On the opposite shore from Thrace lay the flourishing city of Cyzicus. This wealthy community commenced to issue electrum staters and _hectae_ in the 5th century B.C., if not earlier, the former being about 252 grs., the latter 41 grs. These electrum staters have been shown by Professor Gardner to have contained gold and silver in about equal proportions[415]. This most important fact, taken in connection with the literary evidence derived from Xenophon and Demosthenes, makes it probable that the Cyzicene stater of 252 grs. was counted equal to a Daric of 130 grs. of pure gold[416]. “These coins of Cyzicus,” says Mr Head, “together with the Persian Darics formed the staple of the gold currency of the whole ancient world, until such time as they were both superseded by the gold staters of Philip and Alexander the Great[417].” Not only did they circulate side by side with the Darics, but it is worthy of notice that when the Cyzicenes struck coins of pure gold (_circa_ 413 B.C.) they were of Daric type and standard. The earliest silver coins (430-412 B.C.) were small pieces of 32 and 18 grs., whilst the larger coins which come later are on the Phoenician silver standard of 212 grs. (412 B.C.), whilst from 400 B.C. to 330 B.C. the Rhodian standard of 235 grs. prevailed. From the story of her coinage we learn clearly that at Cyzicus the inferior metals bowed to the sway of gold. The electrum stater of 252 grs. is made equal to the pure gold unit, and whilst the silver standard changes from 212 grs. to 235 grs. the gold and pale gold pieces in currency remain inviolate. Once more, it is almost certain that some displacement in the relative values of the metals had caused the raising of the standard from 212 grs. to 235 grs. One thing certainly is beyond doubt, and that is the utter improbability of the introduction of the 235 grs. standard being in any way due to the influence of Rhodes. This remark likewise applies to Chios, where from a very early period (600-490 B.C.) side by side with electrum staters of 217 grs. we find didrachms of silver of 123-120 grs., “a weight peculiar to Chios,” says Mr Head, “which was probably the Phoenician somewhat raised.” But why was it raised? The real solution is that the relations between gold, electrum and silver at Chios necessitated the striking of silver on a standard a few grains lighter than the gold unit in use (the Persian Daric), and the electrum stater of 217 grs. Space forbids our going through all the cities of the Ionian coast in detail, but the principle which we have laid down and illustrated from the currency systems of several leading states is sufficient to indicate the method by which we would explain the fluctuations in the silver standards employed at different times in various states. The Daric is the universal gold unit of all this region; by its side is the electrum stater usually of 217 grs. and most probably the equivalent in value of the pure gold coin