Ancients: The First Official Coin

Natural resources are often a source of great wealth for a country, especially its king. The Pactolus River in Lydia, now modern day Turkey, was one of the most significant sources of electrum in the ancient world, and it allowed the kings to amass a substantial fortune by minting coins from these deposits.

According to mythology, the electrum came from King Midas who bathed in the river to try to wash away his curse, which turned even his food into gold. In actuality, the persistent wealth of the region was due to its ability to mine and leverage its natural electrum in its prominent position as a trading center between Mesopotamia and the Greek cities. Lydia was noted by ancient authors as a significant center of commerce, and it was the first to establish retail shops in permanent locations. Despite their prominence, much of their history is unknown or inconsistently written.

Their coinage began with the kings Sadyattes and Alyattes. This particular coin is of the earliest variety of Lydian coins, most commonly dated to 630-620 BC during the reign of Sadyattes. It is dramatically rarer than the subsequent issues, minted during only a short period and with few dies. This coin is atypically well-preserved, in mint state with complete remaining luster, whereas nearly all known examples grade “very fine” or lower.

Although its weight indicates that its denomination is a trite, one-third of a stater, no full staters have ever been found from this period, meaning that the trite was likely their largest denomination. There is some disagreement as to the value of a Lydian trite in antiquity, but it is generally thought to represent about one month’s salary, although there is evidence to suggest it was worth more, perhaps able to purchase up to eleven sheep.

While remaining a topic of debate by some, this type is now commonly considered to be the first official coin, meeting all of the requirements laid out in the dictionary definition: it is the first coin to have certified markings which signify a specific exchange value and be issued by a governmental authority for use as money. Earlier coins like the striated and geometric types failed to clearly meet the final criteria, whereas the lion was consistently associated with Lydia.

In antiquity and today, lions have been symbols of kings, ruling their domain and personifying royal authority, strength, and protection. The archaic style of this lion is particularly captivating, shown with teeth bared and roaring, with a fierce, triangle-shaped eye.

The lion was also considered a personification of the sun itself, as it was believed that lions could look directly into the sun. The zodiac sign Leo was therefore assigned to the hottest part of the year, from July 22nd to August 22nd. Appropriately, shown above the lion’s head is a depiction of the shining sun. Later varieties devolve stylistically, and some interpret the less obvious sun pattern as a wart on the nose of the lion.

After the death of King Alyattes, his son Croesus ascended the throne and ceased minting the Lydian lion trites in favor of introducing the world’s first bi-metallic coinage. The expression “rich as Croesus” originates from this king and is still in use today, some 2,600 years after he minted his coins.

KINGS of LYDIA. temp. Sadyattes. Circa 630-620 BC. EL Trite – Third Stater (13mm, 4.70 g). Sardes mint. Head of roaring lion right, sun with four rays on forehead / Two incuse square punches. Weidauer Group XV, 62 (same die and punches); SNG Kayhan –; SNG von Aulock –; BMC 2. Mint State, full lustrous, and likely the finest known.

Post your trites or other early Lydian coins!

 

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I was expecting you to post one of these some day. Fabulous!

 

Wonderful coin! I will be stealing paraphrasing and referencing your excellent writeup on my website

I have what may be the next variety in the series, an early trite possibly issued under Alyattes. It also has the four-rayed sun instead of globular "nose wart".



KINGS OF LYDIA, temp. Ardys - Alyattes
620-546 BC
EL trite. Sardes mint.
Obv: head of roaring lion right, sun with four rays on forehead
Rev: two incuse square punches
Ref: Weidauer Group XV, 64; BMC 2

Until reading more about these Lydian electrum coins, I thought they were made from unrefined or minimally refined naturally-occurring electrum. Apparently that may not be the case, as the silver content is higher and gold lower than samples of electrum from around the area.

You can see a streakiness in my coin where silver (or some white metal) and gold are not completely mixed. I wonder if this supports the theory that Lydians did alloy their electrum?

 

Definitely nice coins for sure. Won't be getting one of those anytime soon or ever. lol

 

Doing a little online research on sheep prices and realizing that sheep costs are very different for ordinary male lambs and prize winning ewes not to mention differences in places around the world (Scotland/New Zealand) led me to believe that things have not changed all that much. An average grade warty lion trite today would buy roughly eleven average sheep. I am not commenting on the upkeep costs or potential profits over the last few millennia.

