Local coinage traditions in the eastern regions prevailed, while the denarius dominated the western regions. This was originally a "silver" coin with low silver content, but developed through stages of debasement (sometimes silver washed) to pure bronze coins.Īlthough many regions ruled by Hellenistic monarchs were brought under Roman control, this did not immediately lead to a unitary monetary system throughout the Mediterranean region. During the 3rd century AD, the antoninianus was minted in quantity. The denarius remained an important Roman coin until the Roman economy began to crumble. They later reverted to the silver denarius as their principal coin. The earliest coins were - like other coins in the region - silver drachms with a supplementary bronze coinage. The Romans minted their first coins during the early 3rd century BC. While much of the Greek world was being transformed into monarchies, the Romans were expanding their control throughout the Italian Peninsula. This era is referred to as the hellenistic era. The tetradrachm (four drachms) was a popular coin throughout the region. Greek rulers were now minting coins as far away as Egypt and central Asia. Greek coins were now issued by kings, and only to a lesser extent by cities. Alexander's Empire fell apart after his death in 323 BC, and the eastern mediterranean region and western Asia (previously Persian territory) were divided into a small number of kingdoms, replacing the city-state as the principal unit of Greek government. The most powerful of their kings, Alexander the Great eventually launched an attack on the Persian Empire, defeating and conquering it. In the 4th century BC, the Kingdom of Macedonia came to dominate the Greek world. Each of these standards were used in multiple places throughout the Mediterranean region. However, the so-called Attic standard, Corinthian standard, Aiginetic standard and other standards defined the proper weight of each coin. The coinage systems were not entirely the same from one place to another. The coins of the Greeks were issued by a great number of city-states, and each coin carried an indication of its place of origin. In the Mediterranean region, the silver and other precious metal coins were later supplemented with local bronze coinages, that served as small change, useful for transactions where small sums were involved. The Chinese coins, however, were a different concept and they were made of bronze. More or less simultaneously with the development of the Lydian and Greek coinages, a coinage system was developed independently in China. These early Greek silver coins were denominated in staters or drachmas and its fractions ( obols). As Greek merchants traded with Greek communities ( colonies) throughout the Mediterranean Sea, the Greek coinage concept soon spread through trade to the entire Mediterranean region. In these neighbouring regions, inhabited by Greeks, coins were mostly made of silver. stamped lumps of metal of a specified weight, quickly spread to adjacent regions, such as Aegina. The coins of Lydia were made of electrum, which is a naturally occurring alloy of gold and silver, that was available within the territory of Lydia. The earliest coins in the world were minted in the kingdom of Lydia in Asia Minor around 600 BC. Origins and early development of silver coins Silver drachma from the island of Aegina, after 404 BC Silver has an international currency symbol of XAG under ISO 4217. Other than collector's silver coins, silver bullion coins are popular among people who desire a " hedge" against currency inflation or store of value. Ancient silver coins coveted by collectors include the Denarius and Miliarense, while more recent collectible silver coins include the Morgan Dollar and the Spanish Milled Dollar. Before 1797, British pennies were made of silver.Īs with all collectible coins, many factors determine the value of a silver coin, such as its rarity, demand, condition and the number originally minted. The ancient Persians used silver coins between 612–330 BC. Silver has been used as a coinage metal since the times of the Greeks their silver drachmas were popular trade coins. Silver coins are considered the oldest mass-produced form of coinage. A silver écu, minted in 1784, depicting Louis XVI, King of France.
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