The Mark of the Roaring Lion and the Words the King Misread

The Mark Guaranteeing Value

Around 600 BC, in the Lydian capital of Sardis. The gold dust carried by the river was electrum, a natural alloy of gold containing silver. The king of Lydia struck the head of a roaring lion onto this metal.

This mark was the king's declaration that each coin possessed a certain value. However, analysis of the coins shows they contained 54 percent gold and 44 percent silver. The naturally occurring electrum from the river averaged about 73 percent gold. This means that silver had been added to the alloy before the coins were struck.

The researcher Kroll believes, based on fairly solid evidence, that the royal house had set the value of these coins to be the same as that of natural Lydian electrum from the river. According to Kroll, when payments were made with these coins, the king retained a profit of 15 to 20 percent. The mark was a tool to guarantee value, and also a tool to enrich the king's coffers.

Currency Usable by Counting Alone

The ancient Greek historian Herodotus wrote that, as far as we know, the Lydians were the first people to strike and use gold and silver currency. He also notes that the Lydians were the first to engage in retail trade.

Currency that could be used by counting rather than weighing dramatically changed transactions between people. Not having to carry scales was a great relief for those who bought and sold dozens of times a day. Herodotus mentions currency and retail trade in the same sentence, as innovations of the same people.

Towards Pure Gold Coins

The name of the Lydian king Croesus became synonymous with wealth itself. The earlier lion coins were a debased gold alloy. The researcher Kroll believes that coins with an over-inflated value would eventually cease to be accepted.

In the mid-6th century BC, Croesus recalled all the electrum coins in the kingdom and replaced them with pure gold and pure silver coins. The metal was hammered into thin sheets, layered with salt in a pot, and heated to about 800 degrees to remove the silver, leaving only the gold. The first coins made from this pure gold came to be called Croeseids in the Greek world. Thus was born a bimetallic system, using gold and silver coins side by side.

You Will Destroy a Great Empire

Herodotus relates that one day, the Athenian sage Solon visited Croesus. The king asked, "Who is the happiest man in the world?" Solon replied that no matter how wealthy a man is, he should not be called happy until one has seen his end.

When Cyrus, king of Persia, began to expand his power from the east, Croesus consulted the oracle at Delphi. He asked if he should march against Persia. The answer was this: If you march against Persia, you will destroy a great empire.

The king rejoiced and led his army, believing that the enemy's empire would be destroyed. The oracle had not said which empire.