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date: 27 November 2022

coinage, Greeklocked

coinage, Greeklocked

  • Keith Rutter

Extract

Coinage to the Greeks was one of the forms of *Money available to measure value, store wealth, or facilitate exchange. Coins were made from precious metal such as *Gold or *Silver , or from a copper alloy; they were of regulated weight and had a design (type) stamped on one or both sides. Lumps of bullion too could be weighed to a standard and stamped with a design, but the stamp on a coin indicated that the issuing authority, normally a state or its representativ (s), would accept it as the legal equivalent of some value previously expressed in terms of other objects, including metal by weight. Merchants and others therefore were expected to accept it in payment. A coin of precious metal might weigh the same as the equivalent value of bullion, but would normally weigh less, to cover minting costs and, in varying degrees, to make a profit for the mint: in other words, coins were overvalued relative to bullion (see weights ).

Subjects

  • Ancient Economy

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