Money in Antiquity, vol. I: Origins and History of Coinage — 1878

account of 2 silver scruples, worth )1 liberal aces such

that they were then manufactured in Borne. This hypothesis for 1 they the most acceptable result; but d

In the current state, the most important justification is still missing.

■ . a text that would mention the ipte unit

thus supposed or an original monetary coin which would show it carried out in 1 d circula-

tion, Indeed, in the corresponding silver coins and

temporary, it i t precisely not that are size-

ir the foot of - scrupul weigh 5, 6 I 9 of

divisions of the pound. Otherwise, the size of - bctu-

i The eiiance of the rap irl ::f :i«f besides the gold and the foreign of a panie,

ire, dm part attested by denial I or, with one

must rap| rut juices of i I of effect, . and the fa- purely Campanian bricks,

laughs in lettn -

nv'lr ir I un»» <1«> forai ' the oee currency, in

a rinaoriptioa IFTArQJ3^ *ef. : pepi l 1st, Btitrttge, I, p I t 'y,/. Mut.

freijf, p. 11, no. 1; Dec I'! >i. II, pi. I. n I . port'' romme

May r XX; It m unit

icription VZJ33 v*/m tr. I, p i»-t e( miu . ; l

Eft\ Spr. pi, XXI, D**3aet *;Zeil#cAr. f, A t. III, p. 18. i cke,

I • ll.pl. 1: A < »r. the p:

and the >e< • • I ril. dtm lee doonfos from the propnr-

fifteenth, informed 101 rlulTres who \

inacrita, has 10 '-t to .*. drachma! money of S lira of tau

ai, to IN i adiqnée by the style of this mono aid

ié du atauMHj .-*r' ' . n\n; i| i

MATTER IN ANCIENT COINS 165

silver coins had a certain monetary existence an earlier era. The Etruscans, in the 5th century BC, had made it the lower unit of their coins (see book VII, chap. n, § 2), and consequently they could have perfectly introduced it into Campania alongside of the drachma of Greco-Asian origin (of which double was called youppoç) who reigned there. The question that lifts the Roman-Campanian gold coin with the weight of 4 scruples with the number XXX therefore remain in reality without positive solution and enveloped in the thickest te- nebras (1).

From the middle of the 6th century in Rome, we can follow with certainty the variations of the value ratio of gold and money. In o37 of Rome (217 BC), the Roman generals minted gold coins in the noon of Italy, under the Flaminia law (see book III, chap. i, §7, and book VII, chap. nor, § 3); they were coins of the weight of 3, 2 and 1 scruple, marked as worth 60, 40 and 20 sesterces of silver (2); they were therefore cut on the foot of a ratio:: 1: 17.143 between both metals. But these were currencies of necessity. sity, issued at the most critical moment of the war against Hannibal, with an extraordinary nominal price, strong higher than their real metallic value. Also the broadcast sion did not continue after the crisis which had given birth. It follows from a passage from Livy (3) that at the end of the 6th century in Rome the normal and official rate of gold

(1) It should be noted, moreover, that serious doubts have been raised opposed to the authenticity of this piece; Baron d'Ailly, Iltsearches on the Roman coinage, t. I, p. 107.

(2) Mommsen, Jf /*. t. II, p. 113.

(3) XXXVIII, 53.

16ii CURRENCY IN ANTIQUITY

in bullion or in foreign currencies, the rate at which the

-<>r of the Republic counted him among the geniuses who

he sent some for the service of their elders by

relation to the value of money :: 1: ll.-'l I). At the

that, the Roman government in .\ 1

b, in the payment of their contribution of gu. of

give him gold for a value only tenfold

money; but in this, as we saw above

the time, or else he was conforming to the coun

or else he took advantage of his victory to oblige defeated in providing him with gold at a price on which he realizes immediately knows a significant benefit ■

At the beginning of the second century, the discovery of thousands gold from Noricum threw into circulation a mass "the metal which reads suddenly lower the price of a hold on all VU markets - . Maie l'[uilibresei Mit after a few years, because the ra] :: !•: 11.91

it again the official gold report at L'aigent

at the time of the dictatorship “le Sylli y. book 711,

elected]), m, J 5), 1 was maintained thus BOUS Jul< < [)

\. li\ :<• \ 11. chap. iv, j 1) for! -my-

nayées, because the large quantity of gold in bullion rap] by Caesar of the war of a lit a moment iber in such a way the price of gold as a raw metal in the like B me, that it was only worth 3,000 teroes of silver per lii; ue its value as

merchandise was to that of money :: l: 8,W B .

(1) Mominson. M li, t. He, |>. III Btrab. n. :

b, M /.'. t. he, p, i IS

(4) M immsiMi. at inA M seen II

(5)Saeloo. I "If A t, il. p, m.:

MATTER IN ANCIENT COINS 167

Augustus fixed the monetary proportion of gold to silver at the rate :: 1: 11.91 (1), which became :: I: 10.31 under Nero and :: 1: 9.37o under Trajan (2) (see book VII, chap. iv, § i). From the reign of Septimius Severus, the al- extraordinary teration experienced by the title of the currencies of silver, while that of gold remained the same (see. book VII, chap. iv, § 2), destroyed this proportion, made largely disappear the mass of gold in circulation in the Roman Empire and must have brought about a very considerable difference maple between the two metals. We lack documentation ments to appreciate how far this gap went towards the reigns of Valerian and Gallienus, under whom the greater alteration of silver coins; but under Diocletian and Constantine, time when we started again h mint quite pure silver, it was :: 1: 13 8/9 (3) (see book VII, chap. IV, § 3, and chap. vi, § 1). He doesn't did not stop at this point, because under Julien gold was exchanged against 14 2 5 times its weight in silver (4). A rescript of Theodosius the Younger, of the year 422, proves that, under this em- pereur, the value relationship of gold to silver was:: 1 : 18(o). We will note, however, that the latter gap, which was enormous, was only temporary, because a century later, under Justinian, the proportion of the two rate became a little below fifteenth (6) again (book VII, chap. vi, §2).

(4) Mommsen, M Ii. t. III, p. 4-2. (2) Mommsen, If il, t. III, p. 43.

.Mommsen, M/.', t. III, p. 154. (4) Ammian. Mark. XX. \, 18.

Cod. Tbeodos. VIII. 4, 27. (6] Lelronne. Evaluation of currencies, p. 111; Mommsen, If A, t. 111, p. I

168 CURRENCY IN ANTIQUITY

5. The relationship between copper and silver was found throughout Roman public very considerable variations. When silver coinage was introduced into Rome, the denarius, which was then worth 10 aces (1), weighed 1 7:2 of the book (2) (see book VII, chap. ni, £ 3). However, at this time, Tas had already been reduced to no longer having as weight than a third of the pound of copper (3) (see book Y II, chap. ii, J5). The ratio of silver to copper was therefore from 1 to 2&0, a gap already lower than that which had existed at the time of the fixation of the ai libralis, two centuries previously, :: 1:250; \) (see book VII, chap. il. S 3), similar to the original relationship of the two metals in Syracuse

(book VII, chap. i. g I), at Tarentum (book yil, chap. i, | 2} and in the coinage of Etruria in the 4th century BC

.).-('. (book VII, chap. II, £ c2). Previously, in

5th century, silver seems to have been worth, among the Etruscans 288 f ba its weight in silver (5). The existence of the proportion tion 2 to 0*, when fu li the weight of < mine deo Roman-, proves how much, in the 1st century before

nt was î-are el the abundant drunkenness in Rom< throughout central and southern Italy. The val will read two metals went elsewhere, from that moment, getting closer. \ end of |

(I, Plin. // v \\\ni. :t. ;; pMt. Ei rpt, ; Q6 dA 147; àpol. after Taken. îmiU, \ i 1 1 66 V - M . s

i Borgheil, 0M M numi\m

DMRBiifM, L H, p. Î8H M ii'ibrn, M II, t. II. p. 56; llultseli. p. -

I. LeDOCtnant, Org*nitûti$* dêU m rtutiquity, p, i.! :

Mommsen, .!//(, I. II. p. I » and m. iv .. M . P. I nt, [>. 117.

i i M li, t. I. |.. 2 U\ et seq.

Kir II, p, SI; B| d!. of Elrusktr

.... M, | ■ ;

MATTER IN ANCIENT COINS 169

First Punic War, the weight of the ace having been lowered to the sixth of the pound (1), like the weight of the silver denier gent had at the same time been reduced to 1/84 of the pound (2) (book VII, chap. ni, § 3), — rate at which it remained from then definitively fixed, — we must conclude that the difference between the two metals was now only 1 to 140. In 217 BC, in a time of great distress for the city of Romulus, when Hannibal was most threatening, it was decided by the Flaminia law the reduction of the rates of all currencies (3). The weight of the ace was established bli to an ounce, that is to say to the twelfth of the pound, and in at the same time it was regulated that the denarius, whose weight died the same, would now be worth 16 aces instead of 10 (book VII, chap. ni, § 3). These provisions of the Fla-law minia prove, at the time it was returned, a pro- portion from 1 to 112 between the values of money and copper.

