The first delivery of this lecture was as U Illinois, Urbana Champaign. Today I am honored to deliver a version of it here in Beijing. I am not releasing slides and the speaking notes yet as I believe I may further refine my work on this subject for future delivery.
The Economic Historian and the Ciceronian Corpus
Abstract: This paper considers the challenges of using Cicero’s testimony as historical evidence for the nature of the Roman economy. Emphasis is placed on the literary character of Cicero’s letters, comparative material evidence, and the Ciceronian passages most often cited by economic historians. The corpus does provide a rich insight into elite Roman attitudes to economic issues and their moral dimensions. While offering cautionary lessons, the speaker remains optimistic we may save the baby from the bathwater.
Don’t panic at the chunks of untranslated Latin! This isn’t a sight-reading exam! My slides are full of translations adapted from the Loeb unless otherwise noted (and pretty pictures).
- Detail of woodcarving advertisement by Frank Van den Wijngaert 1926. Public domain image.
- Structure: I. Intro (a) how I got here; (b) a little (pragmatic) philosophy; (c) a wee bit of practical information on the nature of Roman money; II. substance (d) lex Valeria of 86BCE; (e) liquidity and ready cash; (f) temple deposits; (g) the fluctuation of interest rates; (g) where does this leave us?
- Illustration from Th. Murner, Die Narrenbeschwörung (The Exorcism of Fools) 1512. Public domain image.
- F. Pina Polo, “Cupiditas pecuniae: wealth and power in Cicero.” In Money and power in the Roman republic, edited by H. Beck, M. Jehne and J. Serrati, 165-177. Latomus, 2016. On slide: opening of Cic. St. Par. 6.42. TikTok stills shown for non-commercial purposes under fair use laws. Otium and enslaved labor: R. Warwick, (2024). Cicero’s Lamp: Enslavement and the Light of Roman Authorship. American Journal of Philology, 145(4), 535–561; H. Flower, Intellectual Property: Learned Slaves and Educated Freedmen in Republican Rome. Princeton 2025; J. Coogan, C. Moss, and J. A. Howley, eds. Writing, Enslavement, and Power in the Roman Mediterranean, 100 BCE-300 CE. OUP 2025; S. Bernard, “Slavery, prosperity, and inequality in Roman Pompeii.” Past & Present 272.1 (2026): 3-50.
- V. Tsouna, Philodemus, on property management. Society of Biblical Lit, 2013. On slide 27.44-46, my translation. Cicero on Philodemus: Pis. 68–72, 74 with Asconius ad 68; Fin. 2.119. Press release images shown for non-commercial purposes under fair use laws.
- Ibid. 26.39-43, Tsouna translation. Other passages mentioned: Use managers approved by friends: 26.18ff. Don’t do your own manual labor, make money from real estate (rents, cultivation) and the labor of skilled slaves: 22.1ff. Don’t wake up too early or be a micromanager: 11; Just like you use someone skilled to bake your bread, get a good financial manager, don’t do it yourself: 19.22-31; using money badly and obsessing about it are the problem, not wealth itself: 14.
- MANN inv. No. 8598. Public domain image. Images of one tablet from the Sulpician Archive are from G. Camodeca, “Il Senatore Q. Cassius Gratus e Un Suo Affare a Puteoli. Ricomposizione Di Una Tabula Herculanensis Del Gennaio 53 (TH2 A 32).” Zeitschrift Für Papyrologie Und Epigraphik 217 (2021): 261–65. On properly kept private tabula vs. messy adversaria: Cic. Ros. Com. 1-3, 6, 9, Cluent. 82; on commercial records: Font. 11; bank account records: Verr. 2.1.100, 102, 188; on public financial records Flac. 21, Pis. 61; distrust of Greek record keeping: Flac. 20, Saur. 18. The best discussion of the evidence for Roman deposit banking remains Kay, Philip. Rome’s Economic Revolution. OUP 2014, showing practice well attested by the early 2nd century BCE, if not earlier. On role of gold, see essays in A. Suspène, M. Blet-Lemarquand, F. Duyrat and S. Nieto-Pelletier, AVREVS. Le Pouvoir de l’or, édité par. Ausonius, 2023.
