The first coins were made in the seventh century BC by the Lydians. They were a wealthy and powerful people living in Asia Minor. These primitive coins were made of ‘electrum’, which is a natural composition of 75 percent gold and 25 percent silver. They were about the size and shape of a bean and were known as ‘staters’ or ‘standards’.
The Greeks saw these coins and appreciated the usefulness of a standard metal money, so they began to make coins too. Gold coins were the most valuable and next came silver and finally copper. Greek coinage lasted for about 500 years.
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Fact file: At one time coins were made from the valuable metals gold and silver. The last solid gold coins were made in 1933, and the last silver coins were dated 1964. |
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