Origins and early development of silver coins Silver coin

silver drachma island of aegina, after 404 bc

the earliest coins of western world minted in kingdom of lydia in asia minor around 600 bc. coins of lydia made of electrum, naturally occurring alloy of gold , silver, available within territory of lydia. concept of coinage, i.e. stamped lumps of metal of specified weight, spread adjacent regions, such aegina. in these neighbouring regions, inhabited greeks, coins made of silver. greek merchants traded greek communities (colonies) throughout mediterranean sea, greek coinage concept spread through trade entire mediterranean region. these greek silver coins denominated in staters or drachmas , fractions (obols).

more or less simultaneously development of lydian , greek coinages, coinage system developed independently in china. chinese coins, however, different concept , made of bronze.

in mediterranean region, silver , other precious metal coins later supplemented local bronze coinages, served small change, useful transactions small sums involved.

the coins of greeks issued great number of city states, , each coin carried indication of place of origin. coinage systems not entirely same 1 place another. however, so-called attic standard, corinthian standard, aiginetic standard , other standards defined proper weight of each coin. each of these standards used in multiple places throughout mediterranean region.

in 4th century bc, kingdom of macedonia came dominate greek world. powerful of kings, alexander great launched attack on kingdom of persia, defeating , conquering it. alexander s empire fell apart after death in 323 bc, , eastern mediterranean region , western asia (previously persian territory) divided small number of kingdoms, replacing city state principal unit of greek government. greek coins issued kings, , lesser extent cities. greek rulers minting coins far away egypt , central asia. tetradrachm (four drachms) popular coin throughout region. era referred hellenistic era.

while of greek world being transformed monarchies, romans expanding control throughout italian peninsula. romans minted first coins during 3rd century bc. earliest coins - other coins in region - silver drachms supplementary bronze coinage. later reverted silver denarius principal coin. denarius remained important roman coin until roman economy began crumble. during 3rd century ad, antoninianus minted in quantity. silver coin low silver content, developed through stages of debasement (sometimes silver washed) pure bronze coins.

although many regions ruled hellenistic monarchs brought under roman control, did not lead unitary monetary system throughout mediterranean region. local coinage traditions in eastern regions prevailed, while denarius dominated western regions. local greek coinages known greek imperial coins.

apart greeks , romans, other peoples in mediterranean region issued coins. these include phoenicians, carthaginians, jews, celts , various regions in iberian peninsula , arab peninsula.

in regions east of roman empire, formerly controlled hellenistic seleucids, parthians created kingdom in persia. parthians issued relatively stable series of silver drachms , tetradrachms. after parthians overthrown sassanians in 226 ad, new dynasty of persia began minting of distinct thin, spread fabric silver drachms, became staple of empire right arab conquest in 7th century ad.