Rare Ancient Coins Found Off Israel’s Coast

A major discovery of rare Roman coins has been found off of Israel’s Mediterranean coast near the ancient city of Caesarea.

Roman currency for most of Roman history consisted of gold, silver, bronze, and copper coinage. From its introduction to theRepublic, during the third century BC, well into Imperial times, Roman currency saw many changes in form, denomination, and composition. A persistent feature was the inflationary debasement and replacement of coins over the centuries. Notable examples of this followed the reforms of Diocletian. This trend continued into Byzantine times.

According to the Austrian school of economics, the massive debasement of the currency in the latter stages of the Roman Empire contributed to the destruction of economic freedom of the Roman people, and began a process of converting landholders to serfs.

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