The history ofancient Greek coinage can be divided (along with most other Greek art forms) into four periods: theArchaic, theClassical, theHellenistic and theRoman. The Archaic period extends from the introduction of coinage to the Greek world during the 7th century BC until thePersian Wars in about 480 BC. The Classical period then began, and lasted until the conquests ofAlexander the Great in about 330 BC, which began the Hellenistic period, extending until theRoman absorption of the Greek world in the 1st century BC. The Greek cities continued to produce their own coins for several more centuries under Roman rule. The coins produced during this period are calledRoman provincial coins or Greek Imperial Coins.

Denominations of silver drachma
Image	Denomination	Value	Weight
	Decadrachm	10 drachmae	43 grams
	Tetradrachm	4 drachmae	17.2 grams
	Didrachm	2 drachmae	8.6 grams
	Drachma	6 obols	4.3 grams
	Tetrobol	4 obols	2.85 grams
	Triobol (hemidrachm)	3 obols	2.15 grams
	Diobol	2 obols	1.43 grams
	Trihemiobol	1½ obols	1.08 grams
	Obol	4 tetartemorions	0.72 grams
	Tritartemorion	3 tetartemorions	0.54 grams
	Hemiobol	2 tetartemorions	0.36 grams
	Trihemitetartemorion	1+1⁄2 tetartemorions	0.27 grams
	Tetartemorion	1⁄4 obol	0.18 grams
	Hemitetartemorion	1⁄2 tetartemorion	0.09 grams

The three most important standards of the ancient Greek monetary system were theAttic standard, based on the Atheniandrachma of 4.3 grams (2.8pennyweights) of silver, theCorinthian standard based on thestater of 8.6 g (5.5 dwt) of silver, that was subdivided into three silver drachmas of 2.9 g (1.9 dwt), and the Aeginetan stater or didrachm of 12.2 g (7.8 dwt), based on a drachma of 6.1 g (3.9 dwt).^[1] The worddrachm(a) means "a handful", literally "a grasp".^[2] Drachmae were divided into sixobols (from the Greek word for aspit^[3]), and six spits made a "handful". This suggests that before coinage came to be used in Greece, spits inprehistoric times were used as measures in daily transactions. In archaic, pre-numismatic times iron was valued for making durable tools and weapons, and its casting in spit form may have actually represented a form of transportablebullion, which eventually became bulky and inconvenient after the adoption of precious metals. Because of this very aspect,Spartan legislation famously forbade issuance of Spartan coin, and enforced the use of iron ingots, calledpelanoi in order to discourage avarice and the hoarding of wealth.^[4] In addition to its original meaning (which also gave thediminutive "obelisk", "little spit"), the wordobol (ὀβολός,obolós, or ὀβελός,obelós) was retained as a Greek word for coins of small value, still used as such inModern Greek slang (όβολα,óvola, "monies").

The obol was further subdivided intotetartemorioi (singulartetartemorion) which represented1⁄4 obol, or1⁄24 drachm. This coin (which was known to have been struck inAthens,Colophon, and several other cities) is mentioned byAristotle as the smallest silver coin.^[5]: 237 Various multiples of this denomination were also struck, including thetrihemitetartemorion (literally three half-tetartemorioi) valued at3⁄8 of an obol.^[5]: 247

Archaic coinage

Uninscribedelectrum coin fromLydia, early 6th century BC.Obverse: lion head and sunburstReverse: plain square imprints, probably used to standardise weight

Ionia, Uncertain city (possiblyKyme, Aeolis) 600–550 BC, Hemiobol. Horse head, rough incuse.^[6]

The earliest known electrum coins,Lydian andEast Greek coins found under theTemple of Artemis atEphesus, are currently dated to around 640 BC.^[7] These coins were issued either by the non-Greek Lydians for their own use or perhaps because Greek mercenaries wanted to be paid in precious metal at the conclusion of their time of service, and wanted to have their payments marked in a way that would authenticate them. These coins were made ofelectrum, an alloy of gold and silver that was highly prized and abundant in that area.

In the middle of the 6th century BC, KingCroesus replaced the electrum coins with coins of pure gold and pure silver, calledCroeseids.^[7] The credit for inventing pure gold and silver coinage is attributed byHerodotus to the Lydians:^[8]

So far as we have any knowledge, they [the Lydians] were the first people to introduce the use of gold and silver coins, and the first who sold goods by retail.

— Herodotus, I.94^[8]

Coins of Aegina

Silverstater of Aegina, 550–530 BC.Obv.:Sea turtle with large pellets down center.Rev. incuse square with eight sections. After the end of thePeloponnesian War, 404 BC, Sea turtle was replaced by the landtortoise.

