{"title":"Making money out of making money in ancient Athens","authors":"Gillan Davis, Francis Albarède","doi":"10.1111/arcm.12926","DOIUrl":null,"url":null,"abstract":"<p>The observed weights of ancient coins are usually less than the nominal “ideal” weights of the coin standards to which they belong because state authorities took a fee—“seigniorage”—for minting coins to cover costs and to make a profit. The basis for calculating the amount taken by the state and the way it administered manufacture are not well understood. Here we analyze the weights of 1344 of the earliest coins of Athens (c. 550–479 <span>bce</span>). We reveal a parabolic relationship between the cost of the silver and the weights of the coins whereby a progressively higher proportion was taken as the denomination decreased, meaning that the smaller the coin, the larger was the proportion of silver taken from it. There was tight control of the minting process and mathematical sophistication in precisely adjusting the silver content from the first introduction of coinage. It also made minting a profitable business. Changes in minting practice can be detected with the introduction of the Athenian “owl” coins, when the percentage of silver taken by the state increased and the spread of weights widened to include coins weighing more than the nominal weight. The latter indicates a significant shift toward monetization of the economy.</p>","PeriodicalId":8254,"journal":{"name":"Archaeometry","volume":null,"pages":null},"PeriodicalIF":1.5000,"publicationDate":"2023-10-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/arcm.12926","citationCount":"0","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"Archaeometry","FirstCategoryId":"89","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/arcm.12926","RegionNum":3,"RegionCategory":"地球科学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"N/A","JCRName":"ARCHAEOLOGY","Score":null,"Total":0}
引用次数: 0
Abstract
The observed weights of ancient coins are usually less than the nominal “ideal” weights of the coin standards to which they belong because state authorities took a fee—“seigniorage”—for minting coins to cover costs and to make a profit. The basis for calculating the amount taken by the state and the way it administered manufacture are not well understood. Here we analyze the weights of 1344 of the earliest coins of Athens (c. 550–479 bce). We reveal a parabolic relationship between the cost of the silver and the weights of the coins whereby a progressively higher proportion was taken as the denomination decreased, meaning that the smaller the coin, the larger was the proportion of silver taken from it. There was tight control of the minting process and mathematical sophistication in precisely adjusting the silver content from the first introduction of coinage. It also made minting a profitable business. Changes in minting practice can be detected with the introduction of the Athenian “owl” coins, when the percentage of silver taken by the state increased and the spread of weights widened to include coins weighing more than the nominal weight. The latter indicates a significant shift toward monetization of the economy.
期刊介绍:
Archaeometry is an international research journal covering the application of the physical and biological sciences to archaeology, anthropology and art history. Topics covered include dating methods, artifact studies, mathematical methods, remote sensing techniques, conservation science, environmental reconstruction, biological anthropology and archaeological theory. Papers are expected to have a clear archaeological, anthropological or art historical context, be of the highest scientific standards, and to present data of international relevance.
The journal is published on behalf of the Research Laboratory for Archaeology and the History of Art, Oxford University, in association with Gesellschaft für Naturwissenschaftliche Archäologie, ARCHAEOMETRIE, the Society for Archaeological Sciences (SAS), and Associazione Italian di Archeometria.