- Cic. Quint. 17: Cum pecuniam C. Quinctius P. Scapulae debuisset, per te, C. Aquili, decidit P. Quinctius quid liberis eius dissolveret. Hoc eo per te agebatur quod propter aerariam rationem non satis erat in tabulis inspexisse quantum deberetur nisi ad Castoris quaesisses quantum solveretur. Decidis statuisque tu, propter necessitudinem quae tibi cum Scapulis est, quid eis ad denarium solveretur. Translation on screen is adapted from the Loeb. Image is fair use of the Digitales Forum Romanum reconstruction of the temple of Castor in its third phase post 117 BCE.
- Cic. Font. 1-2: itaque contendo post legem Valeriam latam . . . te . . . quaestore usque ad T. Crispinum quaestorem aliter neminem solvisse; hunc omnium superiorum, huius autem omnis qui postea fuerint auctoritatem dico secutos. Quid accusas, quid reprendis? Nam quod in tabulis dodrantariis et quadrantariis… There is value in A. Dyck, Marcus Tullius Cicero, Speeches on Behalf of Marcus Fonteius and Marcus Aemilius Scaurus. Translation, Introduction, Historical Commentary. OUP 2012 but on the author’s conviction: G W. Griggs, LA Times March 27, 2004. Vel. Pat. 2.23.2: In huius locum suffectus Valerius Flaccus, turpissimae legis auctor, qua creditoribus quadrantem solvi iusserat, cuius facti merita eum poena intra biennium consecuta est. Fair use image of MFABoston 1987.301: detail of reverse. The type of over ambitious use of the lex Valeria of 86 BCE in economic history is seen in A. Collins and J. Walsh. “Debt deflationary crisis in the late Roman republic.” Ancient Society 45 (2015): 125-170, relying on C. T. Barlow, “The Roman government and the Roman economy, 92-80 BC.” The American Journal of Philology 101.2 (1980): 202-219 who claims it was response to a drop in real estate prices on the basis of Cic. Q. Rosc. 33.
- See 8 above. Sal. Cat. 33.2: Saepe maiores vostrum, miseriti plebis Romanae, decretis suis inopiae eius opitulati sunt, ac novissume memoria nostra propter magnitudinem aeris alieni, volentibus omnibus bonis, argentum aere solutum est. Cited in MRR under 86 BCE Valerius Flaccus’ suffect consulship, alongside Font. 1-2, regarding legislation.
- Drusus’ legislation: Pliny NH 33.13. The Lex Papiria: semuncial standard introduced and something with small silver coinage: Plin. NH 33.46, cf. coin legends: RRC 338: L·P·D·A·P and RRC 340/3 and 337/4: E·L·P. On murder of A. Sempronius Asellio: App. BC 1.54, Liv. Per. 74, and Val. Max. 9.7 with Brennan, T. Corey. The Praetorship in the Roman Republic, 2 Vols. Oxford, 2000: p. 443. On 88 BCE, the text of Fest 516L is uncertain: Unciaria lex appellari est quam L. Sulla et Q. Pom[peius Rufus] tulerunt qua sanctum est ut debitores decimam partem … “The law called that of the twelfth was carried by Sulla and Pompeius Rufus (coss. 88) by which it was sanctioned that debtors a tenth part…[the rest is lost]” (my own translation). Gratidianus’ legislation: Cic. Off. 3.80; Pliny NH 33.132. For discussion of Drusus and Gratidianus see: A. Sharpless, L. M. Yarrow, and K. Lockyear, ‘Economic Fears and Realities in the 80s BCE’ in K. Butcher and M. Ponting, Rome and the Coinages of the Mediterranean Conference Proceedings. RNS. Forthcoming. Fair use image of reverse of BM 1860,0328.55 (RRC 340/3) and public domain image of reverse of Westfälischen Wilhelms-Universität ID156 (RRC 340/2).
