The history of ancient Greek coinage can be divided (along with most other Greek art forms) into four periods: the Archaic, the Classical, the Hellenistic and the Roman. The Archaic period extends from the introduction of coinage to the Greek world during the 7th century BC until the Persian Wars in about 480 BC. The Classical period then began, and lasted until the conquests of Alexander the Great in about 330 BC, which began the Hellenistic period, extending until the Roman absorption of the Greek world in the 1st century BC. The Greek cities continued to produce their own coins for several more centuries under Roman rule. The coins produced during this period are called Roman provincial coins or Greek Imperial Coins.
The three most important standards of the ancient Greek monetary system were the Attic standard, based on the Athenian drachma of 4.3 grams (2.8 pennyweights) of silver, the Corinthian standard based on the stater of 8.6 g (5.5 dwt) of silver, that was subdivided into three silver drachmas of 2.9 g (1.9 dwt), and the Aeginetan stater or didrachm of 12.2 g (7.8 dwt), based on a drachma of 6.1 g (3.9 dwt).[1] The word drachm(a) means “a handful”, literally “a grasp”.[2] Drachmae were divided into six obols (from the Greek word for a spit[3]), and six spits made a “handful”. This suggests that before coinage came to be used in Greece, spits in prehistoric times were used as measures in daily transactions. In archaic, pre-numismatic times iron was valued for making durable tools and weapons, and its casting in spit form may have actually represented a form of transportable bullion, which eventually became bulky and inconvenient after the adoption of precious metals. Because of this very aspect, Spartan legislation famously forbade issuance of Spartan coin, and enforced the use of iron ingots, called pelanoi in order to discourage avarice and the hoarding of wealth.[4] In addition to its original meaning (which also gave the diminutive “obelisk“, “little spit”), the word obol (ὀβολός, obolós, or ὀβελός, obelós) was retained as a Greek word for coins of small value, still used as such in Modern Greek slang (όβολα, óvola, “monies”).
The obol was further subdivided into tetartemorioi (singular tetartemorion) which represented 1⁄4 obol, or 1⁄24 drachm. This coin (which was known to have been struck in Athens, Colophon, and several other cities) is mentioned by Aristotle as the smallest silver coin. Various multiples of this denomination were also struck, including the trihemitetartemorion (literally three half-tetartemorioi) valued at 3⁄8 of an obol.
The earliest known electrum coins, Lydian and East Greek coins found under the Temple of Artemis at Ephesus, are currently dated to around 640 BC. These coins were issued 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, an alloy of gold and silver that was highly prized and abundant in that area.
In the middle of the 6th century BC, King Croesus replaced the electrum coins with coins of pure gold and pure silver, called Croeseids.The credit for inventing pure gold and silver coinage is attributed by Herodotus to the Lydians:
So far as we have any knowledge, they [the Lydians] were the first people to introduce the use of gold and silver coins, and the first who sold goods by retail.
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 Aegina 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 g (3.9 dwt) to the drachm, other cities included their own symbols on the coins.
Athenian coins, however, were struck on the “Attic” standard, with a drachm equaling 4.3 g (2.8 dwt) 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 тιԍнт 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.
- International circulation
Archaic Greek coinage seems to have had a very wide circulation in the Achaemenid Empire. Many of them were discovered in coin hoards throughout the Achaemenid Empire such as the Ghazzat hoard and the Apadana hoard, and also very far to the East, such as the Kabul hoard or the Pushkalavati hoard in Ancient India, following the Achaemenid conquest of the Indus Valley. Generally, Greek coins (both Archaic and early Classical) are comparatively very numerous in the Achaemenid coin hoards discovered in the East of the Achaemenid Empire, much more numerous than Sigloi, suggesting that the circulation of Greek coinage was central in the monetary system of those part of the Empire.
The Classical period saw Greek coinage reach a high level of technical and aesthetic quality. Larger cities now produced a range of fine silver and gold coins, most bearing a portrait of their patron god or goddess or a legendary hero on one side, and a symbol of the city on the other. Some coins employed a visual pun: some coins from Rhodes featured a rose, since the Greek word for rose is rhodon. The use of inscriptions on coins also began, usually the name of the issuing city.
The wealthy cities of Sicily produced some especially fine coins. The large silver decadrachm (10-drachm) coin from Syracuse is regarded by many collectors as the finest coin produced in the ancient world, perhaps ever. Syracusan issues were rather standard in their imprints, one side bearing the head of the nymph Arethusa and the other usually a victorious quadriga. The tyrants of Syracuse were fabulously rich, and part of their public relations policy was to fund quadrigas for the Olympic chariot race, a very expensive undertaking. As they were often able to finance more than one quadriga at a time, they were frequent victors in this highly prestigious event. Syracuse was one of the epicenters of numismatic art during the classical period. Led by the engravers Kimon and Euainetos, Syracuse produced some of the finest coin designs of antiquity.
Amongst the first centers to produce coins during the Greek colonization of mainland Southern Italy (Magna Graecia) were Paestum, Crotone, Sybaris, Caulonia, Metapontum, and Taranto. These ancient cities started producing coins from 550 to 510 BC.
