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The Coin and the Promise (Part 3):

The Owl and the Drachma (Or: The Birth of Civic Pride)

Athens

A powerful city-state in ancient Greece that was a pioneer in developing democracy, philosophy, and a sophisticated monetary system.

Democracy

A system of government by the whole population, typically through elected representatives.

Drachma

The silver currency used in ancient Greece. The Athenian drachma, stamped with an owl, was one of the most widely used and trusted coins.

Civic Pride

A sense of pride and belonging to one's city or community. Greek city-states used unique coins to foster this.

Polis

The ancient Greek term for a city-state, which was the central political and social unit of the Hellenic world.

Trapezitai

The ancient Greek term for money changers, who sat at tables (trapeza) in the marketplace. By accepting deposits and making loans, they became the first commercial bankers.


Commercial Banker

A financial professional or institution that provides services such as accepting deposits, making business loans, and offering basic investment products.

Reserve Currency

A foreign currency held in significant quantities by other countries' central banks or monetary authorities, used for international transactions due to its perceived stability and trustworthiness.

Sources used for this issue

 

  • Davies, Glyn. A History of Money: From Ancient Times to the Present Day.
  • Weatherford, Jack. The History of Money.
  • Cohen, Edward E. Athenian Economy and Society: A Banking Perspective.
  • World History Encyclopedia. "Ancient Greek Coinage."
  • World History Encyclopedia. "Trade in Ancient Greece."

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