Next let us take the money of Macedonia, where there was an abundant coinage of both gold and silver. The Pelasgian tribe of Bisaltae, and the Thracian Edonians and Odomanti, had during the half century which preceded the Persian wars all struck silver on the so-called Phoenician standard. It is commonly supposed that they obtained this standard from the important town of Abdera, which at the same period employed a like standard, and it is suggested that Abdera had borrowed it from her mother Teos, who had borrowed it from Miletus and the other great towns of the Ionian seaboard, among which it was especially employed for electrum. But unfortunately, whilst the types of Teos and Abdera are the same (a seated Griffin), the staters of Teos weigh only 186 grs., which is the Aeginetic, not the Phoenician (220 grs.) standard. Shortly after the overthrow of the Persian host Alexander I. of Macedon acquired the land of the Bisaltae along with the rich silver mines, which were said to produce for him a talent daily, and he adopted both the types and standard of the Bisaltian silver coinage, only substituting his own name for that of the Bisaltae. During the century which elapsed between Alexander I. and the accession of the famous Philip II. the coinage of Macedon and that of Abdera followed the same course in each case; the Phoenician standard of 230 grs. gave way to the so-called Babylonian or Persian of about 170 grs. Again, it has been suggested that Abdera influenced the neighbouring communities in this change. But when Philip came to the throne he returned to the Phoenician standard for silver, and when for the first time in Macedon he issued a bountiful coinage of gold staters, they were struck on the ancient gold unit, the so-called Euboic standard of 130 grs. But hardly had Philip slept with his fathers, and Alexander reigned in his stead, when a need was felt for a change in the silver standard. Accordingly the latter in the early years of his reign began, and continued to his death, to strike his silver on the same standard as his gold. Let us now study the lessons to be learned from this history of currency. There can be no reasonable doubt that the ox-unit or stater was the unit by which gold was estimated from first to last in that region. Unless it already existed Philip would not have employed it for his gold coinage at a time when he was making changes in his silver, but would have assimilated his gold to his silver standard. But, as before remarked, just because gold was not coined anywhere in Greece until the closing years of the 5th century, and in all transactions it passed as bullion, so much the stronger was the reason for keeping its weight-unit unchanged. But was the standard of 220 grs. really an imported Phoenician, or was it not rather one arrived at in that region by the natives themselves owing to the relations then existing between silver and gold? It is evident from the account given of the Bisaltian silver mines that in the time preceding and immediately posterior to the Persian invasion silver was exceedingly abundant in all that region. It is then by no means unlikely that it required ten silver pieces of 220 grs. each to make the equivalent of one gold unit of 130 grs. With the exhaustion of the silver mines, and perhaps a greater output of gold, silver became dearer, and consequently 10 silver pieces of 170 grs. each were now equal to a gold stater. Abdera on the coast would come perfectly within the sphere of such changed conditions, and her standard would consequently likewise undergo modification. With Philip’s accession, fresh conquests and a general development of resources may have temporarily thrown more silver on the market, thus inducing him to revert to the 220 grs. standard, but the exploiting of the famous mines of Crenides increased the supply of gold to such an extent that by the time Alexander mounted his fathers throne gold stood to silver in the relation of 10:1, and it was found extremely convenient to coin this on the same footing as gold, 10 silver pieces of 135 grs. being exactly equal to the gold stater of like weight. A like explanation applies to the coinage of Thrace. Amongst the Thracian tribes who dwelt near Mount Pangaeum and worked the gold and silver mines of that region the art of coining had been known from the 6th century B.C. and they issued silver coins of about 160 grs. This is regarded by some as debased Babylonian or Persic standard. But it is far more rational to suppose that in that region gold was more plentiful in proportion to silver than it was at that time further west in Macedonia, and accordingly a certain number of silver didrachms of 160 grs. were found to represent the gold stater or ox-unit. It seems most unlikely that a people long acquainted with both gold and silver could not devise for themselves a simple method of making some convenient number of silver pieces be equivalent to one gold, and that, on the contrary, having once obtained a certain standard fixed for silver in Asia Minor, at a time when gold was to silver as 13:1, they would blindly cleave to this standard, no matter how great a change took place in the relation of the metals. In face of the statements of Xenophon and Polybius already quoted and the fact that Solon deliberately constructed a new silver standard, it is simply impossible to believe such a doctrine.
On the opposite shore from Thrace lay the flourishing city of Cyzicus. This wealthy community commenced to issue electrum staters and hectae in the 5th century B.C., if not earlier, the former being about 252 grs., the latter 41 grs. These electrum staters have been shown by Professor Gardner to have contained gold and silver in about equal proportions[415]. This most important fact, taken in connection with the literary evidence derived from Xenophon and Demosthenes, makes it probable that the Cyzicene stater of 252 grs. was counted equal to a Daric of 130 grs. of pure gold[416]. “These coins of Cyzicus,” says Mr Head, “together with the Persian Darics formed the staple of the gold currency of the whole ancient world, until such time as they were both superseded by the gold staters of Philip and Alexander the Great[417].”