 

Whoever buried my coin should have instead deposited it in Sardes Savings and Loan. I wonder what the compounded interest would be after 2600 years?

As for today's purchasing power of a trite, due to condo association restrictions I had to buy a coin instead of sheep.

 

Two beautiful coins and fascinating related info on the zodiac and sheep. I've been driving around the English countryside these past two weeks and have never seen so many sheep before in my life. Sheepishly, I'm now thinking of them all in terms of Lydian trites.

 

All I have is my sweet ol' silver example to toss into the ring ... oh, and I've added a bull into the equation ...

Lydia, AR Siglos (1/2 stater)
546-510 BC
Diameter: 15.6 x 12.9 mm
Weight: 4.83 grams
Obverse: foreparts of lion right and bull left, face-to-face
Reverse: deep oblong punch divided into two incuse squares

 

Great coin AJ? However, I'm sorry to say I do not have any variety of this coin to add.

 

Awesome AJ!!!

 

Yes! I gave the article a "Like" also. That said, I would not take it as authority. Much in it is speculative. It is nice as far as it went. If I wrote it, I would have presented different facts, but none more certain. "We think... We believe... Many numismatists accept ..." The ANA granted me their Heath Literary Award for my research on the origins of coinage. I also own an early electrum piece. I would not wager mine against his over the final validity of his claims or mine. Just sayin'... Nice article; well worth a Like.

 

Wildwinds shows five sold about 1999-2001 for what is now about a week's wages: $500 more or less, about $12.50 per hour for a 40-hour week.

I went to VCoins, but the prices were all over the place from dealers I do not know, except that I found a 1/12 electrum stater from the time and place from Tom Cederlind for $1975, which is about a month's wages now.

The existence of basketballs and computers changed the value of money, but I still think that something like this would be a valid estimate.

 

Without a doubt the finest I have seen posted online. Truly, a stellar example of (one of the) earliest coins known. Congratulations on the purchase.

 

The phrasing within my post is highly specific to denote the lack of certainty about the chronology of coinage. I never say this is the earliest known coin - it is the first official coin, meeting the dictionary definition including the iconography aligned with a governing body.

I consider it illogical to assume coins would jump from globular blobs of metal straight to Lydian lions. There are numerous intervening types which some consider proto-coinage, but the chronology in my interpretation is:

- Blank globular metal (Proto-coinage)
- Striated electrum (the first real coin as it has an obverse "type", regardless of how simple it is)
- Geometric electrum (the first circulating coinage)
- Ephesus "deer" coinage (while not a government issued type, it is the first to include a signature and found in the Artemission hoard)
- Lydian trites (the first official coin, "it is the first coin to have certified markings which signify a specific exchange value and be issued by a governmental authority for use as money")

I'd be curious as to what your different take is on it in any event!

 

There are quite a few cases where ancient coins are worth about the same in antiquity and today. Aurei representing about a month's salary and Alexander the Great tetradrachms costing four days wages (~$200) are both approximately in line with their current costs. I'd wager that the sheep aren't in quite as good of condition now as the coins

 

Outstanding coin and write up as usual Ancient Joe. The discussion has been fascinating.

 

Agree completely!

 

Hey Joe -- you're not the same Joseph as the publisher of the book on electrum coinage are you? If not, I met him one time at a local show and he agreed with everything you just posted.

 

I'm not, although I did purchase this coin from Joe Linzalone, the specialist dealer in electrum coinage and the publisher of the book to which you're referring.

 

What was the purpose of using electrum for coins? Did the addition of silver to gold give the coins certain desired properties? Or was the metal found naturally mixed? Did they not want to use copper because it was not precious? Or because it was needed for making bronze? Or some other reason? Also, was there an accepted "mix" of silver and gold?

EDIT:
Well, I Googled it. The answer to my questions after the first general one above is basically "yes". It IS naturally occurring in different mixes, but it is also alloyed purposely as well (and usually naturally contains some copper). In antiquity the mix was altered for various reasons, among them to "debase" the gold to make items less valuable.


Rob