--- title: Coinage author: Jan van der Crabben source: https://www.worldhistory.org/coinage/ format: machine-readable-alternate license: Creative Commons Attribution-NonCommercial-ShareAlike (https://creativecommons.org/licenses/by-nc-sa/4.0/) updated: 2023-10-17 --- # Coinage _Authored by [Jan van der Crabben](https://www.worldhistory.org/user/jvdc/)_ Coins were introduced as a method of payment around the 6th or 5th century BCE. The invention of coins is still shrouded in mystery: According to [Herodotus](https://www.worldhistory.org/herodotus/) (I, 94), coins were first minted by the Lydians, while [Aristotle](https://www.worldhistory.org/aristotle/) claims that the first coins were minted by Demodike of Kyrme, the wife of King [Midas](https://www.worldhistory.org/midas/) of [Phrygia](https://www.worldhistory.org/phrygia/). Numismatists consider that the first coins were minted on the [Greek](https://www.worldhistory.org/disambiguation/greek/) island of [Aegina](https://www.worldhistory.org/Aegina/), either by the local rulers or by King Pheidon of [Argos](https://www.worldhistory.org/argos/). Aegina, [Samos](https://www.worldhistory.org/samos/), and Miletus all minted coins for the Egyptians, through the Greek trading post of [Naucratis](https://www.worldhistory.org/Naukratis/) in the [Nile](https://www.worldhistory.org/nile/) Delta. It is certain that when [Lydia](https://www.worldhistory.org/lydia/) was conquered by the Persians in 546 BCE, coins were introduced to [Persia](https://www.worldhistory.org/Persia/). The [Phoenicians](https://www.worldhistory.org/phoenicia/) did not mint any coins until the middle of the fifth century BCE, which quickly spread to the Carthaginians who minted coins in [Sicily](https://www.worldhistory.org/sicily/). The Romans only started minting coins from 326 BCE. Coins were brought to [India](https://www.worldhistory.org/india/) through the [Achaemenid Empire](https://www.worldhistory.org/Achaemenid_Empire/), as well as the successor kingdoms of [Alexander the Great](https://www.worldhistory.org/Alexander_the_Great/). Especially the [Indo-Greek](https://www.worldhistory.org/Indo-Greek/) kingdoms minted (often bilingual) coins in the 2nd century BCE. The most beautiful coins of the classical age are said to have been minted by [Samudragupta](https://www.worldhistory.org/Samudragupta/) (335-376 CE), who portrayed himself as both a conqueror and a musician. [ ![Miletos Electrum Stater](https://www.worldhistory.org/img/r/p/750x750/817.jpg?v=1755230825) Miletos Electrum Stater Mark Cartwright (CC BY-NC-SA) ](https://www.worldhistory.org/image/817/miletos-electrum-stater/ "Miletos Electrum Stater")The first coins were made of electrum, an alloy of [silver](https://www.worldhistory.org/Silver/) and [gold](https://www.worldhistory.org/gold/). It appears that many early Lydian coins were minted by merchants as tokens to be used in [trade](https://www.worldhistory.org/disambiguation/trade/) transactions. The Lydian state also minted coins, most of the coins mentioning King Alyattes of Lydia. Some Lydian coins have a so-called legend, a sort of dedication. One famous example found in Caria reads "I am the badge of Phanes" - it is still unclear who Phanes was. In [China](https://www.worldhistory.org/china/), gold coins were first standardized during the [Qin Dynasty](https://www.worldhistory.org/Qin_Dynasty/) (221-207 BCE). After the fall of the Qin dynasty, the [Han](https://www.worldhistory.org/Han_Dynasty/) emperors added two other legal tenders: silver coins and "deerskin notes", a predecessor of paper currency which was a Chinese invention. #### Editorial Review This human-authored definition has been reviewed by our editorial team before publication to ensure accuracy, reliability and adherence to academic standards in accordance with our [editorial policy](https://www.worldhistory.org/static/editorial-policy/). ## Bibliography - [Arthur Cotterell. *The Pimlico Dictionary Of Classical Civilizations.