Ionia, Obol, ca. 521-478 BC
Phokaia - Plata - BC+ - SNG-vonAulock:1813-5
Archaïc female head (Athena ?) left, wearing helmet or close fitting cap and earring.
Incuse square punch
SNG Kayhan 522-6; SNG Copenhagen 389-94 (Uncertain coins of Greece and Asia Minor); SNG von Aulock 1813-5
Ancient Greece: Archaic period
The Archaic period of Ancient Greece followed the Dark Ages. The date often selected to mark its start is that of the first Olympic Games in 776 BC. It came to an end with the Greco-Persian Wars three centuries later.
It was a period of founding with the political structuring of the Greek city-states (poleis) and their agoras (central public spaces). This period was also characterized by the colonization of vast territories, notably around the Mediterranean Basin and along the shores of the Black Sea. It was the age of authors such as Homer and Hesiod, Thaletas, and the appearance of city-founding heroes. It was also the beginning of the era of trading posts, the Greek alphabet, the birth of democracy in Athens, the first written legal texts, and, of course, currency.
Currency
If there is ONE important period to which numismatics can trace its origins and coinage its crucible, it is the Archaic period. Indeed, over the course of three centuries, a variety of means employed for commercial transactions were to emerge alongside each other and gradually evolve before developing into fully-fledged currency as we know it.
First, came bartering. Then, arriving from Mesopotamia via the Phoenician trade routes, the use of “hacksilver”, fragments of cut and bent silver items of various origins, including jewels and objects, the weight and purity of which were difficult to assess. To facilitate its use, sealed bags were eventually created, with the weight and purity of the metal verified beforehand.
And, logically, coins followed.
They probably originated around 640 BC in Lydia, Asia Minor (present-day Turkey). Initially made of electrum, an alloy of gold and silver, they were standardized and assigned denominations. At first, the use of coins as currency remained local and not very practical for small, everyday purchases. The smallest denomination, 1/96th of a stater, was equivalent to 2 days’ wages. Gradually, the gold content of the alloy became poorer, and eventually a bimetallic system with gold and silver evolved. It was probably at this point, when silver coins began to be issued and finally enabled small purchases, that its use began to spread and take off in the Greek world, to the detriment of hacksilver.
The types were manifold, and so were the standards. At first, issuers were probably not all states or cities, but also wealthy individuals. In terms of style, however, there are a few similarities, often with animals on the obverse and a hallmark with incuse strike on the reverse.
By around 500 BC, it appears that issues had become somewhat regulated, now being reserved for state entities. In the southern Aegean, we note in particular the emergence, towards the end of the 6th century, of coins minted on the island of Aegina with its turtle on the obverse and those of Corinth featuring Pegasus. Then came Athens, which, after a few sporadic types, issued its famous owl in parallel to a nascent democracy, laying the foundations for a currency using community and civic semiotics that endures to this day.
From this period, therefore, we must remember the laying of essential foundations, but also the diversity and lack of uniqueness of monetary usage, which would only come a little later. As with everything else in Ancient Greece, Chaos came before order.
Silver
Silver can fall into your pocket but also falls between copper and gold in group 11 of the periodic table. Three metals frequently used to mint coins. There are two good reasons for using silver: it is a precious metal and oxidizes little upon contact with air. Two advantages not to be taken for granted.
Here is thus a metal that won’t vanish into thin air.
It’s chemical symbol Ag is derived from the Latin word for silver (argentum), compare Ancient Greek ἄργυρος (árgyros). Silver has a white, shiny appearance and, to add a little bit of esotericism or polytheism to the mix, is traditionally dedicated to the Moon or the goddess Artemis (Diana to the Romans).
As a precious metal, just like gold, silver is used to mint coins with an intrinsic value, meaning their value is constituted by the material of which they are made. It should be noted that small quantities of other metals are frequently added to silver to make it harder, as it is naturally very malleable (you can’t have everything) and thus wears away rapidly.
The first silver coins probably date back to the end of the 7th century BC and were struck on the Greek island of Aegina. These little beauties can be recognized by the turtle featured on the reverse.
The patina of silver ranges from gray to black.
The millesimal fineness (or alloy) of a coin indicates the exact proportion (in parts per thousand) of silver included in the composition. We thus speak, for example, of 999‰ silver or 999 parts of silver per 1 part of other metals. This measure is important for investment coins such as bullion. In France, it was expressed in carats until 1995.
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