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 had previously known from Plutarch (who ascribed the first coinage
of Athens to Theseus[365]) that amongst his other reforms Solon caused
drachms to be coined of lighter weight than those previously in currency,
so that 100 of the new ones would be equal in value to 73 old ones. Some
scholars have inferred that this was an expedient for relieving debtors,
who would be allowed to pay in the new coin debts contracted in the older
currency. The newly discovered Constitution dispels this assumption, and
also affords us some most valuable additional matter[366]: “In his Laws
then he appears to have made these enactments in favour of the people,
but before his legislation he appears to have wrought the cancelling of
debts, and afterwards the augmentation of the measures and weights, and
the augmentation of the currency. For in his day the measures likewise
were made larger than those of Pheidon, and the mina, which previously
had almost seventy drachms, was filled up by a hundred drachms[367].
But the ancient type was the didrachm[368], and he also made as a
standard[369] for his coinage 63 minas weighing the talent, and the minae
were apportioned out by the stater, and the other weights.”
[Illustration: FIG. 30. Coin of Eretria.]
The first point to engage our attention is the formation of a new
standard for the _silver_ coin (for no gold was coined for nearly two
centuries): sixty-three old minas were taken to form a new talent, which
of course was divided henceforward into 60 new minas. As the weight of
the Attic talent in post-Solonian times is most accurately known, we can
at once discover the weight of the ancient mina by dividing the ordinary
weight of the talent (405,000 grs.) by 63: 405,000 ÷ 63 = 6428 grs., that
is 322 grs. less than the post-Solonian mina of 6750 grs. As there are 50
staters in the mina, the ancient stater weighed 128·56 grs., or just a
grain lighter than the Daric (129·6 grs.). The old mina of 6428 grs. had
been equal to 70 drachms; each of these then must have weighed 92 grs.
nearly, that is, the ordinary weight of an Aeginetic drachm. There can be
no doubt that the coins of Aegina were used as currency at Athens before
Solon’s time, where they circulated side by side in all probability
with the coins of Euboea which bore the bull’s head, whence arose the
tradition of the earliest coinage of Athens consisting of didrachms
stamped with an ox. The old mina (63 of which went to the new _silver_
talent) was of course the ancient standard used for weighing _gold_ and
_silver_ before coined money was employed. It was that known as the
Euboic, based on the ox-unit. The Aeginetic standard was only used for
_silver_, _gold_ at all times being weighed by the Euboic standard even
where the Aeginetic was in use for silver. This standard was of course
in full use for gold and evidently likewise for silver in prae-Solonian
times, even though the Aeginetic drachms passed as currency at Athens.
Public-domain text, read in full here on John Shaqi.
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