#ROMAN CURRENCY DENARIUS FULL#

The British pound was defined as 12 ounces of silver, so it’s worth less than 1/200 or 0.5% of its original value. At a ripe old age of 317 years it must be considered a highly successful fiat currency. Founded in 1694, the British pound Sterling is the oldest fiat currency in existence. The average life expectancy for a fiat currency is 27 years, with the shortest life span being one month. Twenty percent failed through hyperinflation, 21% were destroyed by war, 12% destroyed by independence, 24% were monetarily reformed, and 23% are still in circulation approaching one of the other outcomes. “ According to a study of 775 fiat currencies by, there is no historical precedence for a fiat currency that has succeeded in holding its value. Furthermore, other external factors can lead to the eventual collapse of a fiat currency.īefore we continue on in this article, let us take a look at a couple of paragraphs from an article by Resource Investor, which sums up the situation nicely: While fiat currencies may stay around for a while, History shows us that they inevitably fail at some point. Later on, a new form of money is introduced to replace the failed one. Eventually, it devalues enough to lead not only to its own collapse but also that of the economy connected to it. Over time, however, it gets overprinted, slowly building inflation and losing value.

Initially, paper money gets introduced into an economy whereby it creates an economic boom. Throughout history, fiat currencies have had the order of rising and eventually collapsing, often due to devaluation.

#ROMAN CURRENCY DENARIUS FULL#

Legal tender in this context means that the money has the full backing of the government that issues it.

Fiat currency refers to any currency that a government declares to be legal tender.

Roman currency denarius