The puzzle of electrum coins
“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