By the time of the Hebrew Book of Ezra (550 to 450 BCE), receiving salt from a person was synonymous with drawing sustenance, taking pay, or being in that person's service. At that time, salt production was strictly controlled by the monarchy or ruling elite. Depending on the translation of Ezra 4:14, the servants of King Artaxerxes I of Persia explain their loyalty variously as "because we are salted with the salt of the palace" or "because we have maintenance from the king" or "because we are responsible to the king".[1]
Salarium
Similarly, the Latin word salarium linked employment, salt, and soldiers, but the exact link is not very clear. More modern sources maintain instead that although Roman soldiers were typically paid in coin, the word salarium is derived from the word sal (salt) because at some point a soldier's salary may have been an allowance for the purchase of salt[4] or the price of having soldiers conquer salt supplies and guard the Salt Roads (Via Salaria) that led to Rome.[5][6] However, there is no ancient evidence for either of these hypotheses.[7]
Some people even claim that the word soldier itself comes from the Latin sal dare (to give salt),[citation needed] but mainstream sources disagree,[8][9] noting that the word soldier more likely derives from the gold solidus,[10] with which soldiers were known to have been paid[citation needed].
Early in the 20th century, line workers at Ford were paid less than $2.50 per day. Turnover was high -- the work was monotonous -- and then Henry Ford had the genius idea to start paying workers $5 per day -- a quarter-ounce $5 gold coin, or 5 one-ounce silver dollars. (The actual pay scheme was more complicated than that; see some of the articles at link above for details).
As for silver: 240 working days at $5 each = $1200 silver coinage face value = $27,684 at current silver pricing, again per current silver market value.
Back then (January 1914), each dollar was worth one-twentieth of an ounce of gold or one full ounce of silver (minus the seignorage, or the Treasury's cut for coining the metal). Roughly speaking, gold (by weight) was pegged at 20 times the value of silver. That is fairly close (a bit high, really) to the historic average over the centuries.
Today, gold's market value is ($1957.10/oz divided by $23.07/oz) = 84.833 times the value of silver.
Yes, it seems reasonable to believe that silver is dramatically undervalued today. That doesn't prove it will rise in value relative to gold, but if one had to bet . . .
When considering prices in ancient Rome, it is also worth looking at what pay a Roman legionary could count on. Thus, the wages of the Roman army were gradually increased over the years.
Writers in the 2nd century BCE Polybius reports that the soldier received a daily wage of 2 oboles, which was about 120 denarii per year (480 sesterces).
2.Julius Caesar (mid 1st century BCE) raised the wage to 225 denarii (900 sesterces), which was sustained during the reign of Octavian Augustus (27 BCE – 14 CE).
3.In Domitian (81-96 CE) it increased to 1,200,
4.in Septimius Severus (193 -211 CE) to 2400,
5.from Caracalla (211-217 CE) to 3600 sesterces and
6.Maximinus Thrax (235-238 CE) raised the pay to 1,800 denarii (7,200 sesterces).
If course inflation was rampant due to dilution of the PM-content of the coins.
So, comparing it to the Quinarius, on average, 77.5 Sesterces went into 1 Quinarius, 2-4 grams @ 95% Silver content.
And it all depends on what could be bought with it. From the view of a sewage cleaner, during the time of diocletian (301 AD) with price controls, 80-100 sesterces coulld buy about 2 libra (about 600 g) pork. So: 144 pounds of flesh a year.
And it does not include other perks as booty and land.
So, I am not so sure you could use this as a comparison. A better one is to consider Europe around 1300-1900. You could live very well, with 5 of your staff including lodging on a silver coin @ 28 grams of silver.
However as a rule of thumb, multiply the Gold/silver ratio with the current price of Silver and you get in the goldi lock zone.
Expenses for a Roman soldier was probably very low. They lived in barracks, ate whatever grub was cooked in the mess hall, perhaps had to buy some of their equipment, but I don't know that for sure. So maybe that silver was used for entertainment, wine, and prostitutes.
JP Morgan Chase and the other big Banks have been convicted of manipulating the precious metals markets, this is an easy explanation of how it is done, the process is called spoofing, it is illegal and people should go to jail for it but instead they just get a relatively small fine.
(August-11-2022) REUTERS - Ex-JPMorgan traders cleared of racketeering, found guilty of fraud
https://archive.ph/l5Rhs
"The case against the bank's former global precious metals desk head Michael Nowak, precious metals trader Gregg Smith and salesperson Jeffrey Ruffo is seen as the Justice Department's most aggressive to date targeting a manipulative futures trading tactic known as spoofing."
If they want to manipulate metals to lower prices, I'm fine with that, it makes it more affordable for us little people. I don't hold silver as an "investment"... nope, a time will come when all these manipulators are belly up and silver/gold will find its true market value and our currency will be in the toilet.
When that day comes, I plan to be a fat cat. But it's also wise to protect silver with lead, if you know what I mean.
