every stamped reduced as presented to it, but in ordinary times this made no practical difference, for the bronze currency was purely local all over Italy and Sicily, as we have seen above. It was far too cumbrous to be used as a medium of international trade.
When the Romans after defeating Pyrrhus and taking Tarentum had reduced all Southern Italy and hence obtained great quantities of silver, they proceeded five years before the beginning of the First Punic war to issue silver denarii or ten as pieces. Are these pieces real representatives of the as of account, or do they rather simply represent the value of the then normal as of currency, which was probably not more than a triens or four ounces or perhaps not more than a quadrans or three ounces? The latter is the more likely hypothesis. They had been long accustomed to a bronze token currency, and it was most likely that the new silver currency would be adapted to it. It is then likely that the denarius equalled ten asses of at least 3 ounces each, in which case silver was to bronze as 180 : 1. In transactions inside the state the balance would be commonly, and in dealing with strangers invariably, employed in all monetary transactions, ancient states being very jealous of alien mintages. This is exemplified by Pliny's statement that the Victoriates brought from Illyria were treated simply as merchandize. Then came the First Punic war, which lasted for two-and-twenty weary years, during which the resources of the Republic were almost drained dry. The state became virtually a bankrupt and simply paid in modern phraseology 3s. 4d. in the pound. It was effected thus: up to the present the as of full weight was the unit of account, although the coined asses had by this time come to be simply tokens of about 2 ounces each. The state accordingly enacted that the as of currency should become the unit of account, and paid the state debt by these coins, and at the same time made it legal for private individuals, who were bound under the old order of things to pay their debts in libral asses to discharge their obligations by sextantal asses. Thus Pliny is perfectly right in saying that the state made a profit of five-sixths. The influx of silver after the conquest of Southern Italy and the
