20. The Crisis of the Third Century saw the fragmentation of the Roman Empire, the ascension of more than two dozen emperors, and nearly caused the collapse of the ancient state
The Crisis of the Third Century (235-284 CE) saw the Roman Empire almost collapse under the pressures of invasion, plague, economic depression, and civil war. Starting with the assassination of Emperor Severus Alexander, the following 50 years saw 26 individuals claiming the title of Imperator and the fragmentation of the political unity of the nation into three. Economic woes began under the Severan emperors, due in part to the enlargement of the army by one quarter and the doubling of military wages, with hyperinflation rampant. Successive emperors, seeking to raise coin quickly to afford the “accession bonus” or risk a military coup, inflated the currency by devaluing coinage through the inclusion of bronze and copper.
The effect of these failed policies was unchecked price rises that almost destroyed the Roman economy. The denarius, a silver coin used for more than 300 years, became so devalued it ceased to be used, whilst taxes were collected in kind rather than currency due to the lack of worth of Roman coinage. Civil unrest intensified this crisis, with the internal trade that sustained the empire breaking down. Rural estates ceased exporting, focusing on self-sufficiency, and cities depopulated as citizens, surrendering their status as free persons and becoming “coloni”, migrated to the countryside in search of work. The crisis only ended with the restoration of stable governance under Diocletian in 284.