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
The connection between the types on early silver coins of Greece and the
earlier local units of value being probably such as I have indicated,
we next approach the question of changes in the weight of the silver
coins at various places and at various times. Besides the ordinary
Euboic and Aeginetic standards we find others such as the Rhodian, and
the Ptolemaic, the former so named because the island of Rhodes from the
beginning of the 4th century B.C. ceased to strike tetradrachms of the
full Attic weight of 270 grs. and coined instead pieces which range in
weight from 240 to 230 grs., the latter getting its name from the dynasty
of the Lagidae, who quickly dropped the full weight of the tetradrachm
(270 grs.) as struck by Alexander, and reverted to the Phoenician silver
of 220 grs., which they used not only for silver, but also for gold; it
is to this last fact that the name Ptolemaic as given to the standard
is really due, for as a standard for gold it was certainly new. But
not merely shall we find coins standing so far apart from the usual
standards that we are obliged to give them distinctive appellations,
but we likewise find various modifications of the Aeginetic in various
places, whilst in some parts of northern Greece and Thrace we shall find
the so-called Phoenician and Babylonian standards in occupation. It is
hardly possible that mere degradation of weight will account for all the
phenomena; accordingly the object of this section will be to show that
from first to last _the Greek communities were engaged in an endless
quest after bimetallism_: we shall find, as we have already indicated,
that whilst the gold unit never varies in any part of Hellas until a
late epoch, the silver coins exhibit differences not merely between one
district and another, but even between one period and another in the
self-same city or state. There is incontrovertible evidence to prove
that the same trouble was caused by the fluctuation in the relative
value of gold and silver as arises in modern times. Xenophon[412] in his
treatise _De Vectigalibus_ (speaking of the benefit likely to accrue
to the state if the silver mines of Laurium were better worked) makes
the most interesting remark that “if any one were to allege that gold
too is not less useful than silver, that I do not deny, yet this I know
that gold, whenever it turns up in quantity, becomes on the one hand
cheaper itself, and on the other makes silver dearer.” This passage
alone is sufficient to show how sensitive was the old Greek money market
in the beginning of the 4th century B.C., and this statement is amply
substantiated on Italian soil by a passage quoted by Strabo[413] from
Polybius, from which we learn that after the discovery of a rich gold
mine in the land of the Taurisci of Noricum, within the space of two
months “gold went down one third in value throughout all Italy.” Such
being the effect of a discovery of gold, it is evident that either the
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