All these theories labour under serious difficulties. Brandis’ theory was overthrown easily as soon as attention was called to the well-defined heavy series of Aeginetic coins, he having been led to his opinion by a comparison of the heaviest specimen of the Babylonian standard with the lightest of the Aeginetic. Here incidentally we may call the readers’ attention to the fact that in numismatics the weight of the heaviest specimens of any series must be regarded as the true index of the normal weight, for whatever may have been the inclination to mint coins of a weight lighter than the proper standard, we may rest assured that the ancient mint-master was no more inclined than his modern representative to put into coins of gold or silver a single grain more than the legal amount. Hence it is a most faulty and fallacious method when dealing with coin weights to take the average of a certain number of specimens as the true standard. Out of 30 specimens 29 may have lost more or less in weight by wear, whilst one may be a fleur de coin, perfect as at the moment when it left the die. No one can doubt that the evidence of that single coin as regards the standard is worth far more than that of all the remaining 29 examples. I have thought it well to call attention to this question of method as the vicious principle of arriving at standards by taking the average is still found in works of men of great eminence.
Next let us consider the probability of the derivation of the Aeginetic standard from Egypt. The fact that weights of like standard have been found in that country, although superficially plausible, in reality is of little force as evidence of borrowing. For unless we find that the Egyptians used those weights for weighing silver, even the prima facie case breaks down at once. As a matter of fact there is no evidence up to the present that these weights were so employed, although there is some evidence of their being employed for gold (Flinders Petrie, op. cit.). But even granting that the Egyptians used the same standard as the Aeginetans for silver, it does not at all follow that there has been borrowing on either side. On the principle laid down below it will be seen that it is quite possible for two peoples to evolve a like silver standard perfectly independently of each other. But the real difficulty which besets the theory of an Egyptian origin is that if the Aeginetans were to borrow their standard from abroad, the people from whom they would in all probability have obtained it were not the Egyptians, with whom they had but slight relations directly, but rather the Phoenicians, with whom they were in constant intercourse.
It cannot be proved that at any time the Egyptians were a maritime people trading round the coasts of Greece. There was undoubtedly intercourse between Greece and Egypt, but that intercourse was through the medium of the shipmen of Tyre. Why should then the Aeginetans adopt a standard from abroad which differed from that of the Phoenicians with whom they were in constant commercial relations? Again, if there is any connection between the importation of weight standards and the commencement of coinage, it may be urged that whilst it was from the Phoenicians the Aeginetans learned the art which had been originated in Asia Minor, or at all events from the Greeks of the coast of Asia Minor who coined electrum money on the Phoenician standard, we ought naturally to find the Greeks of Aegina using this standard for their earliest coinage rather than a standard borrowed from Egypt, which most certainly was very backward in developing the art of coining, seeing that it was not until after the conquest of that country by Alexander the Great (B.C. 330) that money was there struck for the first time[277].
Passing by for the moment Mr Head’s view, let us next deal with that of Dr Hultsch. This theory has the great merit of granting that the Greeks were capable of evolving a silver standard for themselves from a knowledge of the relative value of gold and silver, whilst the other theories assume that they borrowed blindly ready-made standards, which they for some unknown reason either raised according to Brandis, or degraded according to Head. But Dr Hultsch is met by two crucial difficulties. (1) Why should the Aeginetans have taken six light Babylonian shekels of gold and arbitrarily made them the basis of their new silver standard? (2) But the fatal objection is that whereas Hultsch’s theory depends on gold being to silver in the same relation (13·3:1) in Greece Proper as it was in Asia Minor, as a matter of fact it can be proved that the precious metals there stood in a very different relation to each other. In the Journal of Hellenic Studies, 1887, I gave some reasons for believing that in early times gold was to silver in Greece in the relation of 15:1. For whilst gold was plentiful in Asia, at no place in Greece Proper were there auriferous deposits. Hence it is probable that gold had to silver a higher relative value in Greece than it had in Asia. Certain archaeological discoveries recently made at Athens add great strength to the view which I then put forward. At a meeting of the Berlin Academy of Science in 1889 Dr Ulrich Köhler discussed certain fragments of inscriptions which refer to the famous statue of Athena, wrought in gold and ivory by Pheidias for the Parthenon. By combining with a fragment published by M. Foucart (Bullet. de Corresp. Hell. 1889, p. 171), another fragment previously copied by himself, Dr Köhler arrived at the result that the fragments relate to the purchase of materials for the construction of the statue, that is of gold and ivory. The gold purchased is described both according to its weight and according to the price (τιμή) paid for it in Attic silver currency (whilst the ivory is only described by the value or price). The sum paid for gold amounted to 526·652 drachms, 5 obols, the weight of the gold being 37·618 drachms: from this we learn that the relative value of gold to silver at that time was as 14:1. According to Thucydides (II. 13), forty talents of gold were used in the making of the statue, whilst according to the more explicit statement of Philochorus the amount was forty-four. The image was dedicated at the great Panathenaic festival of the year 438 B.C. As not more than 10 to 11 talents of gold were used in the three years to which the fragments refer, Köhler draws the inference that the construction of the statue commenced in the same year as that of the Parthenon (447 B.C.), and that Pheidias was engaged on his great work for fully nine years.
