294 AD

Diocletian reforms the monetary system in Rome

Diocletian completed the monetary reforms introduced by Aurelian in 274. A three-​​metal system of gold, silver and bronze was reintroduced with the creation of argentium (90% minimum silver content) and three bronze coins. The issuance of gold coins (aureus), which had restarted under Aurelian, was continued.

But this reform failed to halt price inflation which, to the contrary, accelerated. In 301, Diocletian attempted to control inflation by issuing a maximum price edict and salaries of workers. Meanwhile, it radically restructures the tax system, largely by changing the property tax base and strengthening the system of perception.