Under this law, copper currency was still an effective or representative currency, like it had been in Rome since the beginning of the manufacture monetary tion; the face value of the ace continued to be more or less consistent with its metallic value. It was no longer the same when the Papiria law, handed down around 89 BCE, had further reduced the ace by half (4) (see.

(1) Varr. De re rust. I, 10, 2; Verr. Flacc. after Fest. p. 98; Plin. H N, XXXIII, 3, 4i; see. Mommsen, If he, t. II, p. 14th level

(2) Plin. XXXIII, 3, 132; Cells. V, 17, 1; Mommsen, M /?, t. II, p. 23 and following.

(3) Plin. XXXIII, 3, 45; Fest. p. 3i7; see. Mommsen, M II, t. II, p. 13, 07 and lo3.

(4) Letronne, Evaluation of currencies, p. 18; Mommsen, M H, t. II. p. 73, 407 and 420.

170 THE DAN8 CURRENCY THE ANTIQUE

book Vil, chap. nor. S-'".The copper currency was no longer but then i:' me as conventional, as it was for a long time had Greece. The law established that against 1 silver it was enough to give in coined form a weight of 56 in copper; but (•'('■was there at most the half of what should have been given, according to the proportion real value of the receptacle two metals in the

commerce. The nominal value of cash I copper was already double its effectr value

The monetary rule of Augustus (book VII, chap. iv, S 1 . establishing, next to the silver denarius of if

the aureusd< iOàlivi iterated - dupondii

of brass weighing 1 ounce and 1 2 ounces, copper pud n>i;. my alloy I. weighing I '3 d*< - . gives

the < - relationships between the different metals

the coined form* 3, reports which for both deniers are not Y \ n sion of their commercial value

binds:

had

I read,91

l

Under Nei on, the weight of currencies differs

(book VII, chap. iv. g J él blil the scale:

i i d // V XXXH \i.\i:i prefl II I»

Juhn

- the .Seen? Utc ■ Cavedonii p. 1 1 i-i

My M /.', I. III, t l 1 • ■ • \.,>u\ | i v.

M mntao, M R, t. m p. Kl

60

28

1

•_>

MATTER IN ANCIENT COINS 171

Or.

Money.

Brass.

Copper.

1

10.31

366.66

733.33

1

35.55

71.11

1

2

Finally under Trajan (book YII, chap. iv, §1) we can Let's draw it up like this (1):

Or.

Money.

Brass.

Copper.

1

9,375

375

750

1

40

80

1

2

We see that through all these modifications the value The monetary value of brass always remains double that of copper. This artificial alloy, called orichalcum, had indeed a considerable commercial value (2), to such an extent that counterfeiters found a tempting profit in the manufacture of stuffed brass dupondii (see book II, chap. he, § 3, and book VII, chap. IV, § 1), with a soul iron or lead (3).

From the reign of Septimius Severus, throughout the great currency crisis during the 3rd century (book VII,

(1) Mommsen, M R, t. III, p. 43.

(2) Beckmann, Geschichlc der Erfindungen, t. III, p. 379; Mommsen, M fl, t. III, p. 47.

According to Procopius (De aedif. I, 2), brass is not much inferior to gold for color, to silver for value. In the edict of Diocle- tien De pretiis rerum venalium (Vil, -1 \ and 2:i), the worker earns on the pound of brass a quarter of a pay more than on the pound of copper.

(3) Neumann, Pop. and reg. num. vet. t. I, p. 200; Eckhel, D N, t. I, p. cxvi; La Saussaye, Numism. of Narbonne Gaul, p. 156

178 CURRENCY IN ANTIQUITY

chap. iv, $2), it is impossible to follow with the same

certainty the fluctuations, which must have been considerable and

number u s, in the respective value of the metals n

flee me from money, particularly in the report of the

uh gent.G [ue You only know positive things,

t that the currency of drunkenness remained until a certain not foreign to money crises, because the manufacture cation B* found it entrusted to other hands (book III, chap. I, { 8, and book VII, chap, iv, |i); then that the al- Continuous teration .■ nt ends up forgiving the brass and to copper a price which almost made them play the role of ii: setting to Ba metallic value* This value of was then for the drunk 1/120 of that of the

ne weight of silver and probably l 60 for milk— l). The monetary ratio of drunk to air

taUZ had been 1>. - Mrs D QOUfl de le VÎT, BUT

a conventional value given to the base currency point, and much stronger than the commercial value of the copper. But when, in the new century, alteration is still mte of the currency to: makes that that which the

imperial government issued under this name, I in

billon, then in Copper Bau was more than a cash

conventional, we - laughed at the decried assignat, - at

uh natorial found to have a metal value intrinsic superior to that of the Unp i parts of so-called money, to which I can give a

nominal value several plus I Also it was

by a phenomenon perhaps unique in history, the extra copper coin that 1 digs into the

danger binders, instead of that which was given to the

t Moinroteo, J/ fl. t. UI. p,n

MATTER IN ANCIENT COINS 173

circulation for money, as the only currency having in itself a real value (1).

§ 2. — Variations in the choice of standard metal at various times.

1. It can be assumed that the ancients do not do not make the unrealizable claim of what we have today called bimetallic currency or double stallion. Among them, on the contrary, we always see the choice of a single metal adopted as the fundamental standard and regulator of the entire monetary system. Only the metal chosen varied, as was necessary - ment, according to the particular circumstances of the regions and eras.

In Asia Minor, at the beginning of coinage (see. book VI, chap. m, § 1), and in the system of money of the Persian Empire (book VI, chap. iv, § 2), as long as the Achaemenid monarchy lasted, it was gold that played the role of standard; also the kings of the blood of Darius, very- liberals in terms of leaving the cities subject to their empire the right of a municipal coinage of silver (see book III, chap. i, § 1, and book VII, chap. iv, §2), absolutely reserved for their crown the privilege of manufacturing of gold money. What they tolerated only in Asia Minor the development in certain some cities favored in a particular way, as in

(1) Mommsen, M/?, t. III, p. 1II-13G, attaching to the author's text German the important notes of Mr. de Witte.

174 CURRENCY IN ANTIQUITY

Cyzicus and Phocaea, it was the monna; this friend of gold and silver which we called electrnm and which we considered monetarily as a metal apart from roy., in this chapter, ^ 3, 2).

The Greeks of Europe from the beginning of

rent constantly (see book VI, chap. ni. S:>>; chap. iv. S 1 1 1:>. and chap. v in full) the silver standard; it was the metal they had most abundantly to tell them] sition and the one that Phidon had struck lilier

Egii y. book I, chap, ni, S -).

< • s adoption of the silver standard given birth* an infinity of expressions in the Greek language. We we have Bignalé above (book II, chap. n, 2) the use

signing all of currency. The changer is in A hell-

fuck the one who changes the money currency maker. “he who examines or who coni have it | lr banqui* him

who sells the arg I t even if

I the collector of finances, the one who brings together the ar’. the worker mon-

this one

we apj i the mint s, r the

u the treasure. Finally some cities of Asia Minor used the expressions*

instead of simple ones. more

ities elsewhere.

hands and leader all the peoples of Italy

until the consulate 'i<' A. Ogulniuaand C« Fabius

L85 Rome, 269 BC nr .1. - the standard was made of copper

(ii\ re \ il. chap. n. laterfrom this moment until

line of the Republic, we adopted the silver standard

MATTER IN ANCIENT COINS 175

(book VII, chap. ni), and finally, under the Empire, the gold standard (book VII, chap. iv and vi).

2. Except where the severe Yaes system prevails, it is- that is to say where we are used to using currencies of copper circulating for their metallic value and weighing more of 100 grams, as among the Italiots previously in the m6 century BC. BC, in the Egypt of the Ptolemies and Carthage, fluctuations in the reciprocal value of copper and silver have no real importance at all monetary point of view, Copper species have always days too much the character of extra currency; they represent feel too small sums for one to attach a very serious interest in the accuracy of their weight and their intrinsic value, even where we seek to keep it related close to their nominal value. Let the copper fall suddenly of value as a metal on the markets, the money that we make of it will not see its price significantly affected; it will take on a character even more conventional than before, but it does not will not result in disruption in the traffic economy, because this currency only serves as supplements, and its decline would also only lead to a minimal deduction on values that are already very small by themselves.

