Croesus - Wealth and Coinage

Wealth and Coinage

In Greek and Persian cultures the name of Croesus became a synonym for a wealthy man. Croesus' wealth remained proverbial beyond classical antiquity: in English, expressions such as "rich as Croesus" or "richer than Croesus" are used to indicate great wealth to this day. The earliest known such usage in English was John Gower's in Confessio amantis (1390):

That if the tresor of Cresus
And al the gold Octovien,
Forth with the richesse Yndien
Of Perles and of riche stones,
Were al togedre myn at ones...

Croesus is credited with issuing the first true gold coins with a standardised purity for general circulation. However, they were quite crude, and were made of electrum, a naturally occurring pale yellow alloy of gold and silver. The composition of these first coins was similar to alluvial deposits found in the silt of the Pactolus river, which ran through the Lydian capital, Sardis. Later coins, including some in the British Museum, were made from gold purified by heating with common salt to remove the silver. King Croesus' gold coins follow the first silver coins that had been minted by King Pheidon of Argos around 700 BC. In 546 BC, Croesus was defeated and captured by the Persians, who then adopted gold as the main metal for their coins.