This page cannot be viewed in frames

Go to page

If you have found a spelling error, please, notify us by selecting that text and pressing Ctrl+Enter.

Disruptions in Roman market

This post is also available in: Polish (polski)

Coin of Augustus
Coin of Augustus

The turmoil in the financial markets and in the real economy made state intervention necessary. Carrying out active measures to limit the effects of the crisis, however, is nothing new and was used hundreds of years ago, as evidenced by the history of one of the first banking crises in history, which took place in the Roman Empire.

In 32 CE three ships belonging to Seuthes & Syn of Alexandria sank in the Red Sea, causing a significant deterioration in the company’s financial situation. A year later, as a result of the Phoenician workers’ revolt and embezzlement, the banking house of Malchus & Co. in Tire went bankrupt.

The result of the combination of these unfavourable events was the bankruptcy of Quintus Maksymus and Lucius Libo, who were the largest banking houses of the Roman Empire, and at the same time creditors of the aforementioned entities.

This event, despite the fact that it took place long before the institution of a commercial bank was formed, is referred to as a banking crisis, and the intervention of Emperor Tiberius, involved the transfer of 100 million sesterces to bankers from state funds, was duplicated nineteen centuries later by the US authorities during the panic with 1907.


IMPERIUM ROMANUM needs your support!

If you like the content that I collect on the website and that I share on social media channels I will be grateful for the support. Even the smallest amounts will allow me to pay for further corrections, improvements on the site and pay the server.



Find out more!

Check your curiosity and learn something new about the ancient world of the Romans. By clicking on the link below, you will be redirected to a random entry.

Random curiosity

Random curiosity

Discover secrets of ancient Rome!

If you want to be up to date with newest articles on website and discoveries from the world of ancient Rome, subscribe to the newsletter, which is sent each Saturday.

Subscribe to newsletter!

Subscribe to newsletter

Spelling error report

The following text will be sent to our editors: