![]() The coins generally lacked any sort of writing on them. Did these designs constitute some sort of official guarantee of the coin’s weight and fineness? Or did they symbolize something else?įrom the Israel Museum in Jerusalem’s 2013 exhibit on Electrum coinage On the reverse, or back-side of the coin, a square or rectangular design appears. Each coin was typically stamped on the obverse side with a design in the form of an animal, human, or myth. Perfectly StandardizedĪt first glance, Lydian coins have all the hallmarks of this classical origin story. And so coinage would have dramatically reduced lineups and waiting time in busy markets all across the ancient world. If the stamp on the coin is reliable, buyers and sellers can trust to issuer to have already pre-weighed and standardized the metal for them. A scale must be produced along with a set of weights that both the buyer and seller can trust.Ĭounting is much easier than weighing. Weighing different bits of silver is a laborious process. Rather, they had to be weighed first, and only then could the transaction proceed. These pieces could be cut up into smaller amounts in order to cover a range of different transaction sizes.īecause the bits of hacksilber were irregularly shaped, or non-fungible, they couldn’t by counted. Before coins appeared on the scene 2000 years ago, numismatists believe that people typically transacted with silver ingots and bars, otherwise known as hacksilber. Circulation by tale is a convenient way of doing business.īut we take it for granted. A payor counts up the right amount of coins (or notes), then passes the stack to the payee who – if they wish – can glance at the inscription on each coin’s face to ensure that it is legitimate. The classic story for the adoption of coinage involves the efficiency gains that society enjoys when trade can be conducted by tale rather than by weight. ![]() To this day we don’t entirely know why the Lydians began to turn precious metals into circular discs. But the true story is much more puzzling than that. One would assume that’s why the Lydians created coins in the first place: convenience. But compared to barter, or exchanging bits of unrefined metal, coins are a much better alternative. They tend to accumulate in our pockets or piggy banks, never used. Sure, small coins like the 1p are a bit of a nuisance. To most of us, the usefulness of coins is self-evident. The earliest coins were produced around 640 BC, some 2600 years ago, by the Lydians, who had built an empire in the western half of what is now Turkey. The 1 and 2p coins will continue to be produced for ‘years to come.’įew bits of monetary technology have enjoyed as long an existence as the coin. Last month the UK Treasury announced its commitment to both coins. For several years Brits have been hearing rumours that their 1p and 2p coins were on the cusp of being discontinued.
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