Silverdrachma of Aegina, 404–340 BC.Obv.: Landtortoise.Rev. inscription:ΑΙΓ[ΙΝΑΤΟΝ] (of the Aeginetans) "Aegina" and dolphin.

The Greek world was divided into more than two thousand self-governing city-states (inGreek,poleis), and more than half of them issued their own coins. Some coins circulated widely beyond theirpolis, indicating that they were being used in inter-city trade; the first example appears to have been the silver stater ordidrachm ofAegina that regularly turns up in hoards inEgypt and theLevant, places which were deficient in silver supply. As such coins circulated more widely, other cities began to mint coins to this "Aeginetan" weight standard of 6.1 g (3.9 dwt) to the drachm, other cities included their own symbols on the coins.

Athenian coins, however, were struck on the "Attic" standard, with a drachm equaling 4.3 g (2.8 dwt) of silver. Over time, Athens' plentiful supply of silver from the mines atLaurion and its increasing dominance in trade made this the pre-eminent standard.^[9] These coins were known as "owls" because of their central design feature. They were minted to an extremely tight standard of purity and weight; this contributed to their success as the premier trade coin of their era. Tetradrachms on this weight standard continued to be a widely used coin (often the most widely used) through the classical period. By the time ofAlexander the Great and hisHellenistic successors, this large denomination was being regularly used to make large payments, or was often saved for hoarding.

International circulation

Archaic Greek coinage seems to have had a very wide circulation in theAchaemenid Empire.^[10] Many of them were discovered in coin hoards throughout the Achaemenid Empire such as theGhazzat hoard and theApadana hoard, and also very far to the East, such as theKabul hoard or thePushkalavati hoard inAncient India, following theAchaemenid conquest of the Indus Valley. Generally, Greek coins (both Archaic and early Classical) are comparatively very numerous in the Achaemenid coin hoards discovered in the East of the Achaemenid Empire, much more numerous thanSigloi, suggesting that the circulation of Greek coinage was central in the monetary system of those part of the Empire.^[10]

• 
  Electrum coin fromEphesus, 620–600 BC.Obv.:Stag grazing right,ΦΑΝΕΩΣ (retrograde).Rev.: Two incuse punches, each with raised intersecting lines.
• 
  Archaic coin ofThasos,c. 500–463 BC.[11]
• 
  Archaic coin ofChios,c. 490–435 BC.[12]Earlier types known.
• 
  ArchaicAegina coin type, "windmill pattern" incuse punch.c. 510–490 BC.[13]^[14][15]
• 
  Athens coin (c. 500/490–485 BC) discovered in theShaikhan Dehri hoard inPushkalavati,Pakistan. This coin is the earliest known example of its type to be found so far east.^[16]

Tetradrachm of Athens
(c. 454–404 BC)
Obv.: a portrait ofAthena, patron goddess of the city, inhelmet
Rev.: the owl of Athens, with anolive sprig and the inscriptionΑΘΕ[ΝΑΙΟΝ], "of theAthenians"

ASyracusantetradrachm
(circa 415–405 BC)
Obv.: head of thenymphArethusa, surrounded by four swimmingdolphins and arudder
Rev.: a racingquadriga, itscharioteer crowned by the goddessVictory in flight.

TheClassical period saw Greek coinage reach a high level of technical and aesthetic quality. Larger cities now produced a range of fine silver and gold coins, most bearing a portrait of their patron god or goddess or a legendary hero on one side, and a symbol of the city on the other. Some coins employed a visual pun: some coins fromRhodes featured arose, since the Greek word for rose isrhodon. The use of inscriptions on coins also began, usually the name of the issuing city.

The wealthy cities of Sicily produced some especially fine coins. The large silverdecadrachm (10-drachm) coin fromSyracuse is regarded by many collectors as the finest coin produced in the ancient world, perhaps ever. Syracusan issues were rather standard in their imprints, one side bearing the head of the nymphArethusa and the other usually a victoriousquadriga. Thetyrants of Syracuse were fabulously rich, and part of theirpublic relations policy was to fundquadrigas for theOlympic chariot race, a very expensive undertaking. As they were often able to finance more than one quadriga at a time, they were frequent victors in this highly prestigious event. Syracuse was one of the epicenters of numismatic art during the classical period. Led by the engravers Kimon and Euainetos, Syracuse produced some of the finest coin designs of antiquity.

