Currency values and etc.

[satalexton]

How much would a mnai during EB's time frame worth in equivilant to say...in US dollars? =/

And how much could 1 mnai get you?

Say, if i'm a reasonably well off (a nice estate, some slaves and workers tilling it for me, being able to provide myself gear for wars as a pezhetairoi...) citizen of Makedonia, and I'd like to buy some silk from Sinae, would that cost me an arm and a leg?

[Maion Maroneios]

According to a previous post with the same question, a mina is worth 450gr (or 15.8732 ounces) of silver. If you take in mind that currently the value of silver is 11.24$ per ounce, then you get that 1mnai is equivalent to about 212.135 modern US dollars.

EDIT: Just for the fun of it, if you play a bit with numbers you'll find out that (according to Thoukydides) a standard Athenian hoplite was paid 1 drachme per day, or 2.121$ per day (with modern standards and taking into mind that a drachme is 100 times less worth than a mina). So don't go saying modern money sucks, or try working as a soldier for 2$ per day:tongue:

Maion

[Ibn-Khaldun]

So don't go saying modern money sucks, or try working as a soldier for 2$ per day:tongue:


There are places in modern world where 2$ a day is a lot of money. ~:)

[Hax]

Have you also taken in mind natural inflation?

[Watchman]

Plus if we're talking about the citizen-hoplites here that's not so much a wage as a compensation for the "day work" they're not doing while under arms.

[Maion Maroneios]

There are places in modern world where 2$ a day is a lot of money. ~:)
Well, I was joking you know. I know there are people in this world, that sadly enough work with an even less daily wage.


Have you also taken in mind natural inflation?I think you mean plain inflation. Natural inflation has to do with Physics. And nope, as it's quite difficult (corrected this part, got to sharpen my wits from now:tongue:). I just have taken account of how much silver is worth in modern US dollars.


Plus if we're talking about the citizen-hoplites here that's not so much a wage as a compensation for the "day work" they're not doing while under arms.
Well, in any case Thoukydides states they where paid 1 drachme per day. If that was a fixed salary or just an extra as a compensation, as you stated, I do not know.

Maion

[MarcusAureliusAntoninus]

There was a whole lot less silver on the world market in 272BC.

[Nirvanish]

This reminds me of the list of the top ten richest people in history which I ran across a year or so ago. Surprisingly if I remember correctly our good friend Marcus Licinius Crassus was something like 7th on the list.

[Subotan]

http://en.wikipedia.org/wiki/List_of_most_wealthy_historical_figures

[desert]

It was good money during the Great Depression in the USA too - Roosevelt's work programs had young men building bridges/digging ditches/other manual labor for a dollar a day.

Or maybe I'm mistaken and it was actually a dollar an hour? :dizzy2:

[Ibrahim]

It was good money during the Great Depression in the USA too - Roosevelt's work programs had young men building bridges/digging ditches/other manual labor for a dollar a day.

Or maybe I'm mistaken and it was actually a dollar an hour? :dizzy2:

well, minimum wage pre WW2 was 0.25$ per hour (FDR having set the first minimum wage)

[desert]

Ok, so a height-of-the-GD wage of $1 a day for young manual laborers sounds correct.

[Maion Maroneios]

There was a whole lot less silver on the world market in 272BC.
True, that's why we can't really make a comparison with ancient times. You see, in modern standards, the salary for an Athenian hoplite would be the equivalent of the salary a good-ranked soldier would get in a developed country. You see, during the Classical Era (when Thoukydides wrote about the payment of Athenian hoplites), Athens was known to be one of the wealthiest powers in the world. I remember a source I once dug up from my old books that a common Athenian those days got more grain (see it like a currency that time) than a common citizen of the previously advanced Egyptian Kingdom (then still ruled by Pharaohs) and later Roman Empire.

So basically they got good payment. They certainly didn't complain about it, now did they? Inflation and all are get into account up to some degree, but we cannot really make a comparison between ancient and modern times in terms of economy, since it's a matter highly complicated and constantly shifting. Plus, there were different priorities in life then. No shopping therapy, no super markets, no large malls where you can enjoy every aspect of modern civilization.

Also, today's economy is almost purely driven upon people's appreciation of something. I mean, why does a pair of jeans of X (very famous and loved, like Levi's) brand cost like 5 times more than a pair of jeans of Y (less famous and loved, like Crispi) brand? Because the former brand is more appreciated. What if it's the exact same cloth and quality? They just don't care. You like it very much? You gotta put your hand deep into your pockets:yes:

Maion

[satalexton]

so if i wanted to buy some silk from Sinae, would i have to sell my estate and slaves? ._.

[||Lz3||]

Here, the minimum wage is 3.55446 Dls... a day... <.<

[Maion Maroneios]

Here, the minimum wage is 3.55446 Dls... a day... <.<
Wow man, really? Well, here in Greece they take lots of advantage from people (especially immigrants) and it won't surprise me at all if some people work for just some bread and shelter. A rare occasion, but sadly enough that kind of stuff happens everywhere.

Maion

[We shall fwee...Wodewick]

Our minimum wage was at one point $11+ an hour, but Sterling has since collapsed in value against the Dollar and the Euro and now it's substantially less, but still around $8-9 ph. Guess we're lucky that we get it so good.

[Aemilius Paulus]

Well, Germany doesn't have a minimum wage at all. The only First World country to do so.

[palmtree]

No, Sweden too has no legally set minimum wage.

[SwissBarbar]

Switzerland does not have a minimum wage either. The Swiss Federation of trade unions RECOMMENDS a minimum wage of 3.550 swiss franks (2300 euro) per month, so ca. 120 swiss franks per day. But espeacially in gastronomy and retail trade, there are many people who earn less.

[Maion Maroneios]

You know how much this is for us in Greece? Here the minimum monthly salary is about 600 Euro. Which means something like 20 Euro per day:dizzy2:

Maion

[SwissBarbar]

But all things are much more expensive here :beam:

[Maion Maroneios]

I kind of doubt that. You see, we are known to be one of the most expensive countries in the EU, you see:yes:

Maion

[Tyrfingr]

No, Sweden too has no legally set minimum wage.

True, we got smelly unions and their collective bargaining instead...effectively reducing buisness of all sizes. Communist bastards...