The Origin of Metallic Currency and Weight StandardsRidgeway, William
History
The Origin of Metallic Currency and Weight Standards
Ridgeway, William
Money -- Origin; Weights and measures -- History
We saw above that there is every reason to believe that when silver first
became known to mankind, they esteemed it as highly as gold, if not more
so. It would naturally, therefore, be weighed on the same standard as
gold. This would continue until, in the course of years, a time came
when the relation between gold and silver had become fairly fixed over
all Asia Minor. We know that in the beginning of the 5th cent. B.C. gold
was to silver as 13:1 (or rather 13·3:1). Herodotus, in the celebrated
passage in which he describes the organisation of the Persian empire into
satrapies, and details the amount of tribute appointed by Darius for
each, tells us that the gold was reckoned at thirteen times the value
of silver. Now for ordinary purposes of exchange this relation would be
extremely inconvenient, and the more accurate relation of 13·3:1 would
be still more so. It became thus desirable to fix some separate standard
for silver by which a convenient number, such as 10, of silver ingots
would be equal to the gold ingot of the ox-unit standard. Metrologists
are wont to speak of the desirability of being able to exchange a round
number of talents of silver for a talent of gold. But not even in the
palmiest days of the wealthy Orient lands was the ordinary individual so
rich that he felt any inconvenience in the way of exchanging _talents_
of gold and silver. The Great King might deal out talents as he pleased,
but his subjects were chiefly concerned with the exchange of silver and
gold shekels. I have made this remark because it appears to me that many
of the misconceptions connected with this whole subject have arisen from
scholars concentrating all their attention on the talent, and taking it
as their point of departure.
The Babylonians arrived at their silver standard as follows:
1 gold shekel of 130 grs. was worth 1730 grs. of silver (130 × 13·3),
since gold was to silver as 13·3:1.
130 grs. gold = 1730 grs. silver.
They divided this amount of silver by 10, and thus:
1 gold shekel of 130 grs. = 10 silver shekels of 173 grs.
As we stated already, Herodotus says that the Babylonian talent was equal
to 70 Euboic minas, that is, one-sixth more than the Euboic talent. The
latter contained 390,000 grs. Troy, therefore the Babylonian ought to
give 455,000 grs. If we multiply our silver shekel by 50 and then by 60,
we shall obtain a total amount for the talent of silver of 519,000 grs.
Unfortunately several inaccuracies have crept into the text of Herodotus,
numerals always being especially liable to corruption in MSS. He seems,
however, to have regarded the relation of the Euboic to the Babylonian
talent as about that of 5:6, and also to have estimated the current
weight of the Persian silver piece at about 162 grs. Troy. But there can
be little doubt that the full standard weight of the Babylonian silver
shekel was 169 grs. (or, according to Mr Head, 172·9 grs.).
Public-domain text, read in full here on John Shaqi.
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