The same is not true of changes in the report. port of gold to silver. These affect the way more vital the whole financial economy, the whole mechanism exchanges, and consequently have the most considerable action and the most direct on public wealth. Also, as soon as there had currencies, one of the main concerns that have imposed themselves in financial matters on the authority

176 I.A CURRENCY IN ANTIQUITY

public of different countries, was the question of the nature relationships to be established, from the point of view of the in- trinsic and the nominal value, between the parts constituting killing the gold coin and the silver coin, and trouble than a drop of any importance in the price of one or the other metal brought into this relationship. 1) us the manner of regulating the reciprocal condition and the manufacturing of gold and silver currency, the world an- tique knew and used two systems

The first, which goes back to the very origins of the world swimming in Asia and higher in < lux habits of the

(dation of ingots which preceded currency properly said in oriental civilizations * s \ y. book 1. chap. m, |1, el book VI, chap. u, >; 1 and -, consû irtirdela

gift existing between the value of the two metals for cut the unit of • the unit of money on a different footing rent beautiful way that the first was worth the ode one number cact* for example 20 or 11. while

that the difference in real value of metals was 1 to 13 I 1 as we proceeded in the pri-

mitive of the kingdom of Lydia and the, .. the

of Asia Minor before the conquest thus i

dan.” the fixing of the Bystèm< i tons of empire

in the Chemenides voy, book VI, chap. m, 5 I • l the era following, the cities ignited given to the kings of P(

in the mein i krée, well which in bricking (pie of the

anaie of silver, had to arrange to cut this one

<\r way that it was in an exact relationship with the

gold coinage from the tin, which they were obliged to re-

au pair. I was very comfortable in the

practical small daily transactions, as long as the

d between l< - two metals according to which had

MATTER IN ANCIENT COINS 177

been established the different rate of the unit of one and the other remained unchanged, or experienced only variation such that she could be redeemed by a slight premium in favor of one or the other. But he had the disadvantage of delivering monetary circulation to all the disturbances which will result from a considerable change in this proportion, of a strong fall either in gold or silver. When an event of this kind had occurred, it was necessary to surely come to a demonetization and an overhaul of the currency of one of the two metals, to change the weight and put it back, according to the basics of the new course, in exact relation of value to that of the other metal. In the centuries of the decline of their empire, the Achae- Menids claimed to legally maintain, against all economic rules, gold has a value 13 1/3 times greater than that of silver, although its price had fallen by at least 11 0/0. The result was an export of silver on such a scale that it almost completely disappeared from the interior provinces empire, where only gold remained, strong depreciated by the fact, although retaining the same value nominal (1).

With their wonderful commercial instinct and their experience in banking operations, the Athenians con- presented a completely different solution to the problem. Like everyone the Greeks of Europe had adopted the silver standard; it was moreover the metal that the mines of Laurium ver- know in almost inexhaustible quantity on their market, and whose export constituted one of their great riches. Yet gold also abounded on the market

(1) Brandis, j>. 248.

i. 12

178 CURRENCY IN ANTIQUITY

of Athi if they could get it as long as they wanted.

milk in exchange for their money; register them

there to attest to this abundance of oi dation

of Attica, if we did not still have proof of it

more bright in the courtyards - to moderate, from 1 to 1*2 or 11 1 2, that it nor those of gold compared to silver

;. Athens VCT8 the end of the 5th century BC I most of the 4th century. In the registrations

urs, it is easy to see who ates 'valu:/ >mpte were expressed in silver drachmas

gent, the instrument of exchange of major commercial affairs ciales was gold, during the whole period which extends from Pe- ndes to Alexander. But the Athenians preferred not to

to collect this gold in the name of their republic9 and leave it

between commercial labor in the form of ingots or of foreign species, for which the bank freely set the

courtyard. I had understood that big commerce uve

always smarter and more sheltered from political crises that he is Lndé] coin that he can bc procure-

rer and administer itself e - in

complete freedomj Bai in du .t. 11 y

yet had an Athenian gold coin, and one;

iiiin you. who return

all in the period which I have just indicated- moths (l). But the manufacturing was always very r

ite; Soon it did not take place (at intervals, for

island, for a specific need of the

public. Moreover, the< - Athenic! "do not engineer

go their.- gold coins so as to them: pre-

lantillons who know] 1 ot Kliv. ; HullBCh, j». 1

MATTER IN ANCIENT COINS 179

feel an exact number of units of silver, according to a report port of value which could change from one day to the next. They cut them exactly on the same foot, so that the stater, a unit of gold, weighed like two drachmas of silver, that is to say an exact fraction (l/oOe) (see. book VI, chap. iv, § 1) the weight mine; it wasn't a piece of such value, but of such weight. The currency gold thus cut was put by the government in the circulation, when he found an interest and an advantage to manufacture it, as representing a value that a price audience had to determine at the time of broadcast, and who was consistent with the price of the metal in the bank. Then, when the circumstances which had led to the broadcast were not- When the price of gold changed, it was not need to demonetize coins; they remained in the circulation, always eagerly accepted for their intrinsic value, because of their excellent quality. The gold stater of Athens was thus, on the market itself from this city, an ingot which the government guaranteed weight and title, which assured him a preference and a certain premium, but whose price compared to Téta- Ion of silver followed freely and without hindrance the fluctuations- commercial tions of the value of the metal (1).

(1) This is what Xenophon says in formal terms in his treatise On the returned from Attica (IV, 10), where, after having argued that gold could be for the public treasury as useful as money, he adds: “However I must say that, when gold abounds, its estimation becomes less, and that bigger money. We say this in order to be able to insist with more confidence in the usefulness of exploiting silver mines, because we will always find, and money never loses its value. It seems to me having been the opinion of the State before me. » For the Athenians, money was therefore the metal with a fixed and constant value, gold the one whose value was va- laughable.

i. 12.

180 CURRENCY IN ANTIQUITY

Alexander the Great, faithful imitator of the system of coins of Athens, also gave Good gold the same weight

that he his money (see book VI, chap. v. £ 1), without inquiring wondering if it resulted between the pieces islands Games metals a value ratio in whole numbers phew: tionnairt 3. This is how he gave his monetary soul an elasticity such that its currencies of one and the other metal were copied for over ut years a} rèa Ba

death (1), without Bubir, neither in lfor nor in money, no significant alteration of weight, over an area of immense territory, from the bottom of Pontus Euxine to the border of Egy] FAchaeaux on the banks of the Euphrates. That is to say

say that gold staters and tetradrachms were minted of Alexander, both always carved on the on the same footing, in countries where the proportion of value of two metals was certainly different, and what manufacturing continues without change throughout the

duration of a living island, as we have shown all k hour, large fluctuations in the reciprocal rate

gold and silver. What made this possible was that Alexandn it conformed to the new principle in-

luil bet ktl éniens, that he had made Bon Btai golden one | of two drachmi of one

ur invariably determined in money. Its Bystema monetary loan was lent in this way< ma trouble dam

essential constitution, to all the variations in the ratio of the two metals.

The temple of Alexander was followed by most of the

Darchies Resulting from its empire, monarchies whose mono gold was, moreover, very restricted » book VI,

[\) 1 M 1st, yumismutKjU'

MATTER IN ANCIENT COINS 181

chap. v, § 2). Among the Ptolemies alone we see a back to the old way. Under Soter, gold is cut exactly on the same footing as money, because both metals are then in the ratio:: 1: 12 1/2 and then the stater, weighing just two drachmas, is worth 25 silver. But after his reign, while the weight of money remains unchanged, we see a decrease of the weight of the gold coins quite notable and quite regular so that it is necessary to attribute it to a measure legal with the aim of maintaining the stater value exact of 25 silver drachmas in the data of a rise in the price of gold which almost led it to be :: 1:13 (see book VI, chap. VI, § 1).

3. Throughout the duration of the Republic, the Komains, following the example of the Athenians, did not produce money only in exceptional cases, although all major affairs are settled by means of payments in gold, in the form of ingots or foreign species freely priced by the trade (1). Moreover, at that time, as Mr. Mommsen very rightly remarked, the coins of the Republic “did not represent almost all the circulation of cash in Italy; they were only intended for daily use and small business, while large operations include Merchandises were settled in ingots and by weight. » We can even formulate as a rule that until Caesar there was no Roman gold coins minted in the provinces, by generals in the field, by virtue of their imperium

(l)Mommsen, M fi, t. II, p. 110.

