The Value of Nails: From Roman Treasures to Modern Commodities
Introduction:
In ancient times, the Roman Empire’s 20th Legion built a fort near the River Tay, burying a treasure of 10 tons of nails. This seemingly unremarkable act holds a deeper significance – the value of nails throughout history. While nails may appear mundane and inexpensive today, they have played a crucial role in shaping economies and societies. This article explores the journey of nails from Roman artifacts to modern commodities, delving into their historical significance, changing prices, and the technological advancements that have made them more accessible.
I. The Roman Legacy: A Million Buried Nails
1. Building a Roman Fort: The 20th Legion’s fort construction near the River Tay.
– Despite its size and features, the fort was abandoned shortly after construction began.
– The Romans buried approximately a million nails to prevent their use as weapons by the Caledonians.
2. The Discovery: Uncovering the Treasure Trove
– In 1960, archaeologists discovered the buried treasure of nails in a deep pit covered with gravel.
– Outer nails had rusted, providing a protective shell for the well-preserved inner nails.
3. The Dilemma of Abundance: What to Do with a Million Nails
– Archaeologists faced a challenge in determining what to do with such a large quantity of nails.
– Many nails were sold as souvenirs to fund the excavation, underscoring the lack of understanding regarding their historical value.
4. The Legacy of Roman Nails: Ancient Relics Reflecting Early Technological Advancements
– Nails remain relatively unchanged over the years, unlike other ancient artifacts.
– The enduring nature of nails reflects their importance and practicality in various civilizations.
II. The Changing Value and Price of Nails
1. Early Value: The Preciousness of Nails in Early 17th-Century Virginia
– Early Virginians burned down their homes to salvage and reuse nails during moves.
– Nails were scarce, expensive, and valuable due to their essential role in construction.
2. Industrial Policies and National Security: British Nail Trade Restrictions
– Britain’s ban on exporting nails to its colonies contributed to their high price.
– The historical parallels between the nail trade and current debates on silicon chip-making technology.
3. The Price Revolution: From Stable to Fluctuating Prices
– Economist Daniel Sichel’s research on nail prices from the 18th century to the present.
– Real prices remained relatively stable until the late 1700s, dropped by 90%, and have been rising since then.
– Factors influencing price fluctuations, including raw material costs and increased complexity in modern nails.
4. Efficiency, Division of Labor, and Cost Reduction
– Adam Smith’s insights from “The Wealth of Nations” on the division of labor’s impact on productivity.
– Nails as a prime example of increased efficiency and automation leading to lower prices.
– Parallel between the pin factory’s transformation and the nail industry’s cost reduction.
5. Modern Innovations: The Nail Gun’s Impact on Affordability
– The advent of nail guns revolutionized the installation process, lowering costs.
– The installation price of nails remains incredibly low due to this innovation.
III. Nails as Everyday Objects: Fascination and Value
1. The Enduring Nature of Nails: Reflections on Everyday Objects
– Springs, wheels, and nails as everyday objects that hold endless fascination.
– Nails’ timeless design and function make them an enduring part of human life.
2. Exploring Practical Advice and Physics of Nails
– Agrawal’s book delves into the physics and practical advice related to everyday objects like nails.
– Common misconceptions about nails, such as the reason for bending.
IV. The Power of Cheap Technologies: Nails as Catalysts for Change
1. Lessons from History: Cheap Technologies That Shape the World
– The transformative power of inexpensive technologies throughout history.
– The Gutenberg printing press and the cost reduction of writing materials.
– The impact of affordable solar panels on the global energy system.
2. Nail Price Evolution: From Valuable Treasure to Disposable Commodity
– The contrasting prices of Roman nails and modern nails reflect societal changes.
– The disposable nature of modern nails compared to the ancient value placed on them.
Engaging Additional Piece:
In today’s fast-paced world, we often overlook the significance of seemingly ordinary objects like nails. However, their journey from Roman treasures to modern commodities holds valuable lessons about the evolution of technology, economic systems, and societal norms. Nails symbolize the power of cheap technologies to transform the world, shaping industries, and driving progress.
The story of nails goes beyond their physical form. It speaks to the ingenuity and innovation of human civilization. By understanding the historical context of nails and their changing value, we gain insights into the forces that shaped economies and influenced societies.
Consider the parallels between the Roman Empire’s decision to bury nails out of security concerns and modern-day discussions on national security and industrial policies. Just as Britain restricted the export of nails to its colonies, contemporary debates on technology transfers and trade regulations echo similarities with historical practices. This connection reveals the enduring relevance of economic considerations and national interests in shaping trade practices.
Furthermore, the changing prices of nails reflect both technological advancements and shifts in economic systems. The division of labor, automation, and the invention of the nail gun have made nails more affordable and accessible. However, the rising costs of raw materials and increased complexity of modern nails contribute to their current prices.
The fascination with everyday objects like nails lies in their simplicity and functionality. Cheap technologies, though often overlooked, have the power to shape the world. Just as the Gutenberg printing press democratized access to knowledge by reducing the cost of writing, affordable solar panels have the potential to revolutionize the global energy system. Nails are a testament to the transformative power of technologies that lower costs, enabling widespread adoption and societal change.
In conclusion, the journey of nails from Roman treasures to modern commodities is a story of technological progress, economic shifts, and the intrinsic value we assign to everyday objects. By exploring their historical significance, changing prices, and the role of technological advancements, we gain a deeper understanding of the forces that shape our world. Nails, once a closely guarded treasure, now serve as disposable commodities, reminding us of the power of cheap technologies to transform industries and create a more connected and accessible world.
