Around 3100–2900 BCE
Ledgers for barley rations were found on clay tablets.
A record of who owed how much to whom. This wasn't barter.
Where Did Money Come From?
From 3000 BC to 336 BC
Tracing the origins of money, from ancient ledgers and metal paid by weight to stamped coins.
Time to read the text: about 11 min ／ Time to read the in-depth book: about 115 min
The review questions are optional and not included in this time.
What you can read: the course opening and contents are free; the full text is for those who have purchased
After purchase, you can read the full text once your access starts.
The Origin of Money in 3 Minutes
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People cut off pieces from silver lumps and weighed them for payment.
The time spent weighing and checking each time made transactions a hassle.
Around 600 BCE
The king of Lydia stamped a lion's mark on lumps of mixed gold and silver.
No scales needed, you could pay just by counting.
Even with the same name 'drachma,' the weight differed from city to city.
A Corinthian coin was exactly half the weight of a large Athenian silver coin. Two of them balanced out.
Around 510 BCE
A goddess's profile, an owl, and 3 letters. The city identified itself to guarantee the quality.
Stating its name was a declaration of taking on the burden of trust.
September 480 BCE
Instead of distributing the profits from the silver mine, they were loaned out to build ships and defeat Persia.
100 talents
The profit the state treasury gained from a new mining district.
405 BCE
Bronze with a thin skin of silver. Good silver coins were hoarded, and bad money circulated.
A song in the theater had already predicted it.
375/4 BCE
A law established coin inspectors to check silver coins daily.
50 lashes
The punishment for neglecting the duty to inspect.
Money is not natural; it is born from convention (nomos).
Hence 'nomisma.' The origin of NOMISMA's name.
2In numbers
17.2grams
A large Athenian silver coin. Balances with 2 Corinthian coins.
54percent
The percentage of gold in the Lydian king's coins.
3What would you do?
You are a merchant in an ancient market. One customer pays with a lump of silver, and another pays with a stamped coin. With the coin, what is eliminated from the transaction?
Pick one
The weight of the metal itself
The metal itself doesn't change. The coin still has the weight of the silver. Something else was eliminated.
The time to weigh and check its purity
With a stamp, you don't need scales or a touchstone; you can pay just by counting. The state's guarantee meant the state took on the burden of doubt for you.
What changed wasn't the metal, but the speed of society.
4Read more
What you will understand after this course
- Can explain what was eliminated from transactions by the stamping of a mark, using the language of time rather than metal.
- Can arrange three weight standards using numbers and state why they were able to circulate concurrently.
- Can explain the difference between anonymous and marked silver coins in terms of who guarantees their quality.
The book for this course
『Where Did Money Come From?』
A complete illustrated book. 31 figures, about 115 min
Free sample: What came before money — From clay tablets to the lion's mark
More about this course
Course number: A01 — From 3000 BC to 336 BC
Supervised by: Mitsuru Hayama
Beyond the text: 6 exercises · 3 readings How reading times are calculated
You will also understand
- To be able to explain, from the evidence on actual coins, why broken trust was restored not by returning to the scales, but through law and assayers.
You can start this course without reading any other course.
If you want to know more about checking sources (optional)
- Is It Really True? Checking History
We re-examine the origins of money and famous anecdotes, comparing them with historical records and actual artifacts.
Assessment
6 exercises in this course (4 check, 0 compare, 2 written). Progress is recorded by self-assessment.
The 8 chapters of this course
- From a World of Weight to a World of MarksWith the single act of striking a mark, the power to set value passed from the metal to whoever struck it. The royal house set the value of river gold even on coins with thinned gold (Kroll's interpretation).
- The State Vanishes, the Mark RemainsCoinage is not bound by the survival of its issuer. Gold coins move the few, while silver coins move the many.
- The Fire from the East, and the Three ScalesSame name, different weight. The choice of a weight standard was the choice of a trading sphere, and integer relationships allowed different coinages to circulate side by side.
- From Unnamed to Named Silver CoinsThe inscription is a declaration of who guarantees the quality. A recognized design becomes a strength when it is not changed.
- Silver from the Earth, Ships on the SeaDistributed, it vanishes; consolidated, it takes form. When two historical sources conflict, present them both without making a determination.
- Imperial Currency and Debased CoinageIf two currencies of different value are forced to be accepted at the same face value, the good one is hoarded. The theatre stated it first.
- The Assayer and NomosTrust lies not in the material, but in the convention and the system for inspecting it.
- Three Lands, and the Name of the KingSeparate answers in three lands. The era of city emblems ended, and the king's name appeared on gold coins.
Real-life examples in this course (3)
- Before the beginning Overview: the world the 31st–18th centuries BC Mesopotamia
Section 1. The first stop on the journey of the general introduction, which begins not with barter, but with records of credit and debt. - The Examiner Greece 375/4 BC Excavation area of the Agora
Section 7. The stele of the "Law Concerning Silver Coinage," at a stop on the Greek journey. - The sixteen kingdoms strike coins India 6th century BCE Punching workshop
Section 8. A stop on the Indian journey, noting that the symbols on punched-marked silver coins are "unknown."
Read next
Tracing the Era of the Gold Standard →What you learn next: Can state that establishing only gold as the standard and deciding how much paper money can be issued are separate tasks.
Time to read the text: about 10 min ／ What you can read: the course opening and contents are free; the full text is for those who have purchased
Price
After purchase, the full courses, the illustrated books, every country’s story and the numismatics examination are open to you.
See the price →