforms, which typically resulted in a decrease in the money supply. This paper aims to explore how these economic processes are reflected in the analyses of monetary circulation, whether they are consistently detectable, and what factors influence their visibility. Additionally, it seeks to examine their correlation with historical events and social circumstances within the Empire.