
Contents
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I. Introduction I. Introduction
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II. Conceptions of Money II. Conceptions of Money
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1. The Debated Nature of Roman Money 1. The Debated Nature of Roman Money
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2. Alternative Means of Payment in the Legal Sources 2. Alternative Means of Payment in the Legal Sources
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(a) Credit money (a) Credit money
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(b) Bullion (b) Bullion
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(c) Tesserae frumentariae (c) Tesserae frumentariae
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3. Theoretical Statements by the Roman Jurists 3. Theoretical Statements by the Roman Jurists
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(a) Definitions of pecunia in title 50, 16 of Justinian’s Digest (a) Definitions of pecunia in title 50, 16 of Justinian’s Digest
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(b) Paul’s treatise on sale and barter (b) Paul’s treatise on sale and barter
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III. Coined Money III. Coined Money
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1. A Short History of Roman Imperial Coinage 1. A Short History of Roman Imperial Coinage
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2. Coins in the Legal Sources 2. Coins in the Legal Sources
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(a) Sestertii and nummi (a) Sestertii and nummi
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(b) Denarii (b) Denarii
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(c) Aurei and solidi (c) Aurei and solidi
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(d) Unspecified coins (d) Unspecified coins
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(e) Coins without official status (e) Coins without official status
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IV. The Special Status of Money in Roman Contract and Property Law IV. The Special Status of Money in Roman Contract and Property Law
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1. Enhanced Fungibility of Money 1. Enhanced Fungibility of Money
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2. Transfer of Ownership 2. Transfer of Ownership
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3. Debasement 3. Debasement
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V. Conclusion V. Conclusion
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6 Money in the Roman Law Texts
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Published:January 2016
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Abstract
This chapter provides an overview of the monetary laws during the Ancient Roman Empire. Specifically, it discusses the codifications instituted by Emperor Justinian in the corpus iuris, a collection of fundamental works in jurisprudence on which jurists of the medieval ius commune based their reasoning. The texts in Justinian’s compilations contain the building blocks for a functional theory of money; illustrative material for the workings of a bimetallic or trimetallic system; and the provisions necessary to ensure that coins can circulate freely and function as a universal medium of exchange and means of payment. The chapter also looks into the three alternative means of payment used by the Romans: credit money; bullion; and the Tesserae frumentariae. The sources analysed in this chapter prove that the Roman jurists were able to grasp the function of money as a medium of exchange and to express it in similar terms as modern economists.
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