- See 8ff. above. Public domain image of reverse of Westfälischen Wilhelms-Universität ID158 (RRC 340/1).
- Cic. Quinct. 17: Quinctius porro istum posse facere videbat, debere intellegebat, mentiri, quia causa cur mentiretur non erat, non putabat; quasi domi nummos haberet, ita constituit Scapulis se daturum…[Naevium] rogat ut curet quod dixisset. On strong boxes in Pompeii: E. B. Andersson. 2022. “The economic centre of Pompeii revealed by Roman cash keeping” in Archaeology and Economy in the Ancient World Heidelberg Propylaeum, 159-172. Fair use of images of the atrium of Pompeii IX.14.4 from pompeiiinpictures.com.
- Cic. Caes. 11: …e municipio Tarquiniensi, qui et domi suae cum primis honestus existimatus est, et Romae argentariam non ignobilem fecit. Is habuit in matrimonio Caesenniam eodem e municipio, summo loco natam et probatissimam feminam… Public domain image of the sanctuary at Tarquinia.
- Val. Max. 4.8.3: qui Catilinae furore ita consternata re publica, ut ne a locupletibus quidem debitae pecuniae propter tumultum pretiis possessionum deminutis solui creditoribus possent, cum centies atque quinquagies sestertii summam in faenore haberet, neque de sorte quemquam debitorum suorum neque de usura appellari a suis passus est, quantumque in ipso fuit, amaritudinem publicae confusionis priuata tranquillitate mitigauit, opportune mirificeque testatus se nummorum suorum, non ciuilis sanguinis esse faeneratorem. Fair use image from Soldovieri, Umberto. “Un’inedita tessera nummularia da Pompei.” Sylloge epigraphica Barcinonensis: SEBarc (2020): 195-198. There are at least two reported tesserae nummulariae from 63 BCE, but these lack archaeological provenance and photographs.
- Cic. Att. 12.25: mihi et res et condicio placet, sed ita ut numerato malim quam aestimatione. … unde ergo numerato? HS [600k] exprimes ab Hermogene, cum praesertim necesse erit; et domi video esse HS [600k]. reliquae pecuniae vel usuram Silio pendemus… Public domain photograph of the Janiculo. Fair use image of the strong-box found at Oplontis Villa B from pompeiiinpictures.com. This strong box was already more than 200 years old when it was buried by the eruption of Vesuvius in 79 BCE. See also n. 13 above.
- No notes. Just breath.
- Cic. Att. 7.18.4: Quintus frater laborat ut tibi quod debet ab Egnatio solvat; nec Egnatio voluntas deest nec parum locuples est, sed cum tale tempus sit ut Q. Titinius (multum enim est nobiscum) viaticum se neget habere idemque debitoribus suis denuntiarit ut eodem faenore uterentur, atque hoc idem etiam L. Ligus fecisse dicatur, nec hoc tempore aut domi nummos Quintus habeat aut exi<ge>re ab Egnatio aut versuram usquam facere possit, miratur <te> non habuisse rationem huius publicae difficultatis. I wonder if this use of rationem might give us a clue to its employment in no. 8 above. Public domain image of UK Portable Antiquities Scheme, Treasure case: 2005 T268. The standard work on arm-purses remains: E. Birley, ‘Roman bronze arm-purses’, Archaeologia Aeliana 4th series, 41, 1963, 5-17; a survey of new evidence and fresh analyses is needed, esp. volumetric measurements for carrying capacity.
- Cic. Att. 8.7.3. Translationese my own. The misreadings of this passage have been exacerbated by Shackleton-Bailey’s translation and commentary, now perpetuated in the Loeb. Detail of public domain drawing by G. Rehlender from History of All Nations, volume 5 (1905): 118 and fair use of photograph of part of the obverse of BM 2002,0102.3767 (RRC 396/1).