Summary:
From the Roman Empire’s buried treasure to the disposable commodities of today, the value of nails has undergone significant transformations. Ancient Roman nails were a closely guarded treasure, buried to prevent their use as weapons. Archaeological discoveries in modern times have shed light on their historical significance. The changing prices of nails reflect economic shifts and technological advancements that have made them more affordable.
The division of labor and automation, as discussed by Adam Smith in “The Wealth of Nations,” have played a crucial role in reducing the costs of nails. The invention of the nail gun has further facilitated their installation at incredibly low prices. However, the cost of raw materials and the increased complexity of modern nails have contributed to their rising prices.
Nails, like other everyday objects, hold fascination due to their practicality and functionality. The enduring nature of nails reflects their importance in various civilizations throughout history. Lessons from the past demonstrate that it is the affordability of technologies, rather than their sophistication, that can truly transform the world. Nails are a prime example of this, with their journey from ancient treasures to everyday commodities representing the power of cheap technologies to drive progress and shape economies.
In a world focused on the latest cutting-edge technologies, it is essential to recognize the role of seemingly ordinary objects and their immense impact on society. The value of nails transcends their physical form, providing insights into historical practices, economic systems, and the transformative potential of affordable technologies. As we continue to embrace innovation, let us not forget the underlying value of the everyday objects that have shaped our world.
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Fifty miles north of what is now Edinburgh and nearly 2,000 years ago, the Roman Empire’s 20th Legion began building a fort near the River Tay. By Roman standards, it was unremarkable, despite its size of 20 hectares and the embankments several meters thick. It boasted a forge, hospital and granaries, but lacked baths and aqueducts, perhaps because it was abandoned only a few years after construction began, as the Romans began to withdraw from Scotland.
They left a curious treasure: 10 tons of nails, almost a million things. The hoard of nails was discovered in 1960 in a four meter deep pit covered with two meters of gravel. The outer nails had rusted into a protective shell, leaving the inner nails in good condition.
There were so many of them that archaeologists were a bit at a loss as to what to do with all of them. Many of the nails were sold as souvenirs to help fund the excavation, some as sets of five in commemorative boxes. It seems a bit disrespectful today, but as the head of the excavation, Sir Ian Richmond commented, ‘Even if one set were sent to every museum in the world, there would still be many tons left.’
Why had the Romans buried a million nails? The probable explanation is that the withdrawal was rushed and they did not want the local Caledonians to get their hands on 10 tons of weapon iron. The Romans buried the nails so deep they would not be discovered for nearly two millennia.
Later civilizations would value the work of the skilled blacksmith in a nail even more than the raw material. As Roma Agrawal explains in her delightful new book Nuts and bolts, early 17th-century Virginians sometimes burned down their homes if they intended to move. It was an attempt to recover the precious nails, which could be reused after sifting through the ashes. The idea that you could burn down an entire house just to salvage nails underscores how scarce, expensive, and valuable the seemingly simple technology was.
The high price of nails at the time was partly because Britain had banned the export of precious nails to its colonies. The industrial policy and national security discussions now raging about silicon chip-making technology were relevant to the nail trade four centuries ago.
Everything seems strange today, when nails are so cheap that few people even think to wonder how they got like this. Economist Daniel Sichel asks that question in a research paper published a couple of years ago, drawing on data ranging from 18th-century accounts of Greenwich Hospital to wholesale nail prices in 19th-century Philadelphia. His main finding is that the real price of nails remained essentially unchanged throughout the 18th century, fell by 90% between the late 1700s and mid-1900s, and has risen ever since, in part due to the cost of raw materials. first, and maybe because modern nails are more complex and personalized than before. And as Sichel points out, the price of “installed nails” remains incredibly low, thanks to the invention of the nail gun.
Why did prices drop so much after the late 1700s? An explanation comes from a fundamental text on economics, that of Adam Smith The Wealth of Nations, which described the enormous productivity of a then modern pin factory, thanks to the specialization of the production process. “One man draws out the edge, another straightens it, a third cuts it, a fourth points it, a fifth sharpens it at the top to receive the head.” This manufacturing process was hundreds of times more efficient than one person working alone.
Whether Smith himself actually saw such a factory is now a moot point, but the bottom line is not. The division of labor and increasing automation of the process has resulted in cheaper pins and, no doubt, cheaper nails as well. Sichel agrees: While the drop in the price of nails has been driven in part by cheaper iron and cheaper energy, most of the credit goes to the nail makers who simply found more efficient ways to transform the steel in nails.
Nails themselves have changed over the years, but Sichel studied them because they haven’t changed much. Roman lamps and Roman chariots are very different from LED strips and sports cars, but Roman nails are still clearly nails. It would be absurd to try to track the variable price of sports cars since 1695, but asking the same question about studs makes perfect sense.
As Agrawal’s book explains, there is endless fascination in everyday objects like springs, wheels and nails, from the physics behind them to simple practical advice. (I didn’t know until I read the book that nails often bend not because I hit them too hard but because I don’t hit them hard enough.)
I make no apologies for being obsessed with one particular feature of these objects: their price. I am an economist, after all. After writing two books on the history of inventions, one thing I’ve learned is that while it’s the incredibly sophisticated technologies that get all the hype, it’s the cheap technologies that change the world.
The Gutenberg printing press transformed civilization not by changing the nature of writing but by changing the cost of it – and it would have achieved little without a parallel crash in the price of writing surfaces, thanks to an oft-overlooked technology called paper. Solar panels had a few niche uses until they got cheap; now they are transforming the global energy system.
A Roman nail and a modern nail have a similar shape, but a radically different price. That alone is why one was a closely guarded treasure and the other is a disposable puncture hazard.
Tim Harford’s children’s book, “The Truth Detective” (Wren & Rook), is now available
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