255 denarii per year in ancient Rome would have been enough to support a modest lifestyle, including food, clothing, and other basic necessities. It's also worth noting that soldiers in the Roman army were not paid in a consistent way - their compensation could vary depending on their rank, length of service, etc
As for the value of silver, it's important to remember that its price can fluctuate significantly over time depending on supply and demand. Today's valuation of 29 oz of silver at US$650 may not necessarily reflect the value of silver in ancient times. Additionally, the purchasing power of $650 in today's economy may not be directly comparable to the purchasing power of 255 denarii in ancient Rome.
JP Morgan Chase and the other big Banks have been convicted of manipulating the precious metals markets, this is an easy explanation of how it is done, the process is called spoofing, it is illegal and people should go to jail for it!
(August-11-2022) REUTERS - Ex-JPMorgan traders cleared of racketeering, found guilty of fraud
https://archive.ph/l5Rhs
"The case against the bank's former global precious metals desk head Michael Nowak, precious metals trader Gregg Smith and salesperson Jeffrey Ruffo is seen as the Justice Department's most aggressive to date targeting a manipulative futures trading tactic known as spoofing."
Combination of everything being price inflated in modern times and under paid because there was often a host of benefits to being military and plenty of willing labor. Mercenaries made the equivalent of millions though.
Combination of everything being price inflated in modern times and under paid because there was often a host of benefits to being military and plenty of willing labor.
No the price isn't inflated, it is illegally manipulated.
(August-11-2022) REUTERS - Ex-JPMorgan traders cleared of racketeering, found guilty of fraud
https://archive.ph/l5Rhs
"The case against the bank's former global precious metals desk head Michael Nowak, precious metals trader Gregg Smith and salesperson Jeffrey Ruffo is seen as the Justice Department's most aggressive to date targeting a manipulative futures trading tactic known as spoofing."
Everything meaning anything you buy. Of course the markets are manipulated to hell.
My point was that in the modern age costs of an item far exceeds the actual costs due to all the middle men and extra costs added to the practice. So we have currency devaluation and artificial price inflation in every market.
Trust me I have no doubt the markets are massively manipulated.
TBH silver has to be looked at pre and post discovery of the new world. A lot of silver was mined in Peru and Nevada. ...
Silver is still extremely undervalued and I'm buying a lot of it.
See Coin's finance school on Archive.org.
It seems well balanced with a silver and gold standard.
I don't see it, what section is it in?
https://archive.org/details/coinsfinanciautd00harvuoft
Thanks
It's the age old standard rule: Supply(availability and successfulness of mining) vs Demand.
No availability(could also be hoarders), the exchange rate goes up.
No demand, the exchange rate goes down.
Turn your thinking around. Ask how much precious metal does it cost to buy a fiat dollar. Get the picture?
There is only enough silver above ground mined for every 1 millionaire to possess 7 troy ozs
Electric cars per car no. I use to work exclusively in nonferrous metals market.
The industry/tech is the number one user of silver. More is used in electronics every year than mined.
No idea how much is in a solar panel, but I can tell you there isn't enough to even bother with recycling them. (1st hand knowledge)
I thought they were paid partly in salt? (How we got the word "salary," they say.)
Average pay for Roman Legionnaire
https://ancientfinances.com/2018/02/13/average-pay-for-roman-legionnaire/
https://wikiless.org/wiki/Salary?lang=en#First_paid_salary
Salarium
Interesting data and questions, CoolAsACucumber.
https://www.qwant.com/?q=ford+raised+pay+for+production+line+workers+to+%245+per+day
Early in the 20th century, line workers at Ford were paid less than $2.50 per day. Turnover was high -- the work was monotonous -- and then Henry Ford had the genius idea to start paying workers $5 per day -- a quarter-ounce $5 gold coin, or 5 one-ounce silver dollars. (The actual pay scheme was more complicated than that; see some of the articles at link above for details).
Forbes suggests 240 work days per year for these workers, meaning yearly wages were being upgraded to $1200 or 60 ounces of gold, = $117,426 at the current gold price as I type this.
As for silver: 240 working days at $5 each = $1200 silver coinage face value = $27,684 at current silver pricing, again per current silver market value.
Back then (January 1914), each dollar was worth one-twentieth of an ounce of gold or one full ounce of silver (minus the seignorage, or the Treasury's cut for coining the metal). Roughly speaking, gold (by weight) was pegged at 20 times the value of silver. That is fairly close (a bit high, really) to the historic average over the centuries.
Today, gold's market value is ($1957.10/oz divided by $23.07/oz) = 84.833 times the value of silver.
Yes, it seems reasonable to believe that silver is dramatically undervalued today. That doesn't prove it will rise in value relative to gold, but if one had to bet . . .
https://imperiumromanum.pl/en/roman-society/salary-in-ancient-rome/
2.Julius Caesar (mid 1st century BCE) raised the wage to 225 denarii (900 sesterces), which was sustained during the reign of Octavian Augustus (27 BCE – 14 CE).
