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The Coin and the Promise (Part 1):

The Lydian Lion (Or: How a Royal Stamp Changed the World)

Lydia

An ancient kingdom in western Anatolia (modern-day Turkey) that is credited with the invention of coinage.

Electrum

A naturally occurring alloy of gold and silver, with trace amounts of copper and other metals. It was the material used to make the world's first coins.

Coinage

A standardized, stamped piece of metal used as a medium of exchange, where the stamp of an issuing authority guarantees its weight and purity.

Croesus (reigned c. 585-546 BCE)

The last king of Lydia, renowned for his immense wealth. He is credited with issuing the first true gold and silver coins.

Bimetallic Standard

A monetary system in which the value of the monetary unit is defined as equivalent to certain quantities of two different metals, typically gold and silver, with a fixed rate of exchange between them.

Croeseids

The gold and silver coins issued by King Croesus, considered the first true bimetallic currency.

Unit of Account

A standard numerical monetary unit of measurement of the market value of goods, services, and other transactions.

Sources used for this issue


  • Herodotus. The Histories.
  • Davies, Glyn. A History of Money: From Ancient Times to the Present Day.
  • Weatherford, Jack. The History of Money.
  • World History Encyclopedia. "Lydia."
  • World History Encyclopedia. "Croesus."

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