Did the Ancient Greeks debase coinage like the Romans?

The Romans were famous for their constant debasement of the silver denarius but does anyone know if the silver Greek drachma was also debased?

I know Greek cities all made their own coinage (Athens coins were not the same as Corinthian coins) but I have never really seen any heavily debased Greek coinage.

For example this Cappadocian drachma looks like high purity silver.


Does anyone happen to know if the Greek drachma had its silver content lowered more and more over time or was it primarily a Roman thing?

 

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There were no debasement at least from the 6th to the 2nd century BC. There were weight reductions but the silver content was not lowered.

e.g. for the attic tetradrachm at the end of the Hellenistic period

Morkholm 1982

Hoover SC 2008


Locally the bronze coinage was highly developped.

 

Thanks! Where did you find that information? I’ve tried Googling for the answer by phrasing my question in different ways but I couldn’t find much.

 

https://www.persee.fr/doc/dha_2108-1433_2014_sup_12_1_4027

 

https://www.amazon.com/Debasement-Manipulation-Standards-Pre-Modern-Monetary/dp/1789253985Hi @Gam3rBlake,

For the Ptolemies see The silver standard of the Ptolemaic coinage by Hazzard, especially figure 2. It’s here.

[EDIT: There is also the brand new book by Butcher “Debasement: Manipulation of Coin Standards in Pre-Modern Monetary Systems”. I haven’t read it]

- Broucheion

 

Even though there was no debasement, there were fourrées--silver-clad coins with copper cores. Most of these were counterfeit, but there are example of emergency-issue Attic tetradracm fourrées. I don't know if there are any other official fourrées.

 

It is never a good idea to say anything about how 'the Greeks' or 'the Romans' did anything. Both changed a great deal over time and place. 'Rome' was not restricted to Italy for most of its history; 'Greek' civilization and some of the finest 'Greek' coins never were used in what is today Greece. Debasement was more common at a later date than what we think of as the highpoint of Greek coinage but the later 'Greek' coins (AD period) were debased along with their Roman contemporaries. Ask yourself which is better: a coin of pure silver that is so small that it is hard to use or a coin that weighs ten times as much but has that same silver mixed into its alloy that is more practical for daily use. Fashions changed the answer to that question over the span of time and place. The US is coming up on 250 years since the revolution. Trajan Decius was 250 years from Caesar Augustus and Caesar Augustus was 250 years from the first Roman coins. (He was twice that remote from the first Greek coins.) How has the US changed in those 250 years? How how will it change in the next 250? My great great great great great great grandfather came to America during the Revolution (as a Hessian but he stayed). Most of us pity our great grandchildren and can't imaging having 6 greats. It is OK to ask how the Athenians of the last years of the 5th century BC did something but realize a question on 'the Greeks' is a bit too general to carry meaning.

 

@Gam3rBlake, Cappadocian coins of this period come with stories of the clashes between Rome and neighbors in Asia minor. Is this coin yours? Lucius Cornelius Sulla was responsible for restoring Ariobarzanes to the throne ~94 BC. Here are a few related coins with notes and references for this period that might interest you.

• A "Sullan Era" Tetradrachm
• Pylæmenes II/III Euergetes
• Sulla in Cappadocia: First Meeting with Parthia
• A Father's Support

Adding to Doug's comments: The date of the coin you post is from the 28th Regnal Year of Ariobarzanes, 67/68 BC. Roman Republican coins are also high grade silver at this time. The legionary denarii of Mark Antony (30's BC) show up in hoards a couple of hundred years later - still in circulation. Here's Roman republican coin from 67 BC:

M. Plaetorius M.f. Cestianus, 67 BC, AR Denarius, Rome mint
Obv: CESTIANVS - S.C, bust of female deity to right, draped and wearing the helmet of Minerva, the laurel wreath of Apollo, the crown of Isis, the wings of Victory and with the bow and quiver of Diana on her back and with a cornucopia before
Rev: M PLAET-ORIVS M F - AED - CVR, eagle standing right on thunderbolt, head left, wings spread
Ref: Crawford 409/1; Sydenham 809; Plaetoria 4

The distinction between Greek and Roman is a bit entertaining on your coin with ΦΙΛΟΡΩΜΑΙΟΥ ("Roman Loving") on the coin of Ariobarzanes. If it weren't for Roman support he would not have made it 28 years. He was essentially a client king of Rome. It was the growing Roman influence, oppression and taxation of Asia Minor that infuriated Mithridates of Pontus and others. Mithridates V married his daughter to Ariarathes VI, Mithridates VI killed him, then killed Ariarathes VII (son of Ariarathes VI) after putting him on the throne.

