A Cultural History of Money in Antiquity

The earliest electrum coins, made in Asia Minor in the 7th century BCE, gave rise to the modern concept of money. Coinage facilitated economic, political, and social developments, including long-distance trade, wealth creation, and military and political power. It also became a significant marker of identity and embedded in practices of religion and superstition. This period also witnessed the emergence of money-related problems such as inflation, monetary instability, and the breakup of monetary unions. A Cultural History of Money in Antiquity explores key cultural case studies of the period, examining technologies, ideas, ritual and religion, the everyday, art and representation, interpretation, and issues of the age.

Format: Paperback / softback
Length: 216 pages
Publication date: 26 January 2023
Publisher: Bloomsbury Publishing PLC

The origins of the modern, Western concept of money can be traced back to the earliest electrum coins that were produced in Asia Minor in the seventh century BCE. While other forms of currency, such as shells, jewelry, and silver ingots, were in widespread use long before this, the introduction of coinage aided and accelerated momentous economic, political, and social developments such as long-distance trade, wealth creation (and the social differentiation that followed from that), and the financing of military and political power. Coinage, though adopted inconsistently across different ancient societies, became a significant marker of identity and became embedded in practices of religion and superstition.

Moreover, this period also witnessed the emergence of the problems of money, such as inflation, monetary instability, and the breakup of monetary unions, which have resurfaced repeatedly in succeeding centuries. Drawing upon a wealth of visual and textual sources, A Cultural History of Money in Antiquity presents essays that examine key cultural case studies of the period on the themes of technologies, ideas, ritual and religion, the everyday, art and representation, interpretation, and the issues of the age.

The development of money as a concept is closely linked to the evolution of human society and the technological advancements that have shaped it. In ancient times, people used various forms of currency, including barter, trade, and the exchange of goods and services. However, the introduction of coinage marked a significant milestone in the history of money, as it allowed for the standardization of trade and the creation of a more efficient market economy.

One of the key advantages of coinage was its ability to facilitate long-distance trade. Before the advent of coinage, merchants had to carry large quantities of goods and negotiate complex trade agreements with each other, which could be time-consuming and expensive. With the introduction of coins, however, trade could be conducted more easily and efficiently, as merchants could use coins as a universal medium of exchange. This led to the growth of trade networks and the expansion of commerce across different regions and cultures.

Another important development that was facilitated by coinage was the creation of wealth. Coinage allowed for the accumulation of wealth in the form of precious metals, which could be stored and traded for goods and services. This led to the emergence of a wealthy elite who could afford to purchase luxury goods and services and exert influence over political and social institutions.

However, the introduction of coinage also had its downsides. One of the most significant was the issue of inflation. As more coins were minted, the value of the currency declined, making it less valuable for trade and commerce. This led to the emergence of economic instability and the frequent occurrence of economic crises.

Another problem that arose with coinage was the potential for abuse and corruption. As the power of the state increased, it became easier for rulers to manipulate the currency and use it for their own benefit. This led to the emergence of monetary policies that were designed to control the supply of coins and prevent inflation, but which often had unintended consequences and led to economic hardship.

Despite these challenges, the introduction of coinage had a lasting impact on the development of modern society. It paved the way for the development of financial institutions, such as banks and credit systems, which allowed for the efficient management of money and the creation of a more stable and prosperous economy. It also helped to establish the concept of money as a store of value, which has remained a central feature of modern economies.

In conclusion, the origins of the modern, Western concept of money can be traced back to the earliest electrum coins that were produced in Asia Minor in the seventh century BCE. While other forms of currency were in widespread use long before this, the introduction of coinage aided and accelerated momentous economic, political, and social developments such as long-distance trade, wealth creation, and the financing of military and political power. Coinage became a significant marker of identity and became embedded in practices of religion and superstition. However, the introduction of coinage also had its downsides, such as inflation, monetary instability, and the potential for abuse and corruption. Despite these challenges, the introduction of coinage had a lasting impact on the development of modern society and paved the way for the development of financial institutions and the concept of money as a store of value.

Weight: 412g
Dimension: 169 x 245 x 13 (mm)
ISBN-13: 9781350363816