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What the price of an ancient Roman nail teaches us about value
Summary
This article looks at the story of an ancient Roman nail hoard found near Edinburgh in 1960. It explores how the Romans buried the nails to keep them away from local Caledonians and how later civilisations valued the skilled blacksmith's labour in a nail. It then explains how the real price of nails was broadly unchanged through the 18th century, but dropped by 90% between the late 1700s and mid-1900s. It attributes this to the increased efficiency of the manufacturing process as well as cheaper iron and energy. It also considers the impact of the Gutenberg printing press and solar panels on modern civilisation, concluding that it is often the cheap technologies that change the world.
Q&As
How was the Roman Empire's Twentieth Legion's fort near River Tay different from other Roman forts?
The Roman Empire's Twentieth Legion's fort near River Tay lacked baths and aqueducts.
How did the Romans protect their 10 tons of nails from the local Caledonians?
The Romans buried the nails so deep that they would not be discovered for almost two millennia.
What did early 17th-century Virginians do to recover their valuable nails?
Early 17th-century Virginians would sometimes burn down their homes if they were planning to relocate in an attempt to recover the valuable nails.
How did the real price of nails change between the late 1700s and mid-1900s?
The real price of nails fell by 90% between the late 1700s and mid-1900s.
What did Adam Smith describe in his book The Wealth of Nations that contributed to the falling price of nails?
Adam Smith described the huge productivity of a then-modern pin factory, thanks to the specialisation of the manufacturing process in his book The Wealth of Nations.
AI Comments
👍 This article dives deep into the history of nails and provides a fascinating look into how the price of nails has changed over time.
👎 This article is only of interest to those who are already familiar with the history of nails, making it inaccessible to many readers.
AI Discussion
Me: It's about the history of nails and how their value has changed over time. It talks about how the Romans buried 10 tons of nails to prevent them from being used by the Caledonians and how nails were so valuable in the 17th century that some people would burn down their homes just to reclaim them. It also looks at how the price of nails has changed since then and why they are so cheap today.
Friend: That's really interesting. It seems like nails have been an important part of history for a long time. What implications does the article have?
Me: The article highlights the importance of technological innovation and the power of the division of labour. It shows how advances in technology and production methods can reduce the cost of goods and services, making them more accessible to people. It also suggests that simple, everyday items such as nails can have a huge impact on the global economy, even though they may not seem like they would. Finally, it emphasises the need for governments to be aware of the potential consequences of trade restrictions on certain products, as was the case with the British ban on nail exports to its colonies.
Action items
- Research the history of nail production and the impact of automation on the price of nails.
- Explore the impact of industrial policy and national security on nail production.
- Investigate the physics behind nails and other everyday objects to gain a better understanding of their construction and use.
Technical terms
- Roman Empire
- A powerful political and military state that existed in Europe from 27 BC to 476 AD.
- Twentieth Legion
- A Roman military unit of the late Republic and early Empire.
- Caledonians
- A group of Iron Age people who lived in what is now Scotland during the Roman period.
- Nuts and Bolts
- A book by Roma Agrawal about the history of everyday objects such as springs, wheels and nails.
- Adam Smith
- An 18th-century Scottish economist and philosopher who wrote The Wealth of Nations.
- The Wealth of Nations
- A book by Adam Smith that is considered a foundational text of economics.
- Gutenberg Printing Press
- A printing press invented by Johannes Gutenberg in the 15th century.
- Solar Panels
- A device that converts sunlight into electricity.
- Bookshop
- An online bookstore that supports local independent retailers.
- JLA
- A lecture agency in the UK.
- Leigh Bureau Ltd.
- A lecture agency outside of the UK.
- Felicity Bryan Agency
- A literary agency.
- Knight Ayton
- A TV and radio agency.