Not only did they circulate side by side with the Darics, but it is worthy of notice that when the Cyzicenes struck coins of pure gold (circa 413 B.C.) they were of Daric type and standard. The earliest silver coins (430-412 B.C.) were small pieces of 32 and 18 grs., whilst the larger coins which come later are on the Phoenician silver standard of 212 grs. (412 B.C.), whilst from 400 B.C. to 330 B.C. the Rhodian standard of 235 grs. prevailed. From the story of her coinage we learn clearly that at Cyzicus the inferior metals bowed to the sway of gold. The electrum stater of 252 grs. is made equal to the pure gold unit, and whilst the silver standard changes from 212 grs. to 235 grs. the gold and pale gold pieces in currency remain inviolate. Once more, it is almost certain that some displacement in the relative values of the metals had caused the raising of the standard from 212 grs. to 235 grs. One thing certainly is beyond doubt, and that is the utter improbability of the introduction of the 235 grs. standard being in any way due to the influence of Rhodes. This remark likewise applies to Chios, where from a very early period (600-490 B.C.) side by side with electrum staters of 217 grs. we find didrachms of silver of 123-120 grs., “a weight peculiar to Chios,” says Mr Head, “which was probably the Phoenician somewhat raised.” But why was it raised? The real solution is that the relations between gold, electrum and silver at Chios necessitated the striking of silver on a standard a few grains lighter than the gold unit in use (the Persian Daric), and the electrum stater of 217 grs. Space forbids our going through all the cities of the Ionian coast in detail, but the principle which we have laid down and illustrated from the currency systems of several leading states is sufficient to indicate the method by which we would explain the fluctuations in the silver standards employed at different times in various states. The Daric is the universal gold unit of all this region; by its side is the electrum stater usually of 217 grs. and most probably the equivalent in value of the pure gold coin of 130 grs.: along with them we find singular fluctuations in the silver currency; towns that are close neighbours employing different systems contemporaneously.
There is, however, one state which cannot be passed over without more particular reference. At an earlier page I spoke of the gold mines of Thasos, which had attracted the attention of the Phoenicians at a very early time. But, in addition to the mineral wealth of their own island, the Thasians drew a huge annual revenue from their mines on the mainland. Although the first influence in the island was Phoenician, and the Thasians themselves were Ionians from Paros, instead of finding the Phoenician standard employed for its silver coins, we see them striking their archaic coins on the so-called Babylonian system. Under the supremacy of Athens this standard fell so much that it eventually coincided with the Attic (138 grs.) or even was lower. The Thasians, after revolting from Athens in 411 B.C., struck gold coins for the first time; these were on the Euboic or ox-unit standard (consisting of half-staters and thirds). But about the same period they began to coin silver on the so-called Phoenician of 220 grs. It is indeed strange that in the early age, when the Phoenician tradition was still strong, they did not employ the 220 grs. standard, but only resorted to it after employing for a long period the Babylonian and Attic standards. It is evident that in Thasos, as elsewhere, there had existed the same gold unit for untold generations, else at the very time when they revolted from Athens and adopted a new standard for their silver, they would not have struck gold on what is commonly called the Attic or Euboic standard. It is evident that the changes in the silver standards were due to changes in the relation of silver to gold, the fall in standard from 168 grs. to 135 grs. indicating perhaps that silver, which at first was to gold as 1:13, had gradually grown dearer.
Commercial Weight System.
We must now turn to the commercial weight system. As elsewhere, one of the chief commodities to come under such a system was copper, and the history of the weighing of this metal, as far as it can be learned, will be of great importance to us. Now we should naturally expect that at Athens, which had in later days but one standard for gold and silver, copper likewise would have been estimated on this unit. But, as a matter of fact, there were two distinct standards in use at Athens, as is proved by two weights preserved in the British Museum, the inscription on one of which is Mina of the Market (ΜΝΑ ΑΓΟΡ), that on the other is Mina of the State (ΜΝΑ ΔΗΜΟ). This mina of the market is the same as that called the Commercial Mina on an Attic inscription[418], where its weight is given as that of 138 silver drachms, that is, the weight of an Aeginetic mina of silver. Athens had not coined any money of her own up to Solon’s time, but seems to have employed the coins of Aegina. But this standard, although no longer employed for silver, did not fall into desuetude. As already pointed out, all peoples have felt the need of a heavier standard for cheap articles than that which serves for gold. Probably the Aeginetic mina had been used at Athens for copper: accordingly, when Solon made his new silver standard for the weighing of silver, the Aeginetic standard was found convenient for less costly and more bulky wares, and was therefore retained in use as the mercantile or market standard, the name State being given to the silver standard.
We have learned already that in the early stages of society copper and iron are not sold or appraised by weight, but rather by measurement. We have also seen that there is every reason to believe that the Greek obol originally was a spike or rod of copper of a definite length and thickness. If we can believe the statement of Ephorus given by Strabo that Phidon of Argos established a weight as well as a measure system for the Peloponnesians (although Herodotus is silent as regards weights), it is not at all improbable that, taking this story in conjunction with the dedication of the old bar money by Phidon in the temple of Hera, we have here a genuine tradition of the superseding of the bars of metal, the value of which simply depended on their dimensions, by a system based essentially on weight. It is plain that, as copper was weighed both at Aegina and Athens by the Aeginetic silver standard, copper most probably was never estimated by weight until after the forming of the separate silver standard in the way already described.
We have previously noticed the fact that the two principal terms applied to silver coins, drachm and obol, give clear indications that they have been borrowed from an ancient system of copper (just as we shall presently find that the denarius, the special term employed for their silver currency by the Romans, owes its origin to the ancient copper as). If further proof were required, it is afforded by the name employed for the subdivisions of the obol. The latter at Athens was divided into 8 chalci or coppers (χαλκοῖ). The smallest silver coin at Athens was the half-obol, but in some places names, Trichalcum, Tetrachalcum, etc. were given to copper coins. Now, as the Aeginetan obol weighed about 16½ grs. and the Attic 11¼, the former is one-third greater than the latter. But we shall see shortly that as the Attic obol has 8 chalci, the Aeginetan must have had 12, from which it follows that the ancient copper obol or bar used in Aegina, throughout Peloponnesus, and at Athens, and probably throughout Boeotia, was everywhere the same.
The Sicilian System.
In dealing with the Sicilian and Italian systems we must reverse the order of treatment of the metals, and as it is in the copper that we shall find the closest link between the Greek and those other systems, we shall therefore commence with that metal.