Trade
At the time of Aksum's minting of currency, the state already had a long trade history with Greece, Rome, the Persian Empire, and India. That coinage began so late is in fact a little surprising. The late use of coinage may be attributed to the lack of a developed economy, required for coinage to be accepted. Most Aksumite coins were found in the large trade centres with very few in remote villages, where trade would be more through barter and not coinage based. In fact, the motivation for Aksum's initial minting of coins was for foreign trade and markets, as evidenced by the use of Greek on most of its coins. Moreover, gold coins seem to have been intended primarily for external trade, while copper and silver coins probably mainly circulated within the Aksumite empire, as the gold issues generally specified "king of the Aksumites" as title of the Aksumite king, whereas the title of silver and copper issues generally only read "king." International use of Aksumite coins seems to have begun early on, as coins of King Ezana and even of King Aphilas (the second Aksumite ruler to issue coins) have been found in India.
Read more about this topic: Aksumite Currency
Famous quotes containing the word trade:
“I doubt if men ever made a trade of heroism. In the days of Achilles, even, they delighted in big barns, and perchance in pressed hay, and he who possessed the most valuable team was the best fellow.”
—Henry David Thoreau (1817–1862)
“I sincerely hope that the incoming Congress will be alive, as it should be, to the importance of our foreign trade and of encouraging it in every way feasible. The possibility of increasing this trade in the Orient, in the Philippines, and in South America is known to everyone who has given the matter attention.”
—William Howard Taft (1857–1930)
“I look on trade and every mechanical craft as education also. But let me discriminate what is precious herein. There is in each of these works an act of invention, an intellectual step, or short series of steps taken; that act or step is the spiritual act; all the rest is mere repetition of the same a thousand times.”
—Ralph Waldo Emerson (1803–1882)