* Vintage Digital, 2011.](https://www.worldhistory.org/books/B0055CS2VC/) - [Herodotus. Edited by Robert B. Strassler. *The Landmark Herodotus.* Pantheon Books, 2012.](https://www.worldhistory.org/books/B005GLYZKO/) ## About the Author Jan is the Founder & Chairman of World History Encyclopedia and is the organisation's Director of Design & Technology. He holds an MA War Studies from King's College, and he has worked in the field of history-related digital media since 2006. - [Linkedin Profile](https://www.linkedin.com/in/janvdc) ## Timeline - **c. 700 BCE**: Coins first minted on the island of [Aegina](https://www.worldhistory.org/Aegina/). - **c. 635 BCE - 585 BCE**: Reign of Alyattes of [Lydia](https://www.worldhistory.org/lydia/). Minting of first coins made from electrum. - **600 BCE - 550 BCE**: The [silver](https://www.worldhistory.org/Silver/) stater [coin](https://www.worldhistory.org/coinage/) of Calymna in Caria depicts a tortoise shell [lyre](https://www.worldhistory.org/Lyre/) on its reverse side. - **600 BCE - 300 BCE**: [Dionysos](https://www.worldhistory.org/Dionysos/) appears on the coins of [Naxos](https://www.worldhistory.org/Naxos/), Mende and various other [Greek](https://www.worldhistory.org/disambiguation/greek/) [city](https://www.worldhistory.org/city/) states. - **c. 560 BCE**: [Croesus](https://www.worldhistory.org/croesus/) of [Lydia](https://www.worldhistory.org/lydia/) first manufactures coins of solid [gold](https://www.worldhistory.org/gold/). - **560 BCE - 546 BCE**: Reign of [Croesus](https://www.worldhistory.org/croesus/) of [Lydia](https://www.worldhistory.org/lydia/). - **c. 550 BCE**: The [silver](https://www.worldhistory.org/Silver/) drachma of [Delos](https://www.worldhistory.org/delos/) depicts a [lyre](https://www.worldhistory.org/Lyre/) - symbolic of [Apollo](https://www.worldhistory.org/apollo/) - on its reverse side. - **470 BCE**: [Gortyn](https://www.worldhistory.org/Gortyn/) on [Crete](https://www.worldhistory.org/crete/) begins to mint its own [coinage](https://www.worldhistory.org/coinage/). - **c. 360 BCE**: [Pan](https://www.worldhistory.org/Pan/) appears on the reverse of coins of the Arcadian League. - **326 BCE**: The first [Roman](https://www.worldhistory.org/disambiguation/Roman/) coins are minted at Neapolis. - **c. 211 BCE**: A new system of [Roman coinage](https://www.worldhistory.org/Roman_Coinage/) is introduced which includes the [silver](https://www.worldhistory.org/Silver/) denarius. - **c. 200 BCE**: [Rome](https://www.worldhistory.org/Rome/) now dominates the production of [coinage](https://www.worldhistory.org/coinage/) in [Italy](https://www.worldhistory.org/italy/). - **c. 157 BCE**: There is a boom in the production of [Roman](https://www.worldhistory.org/disambiguation/Roman/) [silver](https://www.worldhistory.org/Silver/) [coinage](https://www.worldhistory.org/coinage/), in part thanks to the acquisition of silver mines in Macedonia. - **c. 141 BCE**: The [Roman](https://www.worldhistory.org/disambiguation/Roman/) [bronze](https://www.worldhistory.org/disambiguation/bronze/) as [coin](https://www.worldhistory.org/coinage/) is devalued so that now 16 as equal one [silver](https://www.worldhistory.org/Silver/) denarius. - **c. 135 BCE**: The [Roman](https://www.worldhistory.org/disambiguation/Roman/) magistrates responsible for [coinage](https://www.worldhistory.org/coinage/) begin