- Cic. Att. 5.21.12. The screenshot translation is by E. Shuckburgh. I skipped the full Latin as the relevant bit is on the screen and the whole passage is long and this handout a bit outrageous at this point. Fair use screenshot of map drawn in Google Earth. Tzounakas, Spyridon. “Cicero and Brutus’ loan to the Salaminians: a case for (self-)praise and justification.” Pan N. S. 9 (2020): 5-16; Zarecki, Jonathan. “The Cypriot Exemption from Evocatio and the Character of Cicero’s Proconsulship.” Greece & Rome 59, no. 1 (2012): 46-55. Cf. Andreau, Jean. Bruto Usurario Nell’epistolario Ciceroniano, L’indipendenza Di Lucilio, by Giuseppina Allegri and Bruno Zucchelli. Latomus 38, no. 3 (1979): 743–45. On Kaunos deposit, Cic. Fam. 13.56.
- Cic. Att. 6.1.15: De Bibuli edicto, nihil novi praeter illam exceptionem de qua tu ad me scripseras ‘nimis gravi praeiudicio in ordinem nostrum.’ ego tamen habeo ἰσοδυναμοῦσαν sed tectiorem ex Q. Muci P. f. edicto Asiatico, ‘extra quam si ita negotium gestum est ut eo stari non oporteat ex fide bona.’ Fair use screenshot of map drawn in Google Earth. Cf. A.D. Fernández, “A Ciceronian exemplum: Cicero’s Self-Portrait as Provincial Governor through his Letters.” Studies on Roman Thought and Its Reception (2022): 33.
- Cic. Att. 6.1.16: usuras eorum quas pactionibus adscripserant servavit etiam Servilius; ego sic: diem statuo satis laxam, quam ante si solverint, dico me centesimas ducturum, si non solverint, ex pactione. itaque et Graeci solvunt tolerabili faenore et publicanis res est gratissima, si illa iam habent pleno modio, verborum honorem, invitationem crebram. quid plura? sunt omnes ita mihi familiares ut se quisque maxime putet. Network map is my own. On Cicero’s construction of his own identity in his letters, esp. to friends, see F. Martelli, Souvenirs of Cicero: shaping memory in the Epistulae ad familiares. Oxford University Press, 2024, esp. ch. 2 which argues that Cilicia serves as a framing device in the vulgate organization of the letters to friends.
- Tac. Ann. 6.16: Interea magna vis accusatorum in eos inrupit qui pecunias faenore auctitabant adversum legem dictatoris Caesaris qua de modo credendi possidendique intra Italiam caventur, omissam olim, quia privato usui bonum publicum postponitur. sane vetus urbi faenebre malum et seditionum discordiarumque creberrima causa eoque cohibebatur antiquis quoque et minus corruptis moribus. nam primo duodecim tabulis sanctum ne quis unciario faenore amplius exerceret… . J. L. Posadas Sánchez, “Tácito y la fidelidad a las fuentes jurídicas primarias.” Revista Internacional de Derecho Romano 32 (2024): 451-479 argues that Tacitus had access to accurate legal records of the twelve tables. I am more skeptical. The most complete survey of modern views on (and skepticism of) the literary tradition remains Monteverdi, Donatella. La questione decemvirale: itinerari e risultati di una complessa vicenda storiografica. Padova: CEDAM, 2019. Public domain image of the Tabula Capuana, an Etruscan calendar from c. 470 BCE now in the Altes Museum. It is only partially deciphered. It is suggestive of how much difficulty later Romans may have had reading the original text of the XII tables even if it was preserved in their day, cf. confusion over text of Lapis Niger.
- Cic. Fam. 5.6 (62 BCE) and Att. 1.12 (61 BCE). Public domain image of the obverse of ANS 1896.7.90 (RRC 415/1) and fair use image of obverse of BnF REP-18366 (RRC 416/2).
