Ancient Greek Coinage - Archaic Period

Archaic Period

The first coins were issued in either Lydia or Ionia in Asia Minor at some time before 600 BCE, either by the non-Greek Lydians for their own use or perhaps because Greek mercenaries wanted to be paid in precious metal at the conclusion of their time of service, and wanted to have their payments marked in a way that would authenticate them. These coins were made of electrum, a natural alloy of gold and silver that was highly prized and abundant in that area. By the middle of the 6th century BCE, technology had advanced, making the production of pure gold and silver coins simpler. Accordingly, King Croesus introduced a bi-metallic standard that allowed for coins of pure gold and pure silver to be struck and traded in the marketplace.

The Greek world was divided into more than two thousand self-governing city-states (in Greek, poleis), and more than half of them issued their own coins. Some coins circulated widely beyond their polis, indicating that they were being used in inter-city trade; the first example appears to have been the silver stater or didrachm of island of Aigina that regularly turns up in hoards in Egypt and the Levant, places which were deficient in silver supply. As such coins circulated more widely, other cities began to mint coins to this "Aeginetan" weight standard of (6.1 grams to the drachm), other cities included their own symbols on the coins. This is not unlike present day Euro coins, which are recognisably from a particular country, but usable all over the Euro zone.

Athenian coins, however, were struck on the "Attic" standard, with a drachm equaling 4.3 grams of silver. Over time, Athens' plentiful supply of silver from the mines at Laurion and its increasing dominance in trade made this the pre-eminent standard. These coins, known as "Owls" because of their central design feature, were also minted to an extremely tight standard of purity and weight. This contributed to their success as the premier trade coin of their era. Tetradrachms on this weight standard continued to be a widely used coin (often the most widely used) through the classical period. By the time of Alexander the Great and his Hellenistic successors, this large denomination was being regularly used to make large payments, or was often saved for hoarding.