We thus know now the relative value of silver and gold in Attica about 450 B.C. But we must not regard this as the relation which existed at earlier times. It was only after the Persian wars that Athens had got possession of the island of Thasos with its rich gold mines, and the equally rich districts on the Thracian coast. The fact of her coming into the possession of such wealthy gold-producing regions must have materially lowered the price of gold in Athens. We know how the development of the mines of Pangaeum by Philip of Macedon in the following century lowered the value of gold throughout Greece, for by the time of Alexander the relative value of the two precious metals was as 10:1. In the sixth century B.C. gold was so scarce in Greece that when the Spartans wanted to make a dedication in gold they had to send to Asia to obtain a sufficient supply of the metal[278]. Hence if we conclude that in earlier times the relative value of gold to silver in Greece proper was as 15:1, we shall not be far from the truth. At all events it is put beyond doubt that the relation was higher than that of 13·3:1, and accordingly Dr Hultsch’s theory of the origin of the Aeginetic silver standard, which is based on that relation falls at once to the ground, unless he can shew that such a standard, based on six light gold Babylonian shekels had been previously fixed in Asia or Egypt, and thence adopted by the Greeks without any regard to the relative value existing in Greece itself between the precious metals. But as a matter of fact Dr Hultsch does not make any such attempt. Thus this essay at a solution breaks down.
On the other hand if we make the very slight and very probable assumption that the early Greeks had formed a definite idea of the relative value of gold and silver, which they would have determined exactly on the same principle as they would arrive at a notion of the relative value of any other two commodities, which they were in the habit of giving and taking in exchange, that is by the simple principle of supply and demand, we shall find a ready solution without having to resort to either Egypt or Babylon. If gold was to silver as 15:1 in Greece, it follows that the Homeric talent, the earliest Greek standard, being about 135 grains, ten silver pieces of 202 grains each would be equivalent to one gold unit.
| 135 × 15 | = | 2025 grs. of silver. |
| 2025 ÷ 10 | = | 202·5 grs. of silver. |
This gives a singularly close approximation to the weight of the existing coins of the Aeginetic standard of the earliest and heaviest kind. Taking the Homeric talent at 130 grains of gold, by the same process we obtain 10 silver pieces each of the weight of 195 grains (130 × 15 = 1950; 1950 ÷ 10 = 195 grs.)
The second standard which we find in Greece at the beginning of the historical epoch was the Euboic. This standard was used for both silver and gold. The ordinary account of its origin is as follows: “From Ionia possibly through Samos the Euboeans imported the standard by which they weighed their silver. This standard was the light Assyrio-Babylonian gold mina with its shekel or stater of about 130 grains. The Euboeans having little or no gold transferred the weight used in Asia for gold to their own silver, raising it slightly at the same time to a maximum of 135 grains, and from Euboea it soon spread over a large part of the Greek world by means of the widely extended commercial relations of the enterprising Euboean cities. This may have taken place towards the close of the eighth century and before the war which broke out at the end of that century between Chalcis and Eretria, nominally for the possession of the fields of Lelantum, which lay between the two rival cities”[279].
This Euboic standard of 135-130 grains is seen at once to be identical in weight with the Homeric talent.