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Explaining Monetary and Financial Innovation pp 169–195Cite as

The Spread of Coins in the Hellenistic World

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Part of the book series: Financial and Monetary Policy Studies ((FMPS,volume 39))

Abstract

After the conquests of Alexander the Great coinage took on new forms and spread into geographic regions it had not previously reached. Moreover it began to be issued into and used within new political and economic constructs, and it arguably started to reach sectors of the economy for which it had previously been unsuited for use. This paper focuses on these four types of change: form, geographic spread and an attendant shift in scale, systemic change and manipulation, and diversification of use. It offers outlines of the evidence for them as it is exhibited by some of the coinage, and also suggests ways in which numismatists and economic historians of the ancient world have attempted to rationalise or explain them.

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Notes

  1. 1.

    On scale, see further below, section “Spread and Scale”. Despite recent demonstrations of the existence of some large coinages of small silver denominations (‘fractions’), it remains the case that the majority of such issues were small in quantity and that the overwhelming majority of the monetary value of coinage struck in the Archaic and Classical periods was struck in denominations equivalent to a day’s pay or greater.

  2. 2.

    c.f. “The Changing Pattern of Achaemenid Persian Royal Coinage”, pp. 127–168.

  3. 3.

    c.f. “War and Peace, Imitation and Innovation, Backwardness and Development: The Beginnings of Coinage in Ancient Greece and Lydia”, pp. 31–52.

  4. 4.

    For the figures and discussion see Price (1991: 25–26), de Callataÿ (1989: 260–261). The absence of figures for the treasuries seized at Sardis and Babylon is likely to have resulted in a considerable underestimate in Table 1 for the total silver seized. Likewise, the figure for the treasure assembled at Ecbatana represents the sum left in the eastern part of the empire after 4 years of campaigning and consequent expenditure and will also be an underestimate of the total silver acquired by Alexander. Moreover, it is an account of booty, not of revenues, which will also have been accumulating: Le Rider (2007: 234).

  5. 5.

    For discussion of possible rates of pay see Milns (1987) and Le Rider (2007: 73–77).

  6. 6.

    For discussion of the possible figures see for example Milns (1987: 249–251). Figures are a little more secure (and lower) for the earlier part of Alexander’s campaigns. See Le Rider (2007: 76).

  7. 7.

    For a summary of Archaic and Classical weight standards see Kraay (1976: 329–330); for the Hellenistic period, Mørkholm (1991: 7–11).

  8. 8.

    The evidence is meagre. See the survey in Le Rider (2001: 260–263).

  9. 9.

    The personal wealth that could be accumulated from the profession is exemplified by the career of Pasion at Athens, who began as a slave and ended with a fortune of at least 70 Talents (equivalent to 1.8 tonnes of silver). For his career and likely wealth at death see Trevett (1992: 1–17, 27–31). The evidence for state control of exchange is slim, but suggestive. See the discussion in Bresson (2007–2008: II. 56–58).

  10. 10.

    For the methodology and an initial estimate of 180,000 Talents of coin production see de Callataÿ (1989); for the revised figure id. (2011: 23).

  11. 11.

    The figures for dies, specimens and estimated output are taken from de Callataÿ (2003), with the exception of those of Segesta, which are taken from Hurter (2008). Denominations are normalized to Attic drachm weight, to facilitate comparison across different weight standards. Absolute figures for quantities of silver struck are obtained by assuming 20,000 coins struck per die. Talents are Attic.

  12. 12.

    For a survey of the mints of Seleucus I and their product see Houghton and Lorber (2002: 10–110).

  13. 13.

    This figure is based on the evidence of the Demanhur hoard. For discussion of its use see de Callataÿ (1989: 265–266).

  14. 14.

    See for example Slotsky (1997), Grainger (1999), Vargyas (2001), Temin (2002), Van der Spek (2000) and n.d.

  15. 15.

    Note Slotsky (1997: 105) for the conclusion ‘that the long-term trend in the prices of the six commodities over the course of the Achaemenid years in the study, and again during the Seleucid period at least up to the end of the reign of Antiochus III, is clearly downward’.

  16. 16.

    Van der Spek’s figures and tables are based in part on re-readings of the tablets, and differ slightly from those used by Slotsky and Temin.

