Value
Though the gold coins were certainly the most valuable issue, followed by the silver one, the exact relationship between the three issues (gold, silver, and bronze) is not known. The supply of gold was closely controlled by the Aksumite state, as noted by Cosmas Indicopleustes, and other precious metals were undoubtedly also closely controlled, allowing the Aksumite state to ensure the usage of its currency.
The quality of the Aksumite coins were also closely controlled, usually of high purity. For example, the lowest purity of gold recorded thus far for Aphilas is 90%. Early issues were often very close to their theoretical weights, and some were even over.) However, the weight of the coins tended to decrease over time (though not continuously or uniformly). This may have reflected a desire to conform to the Diocletian monetary reform of 301, when the aureus was decreased from 1/60 of a pound to 1/72. Despite decreases in weight, the purity of the gold was largely maintained, even by later kings. The relative abundance of Aksumite coins as well as the many that have yet to be found indicate that Aksum must have had access to large quantities of gold.
Read more about this topic: Aksumite Currency
Famous quotes containing the word value:
“And those handmade presents that children often bring home from school: They have so much value! The value is that the child put whatever he or she could into making them. The way we parents respond to the giving of such gifts is very important. To the child the gift is really self, and they want so much for their selves to be acceptable, to be loved.”
—Fred Rogers (20th century)