182 CURRENCY IN ANTIQUITY

and for the Bervice of their urine (see book 111, chap. [, I 7 . The first of these pieces, in particular those of the year 557 of Rome (book VII, chap. m, §3), were ciniscs as representative in the monetary standard of ar- gent a determined value, written in figures on these parts; the value thus indicated even had a character exceptional which made them real currencies of birth

already justified" - by the political circumstances of the moment see. more binding, in this chapter, § 1, t. More late, on the contrary] , lec orei of Syllaet de Pompey book VII, chap. ED9§5, likes those Bar book VIL chap.

iv, §1), according to a principle analogous to that of the currency of Athens, were no longer coins of a fixed number of deniers OR nt, but of a fraction

'le, 1/30 or 1 f40 of [a pound by weight. Plies could therefore undergo price variations without causing a problem

will go into the economy of the monetary system. When Augustus adopted the gold standard, he seems to have looking for something like a second-hand currency

tallic. At least he tries to make sure that the denier

d'aigenl would really have an intrinsic value consistent with

at I ur nominal compared to the aureus, in-

price data for their metals at the moment

naked nor . v. , we

continued to do the same, and, 1 we thread

lied to the currency, we looked for the element on

gold coins and silver coins So you see

POU at the same time reduce the weight of Paureus and nor of the last book VII, chap. iv, g 1). “A c

“epoch, remarks IL Ifommaen (1), Por and money (i; Mnmnmi, M n \, m. p. u.

MATTER IN ANCIENT COINS 183

“were also exported to foreign countries, while the copper minted by the Romans is not found there this at all: which would prove that gold and silver continue “both failed to retain their metallic value, “while copper was only a conventional currency cc tion assigned only to the use of the Roman Empire. “We find in Germany a lot of silver coins. ec gent and little gold belonging to the first two centuries

(1) {Germani) argentum magis quam aurum sequuntur: Tacit. Germ. 5.

(2) Hoffmann, Lehre vom Gelde, p. 103 et seq.

184 CURRENCY IN ANTIQUITY

i in denarii and in sesterces, as we still count at present in England in pounds and silver shillings; "but this nominal value was not represented by c a certain quantity of money, but by the quantity corresponding golden i; so the denier meant less nn i silver denier than 1/25 of aurens. 1 canopy, we

i was already counting at that time quite simply in pii <( of gold, especially when it came to the pay of the troops this pes II). » Pliny (2 g' is surprised that the Republic did not made war contributions paid only in money. It's thanks to this character of auxiliary currency attributed to

- silver, that, from the reign of Nero to that of time v ivere, the ir tuvernement could gradually alter- ment the title until it only contains BO or 40 0 0 at the end (see VTI book, chap. iv. ^ l Bans p cause very notable disturbance in the mechanism exchanges nor in the public fortune, because Faureus, despite two successive reductions, retained a weight exact and excellent metal title.

It is with Caracalla that the great crisis begins monetary of the 2nd century (book VII, chap. iy, 2.0 i table emperor gave birth to it by two measures, that iseuri made them even worse by continuing them; at instead of stopping the evil. The first one suddenly diminished nution of the weight of the aureus, with the pretension of it maintain by rigorous penal provisions the same value. The second consisted of starting to manufacture, in proportions which far exceeded those that the can reasonably admit for a base currency

I South m, /' mit, 7 1 // \ \\\r: 3.51.

MATTER IN ANCIENT COINS 185

point, and who in a few years made the major part of it circulating cash, a billon currency issued as money, although it soon came to contain only 6 0/0 end and even ends up being nothing more than copper sauced. The first result of these measures was firstly in a few years an incredible depreciation of the denarius, remaining until then the unit of account. No law could keep him hold its face value, and under Elagabalus and Alexander Severe, to establish some fixity in public revenues, we had to decide that payments to the state coffers would be would henceforth be made exclusively of gold (1). Soon the au- reus himself no longer presented any fixity in his weight. From year to year and, so to speak, from month to month, the government modified it (see book VII, chap. iv, g 2). The uncertainty reached this point that it produced what Mr. Mommsen (2) very well called demonetization vir- tutela of Vor. For almost a century, an unheard of fact in history and whose possibility it is difficult to understand bility, we minted without fixed rule the gold coin, which was the basis and standard of the entire metallic system. Of incessant alterations of this kind ended up illuminating evening any fixing of the weight of the parts. Also, in the practice and despite the orders that the emperors were constantly renewed, gold currency ceased to be considered a real currency; the parts do not were seen more than as fragments of ingots stamped with the imperial effigy, and could no longer be commercially accepted as hand scales. And yet it was the only currency that retained any value.

(i) Lamprid. Sev. Alex. 39. (2) M R, t. III, p. 63.

186 CURRENCY IN ANTIQUITY

which does not suffer a depreciation comparable to that of

assignat- at the end of our great Revolution! L 1st

of payment to the Public Treasury at that time did not bear were more the indication of a sum according to a unit of fixed account, like the denarius or the sestertius, m pil-

how many pieces of such and such a metal (1)

or what weight of such metal in monetary form whatever we had to give to the one who was worthy of it. tified.

When Constantine, continuing the work outlined } Dioctetian, restored order to this inextricable chaos netaire (see, book 711, chap. VI, l l), his first care was to give gold currency a fixed and exact weight. 11 fit the BOD standard new system and subordinated the number to it raire defl two other metals, constituted in base currency period. May.-, to restore confidence in the public, it had to give the silver coins an excellent title and a intrinsic value consistent with their nominal value. Alone- However, this agreement between the two values did not last long time. A few years after Constantine, the price of gold having BUbî a fairly high elevation (see above, in chapter, g 1, .'i, silver coins, (fold, .ug- meiitation of weight, continued to represent the same fraction of the gold unit, no longer had a value of m equal to their nominal bouncer. M i had no in- convenience Bélieux, pair 411 it was not a question (pie of a

extra currency manufactured in very large proportions reasonable]

I \ , - . .\urtlum. I | Li; the rob. I; fi I I, 1 . MOOM

M H, t. lll.p. li •.

MATTER IN ANCIENT COINS 187

g 3. — Alloys of monetary metals.

4. In general, throughout the Hellenic world, the mon- nest of gold and silver shows itself to us with a remarkable title quite pure. Almost everywhere, gold is often without alloy; the analysis reveals only 3 thousandths of silver united to gold in the staters of Philip of Macedon and Alexan- dre (1) (see book VI, chap. v, \ 1); it's the biggest degree of purity that could be achieved with the processes of refining available to the ancients. In the darics (book VI, chap. iv, g 2), there is a little alloy introduced voluntarily; but it only goes up to 3 hundredths (2). The Greek silver coinage does not also present, in its general lity, only extremely minimal alloy proportions, although lower than those accepted by modern people. Athenian tetradrachms from the belle époque vary between 0.986 and 0.983 end (3). Those of the second series (book VI, chap. v, g 7) no longer contain, on average, that 0.966 of silver and 0.032 of copper; but they compensate smells this alloy by an addition of 0.002 gold (4). What-

(1) Hussey, p. 109.

(2) Letronne, Considerations on currencies, p. 408; Brandis, p. 244.

(3) Barthélémy, Voyage a "Anacharsis, 3" ed. t. Vil, p. liv; Hultsch, p. 171.

However, a few exceptional copies only ended 0.962 (Hussey, p. 45) and even 0.933 (Rauch, Zeitschr. f.Nwmim. t. 1, p. 36).

(4) Beulé, The coins of Athens, p. 403.

188 CURRENCY IN ANTIQDl

a few however, all were in recent times of the autonomous currency of the city

lower fineness, 0.9 19 silver, 0.0784 copper and 0.0036 gold (1). That of the silver statures of Aegina (book VI, chap. m, i< 3, and iv, § 1) is on average 0.960 ending - .

that is to say lower by approximately 2 hundredths than td1 Athenian tetradrachms of the bell< ne. The analysis of several Btaters of Corinth (book VI, chap. iv, \ I) a

given results which vary between 0.961 and 0.936 ar- pure people S). In the silver coins of Alexander, we note 0.9674 of silver, 0.029 of alloy and 0.0056 gold I.

among the Greeks of Italy and (Sicily, the customs of relationship were the same, as results from a Bérie of analyzes due to M. de Rauch (5, and of which we have record data; or will notice that the

title of small divisional pieces, in the same city. is always lower than that of larger monetary sizes very practical still today in many

of European countries. Here first is the title of some samples from the Grande-Gr incusu series

(see. in this book, ehap. m, g 1, /|; book VII, eliap. i.

| S 9 made in the 6th century BC:

Caulonia, didraehme 0.960 of tin:

Posidonia, didrachma 0,(.)70;

Taranto, didrachm o.'.i'i^.

i n •. ;

(2) H - ; ,( 10; K.iwrh. /. r.

(3) He - : l; : ! '. r.

(4X. Il p. 71: Hults.li, p. IsJ.

'. '•. f. Nnmim. t. I, p. :;c. and -

MATTER IN ANCIENT COINS 189

A tetradrachm from Messina, from the early years of the 5th century, gave 0.948 ending.