  17. 17.

    See Van der Spek (2000) for the observation that there were noticeable spikes in prices in 323 and 309 BC, both of which he connects to specific military conditions in the city (p. 301).

  18. 18.

    Temin (2002: 55–56 and 59).

  19. 19.

    Temin (2002: 59).

  20. 20.

    de Callataÿ (2011: 18). He is not, of course, alone. Compare Bresson (2005: 50) who, while noting exceptions, concludes that ‘the bulk of coinage was minted not for trade, but for war or other public expenses…. As far as output was concerned, most issues were not intended to facilitate exchange as such, but to provide cash for the immediate needs of the state’.

  21. 21.

    E.g. de Callataÿ (1997, at book length) for the case of the Mithridatic kingdom of Pontos; for an overview see id. (2000).

  22. 22.

    See especially de Callataÿ (2005: 125–129) à propos of the Ptolemaic realm and Le Rider and de Callataÿ (2006: 217–221) for the Seleucid kingdom.

  23. 23.

    See the discussion in Bresson (2005: 51–56).

  24. 24.

    It might be noted also that the distribution of denominations was not uniform across the empire either. The striking of silver drachms (weighing c. 4.3 g), for example, was largely confined to a number of mints in western Asia Minor. See Le Rider (2007: 95–98).

  25. 25.

    Not all civic coinages disappeared immediately (Mørkholm 1991: 92–93), and Le Rider (2007: 109) points to some notable exceptions, but the general pattern is one of swift disappearance. Note, for example, the almost complete disappearance of the Chian weight coinages that flourished in 4th-century Asia Minor: Meadows (2011).

  26. 26.

    Elayi and Elayi (1993: 218 and 333); cf. Le Rider (2007: 157).

  27. 27.

    See the summary in Le Rider (2007: 161–200).

  28. 28.

    See on this point Meadows (2001).

  29. 29.

    For models of the flow of monetary resource into and out of State ‘reservoirs’ see Davies (2005).

  30. 30.

    For a summary, see Mørkholm (1991: 58–62).

  31. 31.

    See e.g. Smith (1988: 13), ‘the use of a royal portrait on coins, like their inscriptions in the king’s name, soon came to have the primary meaning of assertion of the dynast’s independent royal status’.

  32. 32.

    For surveys of the circulation of royal coinages in Greece and Macedonia in the Hellenistic period see e.g. Touratsoglou (1993, 1995, 1998).

  33. 33.

    For a recent survey see Von Reden (2007).

  34. 34.

    κοινὸν δὲ Ἑλληνικὸν νόμισμα ἕνεκά τε στρατειῶν καὶ ἀποδημιῶν εἰς τοὺς ἄλλους

    ἀνθρώπους, οἷον πρεσβειῶν ἢ καί [742b] τινος ἀναγκαίας ἄλλης τῇ πόλει κηρυκείας, ἐκπέμπειν τινὰ ἂν δέῃ, τούτων χάριν ἀνάγκη ἑκάστοτε κεκτῆσθαι τῇ πόλει νόμισμα Ἑλληνικόν. ἰδιώτῃ δὲ ἂν ἄρα ποτὲ ἀνάγκη τις γίγνηται ἀποδημεῖν, παρέμενος μὲν τοὺς ἄρχοντας ἀποδημείτω, νόμισμα δὲ ἄν ποθεν ἔχων ξενικὸν οἴκαδε ἀφίκηται περιγενόμενον, τῇ πόλει αὐτὸ καταβαλλέτω πρὸς λόγον ἀπολαμβάνων τὸ ἐπιχώριον·χώριον· For further discussion see Meadows (2009).

  35. 35.

    See most recently van Alfen (2012).

  36. 36.

    The classic exposition is that of Le Rider (1986); cf. de Callataÿ (2005) and Le Rider and de Callataÿ (2006: 143–144). For reinforcement of the notion that the system was actively closed at the same time as the reduction in weight standard see Lorber (2012).

  37. 37.

    The evidence comes in a letter prserved on papyrus, dated 23 October 258, from an official charged with exchnaging gold coins to his superior, the chief financial comptroller of the realm: P. Cairo Zenon 59021.

  38. 38.

    See Le Rider and de Callataÿ (2006: 114–128).

