About 2,000 years ago, near the River Tay, the Roman empire’s Twentieth Legion constructed a fort. Although it was a typical Roman fort in terms of size and structure, it lacked certain amenities like baths and aqueducts. Interestingly, the fort was abandoned shortly after construction began, indicating the Romans’ withdrawal from Scotland.
During an excavation in 1960, archaeologists discovered a remarkable find: a pit filled with 10 tons of nails, roughly a million in total. The outer nails had rusted, forming a protective layer and preserving the inner nails in excellent condition. The large quantity of nails posed a challenge for the archaeologists, who ultimately sold many as souvenirs to raise funds for the excavation.
The reason behind burying such a massive number of nails became clear: the Romans wanted to prevent the local Caledonians from acquiring the weapon-grade iron. By burying them deep underground, the Romans ensured that the nails would remain hidden for thousands of years.
Interestingly, nails held significant value in later civilizations. In the early 17th century, Virginians would even burn down their homes to acquire the valuable nails, which could be reused after sifting through the ashes. This illustrates the scarcity and high cost of nails during that time.
The high price of nails was partly due to Britain’s ban on exporting precious nails to its colonies. Similar to the debates around modern industrial policies, this issue was relevant to the nail-making trade centuries ago.
In contrast, today’s perception of nails as inexpensive objects is vastly different. However, economist Daniel Sichel delved into historical data and found that nail prices remained relatively stable in the 18th century, experienced a 90% decline until the mid-1900s, and have been rising since then. This increase can be attributed to the rising cost of raw materials and the complexity of modern nails. Interestingly, “installed nails” remain affordable due to the innovation of the nail gun.
The drastic price decline after the late 1700s can be attributed to Adam Smith’s account in “The Wealth of Nations.” Smith described the incredible productivity of a pin factory that specialized in various stages of production, making it hundreds of times more efficient than individual craftsmanship. This division of labor and automation led to cheaper nails, along with other products like pins.
Although nails have evolved over time, they still retain their fundamental purpose. While tracking the changing prices of sports cars since 1695 would be absurd, examining the price of nails makes perfect sense.
Everyday objects like nails, springs, and wheels captivate us due to their practicality and the physics behind them. Personally, as an economist, I find the price of these objects particularly intriguing. Through studying the history of inventions, I’ve recognized that while sophisticated technologies receive much attention, it is affordable technologies that truly transform the world.
The impact of inventions like the Gutenberg printing press and solar panels lies not in altering the nature of their respective fields, but rather in reducing costs. These technological advancements have made significant societal changes possible. This stark contrast in price between a Roman nail and a modern nail illustrates the shift from a closely guarded treasure to a disposable item.
(Tim Harford’s children’s book, “The Truth Detective” (Wren & Rook), is available now)
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