Sound Money led to the Eastern Roman Empire's Survival

During the 4th century, the Roman Empire split into Western and Eastern halves. The Western Roman Empire was conquered by barbarians. The Eastern Roman Empire survived. In fact, the Eastern Empire outlasted the Western Empire by 1000 years. The Eastern Roman Empire is also known as the "Byzantine Empire." The term "Byzantine Empire" was created by historians who refused to believe the Roman Empire's survival in the East during medieval times. The Eastern Roman/Byzantine Empire was a Greek speaking, Christian theocracy. The emperor was head of the Orthodox Church and God's representative on Earth. The Eastern Roman Empire defended Europe from Islamic invasions for many centuries. The Eastern Roman/Byzantine Empire finally collapsed in 1453. So technically, the Roman Empire fell 40 years before Columbus discovered America!

One reason why the Eastern Roman/Byzantine Empire survived for so long was its sound money. The Empire's primary coin is the gold Solidus. The Solidus contained 4.5 grams of 95% pure gold. The gold Solidus was introduced by emperor Diocletian in 301 AD. The Solidus would become the most respected currency during medieval times. In fact, the Solidus retained its weight and purity until the 11th century! The Solidus was a symbol of the Eastern Roman/Byzantine Empire's economic stability. Apparently, the Byzantine army was paid with Solidus. The English word "soldier" was derived from Solidus.

The Solidus in this picture was issued by emperor Phocas, who reigned from 602-610 AD. Phocas was an army officer who led a coup against the previous emperor, Maurice. Phocas executed emperor Maurice and his sons. Phocas himself became the new Byzantine emperor. Historians often labeled Phocas as an incompetent tyrant. During Phoca's reign, the Eastern Roman Empire was invaded by the Persian Empire. A general named Heraclius led a rebellion against Phocas. Heraclius disposed of Phocas and became the new emperor.

Despite being over 1000 years old, this Solidus is quite affordable. In fact, most gold Solidus sell for under $500!

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