The following information relates to currencies from the most beautiful era of art:

Campanians., didrachm

Crotone, didrachm

Hyrina, didrachm

Heraclea of Lucania, drachma. . » » diobolus. . .

» » obol. . . .

Neapolis, didrachm

Nola, didrachm

Syracuse, tetradrachm

Taranto, didrachm (1)

» obole. . ....

)) hemiobolus

Terina, didrachm

Thurium, didrachm (2)

» obol

Velia, drachma (3)

0.980 end;

0.960

0.940

0.930

0.920

0.920

0.940

0.940

0.960

0.930

0.910

0.910

0.940

0.940

0.915

0.966.

In the last days of the coinage of Taranto, the The quality of the silver coins deteriorates noticeably, because a didrachm or nomos of this period did not give M. de Water that 0.880 from end.

For the old currencies of Asia, finding no other

(1) This analysis does not belong to the series of those of M. de Rauch; it comes from some tests that I had done at the Monnaie de Paris.

(2) Same observation.

(3) Another drachma from the same city, from a slightly more recent period, only gave 0.930 in the end.

190 CURRENCY IN ANTIQUITY

any indication in previous publications, I had to have some grays executed myself at the Mint of Paris. A silver coin from Beria “ane (v

book VI, chap. nor, § \) has been recognized as containing 0.980 fine, a small coin from Chios before Darius son of Hystaspes 0.975 and one of TeosO, 060, just the title of the silver staters on the model of which

are cut leTéos, Two silver coins of the

coinage of the A.chaemenid empire is tnédiq

book VI, chap. iv, g 2, and chap. i\', to the word Medieval Sicles ques) showed slightly less pure metal, 0.010 a and 0.930 the other (1); a coin from Miletus from the end of the \' of island ;iv. AD, 0.950, one from Chalcedon 0.960, finally one of EU nterior to Alexandre 0.963 of fine silver,

May- 0 "or. T<»ut this always constitutes a strong title

high. In tries the Asian series before the conqi

of Alexandre, there is no serious alteration of the metal

int that in I manufacture

ent by the \ihemenides for the use of their Aramaic and Phoenician proTinoes during the

T.mpir 71 ip. iv.

|2 .Some also followed the example of c

alteration onnai< nncialea of the Grand

thus which involves the coinage of Aspendus of Pamphylia,

belonging to the m(le, (pie M. de Rauch has analyzed

î whose title he found at 0.709 end; it is good

to add a very small divisional currency

: by Mr. EUooh, sweet fart rr,ip-

sword> > have

provided:

i i ■■••■ bearded r ' I ni end;

- !'•' I I, T.mt a deer

MATTER IN ANCIENT COINS 191

and that the corresponding parts of a greater weight should have been in a better capacity.

For the period after Alexander, we find the analyzes of the Berlin scholar. A tetradrachm of An- tiochus I of Syria contains 0.990 of pure silver, and one of Ptolemy Soter 0.931. The title of the silver coins of Seleucids and Lagidesse maintains excellent for a long time; but in the agony of these two monarchies he suffered a deep alteration; a tetradrachm of Philip, the last deny king of Syria of the race of Seleucus, no longer contains that 0.678 of silver; those of Ptolemy Auletes are of a block where the alloy takes the largest part and even arrive to be almost nothing more than sauced copper (book VI, chap. vi, §2). The title of a drachma of Arsaces I is 0.9û6 end, and until the end of the Parthian empire on metal of their drachmas remains remarkably pure, while the tetradrachms, struck in the workshop of Seleucia and intended exclusively for the circulation of euphratic vinces (book VII, chap. v, § 1), follow at from around the Christian era the alteration of imperial tetradrachms from Antioch (see below, the sect. 4 of this §) and even go down to a lower title; under the last Arsacids, the tetradrachm of Seleucia on the Tiger, which contained only 0.625 of metal end, could only be worth in circulation 2 1/2 of the drachmas minted in the other provinces of the empire, which remained pure silver.

2. However certain series of coins, very clearly ly determined and belonging to Asia Minor, trans- are similar to the rest of Greek coinage in that they are made

192 THERE CURRENCY IN ANTIQUITY

quées, aon no longer in pure gold, but with an extremely pale, of particular appearance, which is an orally in

huge portions of silver and even copper. ( IN Btce that numismatists have gotten into the habit of calling, with jusi a, the coins of electrum.

The name (Y ■}'/.:/.- y jj or orblan. ,1), di

tinting of gold itself, was applied among the ancients

»ut alloy of arg ni and gold where the proportion of silver

rose ABOVE <20 0/0 (2). There was the electi'inn

nature] and artificial electrum (3). In fact, almost all days" in nature, gold ore occurs united with a certain proportion of money, which, in that (pie don- night the washes of some countries, rises far above

of the limit (fold for the ancients determined the electrum,

and modifies in the most sensitive way the color of the metal by whitening it. Thus the gold of Voi îspatak, in Transylvania, is naturally mixed with a quantity of ar- gent who sometimes reaches .'>s,7i 0 0 of the total weight of the ore. The one that was collected in great abundance in l. _. die in ancient times, or in desiccable washes of the Pactole, or in [( ivations of quartz veins

of the Tmolus and the Sipyle, appears to have contained a pro- portion even more. The analyzes that we made primitive M . to the guy beyond his head

i Herodotus. I.

Plin. // V, \\\ni. ;. 13; of. Ptustn. \, 12 6; ButUth. “l ''13; Hety< b, S lid. el Phot,

/ . \ ... . , 12; f. XVI, M

■ Plia, f. ,R. num. 1856, p. 88 al

bed, p. i'..

116.

MATTER IN ANCIENT COINS 193

of lion and the star (see book VI, chap. ni, § I), seem prove that the alloy sometimes went up to 43.8 0/0 of silver, which required adding for coinage a very small proportion of copper, in order to give a little of color and prevent the metal from being almost as white than money (1). This is, moreover, a maximum which was not not always achieved, because the analyzes of the Duke of Luynes (2) appear to show that the monetary electrum of Asia Minor, either natural as originally or imitated more later by artificial alloys, was of a composition very irregular, where the proportions of the two metals varied, but where that of money was greatly superior less than 20 0/0 (o). This mixed ore from Lydia consists of titrum of Sardis, which is opposed to pure gold collected in India (4). To get gold from it, it was necessary refine it. Implemented as nature gave it, we considered, from the time of the composition of ho-poems meric, as a metal distinct from gold and classified at a rank of nobility intermediate between gold and silver (5). It was the same much earlier, in civilization. prehistoric Bronze Age tion of the city so an-

(i) The analysis gave exactly 0.536 gold, 0.438 silver and 0.026 of copper.

(-2) Rev. num. 1856, p. 89.

(3) Pliny makes the following remark about electrum: If (argentum) quinlam portionem excessive, incudibus non resistit. All numismatists were able to notice that the blanks of the electrum staters constantly burst under the hammer and have irregular and deep cracks, which we almost never see in those of real gold coins.

(4) Sophocl. Anti'j. 1037.

(5) Odyss. 0.460; S, 296.

i. 13

191 CURRENCY IN ANTIQUITY

:me whose debris Mr. Schliemann discovered Hissarliken Troade, and that he believes, wrongly according to me, to be Homer's Hion. The treasure of the chief of this city is closed gold, electrum, silver and bronze, like that of Afénélas in Sparta according to 1,(>dyss I l, and likewise also the offerings sent by (Sresus to the oracle of De-lphcs consisted of gold, white gold or electrum and money (2). Speaking of these offerings, Herodotus indicates which tiles, the clouds of gold, [the other electoral ones,

exactly the same dimensions, weighed some 2 1 j2 talents, the bolsters 2 talents. The specific weight of

the eletruin of Sardinia was therefore that of gold:: 2:2 1/2,

which would lead to admitting an average proportion of 50 0/0 silver in this electrum.

In the series of the kings of Lydia (8 and in the coinage primitive of the cities of Ionia (ù), we see that pure gold and electrum were coined simultaneously, like

distinct metals and having monetary values which do not

didn't confuse ivoy. book VI, chap. neither. § L). In indeed, from the moment we had admitted the use of electrum

known naturalness of a separate metal, We had to give it

a fixed value and in an exact relationship with that of gold and money. Brandis (5) established that the relationship with gold was then :: 4: 3, in other words that a given weight of eleo-

truiu had a value 25 (),<) less (pie that of the

(1) a, 78 N I. I Berodot. I.B0,

C\ HrHndis. p, i, , r. Lenonnint, Monnaut nfifit de in Lydie,

raii-, is

(4J Brandis, p, # mi.

