Shown with expressive and diverse imagery today, coinage started from very humble beginnings. The ancient author Herodotos wrote that “the Lydians were the first people we know of to use a gold and silver coinage”. Through hoard evidence and research, numismatists have confirmed that coinage did indeed begin in Asia Minor, likely in Lydia or Ionia. The earliest coins were made of an alloy known as “electrum”, or “elektron” to the Greeks. Electrum is naturally occurring, found in riverbeds and in nugget form, and is composed primarily of silver and gold with trace amounts of platinum, copper, and other metals. The ancient Greeks referred to electrum simply as “gold” or “white gold” as opposed to “refined gold” which came later when dedicated bi-metallic currencies of pure gold and silver were created. However, electrum worked particularly well for coinage because it was harder and more durable than pure gold and because it was naturally occurring, it allowed coins to be minted prior to the development of the technology for separating the elements. The intrinsic value of these coins was too high for use in everyday transactions, and therefore, they were likely primarily used for moving large sums of money in mercantile transactions, government expenses, donatives, or for payment for substantial services. It is also speculated that merchants would allow trusted customers to keep a tab, paying it with a single coin once the bill was significant enough. The conventional definition of what constitutes a coin varies depending on its interpretation. The earliest proto-coins were without any design, essentially just a blank globular ball of electrum. These nuggets were weighed and exchanged at bullion values but were uncontrolled and arbitrary. This progressed to include reverse punches, used to easily prove the content of the piece by cutting deeply to show that it was made of solid precious metal and to keep the metal from slipping while being struck. This coin, of the "striation" type, is the first type of coin which introduced the innovation of an obverse image, and it is considered by many to be the transition point from proto-coinage to true coinage. While the design is simple, it is thought to have been inspired by the ripples on the surface of the water, indicating the source of the precious electrum, near creeks and in riverbeds. Later issues sometimes retained the striations shown behind other images, demonstrating that the lines did indeed hold a special purpose. Aristotle recognized the importance of an obverse image on coins in his important work on economics, as it marked a critical phase of converting from bullion into true coinage. Striated coins are also represented by a wide array of different denominations, the largest a stater of approximately 14 grams. All of these coins are numismatically and historically important and indicate the conscious control of weight, which helped expedite commerce. This period in the evolution of coinage was extremely brief, quickly evolving into more detailed images, and so all of the striated coins are very rare, especially the larger denominations like this hekte. Ionia. Striated; 650s BC, EL Hekte, 2.41g. Weidauer-8. Obv: Striated, Rx: Rough incuse. Good VF.
Dear Joe, for me, this was very interesting. I have to admit that I did not know lots of what you wrote. Thank you very much, Marc
I understand there is some disagreement on to what degree the early electrum coins were made from naturally found metal and how much of it was modified, purified or altered one direction or the other. I am less clear on how this is going to be studied conclusively. The striated example here is really great.
While at first look these striated electrums didn't grab me, your writeup has greatly increased my interest. Super. Another expensive coin to chase. @dougsmit , from what I've read the question is no longer if naturally occurring electrum was used as-is (it wasn't) but exactly how it was alloyed. ANS has a good and recent article about this, White Gold: An Enigmatic Start to Greek Coinage (Callatay, ANS 2013, issue 2)
The coin is beautiful, but it's your write-up of the history behind the coin that makes it truly exciting. Thanks, guy
Thanks! It is always a bit surprising to think that coins have been around for just a short fraction of human history. 650BC is indeed very old but compared to Egyptian or other cultures, it is even quite young.
Some striated coins are expensive... Then again, they aren't too common. They had one in a recent bid but it was too worn; no detail.
The beauty of being a numismatist is that it is not just about collecting coins, but also researching them. Articles like these which give a wealth of information are always a pleasure to read.
I find it interesting that the inability to "make change" was instrumental to the development of the other denominations. With a coin like the one shown in the OP you could buy a goat or 900 cabbages. Tough call!
