Wednesday 11 December 2019

Ancient Athenian Currency

Attic Tetradrachm 17.2g 5th Century BC, by Numismati



Athenian Obol. After 449 BC Silver 0.72 grams 




Athens used a currency which had as its principal unit the drachma. Their currency was used over a wide area of the Mediterranean because of the large trade network Athens had established. Frequently Athenian coins could be used in other Greek cities and did not have to be changed into the local currency. The Athenian monetary system  had the following structure:-
Coinage
8 chalkoi (“copper pieces”) = 1 obolus (“metal spit”)
6 oboloi (“metal spits”) = 1 drachma (“grasp” or “fistful”)

Units of Account
100 drachmae = 1 mina (or mna)
60 minae = 1 Athenian Talent (Athenian standard) (ca 25.8 kilograms of silver)

Greek Weights (Attic Standard)
Tetartemorion = ¼ obol ~0.18 gram
Obol = 0.72 gram
Drachma = 6 obols = 4.32 grams
Mina = 100 drachmai = 432 grams
Talanton = 60 minai = 25.86 kg

Number of Attic Drachmas (and Obols) per Attic Talent

  • 1 Attic talent = 60 minae
  • 1 mina = 100 drachmae
  • 1 drachma = 6 obols

So, to get the number of Drachmas in a Talent, one just multiplies the number of Minae per talent by the number of Drachmas per Mina: 60 Minae/Talent * 100 Drachmas/Mina = 6,000 Drachmas/Talent = 36,000 Obols per Attic Talent.

References

Ancient Greek coinage - Wikipedia
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Stater - Wikipedia
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The Athenian Agora
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Seaford, R. (2003). Dionysos, Money, and Drama. Arion: A Journal of Humanities and the Classics, 11(2), 1–19. https://www.jstor.org/stable/20163921

The birth of coinage

David Schaps (2004). The Invention of Coinage and the Monetization of Ancient Greece. University of Michigan Press. ISBN 0-472-11333-X.

Glyn Davies (1 September 2010). History of Money. The Attic money standard: University of Wales Press. pp. 74–. ISBN 978-0-7083-2379-3.

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For comparative purposes

UK Victorian silver coinage [1816 to 1920 AD] was of .925 (sterling) standard, with silver coins being minted at the rate of 66 shillings to the troy pound weight. Hence, newly minted sixpences weighed 43.636 grains or 2.828 grams.

Coin | British Museum Tetradrachm

Collection search | British Museum Obol Athens

Collection search | British Museum 500 BC > 250 BC Athens Coin

Ancient Greek Coins by Jenkins, G. K,- Internet Archive

Money in Classical Antiquity - Sitta von Reden - Google Books

Greek coins : Kraay, Colin M - Internet Archive