Index
Syllabus
Readings:
Book List
Iconoclasm
Discussion Topics
Chronologies:
Imperial Crisis
Later Roman
Emperors, 306-395
Fall of Western
Empire
Age of Justinian
Islamic Caliphs
Byzantine Dark Age
Triumph of
Christianity
Macedonian Resurgence
Crusades
Restoration and Ottoman Advance
Handouts:
Population
Finances under Justinian
Byzantium c.850A.D.
Links
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FINANCES UNDER JUSTINIAN
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ESTIMATED COSTS OF THE WARS OF JUSTINIAN (527-565)
Based on recorded and estimated costs of military operations and diplomacy,
the following is an educated guess of the price tags of Justinian's major
wars of reconquest. It is, as yet, difficult to estimate the costs
for minor wars such as the intervention in southern Spain, the defensive
operations in the Balkans, or the Lazic War in the Caucasus.
EASTERN POLICY
Cost of Military Operations, 527-531
Cost of Persian Treaty, 532
Revenues lost to Chosroes, 540
Cost of Rebuilding Antioch
Cost of Military Operations, 540-544
Cost of Truce of 545-551
Cost of Truce of 551-556
Cost of Truce of 561/2
Total
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1,000,000 solidi
792,000 solidi
72,000 solidi
360,000 solidi
2,000,000 solidi
144,000 solidi
187,000 solidi
210,000 solidi
4,765,000 solidi
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RECOVERY OF NORTH AFRICA
Expedition of 532-533
Costs of Restoring Prefecturate
Cost of Military Operations, 539-544
Cost of Military Operations, 544-548
Total
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4,000,000 solidi
500,000 solidi
1,000,000 solidi
2,500,000 solidi
8,000,000 solidi
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RECOVERY OF ITALY
Cost of Military Operations, 535-538
Costs of Restoring Prefecturate
Cost of Military Operations, 544-548
Cost of Military Operations, 552-554
Costs of Restoring Prefecturate
Total
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6,000,000 solidi
500,000 solidi
4,000,000 solidi
10,000,000 solidi
1,000,000 solidi
21,500,000 solidi
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TOTAL EXTRAORDINARY COSTS
Eastern Policy
Victory in North Africa
Victory in Italy
Other Offensive Operations (Lazic War,
Spanish campaign, operations in Balkans)
Total
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4,765,000 solidi
8,000,000 solidi
21,500,000 solidi
2,000,000 solidi
35,765,000 solidi
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ESTIMATED REVENUES AND RESERVES OF JUSTINIAN
Justinian (527-565) is reported to have inherited a surplus of 28,800,000
solidi (400,000 pounds of gold), which had been amassed by Anastasius I
and Justin I. Most of this surplus was probably still available in
533 when Belisarius conducted the invasion of Vandal North Africa (minus
the subsidy to Chosroes I and expenses of the First Persian War).
The annual income of Justinian in c. 555, after the recovery of the
western provinces, is estimated as follows:
Prefecturate of the East
Prefecturate of Dacia and Illyricum
Prefecturate of Africa
Prefecturate of Italy
Total:
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5,000,000 solidi
100,000 solidi
480,000 solidi
420,000 solidi
6,000,000 solidi
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Prior to 548, Justinian could not count on any surplus revenues from
Africa, and prior to final victory in Italy (554) he could seldom obtain
surplus revenue from the Italian Prefecturate. Prior to 555, his total
annual income was perhaps 5,000,000 solidi, but at least 80% of this income
was committed to meeting fixed administrative, military, ceremonial, and
religious costs. At most, only 1,000,000 solidi were available each year
to meet the extraordinary costs of overseas operations in Italy and Africa,
offensive operations in Mesopotamia, or treaties purchased from the Persians.
Although the figures are much too uncertain to give anything like an
accurate budget, the total of extraordinary costs compared against the
annual surplus revenue plus the surplus amassed by Anastasius indicate
that between 540 and 545 A.D. Justinian must have faced a financial crisis.
His costs were far exceeding his surplus income, and there was little or
no remaining surplus of stockpiled gold solidi.
CURRENCY MANIPULATION UNDER JUSTINIAN
Since the reforms of 498 and 512, the imperial government employed a
currency based on the gold SOLIDUS, minted at 72 to the Roman pound (4.48
grs.), and a fractional currency of bronze denominations based on a follis
(tariffed at 40 nummia). In 527 the exchange was 1 solidus = 210
folles = 8,400 nummiae. As military and diplomatic costs mounted
after 540, Peter Barsymes devised ingenious means to stretch the supply
of currency.
BRONZE CURRENCY
In 538/9 Justinian increased the weight of the follis from 13.5 grs.
to 22.00 grs. (with a diameter of 42 mm.) and revalued the solidus from
210 to 180 folles. In 542-555, Peter Barsymes economized by steadily
reducing of the weight the follis from 22.0 grs. to 16.00 grs., a loss
of 27% of its weight, but the imperial government imposed the exchange
rate of 1 solidus to 180 folles.
GOLD CURRENCY
Justinian minted solidi at 98.5% fine so that there was, at most, a
minor debasement of 1% from the ideal standard, so that the claims of Procopius
(Anc. 22. 38) are exaggerated. In the early 540s, Peter Barysmes
introduced gold coins known as "light weight solidi;" The imperial
mint at Constantinople struck solidi of pure gold that are clearly marked
as weighing 23, 22, or 20 siliquae ("carats") rather than the full 24 siliquae.
Since solidi were minted at 72 to the Roman pound, the state made the following
profits.
If 72 solidi were minted at 23 siliquae, only 1,656 siliquae of gold
were consumed rather than 1,728 consumed for striking full weight solidi.
The surplus yielded 3 extra full weight solidi. If solidi were minted
at 22 siliquae to the pound, then the surplus was doubled to 6 full weight
solidi; if minted at 20 solidi, the surplus was doubled again to 12 full
weight solidi.
The potential savings can be seen in a simple example. If the
mint was ordered to remint half of the 2,016,000 solidi received in taxation
as light weight coins the following surplus of full weight solidi was obtained
for each weight standard:
Wt. Standard
23 siliquae
22 siliquae
20 siliquae
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Surplus Full Wt. Solidi
42,000 solidi
84,000 solidi
168,000 solidi
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With sums of 42,000 to 168,000 solidi, Justinian could buy the services
of the Lombards or a treaty from Shah Chosroes.
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