The gold and electrum coins of the first period are of the following weights: _gold_ 145 and 73 grs.; _electrum_ 118, 58 and 27 grains. The gold unit is thus some 10 grains higher than the normal value of the ox-unit. If these coins belonged to an earlier period we might with some confidence affirm that the variation was due to the plentiful supply of gold derived by the Carthaginians from the still unexhausted gold deposits of Western Africa. This is perhaps the true explanation even at the late period when the coins were issued, but there may have been a desire to adjust the three metals, gold, electrum and silver, so that they might be conveniently exchanged. It will be observed that the electrum coins are struck on a unit of 118 grs., and it is not at all improbable that silver was reckoned by the same unit, even though not yet coined; for when the silver coins appear they are struck on a standard of 118 or 236 grs. It will be at once noticed that this standard is considerably higher than the Phoenician silver standard found along the coasts of Asia Minor. It may thus have been found convenient to raise by a few grains the weight of the gold unit so as to harmonize the relations between the three metals. Further speculation is vain, as we do not know the proportion of gold contained in the electrum coins[347]. From what we shall shortly learn about the electrum of Cyzicus, it is not impossible that the gold piece of 73 grs. was worth an electrum stater of 118 grs. Coming to the Phoenicians of Spain we find that Gades, which did not begin her coinage until about 250 B.C., employed a standard for her silver of 78 grains, and that the island of Ebusus (_Iviza_) struck didrachms of 154 grs., a half-drachm of 39 grs. and a quarter-drachm. This coincides closely with the 78 grain drachm of Gades. It is palpable that there is no connection between this standard and the Phoenician standard of 220 grs. As the same system is found in the cities of Emporiae and Rhoda (_Ampurias_ and _Rosas_) in the north-east of Spain, and in the earliest drachms of Massilia (_Marseilles_)[348], it is far more reasonable to suppose that the relations between gold and silver throughout Spain were such that, in order to make a certain fixed number of silver pieces equivalent to the gold ox-unit, it was found necessary to make the silver didrachm of about 156 grs. and the drachm of 78 grs.