to stamp coins with images of landmarks, events and personalities. - **c. 100 BCE**: Coins of [Kos](https://www.worldhistory.org/Kos/) and Thespiai depict a [lyre](https://www.worldhistory.org/Lyre/) on their reverse side. - **c. 46 BCE**: [Julius Caesar](https://www.worldhistory.org/Julius_Caesar/) mints the largest quantity of [gold](https://www.worldhistory.org/gold/) coins ever seen in [Rome](https://www.worldhistory.org/Rome/). - **c. 23 BCE**: The brass [orichalcum](https://www.worldhistory.org/Orichalcum/) sestertius is first minted in [Rome](https://www.worldhistory.org/Rome/). - **16 BCE**: The [Roman](https://www.worldhistory.org/disambiguation/Roman/) mint at Lugdunum is established. - **64 CE**: [Nero](https://www.worldhistory.org/Nero/) reduces the weight and percentage of precious [metal](https://www.worldhistory.org/disambiguation/metal/) in [Roman](https://www.worldhistory.org/disambiguation/Roman/) coins, a trend continued by several subsequent Roman emperors. - **293 CE**: [Diocletian](https://www.worldhistory.org/Diocletian/) reforms the [Roman coinage](https://www.worldhistory.org/Roman_Coinage/) system, guaranteeing the [gold](https://www.worldhistory.org/gold/) aurei at 60 to a pound and minting the nummus [coin](https://www.worldhistory.org/coinage/). - **301 CE**: [Diocletian](https://www.worldhistory.org/Diocletian/) reasseses the values of [Roman](https://www.worldhistory.org/disambiguation/Roman/) coins and limits minting rights to between 12 and 15 mints across the [empire](https://www.worldhistory.org/empire/). - **312 CE**: [Constantine I](https://www.worldhistory.org/Constantine_I/) introduces the [gold](https://www.worldhistory.org/gold/) nomisma (solidus) [coin](https://www.worldhistory.org/coinage/). - **708 CE**: [Japan](https://www.worldhistory.org/disambiguation/Japan/)'s first [coinage](https://www.worldhistory.org/coinage/), the Wado kaiho, is introduced. - **996 CE**: The first Korean coins are minted by the [Goryeo Dynasty](https://www.worldhistory.org/Goryeo/). - **1097 CE**: The [Goryeo](https://www.worldhistory.org/Goryeo/) king, Sukjong, mints [copper](https://www.worldhistory.org/copper/) coins in [Korea](https://www.worldhistory.org/Korea/). - **1102 CE**: The [Goryeo](https://www.worldhistory.org/Goryeo/) king, Sukjong, mints a second issue of [copper](https://www.worldhistory.org/copper/) coins in [Korea](https://www.worldhistory.org/Korea/). ## External Links - [Online English-Georgian Catalogue of Georgian Numismatics](http://geonumismatics.tsu.ge/en/) - [Ancient Coins: Roman, Greek, Byzantine and Celtic Numismatic Reference for Attribution and Values](http://www.wildwinds.com/) ## Cite This Work ### APA Crabben, J. v. d. (2011, April 28). Coinage. *World History Encyclopedia*. ### Chicago Crabben, Jan van der. "Coinage." *World History Encyclopedia*, April 28, 2011. . ### MLA Crabben, Jan van der. "Coinage." *World History Encyclopedia*, 28 Apr 2011, . ## License & Copyright Submitted by [Jan van der Crabben](https://www.worldhistory.org/user/jvdc/ "User Page: Jan van der Crabben"), published on 28 April 2011. The copyright holder has published this content under the following license: [Creative Commons Attribution-NonCommercial-ShareAlike](https://creativecommons.org/licenses/by-nc-sa/4.0/deed.en). This license lets others remix, tweak, and build upon this content non-commercially, as long as they credit the author and license their new creations under the identical terms. When republishing on the web a hyperlink back to the original content source URL must be included. Please note that content linked from this page may have different licensing terms.