I:

MATTER IN ANCIENT COINS 195

same weight of pure gold. It is this fact whose tradition, poorly understood after many centuries, has made tell Servius (1) and Isidore of Seville (2) that the electruni regularly contained only 3/4 gold, which all the analyzes carried out so far would refute, if it was actually a proportion of alloy. Thus, when Croesus, in his monetary reform (book VI, chap. m, § 2), made two gold coins, one of 10 gr. 89, the other of 8 gr. 17, the first was the equivalent exact slow of the electrum stater of 14 gr. 52, which remained in circulation alongside the new currencies, the se- conde represented 3/4 (3); when Miletus was broadcasting at the same time a stater of electrum of 14 gr. 52 and one gold statere of 16 gr. 40 (4), the current values of these two pieces were between them :: 1: 11/2.

Later, after a fairly long interruption and prin- mainly in the interval between the peace of Callias and Philip of Macedonia, several cities in Asia Minor, mainly Cyzicus and Phocaea, resumed, in circumstances that we will study further (book VI, chap. IV, § 3; chap. IX, in the words Cijzicenes and Phocaides), emissions of staters and hectes in electrum, no more natural, but artificial. These pieces were then called of “gold of Cyzicus” and of this gold of Phocaea”, ^puffiov K.yÇixWv, Xpuot'ov fccMtatxov, two expressions which are found frequently ment in the literary and epigraphic texts of the era. The prices noted above by us (in this

(1) Ad\\T2,.JEn. VII, 402.

(2) Orig. XVI, 24.

(3) F. Lenormant, Coins of Lydia, p. 25 et seq.

(4) Brandis, p. 394-396; F. Lenormant, Coins of Lydia, p. 27.

i.

13.

L96 AI CURRENCY IN ANTIQUITY

chapter, § l, 2] for the Btatère of Cyzicus of the weight of 16 gr. 20, of 28 Attic drachmas of silver but the market of the Cimmerian Bosphorus and 3:2 on the market of Athèm b, are 25 0/0 less than the value of the same weight of metal bî was pure gold. We therefore took into account, in the fixation of the heart of ■ •■ - piece< b, of the presence of the al- binding, and one quoted the artificial electrum at the old value natural electrum. The prices indicated were also their true course I favor, higher than the in- value resulting trinsic for the coins «the quantity of gold that (lies, because in the eyzicenes of

the best quality the proportion of alloy is never

lesser '<<) 0/0, Moreover, we noted everything

time S U ,r>.M:L about brass, an ana-

him of a metallic alloy which was in the

Old trade for a higher value binds

two elements entering into its composition. However, when lowering the title, pi( - limits, as at Phocaea and at 1

of which li: more than about 10 0 0

of gold (i), the electrum currency thus manufactured oe not more purpose on Tuesday rs with the old value do

artificial metal, of 25 0 () Only less than that of

» The] | [U UT their del

table quality "Jj, and dua that they experienced a

osiderable outside the narches of Phocaea, of

{{] \ \t denial hectéi de i" | u te duc de Laj i

l# Gold, 0.41 1.0767; U lead.

Hiei 14; ruivrv, 0.048 I

i • b 'de i mu.'- to Bran lia: «t. i had, (”,i^

".i i1'. /; - . in”, 1886, p. B9j Bras lis, |

I I . : Héiycbiusj

MATTER IN ANCIENT COINS 197

Lesvos (1) and a number of towns united by a treated for the common manufacture of these sixths of staters with such a low title (see book III, chap. I, §2, 2; book VI, chap. iv, § 3). Moreover, it results from clues obvious that this association of Ionian cities, that You could qualify in the monetary history of the name to.1 Union of hectés tfélectrum, had precisely for purpose of issuing real convention cash intended to circulate throughout the territory of the union, with a nominal value much higher than its value intrinsic, without worrying about the disfavor which was to necessarily mint this cash abroad. Also part of the cities of this union, in particular those of Lesbos, completing the exclusive number system rary of convention and applying it to all metals, struck, alongside the electrum in such a low capacity and as a of silver, a billon (2) which also did not contain a proportion of more than 40 0/0 ending (3). He found himself thus, with regard to the electrum, in the same ratio of intrinsic value as good silver with respect to gold pure (4) .

(1) Callisthen. after Pollutes. IX, 93; see. F. Lenormant, Rev. num. 18G8, p. 243.

(J2) Improperly described as gossip by a large number of numis- matists.

(3) Brandis, p. 141, 280 and 321.

(i) The manufacture of this log appears to have begun at Methymna previously to Darius (they of IIysta^pe (Brandis, p. 393). It is probable This is what Demosthenes alludes to (Adv. Timucrat. p. 805, when he says that from the time of Solon certain Greek cities B6 served were, as public currency, silver mixed with copper and lead,

1«J8 CURRENCY IN [/ANTIQUITY

We notice again later, and in a mowing another country, a manufacture of electrum money, minted at the same time as pure gold coinage, a different value and consistent with] I 'al-

binding. It is in the coinage of the Romans in Campania, before we had even started to mint the money of silver at Borne itself (book VII, chap. eu,] i. Cemon- na\ mpren 1 of the gold coins of 6, ruplea of

the Roman pound and electrum coins in the proportion of 20 0 0 of alloy, which weigh 2 l 2 scruples, but

were certainly circulating for a value of 2 scruples

gold -1J.

Kiiiin the series of Carthage offers us, next to pi of gold, a few coins, which we will study more

far (book VI, chap. vn,J l) “The use of it was probable- ment came to i renaïc, who, at the beginning of its coinage, had imitated the Btatères d'rum of Asia Minor (book VI, chap. m, § 4). Let's notice while in Carthage the composition of the metal actually rather low grade gold than pure electruin said (2. Furthermore, the currencies in question had I before being put into circulation, was subjected to a cementation process intended to remove silver from the surface el to give them the external appearance of | pure (3). It is therefore probable that the government of Car- thage did not officially and patiently have a mon-

i MommMMi, M /;. i. i, p. £64; i Leoormant, Or n U la

currency, p, 1 1(

ennonl envii 17 i /i -:

1 v' 'former Afnauc. l. II, |>. :

MATTER IN ANCIENT COINS 199

flooding of electrum, but altered, by an operation surreptitious and fraudulent, in moments of necessity, the title of the species which he gave as gold to the public.

3. Klaproth, Gœbel and Phillips analyzed pieces of bronze of Alexander the Great, of the Ptolemies, of Athens, of Olbia on Pontus Euxine and of Hiero, king of Syracuse (1). They found varying proportions, but always strong, of tin alloyed with copper; in the bronzes of the Ptoles mated, they go up to 16 0/0, Mr. von Bibra also gives 95 analyzes of Greek bronze coins (2), but poorly fortunately without describing them and often even without adding ter from what city or what king they are. This removes almost any practical information useful to its table. We will only note that 13 analyzes out of 95 indicate a proportion of more than an eighth of tin, among others in the bronzes of Alexander the Great, 6 a eighth and the others a smaller quantity (3). This is not that in Massalie we find copper absolutely pure (1). Lead never enters into the composition of coined bronze from purely Greek times; he doesn't understand begins to appear there only under authority or at least under the preponderant influence of the Romans, in pieces of Philip Y of Macedonia, of the Mamertines of Sicily, of Centuripae and Syracuse. However, Mr. von Bibra has

(1) Mommsen, M II, t. 111, p. 37.

(2j Die Bromcn- und Kupfer-Legirungen der alten Vœlkcm, p. 82-87.

(3) See. J. P. Six, Num. chron. n. s. t. XV. p. 32 et seq.

(i) Revue numismatique beige, 3" series, vol. I, p. 319.

200 CURRENCY IN ANTIQUITY

already found - 1.43 0/0 of lead in an Agathoole bronze

Eli iflet, the idea of mixing lead with monetary bronze, and this in a greater proportion than tin, seems to have been an invention; to the Romans [\ u du

less? to Italian peoples since the first manufacture

cation of Yacs si'jnalum until after the death of the

Roman coinage of this metal always offers the same composition. The alloy contains 5 to 8 0/0 tin and 16 to 20 0 0 lead (2). They seem to have searched

parcetl lition of lead to make the metal of the mon- nay? different from that of the utensils, to prevent temptation to send coins to the crucible, temptation who had to queue while the monetary drunk

circulated for its intrinsic metallic value. As for the money of the Republic, it is always of a title » August- lentj which varies from o.(.,(.>;i h 0.995 end according to Daroel .*î, 0.998;\ 0.902 followingThompson and Fabbroni I. The al- .tion of currencies at this time, alteration which stopped often considerable, did not consist of the al-

iit, but to mix with everything! the é] LS8Î Qfl mo-

: tain number of pieces

book 11, l liap. II, £3). A law of Sulla prohibited BOUS

î»ei: | ter attack on tittt currencies

M /;. t. 1. 1.. MM: t. nor i. :;:. 1Phil. / • ' v i î/. t. iv. p. 263 and i obier,

MIM, ". IAWI, ;... . . / '. | more

i,' -/i< l.rmittclirvj . n. .V H, t. 111,

1'.

the money” , . 8J.

