The Lydian stater was composed of electrum, a naturally-occurring gold-silver alloy; though the coins are often reported to be struck from this naturally-occurring alloy, they were actually made from a specific and rather consistent mix of approximately 55% gold, 45% silver, and a small balance of copper.
When did the Lydians invent coins?
7th century B.C.
Coinage began in Lydia, in the interior of West Anatolia, in the form of electrum in the second half of the 7th century B.C., around 630.
Who created coins?
The world’s first coins appeared around 600 B.C., jingling around in the pockets of the Lydians, a kingdom tied to ancient Greece and located in modern-day Turkey. They featured the stylized head of a lion and were made of electrum, an alloy of gold and silver. The concept of money had been around awhile.
How did the Lydians change the currency system?
In the mid-6th century BC, King Croesus of Lydia introduced a bimetallic coin system: simultaneously circulating gold and silver coins. One reason for this change of coinage might have been that the ratio of silver and gold in electrum is not constant.
What did Greeks use before coins?
drachma
The drachma was one of the world’s earliest coins. Its name derives from the Greek verb meaning “to grasp,” and its original value was equivalent to that of a handful of arrows. The early drachma had different weights in different regions.
How did the Lydians make their first coins?
The first coins created by the Lydians were about the size of a bean. They were created by using a naturally occurring mixture of gold and silver known as electrum. The Lydians helped to ensure that each coin was equal in value by making them the same weight and ensuring that the amount of silver in each coin was the same.
What was the Lydian stater made out of?
Composition & Appearance of Lydian Coins The Lydian stater was composed of electrum, a naturally-occurring gold-silver alloy; though the coins are often reported to be struck from this naturally-occurring alloy, they were actually made from a specific and rather consistent mix of approximately 55% gold, 45% silver, and a small balance of copper.
Where did the silver and gold come from for Lydia?
The Pactolus river, from which Lydia obtained electrum, a combination of silver and gold. In Greek myth, Lydia had also adopted the double-axe symbol, that also appears in the Mycenaean civilization, the labrys. Omphale, daughter of the river Iardanos, was a ruler of Lydia, whom Heracles was required to serve for a time.
Where did the Lydian people make their home?
The Lydians, who made their home in western Anatolia, arose in the seventh century B.C. and were conquered by the Persians around 540 B.C. Herodotus said that the Lydians were a commercial people, which helps explain the economic nature of their most important contributions.