Next, Mithridates VI put his own son on the throne to try to control Cappadocia...he wasn't subtle and coins were minted with Mithridates VI's face on them in case anyone was uncertain about who controlled the throne.

Here's a coin of Ariarathes VII - the young prince who eventually suffered the same fate (murdered by Mithridates VI) as his father before him....He is described as ΦIΛOMHTOPOΣ, "Mother Loving" - did I mention that his mother was Laodice, the sister of Mithridates VI?

Kings of Cappadocia, Ariarathes VII Philometor, AR Drachm (4.16g, 18mm, 2h), Mint B (Eusebia under Mt. Tauros), dated RY 7 = 110/9 BC
Obv: Diademed head to right
Rev: ΒΑΣΙΛΕΩΣ ΑΡΙΑΡΑΘOV ΦIΛOMHTOPOΣ, Athena Nikephoros standing to left, with spear and shield; O above M monogram to inner left, Λ to inner right; Z (date) in exergue

It is a lovely coin and many interesting stories to read...
from Adrienne Mayor's "The Poison King" to François de Callataÿ's "L'Histoire des Guerres Mithridatiques vue par les monnaies".

 

This is, however, not what "debasing" is about. Debasing means reducing the precious metal content of a coin, while keeping (or even raising) its nominal value. Debasing is called a "hidden tax" or "expropriation" when the state does it, and it is called "fraud" when a private counterfeiter does it.

 

Well there are two methods of debasement.

1). Coin size remains the same and purity is reduced.

2). Purity remains the same and coin size is reduced.

Basically debasement just means coins have less precious metals than before regardless of how it’s done.

 

Yeah it’s mine. I normally collect Romans but I got it because the ruler on the coin had a history that heavily intertwined with Roman history.

I picked it up when I bought my Faustina Jr. denarius.

But I just wish I knew the weight of it :/

 

No, the size of the coin has nothing to do with debasement. The only relevant variables are the precious metal content and the nominal value.

 

Size = weight.

For example:

Let’s say a denarius of Augustus is 3.9 grams of 98% silver purity.

1). The denarius can either stay at 3.9 grams and the silver purity is decreased below 98% silver purity.

2). The denarius is reduced below 3.9 grams and the purity remains the same 98% purity.

3). In extreme cases both weight & purity are reduced.

When I say “size of the coin is decreased” I am referring to the weight of the coin as in example 2.

The coin was originally 3.9 grams and is decreased to 3.6 grams. That is also debasement even if the purity is the same.



[Source: Classical Numismatist]

 

Carthage debased its gold and silver coins between the mid of the fourth century and the end of the third BC

 

Was it just a one time debasement? Or did they continue to debase it more and more like the Romans did?

The Roman denarius went from 3.9 grams of 95-98% silver purity all the way down to 3 grams of 5% silver purity in like 250 years.

 

Hi @Gam3rBlake (and @Barry Murphy),

I also have some slabbed coins with no weight shown. If I contacted NGC with the number, could I find out the weight?

- Broucheion

 

You have to pay extra for them to weigh the coins.

Some coins they just give a flat grade to. For example they'll just put "AU".

Whereas if you pay extra they will give you additional details such as:

- weight
- overall grade
- surface grade
- strike grade
- details about what is on the coin's obverse and reverse

See the difference? The Hadrian one has alot more information about the coin and grade than the Lucius Verus denarius because whoever sent it in to NGC paid a bit extra for that.

 

Hi @Gam3rBlake,

Thank you for educating me! I did not know that. I’ve never slabbed anything, just bought a few slabs and coins that were ‘liberated’, but still had the slab ticket.

- Broucheion

 

Hm, I think I understand what you mean, but still both size and weight are irrelevant for the debasing of a coin. You can debase a coin by keeping both size and weight constant, for example, by declaring a new, higher nominal value and counter stamp it on the coins. You can also add an alloy with similar properties to the precious metal that you want to remove.

Again, the only relevant variables in the debasing of a coin are the precious metal content and the nominal value. This is also true in your example, when size and weight of the coin are reduced, i.e. when no metal was added to offset the precious metal. We don't have to bother with size and weight, only the fineness and the nominal value are relevant. However, I admit that a reduction of weight (and size) can be indicative of a debasement, but it doesn't have to if the price of the precious metal vis-a-vis other goods has increased.

 

Pausanias and Amyntas staters that were plated were possibly official. It's a good Speculation because there is a fair amount that were plated.