'■. M mau en, .V /;. L he. p. 78

MATTER IN ANCIENT COINS 201

silver (1). Only in rare exceptions, the time of the last civil wars, for example in the legionary funds of Marc-Antoine, which we see a serious lowering of this title (2). As for gold republican, at the different times when it was struck, it is always perfectly pure. The laws of Sulla defend had to introduce an alloy into gold, even into that which remained in the trade in the state of ingots (3).

Ù. In the monetary reform of Augustus (book VII, chap. iv, 1 1), the gold was fine at 0.998 (4), and the Julia law on the peculat made its alteration a crime State (5); money also only admits 1 or 2 0/0 at more alloy (6); the brass of the sesterces and dupon- dius consists of i/o copper and 1/5 zinc, without au- a mixture of tin or lead, at the same time as the copper of aces is absolutely pure (7); Julia law defends said even in an absolute manner to introduce any alloy in these last parts (8). It results from the witness-

(1) Digest. XLVIII, 10, 9.

(2) These deniers contain almost 20 0/0 of copper: Mommsen, MB, L III, p. 28.

(3) Digesi. XLVIII, 10, 9.

(-4) Letronne, Considerations on currencies, p. 8i.

(5) Digest. XLVIII, 13. J.

(6) Akermaii. Catalog of Roman Coins, t. I.p. xiv el 6.; Mommsen, UR, t. III, p. 28.

(7) Phillips, London Chem. Soc. newspaper, vol. IV, p. 265 et seq.; Wu'hler, Ann. der Cliemie, t. LXXI, p. 206 61 s. ; Momm-m. M R t. 111, p. 37.

(8)Dig. XLVIII, 13, I.

802 CURRENCY IN ANTIQUITY

genealogy of Pliny (1) that certain ores naturally gave actually a good enough brass to be used as is in currencies, “The copper of Cordoba,” he says, “is “after that of Livium, copper which naturally contains i actually has the most zinc, and it equals artificial brass “for the manufacture of sesterce- el dupondi “while the aces must be satisfied with the copper of in Cyprus. »

Imperial gold remained of excellent quality until Vespasian. slow quality like metal, without its title going down

aUrde8SOUfl of 0,(.)(,)1 ending ('2). But after Yespa>ien

the analysis only provides 0.938 (8), and the title B'abaais still notably around the time of Septimius S -

vèw (see book VII, chap. iv, £1). Yet he remains in- e remarkably good, compared to that

challenge two other metals, even at the worst of the great Monetary crisis of Mccle bed. Meanwhile, chei

king of the Gimmerian Bosphorus, the only of their vassals to whom the emperors would have allowed to silence the mon- nest of gold (see book 111, chap. [,§4e1 8; book Vil, chap. iv, g B), metal, which was good in the beginning. : already more, had 200 of our era, than a very strong electrum- mixed with money, Soon after, the title falls so- low ment "magpie, from the time of Alexandre Sévi

(I // V \\\1\. _!. | : îttbetUt a l.iviann tÊJMfÊM MÊXVMi

■ i il oriekêlà bêuitëttm uminiur m têtUrtiii dtMpê*éiêrmqa$^ Cffprio

.

i) Letronne, EwtituUùm

'If* I. t. i\. (-. 203. Dureau de la Halle, /■."< mm

/; mewf, cl. p. 17 el »i.

(3j Dureau de .« Mallo, t. l. p. 17; 1. Lenormant, p.

MATTER IN ANCIENT COINS 203

These gold coins don't even have the value of a coin of good quality silver (1). In 265, we only find 0.0133 gold, compared to 0.1594 silver and 0.8273 copper; in 267, it is a simply golden piece, the analysis of which gives 0.1728 silver, 0.8207 copper and 0.0065 tin; from 268, there is no longer even money, but only gilded copper.

We will refer the reader to cliap. iv of book VII, § 2, with regard to the title of the silver coins of the empire and its prodigiously rapid alteration. We will indeed give, in this place, the results of a series of analyses, which make it possible to monitor the increase of the proportion of the alloy from the reign of Nero, until the moment when, during the 3rd century, the mon- the coin which had first been silver is now nothing more than a ball, which sometimes contains only 2 0/0 of silver, against 82 of copper and 16 of lead and tin, and even a simple copper, still of poor quality, coated with silver. To from the reign of Diocletian, when people began to make silver money (book VII, chap. iv, § 3), it was of good quality as metal.

From the beginning of the Empire, the administration Roman had it struck, in some of the provinces from the Orient, coins of the weight of ancient tetradrachms, but made from a block which contained only one silver quantity corresponding to the new value and enough bass now attributed to these coins in ro- deniers hands (see book VII, chap. IV, § 4). Thus the tetra- imperial drachma of Antioch had an average weight of

(1) De Kœhne, Prince Kolchoubey Museum, t. II, p. 410 et seq. ; Mommsen, M H., t. III. p. »4.

THERE CURRENCY IN ANTIQUITY

15 gr. 60; but the official value was only 3 DÎera of Rome (1), which makes a weight of silver of 1 I gr. 70 under Augustus, of 10 gr. 230 - os N m etde lOgr, 110 under Trajan (VOY, book VII, ehap. iv, £ 1). • tetradraclimes therefore contain, on their total weight which remains the same, around 1)0 of alloy at the first

era. •'. .!•. he ;. I t 5 gT. 19 to the third

th (2), then. ' v ptime Severus in Trébonien Gall( Volusi >U8 which were hit tra-

drachmae of Antiocbe, their metallic title is beyond of that of the billon of Rome.

.\ from the reign of Tiberius, people began to manufacture, in place of money, in the monetary workshop of Alexandria and for Pui ecial of the province of Egypt, pi

still inferior as a metal to the tetradrachms of An- tioche, billon pieces combined in such a way that with the p i 1s of four Roman denarii — qualified then in Alexandria of drachmas [Z) - they would have as or 1 -•> of the aureus (A. We thus brought back to gifts born pi - alteration Bans brake d< hundred who had manp; mps of the last Ptolemies, and in particular the id'Auletus (book VI, chap. vi, | 9. This is imperial of the value of a denial ec the weight of four, which numismatists have become accustomed to to call the potûi of Alexandria, an inaccurate designation and

that it should be replaced by that of billon, because the alloy of i Hair l\ wn. Mexandr. dm Viooeat, lUrhn-

Uà | : /. fo Register t. IV. p. J I |,

! B kh, \i,tru\. Unttrm h. p. 71; M s, M he, t. III, p. 3

/. c.

• M M R, t. lll. p. :

MATTER IN ANCIENT COINS 205

coins of Alexandria in no way offer the composition true location of the gossip. These currencies first con- held 1/4 silver, a perfectly loyal title and which made correspond very exactly their intrinsic value with their circulation value. But later, in the 3rd century, they descend until they no longer give the ana- lysis that 0.0181 of silver, 0.9138 of copper, 0.0289 of zinc, 0.0385 tin and traces of lead (1).

Gossip, according to Savot's definition, is an alloy copper, brass, lead and a small quantity tin. We don't really meet any employees in the form monetary only among a few Gallic tribes, at the last time of their independence, between the wars of Caesar and the organization of the provinces of Gaul by Augustus (see. book VII, chap. m, § 6). The pieces of this artificial metal are always cast, prodigiously coarse, offering in their manufacture all the indications of circumstances of shortage and pressing need. Their analysis gives 60 0/0 copper, 10 zinc, 20 lead and 10 tin (2). These metals, joined in these proportions to copper, in greatly reduce the ductility, and consequently the composition situation of the alloy almost required the substitution of the pro- moved from casting into a mold to striking. The sort of varnish which covers these pieces of Gallic gossip and generally prevented oxidation, was obtained by annealing them after manufacturing.

Augustus' prescriptions for maintaining certain some qualities of metal in the coinage of brass and copper, and for the prohibition of any alloy of tin or

(1) Sabaticr, Production ofVvr, etc. in antiquity, p. 7'J.

(2) Caylus, Collection of aulifjuities, t. VI, p. 331.

206 CURRENCY IN ANTIQUITY

lead, were not observed much more precisely than those for which he had believed to put Por and money Protected from alterations. We will find it in the clip. îv du book VII, § 2. several analyzes of bronze coins

of the 111th century, which make its composition known. But we thought we should not separate this data from the ta- general picture of the great monetary crisis of im- perial, of which they are one of the important elements.

CHAPTER II

FIDUCIARY CURRENCY, WITHOUT INTRINSIC VALUE, AMONG THE ELDERLY

g 1. — Coins of lead, tin, glass

AND TERRACOTTA.

