inscription. Th ey were struck in gold and silver and were
based on the denominations of the Greek drachm, approxi-
mately one-eighth ounce in weight. Still, the standard silver
coin of the Ptolemaic Dynasty (304–30 b.c.e.) was the tet-
radrachm, which became an international currency of the
Mediterranean world in the fourth century b.c.e. Gold and
silver coins bore an image of the ruler under whom they
were minted or of a distinguished ancestor. Th e distinctive
feature of Ptolemaic Dynasty coinage is the repeated use
of the bust of Ptolemy I on the obverse, or “heads” side of
the coin, throughout the period. Bronze coins bore similar
motifs and portraits, though very little is known about the
dates and means of their manufacture.
Th e establishment of coined currency in Egypt by the
Ptolemies did not progress without diffi culties. One major
problem encountered was the silver standard used in the
Greek world, which was based on a 10-to-1 ratio of silver to
gold. In Egypt silver was imported, which meant that its value
was high and thus inexpedient for coin production. Also,
commodities value in dynastic Egypt was based solely on
weights in copper. To solve this problem, the Ptolemies intro-
duced bronze coins in multiple weight groups, some featur-
ing very large coins that corresponded exactly to the deben (a
little more than 3 ounces). Th us, it seems that a dual currency
was in use throughout the Ptolemaic Dynasty: a silver-based
currency used for foreign trade and a copper standard for in-
ternal trade and economic transactions.
Th e Roman occupation of Egypt did not alter the coinage
form and production. Coins were by then of much inferior qual-
ity and value, incorporating similar Pharaonic and Ptolemaic
stylistic motifs and images on the obverse. In addition to the
use of coinage for the transactions, contemporary documents
recorded the much more frequent use of trading in kind (wine,
oil, beer, for example) outside Alexandria before the economic
reforms of the emperor Diocletian (r. 284–305 b.c.e.).THE MIDDLE EAST
BY AMY HACKNEY BLACKWELL
For most of the ancient period people living in the Near East
did not use money. Instead, they conducted business by bar-
tering, exchanging goods or services for other goods and
services presumed to be of equal value. A bartered transac-
tion could involve nearly any item or service, including land,
livestock, grain, silver, copper, farm labor, or anything else
essential to ancient life.Th e el-Amarna Hoard, from el-Amarna, Egypt (14th century b.c.e.); these ingots and metal rings represent Egypt’s earliest money. (© Th e Trustees
of the British Museum)
754 money and coinage: The Middle East