All Study Guides Intro to Greek Archaeology Unit 10
🏺 Intro to Greek Archaeology Unit 10 – Greek Coinage and EconomyGreek 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