1. Besides gold, silver and copper, which constituted the only real currency, having its own value as merchandise, ancient peoples also marked what sometimes monetary imprints on other materials metallic, and even non-metallic. The species of this nature, which only had the limited role of a cash auxiliary currencies, were simple fiat currencies, their purely conventional, representing very small are easily exchangeable for money, and for the representation of which it was not necessary that the sign had a price as a commodity in relation with the nominal value assigned to it.

This is how more than one author mentions currencies of lead (1) and that alongside numerous pieces of lead antique coins similar to coins, with which they are

(1) See. the meeting of the texts in Rink, De veteris numismatis poten- tiel and (junlitate, p. 'H.

S - I.A CURRENCY IN ANTIQUITY

B often confused?, but which are only d eras, it

has reached us some real coins of this metal bearing the indication of their value 1. We know three main series of “moné plumbs” taries, real assignats whose circulation should be, obviously, all local.

One was made in Egypt, under the domination of the Emperors, and, according to all appearances, in the iroule ni" century AD [2), The constant type y SUT 1<- right, the figure of the god Nile; the guy on the back, all- Mythological JOUTS, varies, probably depending on the 1st cities these have] been issued. Bias the majority of

coins were manufactured in circulation at Mem-

pliis, whose name they bear, MGMOIC: -these have

always has the Apis ox on the reverse, alone or in pairs

. ' nde series had Roman Gaul for

homeland, towards the end of the 1st century or the course of the n\ It offers Constantly on one side the image of Mercury holding the

caduceus and bursa, while the name of the place of issue

PURPOSE As: :np; most OFTEN one

branch (3), These monetary leads of Gaul appear to have been intended kdrcul:exclusively dac bed s leads- from which they are named. Au>if the one who has the ende alisiens has 1 in the ruins themselves

of Alise, the one who lost in Perthes with Yitry-lc-

(1) I ■ . R '■ • . mm. [861, p. I07.pl. XVIII. w i.

1 ii r, Riv. num. h 107-412; Peuardent, Colla I

/!>(>' oj* ' tomination romaioe,

(3: I Dg] i r /;... dm, 1861, | 16, |>. I-S; From A:

oooi mm, 1861, y. h. : 170. M. d’Amécoorl

others (Annuaire dr la Sue. fran<; . de .\umism,iti,jue, vol. IV,

I”. 1 18), mail .-.m- - on.

THERE MATTER IN ANCIENT COINS 209

François, finally the different leads where welitMEDIOLdans the ancient town of Mont-Berny, near Compiègne, the which appears to have been called Mediolanum (1). Finally, we

(1) It is perhaps necessary to admit a much broader development again for the circulation of a lead fiat currency in the Roman Gaul. In the surprisingly rich collection of antique leads of all kinds, collected in Lyon in the gravels of the Saône, which owns Mr. Etienne Récamier, we notice quite a number of them series, of great unity of appearance, which all represent the same apparatus external ence. These are parts of very small module, at the re\ers absolutely smooth, while the right presents some letters occupying the whole field and sometimes accompanied by a palm or a branch, analogous to that of the reverse of the surely monetary pellets, from which it comes to be discussed in the text. The letters of the law, on all these documents, give in abbreviation the name of one of the towns located along the course of the Saône and that of the Rhône or those which were on the roads leading directly to Lugdunum. We note, in fact:

A N, Anicium.

AR, Arelate.

AV, Aoenlo.

CAV or CA (on other examples), Cabillonum.

CV, Cularo or rather Colunia Vienna.

DIVIO or DV (on other copies), Divio.

ER, Ernaginum.

GEN, G-nava.

LVNA or LNA (on other copies), Luna.

MA or M, Malisco.

RV, Revessio.

SIT, Sitillia.

TE, Tenurtium.

TRI or TR, Trivorlium.

VA, Valentia.

Reading just one of these names on a single coin might seem a very risky conjecture and devoid of sufficiently solid foundation; but the grouping of all these brands, on parts exactly similar to each other, forms a whole of which all the parts confirm each other lies reciprocally; that it becomes, consequently, very difficult to i. 14

210 CURRENCY IN ANTIQUITY

ive a very great abundance of lead coins kings of Numidia, to the same type of love as their

put 60 doubt. The very town of Lugdunum, where the leads of this series have been collected, -t richly represented, fi

where we read LVG 00 LVC, or by others who carry .c ClniaCo- LuGilunum, or finally by others where the name of Copia would be alone

abbreviated as CO

Seeing this number - all p - laughing the n ones

of towns li<-' - - by active commerce, it is very difficult <:

- r re that they were intended for a common fiduciary circulation between OM different cities, circulation in which they would have represented Sent -minimal values for top-ups. Only, in this

given itself, >Yle\e the question of whether they must have been issued by public authority or if their origin was private, ri,: .pie.

they were not manufactured by some large commercial company. cial, such as qa - Namtae of the Rhône and the Saône, for I

The last hypothesis is perhaps the most difficult - blabli\ although Ton Since* - • permanent state, give a solution affinnati. neither in the other for the question we have

However, it seems that this! the pellets were only the continuation

tion | Roman domination, of a very

anal* I, that would have been fa! •

different Gallic oples, - - last days of independence,

when the Romans already occupied part of the I!an>

mr. R titrates

nant of the finds made 1 S lie, from:

lead, very similar to these, but with a little more module:

and of an older appearance d lit to the right, while

. /P, ED u ROM, which - interpret

the Bluens and inrtoul

difficult, when you see on a

be A\. i find the indication of lesÀrven there

1 lonuim-nts, unpublished day, will be well-

ir their learned possessor, to whom we owe their interpretations OjM we just gave some. There are similar ones at the Museum df and a \do Cabillonum was published by M. d A irl Directory

of Soc.fr a. t. IV, p. 1 17, ft. VII, nM

MATTER IN ANCIENT COINS 211

copper coins (1), and certainly having had a course in currencies. These three series are the only ones of which until now feels the character and destination are determined with complete certainty; but it is probable that among the antique pellets there are still quite a few which we will also have to place later in the class of those which served as currencies (2).

2. Aristotle (3) and Pollux (4) say that Dionysius of Syra- cuse minted tin coins for commercial circulation cial in its States. We don't own any of these mon- naies (o); but this is not surprising, because of the

(1) Garrucci, Rev. num. 1862, p. 412-416; L. Millier, Numism. of Vanc. Africa, t. III, p. 19 and 31.

(2) See. Garrucci, Rev. num. 1862, p. 402-423.

(3) Econom. He, 2.

(4) IX, 79.

(3) Mr. J. P. Six (Num. chron. n. s. t. XV, p. 28 et seq.) proposed a very ingenious, but still conjectural, explanation of the testimonies relating to this pewter coin of Syracuse. The result would be that these steps wise should be understood as relating to a currency of copper and the proportion of tin alloy it contained, then that the This fact would be linked to the reduction of the litra by Dionysius.

I will reproduce, moreover, the terms in which the Dutch scholar develops his opinion:

a Pollux says that Dionysius forced the Syracusans to use tin place of money and that this currency had the value of 4 Attic drachmas (of tin that is to say; instead of a single (tin drachma) which it contained indeed. Now the Greeks did not use tin alone, as far as I know, but they used it daily to make bronze by mixing it with copper. Copper, which Dionysius must have obtained in large quantities from northern Italy, must then have had little value in comparison with tin, which had to be bought from the Carthaginians, with whom he was without i. "•

212 CURRENCY IN ANTIQUITY

ease with which tin is destroyed by oxidation in the heart of the earth.

we war, unless he has found an ijran!o quanti; metal in the loot removed Ion do Bac from M tya,! it's 'as the

passage of PoUux, of a bronze coin, the tin of which closed the inside most precious ent. However, the oldest tanned ones of Syi

Pallas, weigh approximately 8 Attic drachmas. Bupj [n'fla

contain 1 drachma of tin and 7 drachmas of copper and that Denya

given in payment as if they contained l tin drachmas (and

i copper drachmas). In the latter case. they would have had, I suppose, the

.r of a liter of copper of "»(• drachmas in weight. So 50 drachmas

Irachmes of tin and an alloy-, irachmes

oivre, that Pollui does not count. This gives us a ratio of

h to copper from 1 to 12.3 and a ratio of silver to tin from I to -".

[the silver was an copper in the ratio of l to 190. If the

4 drachn nivre must count, these chiffi - enl ii> _i

instead of Ital. according to this hypothesis | that the

tanned do 8 drachmas were really worth 7 drachms

1 drachma of tin equals I- 1,- drachmas of drunkenness, which makes in- nemi 1 I I J Irachmes or just *2

• •s ' 1> ■ . - would therefore have replaced the liter of silver equal to 50 drachms