The Origins of Coinage:
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The Greek Coinage SystemIn the area of Greek influence, by c. 700 BC precious metal, especially silver, had already been used by weight in exchanges for over a thousand years. The first coins in this area were probably produced by the Lydians in Western Asia Minor, using electrum, a natural variable alloy of gold and silver, of which they had large stocks. The Lydians produced small electrum globules of standard weight with a deep punch on one side and their royal badge, a lion, on the other, as a sign of quality and royal guarantee.
The Greek cities along the West coast of Asia Minor, which traded extensively with the Lydians, quickly took up this convenient invention, and struck coins with the sign of their own city-community (the polis) instead of the Lydian royal lion. From the mid-sixth century, coins of pure silver and gold were already being used instead of ones of electrum, because it was easier to assess their value than that of coins made from naturally variable electrum.
Over the next one hundred years, the images on coins developed. Gradually the two-sided coin evolved. The punch-marks, known as incuses, developed in complexity and were filled in with pictorial images. Later these were replaced by a moulded relief of the kind already used on the obverse of the coin. As the developed city economies of the Greek world needed small change, they produced token copper-alloy coins from the late fifth century BC, replacing the tiny silver coins used earlier. In the Late Classical and Hellenistic periods, the images or ‘portaits’ of rulers appeared on coins for the first time . The Roman monetary system, which was to be so influential upon European coins, was derived from the Greek system.
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The Chinese coinage systemThe Western, Greek, coinage system was based on precious metal coins struck between two dies. In contrast, Chinese coins were made from copper-alloy, and were cast in moulds. The Chinese tradition flourished until the early twentieth century, when it was replaced by the European system. Before 1000 BC, cowrie shells were used for payments, gifts and displays of wealth. Later these were replaced by substitutes made out of bone, bronze or jade. By the seventh century BC cloth and bronze tools such as hoes and knives were also being used as money. The first Chinese coins were produced when these objects were transformed into models representing their standardised value. ‘Spades’ and ‘knives’ were the standard currency in China until the second century BC.
During the third century BC, the round coin was introduced alongside the other types of money. It soon replaced the others as the sole type of money in China. These cast copper cash coins had a central square hole, so that they could be stacked on a stick or strung on a ribbon. The coins barely changed in appearance for 2000 years, until they were replaced with machine-struck coins in 1912.
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The Indian coinage system
We are not sure when coinage began in the Indian sub-continent, but it probably started in the North West, some time between the sixth and early fourth century BC. Silver bars with a punch at either end were among the earliest forms of Indian money.
Under the Mauryan empire, which ruled all but the southern tip of India by the mid-third century BC, a coinage with five punch-marks became standard. The punches often had carefully-made geometric designs, but also showed pictures of elephants, bulls, plants, the sun, the moon, a boat, etc. These symbols, together with pictures of Hindu gods and goddesses, were used on the coinages produced by the states which arose after the decline of the Mauryan empire in the second century BC. Some kingdoms, such as the Satavanas, introduced inscriptions and round coins under the influence of the Greek world.
 
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| Gandhara, silver fractional coin, 5th c. BC. © Fitzwilliam Museum |
Narhan, silver half-satamana, 5th c. BC. © Fitzwilliam Museum |
 
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| Magadha, silver punch-marked coin, 4th c. BC. © Fitzwilliam Museum |
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