- Cic. Q.Fr. 2.15.4 (54 BCE): Ambitus redit immanis. numquam fuit par. Id. Quint. faenus fuit bessibus ex triente coitione Memmi et consulum cum Domitio. hanc Scaurus unus <vix potest> vincere. Messalla flaccet. non dico ὑπερβολάς; vel HS centiens constituunt in praerogativa pronuntiare. Public domain image of Berlin 18309499 (RRC 435/1).
Further information that may be of use with regard to this talk (and that I cannot resist sharing.)
The Romans operated on the basis that 6000 denarii, their primary silver denomination, equaled one talent. They presumed 3 denarii per cistophori or 2000 cistophori to the talent. One talent would this way slightly over 50 pounds or almost exactly 23 kilograms.
How rich do you need to be to fund a legion for a year?! Cf. Plin. NH 33.147: ex eadem gente M. Crassus negabat locupletem esse nisi qui reditu annuo legionem tueri posset. A good guess is about 116 talents. Our knowledge of legionary pay between 141 BCE and Caesar is a matter of deduction based on testimony on earlier and later pay rates, not direct evidence.
Examples from Cicero converted between the unit of account (sestertii), the most common payment (denarii), and the nominal talent.
| Sestertii | Denarii | Talents | Expense Type | Citation and Year |
| 30,000 | 7500 | 1.25 | an inn (deversorium) | A.10.5, 49 BCE |
| 80,000 | 20,000 | 3.3 | Young Marcus’ annual allowance while in Athens, derived from the rents from an apartment block | A.16.1,44 BCE |
| 101,000 | 25,250 | 4.2 | A farm near Arpinum with a fishpond, fountains, palaestra, etc. | FrQ 3.1 Sept. 54 BCE |
| 130,000 | 32,500 | 5.4 | a house in Naples | A.1.6, 68 BCE |
| 250,000 | 62,500 | 10.4 | government estimate of the value of Cicero’s Formiae property | A.4.2.9, 57 BCE |
| 500,000 | 125,000 | 20.8 | government estimate of the value of Cicero’s Tusculan property | A.4.2.9, 57 BCE |
| 1,000,000 | 250,000 | 41.7 | a building Cicero’s brother bought in Rome in the Argiletum | A.1.14, 61 BCE |
| 2,000,000 | 500,000 | 83.3 | Government estimate of the value of Cicero’s Palatine house | A.4.2.9, 57 BCE |
| 3,040,000 | 760,000 | 126.7 | a house near the temple of Strenia near the upper via Sacra | A.15.26.4, 44 BCE |
| 3,500,000 | 875,000 | 145.8 | Price Cicero paid Crassus for his Palatine house | F5.6, 62 BCE |
| 4,300,000 | 1,075,000 | 179.2 | A fleet to control the Adriatic and Tyrrhenian Seas | Pro. Flacc. 30 |
| 11,500,000 | 2,875,000 | 479.2 | Cost of 1000 iugera of land | A.12.2a, 45 BCE |
| 13,400,000 | 3,350,000 | 558.3 | Paid for a house in Rome by Messalla | A.1.13, 61 BCE |
| 18,000,000 | 4,500,000 | 750.0 | Treasury allocation to Piso for his governorship | In Piso 86 |
| 40,000,000 | 10,000,000 | 1,666.7 | Authorized for Pompey’s grain supply command | FrQ. 2.5 56 BCE |
For a scholarly yet accessible book length treatment on the modern role of interest rates in regulating economies:
Moore, Basil. Horizontalists and verticalists: the macroeconomics of credit money. originally published 1988, re-issued 2025 with new introduction and retrospective.
The critical study of Cicero and economics is the hard-to-find, mega-monograph:
M. Ionnatou, Affaires d’argent dans la correspondance de Cicéron: l’aristocratie sénatoriale face à ses dettes (2006).
It is on my desk back in the US and I am STILL coming to grips with it.



































