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Monetary reforms

In the 3rd century, the production of fiat money to pay for public expenses resulted in runaway inflation, and Diocletian tried unsuccessfully to re-establish trustworthy minting of silver coins, as well as silver-bronze " billon " coins (the term "billon" meaning an alloy of precious and base metals that is mostly base metal). Silver currency was overvalued in terms of its actual metal content and therefore could only circulate at much discounted rates. Constantine stopped minting the Diocletianic "pure" silver argenteus soon after 305, while the "billon" currency continued to be used until the 360s. From the early 300s on, Constantine forsook any attempts at restoring the silver currency, preferring instead to concentrate on minting large quantities of the gold solidus, 72 of which made a pound of gold. New and highly debased silver pieces continued to be issued during his later reign and after his death, in a continuous process of retariffing, until this "billon" minting ceased in 367, and the silver piece was continued by various denominations of bronze coins, the most important being the centenionalis.

These bronze pieces continued to be devalued, assuring the possibility of keeping fiduciary minting alongside a gold standard. The author of De Rebus Bellicis held that the rift widened between classes because of this monetary policy; the rich benefited from the stability in purchasing power of the gold piece, while the poor had to cope with ever-degrading bronze pieces. Later emperors such as Julian the Apostate insisted on trustworthy mintings of the bronze currency.

Constantine's monetary policies were closely associated with his religious policies; increased minting was associated with the confiscation of all gold, silver, and bronze statues from pagan temples between 331 and 336 which were declared to be imperial property. Two imperial commissioners for each province had the task of getting the statues and melting them for immediate minting, with the exception of a number of bronze statues that were used as public monuments in Constantinople.