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

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