Intro to Greek Archaeology

🏺Intro to Greek Archaeology Unit 10 – Greek Coinage and Economy

Greek coinage revolutionized ancient economies, starting in Lydia in the 7th century BCE. Made of precious metals and featuring intricate designs, these coins quickly spread throughout the Greek world, standardizing trade and facilitating economic growth. The minting process, overseen by city-state officials, involved striking heated metal flans with engraved dies. Various denominations emerged, from small bronze coins for everyday use to large silver tetradrachms for international trade, each bearing unique symbols representing their issuing authority.

Origins and Development

  • Early Greek coinage emerged in the late 7th century BCE in the city-state of Lydia (modern-day Turkey)
  • Lydian coins made of electrum, a naturally occurring alloy of gold and silver
    • Electrum coins were irregular in shape and stamped with simple designs
  • Coinage quickly spread to other Greek city-states, including Aegina, Athens, and Corinth
  • Standardized silver coinage became prevalent by the 6th century BCE
    • Athens introduced the famous Athenian "owl" tetradrachm (four drachmas) around 510 BCE
  • Persian Achaemenid Empire adopted coinage after conquering Lydia in 547 BCE
  • Alexander the Great's conquests in the 4th century BCE led to the widespread use of Greek coinage throughout the Hellenistic world

Key Characteristics

  • Greek coins were typically made of silver, although gold and bronze coins were also minted
  • Coins were struck by hand using a hammer and anvil
    • Resulted in variations in shape and design
  • Coins featured intricate designs and symbols representing the issuing city-state or ruler
    • Athens' coins depicted the goddess Athena and her sacred owl
    • Corinth's coins featured the mythical winged horse Pegasus
  • Weight and purity of precious metal content were carefully controlled to ensure value and trust
  • Coins often included inscriptions indicating the issuing authority or denomination
  • Some coins had serrated edges to prevent clipping (removing small amounts of metal)

Minting Process

  • Coin production was overseen by city-state officials to ensure quality and consistency
  • Precious metals (silver, gold) were refined and alloyed to the desired purity
  • Metal was cast into blank discs called flans
  • Flans were heated and placed between two engraved dies
    • Obverse die depicted the main design or portrait
    • Reverse die featured secondary designs or inscriptions
  • A hammer was used to strike the upper die, imprinting the designs onto the flan
  • Finished coins were inspected for quality and released into circulation
  • Mints were often located near silver mines or trade routes to ensure a steady supply of raw materials

Types and Denominations

  • Greek coinage included various denominations based on weight and value
  • The most common denominations were the drachma and its multiples (didrachm, tetradrachm)
    • Drachma was the standard unit of silver coinage
    • Tetradrachm (four drachmas) was popular for large transactions and international trade
  • Smaller denominations included the obol (1/6 of a drachma) and its fractions (hemiobols, diobols)
  • Gold coins, such as the stater, were minted less frequently and reserved for special occasions or large payments
  • Bronze coins were introduced in the late 5th century BCE for everyday transactions
    • Denominations included the chalkous and the kollybos

Iconography and Symbolism

  • Greek coins featured a wide range of iconography and symbolism
  • Designs often depicted local deities, mythological creatures, or symbols associated with the issuing city-state
    • Athens' coins showcased Athena and her sacred owl, representing wisdom and knowledge
    • Corinth's coins displayed the winged horse Pegasus, a symbol of speed and commerce
  • Portraits of rulers or famous individuals began to appear on coins during the Hellenistic period
    • Alexander the Great's portrait was used on coins minted by his successors
  • Other common symbols included lions (Lydia), tortoises (Aegina), and dolphins (Syracuse)
  • Iconography served as a form of civic pride and identity, as well as a way to promote the prestige of the issuing authority

Economic Impact

  • Coinage revolutionized the Greek economy by facilitating trade and commerce
  • Coins provided a standardized medium of exchange, replacing the need for barter or weighing precious metals
  • Coinage enabled the development of a monetary economy, with prices and wages expressed in terms of coins
  • Coins facilitated long-distance trade by providing a portable and easily divisible form of wealth
    • Greek coins were widely accepted throughout the Mediterranean world
  • Coinage also played a role in financing military campaigns and public works projects
    • City-states could collect taxes and tribute in the form of coins
  • The use of coinage stimulated economic growth and specialization, as individuals could more easily engage in trade and invest in businesses

Archaeological Evidence

  • Greek coins are valuable archaeological artifacts that provide insights into ancient economies, politics, and art
  • Coin hoards (large deposits of coins) offer evidence of wealth accumulation and economic activity
    • The Athenian Acropolis hoard contained over 8,000 silver coins from the 5th century BCE
  • Coin finds in shipwrecks and trade routes shed light on patterns of commerce and cultural exchange
    • The Antikythera shipwreck (circa 60 BCE) yielded a diverse array of coins from various Greek city-states
  • Coins discovered in archaeological contexts help date sites and provide a terminus post quem (earliest possible date) for the associated layers
  • Variations in coin designs and compositions can indicate changes in political power, economic conditions, or artistic styles over time

Legacy and Influence

  • Greek coinage had a lasting impact on the development of money and economic systems throughout history
  • The use of precious metals, standardized weights, and intricate designs set the standard for coinage in the ancient world
    • Many subsequent civilizations, including the Romans, adopted and adapted Greek coinage practices
  • Greek coins served as a model for the development of modern currency systems
    • The concept of a state-issued, standardized medium of exchange can be traced back to ancient Greek coinage
  • The artistry and iconography of Greek coins have influenced coin design and numismatic art for centuries
    • Classical motifs and portraits continue to be used on modern coins and medals
  • The study of ancient Greek coinage (numismatics) remains an important field of research for archaeologists, historians, and economists
    • Numismatic evidence provides valuable insights into the economic, political, and cultural history of the ancient Greek world


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© 2024 Fiveable Inc. All rights reserved.
AP® and SAT® are trademarks registered by the College Board, which is not affiliated with, and does not endorse this website.