Origin of Ancient Coins: Journey Through History and Numismatics

Eckhel’s Critique of Theories on Origin of Ancient Coins

Eckhel cannot suppress a sneer as he glances at the crude theories of some writers on the origin of ancient coins, noting that the Arundelian marble, which is often quoted, is shrouded in obscurity.

Greek Traditions and the First Coins

Among the Greeks, there was a tradition that Phidon, the Argive, was the inventor of weights and measures and the first to stamp coins. However, it is well known that certain ancient writers do not share this opinion.

Herodotus and the Lydians’ Contribution

Herodotus states that the Lydians were the first to coin money of gold and silver, and some modern numismatists are inclined to believe that money with the type of tise is not the earliest.

The Disputed Invention of Coinage

Many cities in antiquity, observes M. Hennin, claimed the honour of giving birth to Homer, and it was natural that the invention of coinage should also be disputed.

Characteristics of the Earliest Coins

The coins that, by universal consent, are allowed to be the most ancient have a cavity or indentation on one side. Those assigned to the Island of Aegina are distinguished by this feature and are placed among the earliest examples.

So, the type of these coins is a turtle or a tortoise, with the reverse being merely an indented square divided into segments. Others of a later period have letters and symbols within the square.

Impressing Stamps on Metals: A Precursor to Coinage

Those who have industriously sought proofs of a stamped coinage before the times to which these coins may be referred may, perhaps, have their doubts removed by the observations of one of our best-informed and most sensible numismatists.

The act of impressing a seal or signet was an understood sign of solemn compact from the earliest periods, and since engraved seals and signets were in general use long before the invention of coinage, it appears highly probable that the original idea of impressing a stamp on uncoined lumps of gold and silver was derived from the common application of a seal to wax.

The earliest coins may therefore be viewed as pieces of sealed metal, which, in fact, they are, as it is well known that coins were initially impressed only on one side.

Symbolism and Universality in Origin of Ancient Coins

No device that could be imagined was so well adapted to the peculiar necessity of the case, or so likely to satisfy the public mind, as the impress, by public authority, of the symbol of the tutelar divinity of their city, or some equally sacred and well-known emblem.

Even for the inhabitants of distant cities, where the coin might be used for commerce, the common reverence for the gods, universally entertained, and for the sacred games and festivals instituted in their honour, would render sacred symbols not only appealing but would also have the great advantage of being universally intelligible.

The Necessity of Stamped Coins in Smaller States

The necessity of stamped coins in large empires was perhaps not as pressing, as in the case of the Egyptians, whose circulating medium, as depicted in paintings that have survived, consisted of metal rings. However, in smaller states with commercial relations with each other, the need for an authorised and acknowledged currency was naturally and amply supplied.

Origin of Ancient Coins Bearing Portraits

Some writers have cited ancient coins bearing the heads of Homer, Pythagoras, Numancus, and other personages of antiquity as proof of coinage existing in their time.

Coins certainly exist with such portraits, some in considerable numbers; for instance, that of Ancus on the denarii of the Marcia family, who claimed descent from that prince.

The people of Smyrna and other cities, who claimed Homer as their countryman, placed his portrait on their coins, but this was done long after the age in which he is said to have flourished, as evidenced by the disputed place of his birth.

Sacred Objects and the Veneration of Historical Figures

As only the most sacred objects were depicted on ancient coins, these portraits of illustrious personages provide interesting evidence of the high veneration in which they were held.

The Antiquity of Grecian Coinage

Regarding the antiquity of Grecian coinage, we have certain evidence that it had attained some degree of excellence during the reign of Alexander King of Macedon (497 to 454 B.C.), from whom we have authentic coins exhibiting the indented square, a mark that does not disappear until the reign of Amyntas II., who reigned from 397 to 371 B.C. Of this monarch, coins exist both with and without the indented square.

Plutarch and Lycurgus’s Introduction of Copper Money

Plutarch informs us that Lycurgus substituted copper money for that of gold and silver in Lacedemonia, indicating that gold and silver coins were current nine centuries before the Christian era. However, this statement requires authentication, as in a passage in the “Eryxias,” a dialogue attributed to Plato, the Lacedemonians are said to have used iron weights as money. M. Hennin justly supposes that Plutarch meant uncoined gold and silver, not stamped money.

The Development of Stamped Currency Among the Greeks
As we proceed downward in history, more authentic notices of a stamped currency among the Greeks emerge.

In the laws of Solon, six centuries B.C., the punishment of death was prescribed for those guilty of counterfeiting public coin, a fact that justifies Neumann’s remark that the art of forgery was almost coeval with the coining of money.

Classification of Ancient Coinage into Six Epochs

The coinage of the ancients has been classified under six epochs:

I. The earliest coinage, from the time of Phidon to the reign of Alexander I of Macedon, who died around 454 B.C., a period of about 200 years. These coins are characterised by an early style. M. Hennin notes that they are uncommon, yet they have descended to us in great numbers, particularly those of Aegina, which is surprising given their remote antiquity.

II. Coins struck from the reign of Alexander I to that of Philip, father of Alexander the Great, a period of 100 years. There is a noticeable improvement in the coins of this class.

III. Coins struck from the end of the Roman Republic to the accession of Augustus.

IV. Coins struck from the time of Augustus to the end of Hadrian’s reign. It might be proper to include those of Antoninus Pius and his successors in this class.

V. This class includes coins from the time of the above-mentioned emperors to the reign of Gallienus. Considering the style of art during this period, this class should be subdivided.

VI. Coins from Gallienus to the fall of Constantinople and the extinction of the Eastern Empire. This class also requires subdivision.

Characteristics of the First Class of Coins

Coins of the first class are characterised by their early fabric, globular shape, and the indented square in its primitive form, a mark of antiquity. Many coins are without legends, and when legends do occur, they are of the simplest description, retrograde, or boustrophedon, with characters in an ancient style. Coins with indented designs on one side and relief on the other are also included in this class

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Improvements in Coinage During the Second Epoch

The second class shows great improvement in the shape of the metal and the striking of the piece, particularly in the workmanship of the type. The indented square is replaced by a perfect reverse, except in some cases where it may have been retained out of reverence for the ancient method. The finest specimens of Greek art are included in this class.

Advancements in the Third Epoch of Coinage

In the third class, improvements in the form of characters can be seen, with legends given in full, along with the addition of monograms and dates.

Varieties in the Fourth Epoch
The fourth class comprises many varieties, including the extensive series termed Greek Imperial and Colonial, some of which are finely executed, though the majority indicate a decline in Greek art. During this period, many cities yielded their rights to Roman power, and the number of autonomous coins diminished significantly. Roman coins in this class are of great interest, with some being of considerable beauty.

The Decline in Coinage Quality During the Fifth Epoch
In the fifth class, a gradual decline in style and execution is observed, though superior workmanship can occasionally be traced in coins from certain reigns.

The Crude Style of Coins in the Sixth Epoch

The sixth class, covering nearly twelve hundred years, contains coins with mostly crude and uninteresting devices and legends of monotonous sameness. The majority of this series bears a seated figure of Christ on one side and the emperors of the East on the other, often accompanied by their partners in the empire, wives, and children.

However, for those interested in tracing the progress of origin of ancient coins or decline of art through numismatic monuments, even the of this crude series hold interest. The Byzantine style can be traced in much later works of Italian artists. In the earliest paintings of the Italian school, the rigid outline of the human figure and the elaborate arrangement of draperies characteristic of the Paleologi era are evident.