The puzzle of electrum coins

Bullion Star/JP Koning/6-8-2019

“The classic story for the adoption of coinage involves the efficiency gains that society enjoys when trade can be conducted by tale rather than by weight. Tale is a sum or a tally. All modern payments are done by tale. A payor counts up the right amount of coins (or notes), then passes the stack to the payee who – if they wish – can glance at the inscription on each coin’s face to ensure that it is legitimate. Circulation by tale is a convenient way of doing business.”

USAGOLD note:  Koning guides us on an exploration of ancient numismatics and monetary economics – a study of electrum coins created by Lydia’s King Croesus from whom grew the legend of King Midas and the Midas touch.

Image courtesy of the British Museum Collection/Lydia, croesid, 550BC

Repost from 6-13-2019

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