Why Is Currency Important In Ancient Greece

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Currency in Ancient Greece As humans developed and became sophisticated we needed ways other than just barter to exchange goods. Currency began in Anatolia in 12,000 BC with the distribution of obsidian to the people. In 9,000 BC trade began in the Mediterranean with the use of grain and cattle as a way to trade. (Wikipedia) In these times money was based on their marketability and utility, this means that although they did not use what we think as currency at this time such as coins and bills, if they were an agricultural society they would trade grains for cereals and things that involved grain because of their process ability. The use of gold was traced back to the fourth millennium BC in Egypt and the use of silver at the same time in …show more content…

There are three periods in the time of Ancient Greece. The Archaic, Classical and Hellenistic periods, all of which have a different variation of currency. The Archaic period in Greece the first know coinage was mined in Lydia. This was around the time of 700 BC. (Coinage) The coins were used for personal use. There was also a very important reason this coinage existed. They were believed to be a mercenary payment. Mercenaries would collect the coinage as opposed to collecting an item as a sign of their services. These coins were made of electrum, an alloy of gold and silver that was prized very highly. These metals were prized so high due to the abundance in that area. By the 6th century BC, technology had made it much easier to produce highly prized coins. King Croesus introduced the idea of a Bi-metallic standard. (Wikipedia) This bi-metallic standard was then issued and used for gold and silver so that this coinage could be used in a marketplace setting. At this time, the Greek world was divided up into more than 2,000 self-governing city states. More than half of these city states issued their own currency. A Merchant usually only took their cities coin. This meant that they had to exchange money like we do today with our exchange. They …show more content…

Larger cities were now producing gold and silver coins at this time. Some coins actually used a type of visual pun, for example, a rose for the city Rhodes because the Greek word for rose is rhodon. They soon began using the name of the issuing city on the coin. The wealthier the city, the finer the coin. Syracuse has had a Decadrachm. This coin is actually the finest coin of the ancient world. Throughout this period coinage became similar and also recognizable.

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