3.In Domitian (81-96 CE) it increased to 1,200,
4.in Septimius Severus (193 -211 CE) to 2400,
5.from Caracalla (211-217 CE) to 3600 sesterces and
6.Maximinus Thrax (235-238 CE) raised the pay to 1,800 denarii (7,200 sesterces).
If course inflation was rampant due to dilution of the PM-content of the coins.
So, comparing it to the Quinarius, on average, 77.5 Sesterces went into 1 Quinarius, 2-4 grams @ 95% Silver content.
And it all depends on what could be bought with it. From the view of a sewage cleaner, during the time of diocletian (301 AD) with price controls, 80-100 sesterces coulld buy about 2 libra (about 600 g) pork. So: 144 pounds of flesh a year.
And it does not include other perks as booty and land.
So, I am not so sure you could use this as a comparison. A better one is to consider Europe around 1300-1900. You could live very well, with 5 of your staff including lodging on a silver coin @ 28 grams of silver.
However as a rule of thumb, multiply the Gold/silver ratio with the current price of Silver and you get in the goldi lock zone.
Yes
Silver spot is leveraged over 3000x
Do you know where I can go to find out more about silver spot leveraging?
https://www.goldpriceforecast.com/explanations/paper-silver/
It's the silver paper trade. Thanks OBama
Expenses for a Roman soldier was probably very low. They lived in barracks, ate whatever grub was cooked in the mess hall, perhaps had to buy some of their equipment, but I don't know that for sure. So maybe that silver was used for entertainment, wine, and prostitutes.
Let's compare their pay to a modern soldier today.
$650 is still highly under valued for a soldier of any country. Also...
Gold & Silver PRICE MANIPULATION 🤪🤪 Easy Explanation https://www.youtube.com/watch?v=usvCBLyrBdI
JP Morgan Chase and the other big Banks have been convicted of manipulating the precious metals markets, this is an easy explanation of how it is done, the process is called spoofing, it is illegal and people should go to jail for it but instead they just get a relatively small fine.
(August-11-2022) REUTERS - Ex-JPMorgan traders cleared of racketeering, found guilty of fraud https://archive.ph/l5Rhs
"The case against the bank's former global precious metals desk head Michael Nowak, precious metals trader Gregg Smith and salesperson Jeffrey Ruffo is seen as the Justice Department's most aggressive to date targeting a manipulative futures trading tactic known as spoofing."
If they want to manipulate metals to lower prices, I'm fine with that, it makes it more affordable for us little people. I don't hold silver as an "investment"... nope, a time will come when all these manipulators are belly up and silver/gold will find its true market value and our currency will be in the toilet.
When that day comes, I plan to be a fat cat. But it's also wise to protect silver with lead, if you know what I mean.
There's always a demand for bullets... And I'd imagine they'd trade pretty easily with most people post-crash...
255 denarii per year in ancient Rome would have been enough to support a modest lifestyle, including food, clothing, and other basic necessities. It's also worth noting that soldiers in the Roman army were not paid in a consistent way - their compensation could vary depending on their rank, length of service, etc
As for the value of silver, it's important to remember that its price can fluctuate significantly over time depending on supply and demand. Today's valuation of 29 oz of silver at US$650 may not necessarily reflect the value of silver in ancient times. Additionally, the purchasing power of $650 in today's economy may not be directly comparable to the purchasing power of 255 denarii in ancient Rome.
Gold & Silver PRICE MANIPULATION 🤪🤪 Easy Explanation https://www.youtube.com/watch?v=usvCBLyrBdI
JP Morgan Chase and the other big Banks have been convicted of manipulating the precious metals markets, this is an easy explanation of how it is done, the process is called spoofing, it is illegal and people should go to jail for it!
(August-11-2022) REUTERS - Ex-JPMorgan traders cleared of racketeering, found guilty of fraud https://archive.ph/l5Rhs
"The case against the bank's former global precious metals desk head Michael Nowak, precious metals trader Gregg Smith and salesperson Jeffrey Ruffo is seen as the Justice Department's most aggressive to date targeting a manipulative futures trading tactic known as spoofing."
You mean 20 oz of silver?
Combination of everything being price inflated in modern times and under paid because there was often a host of benefits to being military and plenty of willing labor. Mercenaries made the equivalent of millions though.
No the price isn't inflated, it is illegally manipulated.
(August-11-2022) REUTERS - Ex-JPMorgan traders cleared of racketeering, found guilty of fraud https://archive.ph/l5Rhs
"The case against the bank's former global precious metals desk head Michael Nowak, precious metals trader Gregg Smith and salesperson Jeffrey Ruffo is seen as the Justice Department's most aggressive to date targeting a manipulative futures trading tactic known as spoofing."
Everything meaning anything you buy. Of course the markets are manipulated to hell.
My point was that in the modern age costs of an item far exceeds the actual costs due to all the middle men and extra costs added to the practice. So we have currency devaluation and artificial price inflation in every market.
Trust me I have no doubt the markets are massively manipulated.