  39. 39.

    πολλῶν γὰρ ἐπιβαλομένων ἐν τοῖς παρεληλυθόσι χρόνοις ἐπὶ ταὐτὸ συμφέρον ἀγαγεῖν Πελοποννησίους, οὐδενὸς δὲ καθικέσθαι δυνηθέντος διὰ τὸ μὴ τῆς κοινῆς ἐλευθερίας ἕνεκεν ἀλλὰ τῆς σφετέρας δυναστείας χάριν ἑκάστους ποιεῖσθαι τὴν σπουδήν, [10] τοιαύτην καὶ τηλικαύτην ἐν τοῖς καθ᾽ ἡμᾶς καιροῖς ἔσχε προκοπὴν καὶ συντέλειαν τοῦτο τὸ μέρος ὥστε μὴ μόνον συμμαχικὴν καὶ φιλικὴν κοινωνίαν γεγονέναι πραγμάτων περὶ αὐτούς, ἀλλὰ καὶ νόμοις χρῆσθαι τοῖς αὐτοῖς καὶ σταθμοῖς καὶ μέτροις καὶ νομίσμασι, πρὸς δὲ τούτοις ἄρχουσι, βουλευταῖς, [11] δικασταῖς, τοῖς αὐτοῖς, καθόλου δὲ τούτῳ μόνῳ διαλλάττειν τοῦ μὴ μιᾶς πόλεως διάθεσιν ἔχειν σχεδὸν τὴν σύμπασαν Πελοπόννησον, τῷ μὴ τὸν αὐτὸν περίβολον ὑπάρχειν τοῖς κατοικοῦσιν αὐτήν, τἄλλα δ᾽ εἶναι καὶ κοινῇ καὶ κατὰ πόλεις ἑκάστοις ταὐτὰ καὶ παραπλήσια.

  40. 40.

    On these points see now Grandjean (2012), who stresses the collocation in Polybius’ description of the cognate terms laws (nomois) and coinage (nomisma). The Attalid kings of Pergamum appear to offer a comparable case in the second century BC: see Meadows (2013) for a survey and analysis.

  41. 41.

    Note the remarks of Marcellesi (2010).

  42. 42.

    The classic treatment remain that of Robert (1973). More recently, see Martin (1985: 238–241) with Meadows (2001: 59).

  43. 43.

    τοῦ τε δήμου προελομέ|ν̣ου νομίσματι χαλκίνῳ χρῆσθαι ἰδίωι χάριν τοῦ νομειτεύεσθα μὲν τὸν τῆς π[ό|[λ]εως χαρακτῆρα, τὸ δὲ λυσιτελὲς τὸ περιγεινόμενον ἐκ τῆς τοιαύτης προσόδου̣ | λαμβάνειν τὸν δῆμον, καὶ προχειρισαμένου τοὺς τὴν πίστιν εὐσεβῶς τε καὶ | δ̣ικαίως τηρήσοντας, vv Μηνᾶς αἱρεθεὶς μετὰ τοῦ συναποδειχθέντος τὴν κα|θ̣ήκουσαν εἰσηνέγκατο ἐπιμέλειαν, ἐξ ὧν ὁ δῆμος διὰ τὴν τῶν ἀνδρῶν δι|κ̣αιοσύνην τε καὶ φιλοτιμίαν χρῆται τῶι ἰδίωι νομίσματι.ι

  44. 44.

    See, for example, Sargent and Velde (2002).

  45. 45.

    For the coinage of Sestos and its relationship to the decree see von Fritze (1907).

  46. 46.

    Bronze coinage has often been regarded as being largely confined to its city of production; however excavation material is beginning to reveal patterns of circulation, at least at a regional level. See Çizmeli Öğün and Marcellesi (2011).

  47. 47.

    See on this Bransbourg (2011).

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    Andrew Meadows

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    Peter Bernholz

  2. University of Mannheim, Mannheim, Germany

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Meadows, A. (2014). The Spread of Coins in the Hellenistic World. In: Bernholz, P., Vaubel, R. (eds) Explaining Monetary and Financial Innovation. Financial and Monetary Policy Studies, vol 39. Springer, Cham. https://doi.org/10.1007/978-3-319-06109-2_7

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