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
difficulty it is not hard to find an escape: 224 grs. of electrum = 168
grs. of gold; that is exactly 1⅓ gold shekels (129 ÷ 3 = 43 × 4 = 172).
The division into thirds and sixths is of course a well-known feature in
the coinage of the Asiatic coast-towns. Thus there would be no practical
difficulty in the ordinary monetary transactions, for three Phoenician
drachms of electrum (= 168 grs.) would = 1 gold shekel; and 4 gold Thirds
(_Tritae_), or 8 gold Sixths (_Hectae_), would equal one electrum stater
of 224-220 grs.
If on the other hand silver held a lower value in relation to gold on
the coasts of the Aegean, and the electrum employed in that quarter was
alloyed to a greater extent with silver, two disturbing elements are
introduced. The probabilities are in favour of silver being cheaper in
Cilicia and the contiguous region, and most certainly at Cyzicus the
electrum was half silver, whilst the Phocaic electrum had a bad name
in antiquity, since according to Hesychius Phocaic gold was synonymous
with bad gold. Is it then possible that 220 grains of electrum were
equivalent to 130 grs. of pure gold? This gives about 60 per cent. of
gold. If gold was to silver as 13·3:1, the gold unit of 130 grs. is equal
to 8 silver pieces of 220 grs. (130 × 13·3 = 1765 ÷ 8 = 220·6). In our
present state of knowledge it is impossible to decide in favour of either
view, but it is at least evident that some such relation and adjustment
must have existed between the three metals. In fact the problem which
the Lydians tried to solve was not merely that of _Bimetallism_, but of
_Trimetallism_.
[Illustration: FIG. 28. Lydian electrum coin.]
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