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4
CHOOSING AND CHANGING
MONETARy STANDARDS IN THE GREEK
wORLD DURING THE ARCHAIC AND
THE CLASSICAL PERIODSSelene E. PsomaThe evidence of coins has much to tell us about markets and trade in the
Ancient Greek world. There are primarily two kinds of numismatic evidence
relevant to the topic of markets. First, there is the evidence of coin hoards. The
presence of coins from one city in a hoard found in another city may reveal
trade links between the two cities. Second, a common weight standard shared
by two or more cities may reveal commercial ties. A common weight stan-
dard makes it easier for merchants from one city to exchange coins in another
city and thus facilitates commercial relations and helps to expand markets.^1
Common weight standards may therefore reveal a city’s commercial policy.
But we must be careful when interpreting numismatic evidence. Coins may
travel from one city to another for the purposes of trade, but it is also pos-
sible that coins served to pay for mercenaries or for other military purposes.
Two or more cities may also have shared a common weight standard to facili-
tate military finances. When interpreting numismatic evidence, therefore, one
must always take into account all available literary, epigraphic, numismatic and
archaeological evidence.^2
The Greek cities issued their coinages on different standards that either
derived from weight standards in use before the invention of coinage,^3 or
were created afterwards, sometimes by adopting a reduced version of one of
the main monetary standards.^4 During the Archaic and the Classical periods
the main monetary standards of the Greek world were the Lydo-Milesian, the
Persian, the Euboic, the Aeginetan and the Corinthian.^5 These standards have