Amongst the first centers to produce coins during the Greek colonization of mainland Southern Italy (Magna Graecia) werePaestum,Crotone,Sybaris,Caulonia,Metapontum, andTaranto. These ancient cities started producing coins from 550 to 510 BC.^[17][18]

• 
  Aegina coin type, incuse skew pattern. Circa 456/445–431 BC.
• 
  Coin ofAkanthos,Macedon. Circa 470–430 BC.
• 
  Coin ofAspendos,Pamphylia. Circa 465–430 BC.
• 
  Coin fromKorkyra. Circa 350/330–290/270 BC.
• 
  Coin ofCyprus, circa 450 BC.

TheHellenistic period was characterized by the spread of Greek culture across a large part of the known world. Greek-speaking kingdoms were established inEgypt andSyria, and for a time also inIran and as far east as what is nowAfghanistan and northwesternIndia. Greek traders spread Greek coins across this vast area, and the new kingdoms soon began to produce their own coins. Because these kingdoms were much larger and wealthier than the Greek city states of the classical period, their coins tended to be more mass-produced, as well as larger, and more frequently in gold. They often lacked the aesthetic delicacy of coins of the earlier period.

Still, some of theGreco-Bactrian coins, and those of their successors in India, theIndo-Greeks, are considered the finest examples of Greek numismatic art with "a nice blend of realism and idealization", including the largest coins to be minted in the Hellenistic world: the largest gold coin was minted byEucratides (reigned 171–145 BC), the largest silver coin by the Indo-Greek kingAmyntas Nikator (reignedc. 95–90 BC). The portraits "show a degree of individuality never matched by the often bland depictions of their royal contemporaries further West" (Roger Ling, "Greece and the Hellenistic World").

The most striking new feature of Hellenistic coins was the use of portraits of living people, namely of the kings themselves. This practice had begun in Sicily, but was disapproved of by other Greeks as showinghubris (arrogance). But the kings ofPtolemaic Egypt andSeleucid Syria had no such scruples: having already awarded themselves with "divine" status, they issued magnificent gold coins adorned with their own portraits, with the symbols of their state on the reverse. The names of the kings were frequently inscribed on the coin as well. This established a pattern for coins which has persisted ever since: a portrait of the king, usually in profile and striking a heroic pose, on the obverse, with his name beside him, and a coat of arms or other symbol of state on the reverse.

The Hellenistic period conventionally ends with theBattle of Actium in 31 BC, although a few Hellenistic rulers are known in India until the reign of theIndo-Greek KingStrato III (ruledc. 25 BC to AD 10), who issued the last Hellenistic coinage. Many Greek communities in the eastern half of the Roman empire continued to issue their own coinages, known asRoman provincial coinages or "Greek Imperials" in older scholarship, until the third century AD.

• 
  Seleucus Nicator (312–281 BC),Ai Khanoum.^[19]
• 
  Antiochus I (281–261 BC),Ai Khanoum.
• 
  Antiochos II (261–246 BC),Ai Khanoum.
• 
  Diodotus I (256–238 BC).
• 
  Diodotus II (235–225 BC)
• 
  Coin ofIndo-Greek kingAntialcidas (105–95 BC).
• 
  Coin ofAgathocles of Bactria withHindu deities, circa 180 BC.
• 
  Coin ofApollodotus I,Indo-Greeks.

All Greek coins werehandmade, rather than machined as modern coins are. The designs for the obverse and reverse were carved into a block of bronze or possibly iron, called adie. A blank disk of gold, silver, or electrum was cast in a mold and then placed between the dies, possibly heated beforehand, whereupon the coin maker would forcefully strike the top die with a hammer, thereby impressing the designs on the metal.^[20]

Coins of Greek city-states depicted a uniquesymbol or feature, an early form ofemblem, also known asbadge in numismatics, that represented their city and promoted the prestige of their state. Corinthian stater for example depictedpegasus the mythological winged stallion, tamed by their heroBellerophon. Coins ofEphesus depicted thebee sacred toArtemis. Drachmas of Athens depicted theowl of Athena. Drachmas ofAegina depicted achelone. Coins ofSelinunte depicted a"selinon" (σέλινον,^[21]celery). Coins ofHeraclea depictedHeracles. Coins ofGela depicted a man-headed bull, the personification of the riverGela. Coins ofRhodes depicted a"rhodon" (ῥόδον,^[22]rose). Coins ofKnossos depicted thelabyrinth or the mythical creatureminotaur, a symbol of theMinoan Crete. Coins ofMelos depicted a"mēlon" (μήλον -apple). Coins ofThebes depicted aBoeotian shield.

Corinthian stater withpegasus

Coin ofRhodes with arose

Didrachm ofSelinunte with acelery

Coin ofEphesus with abee

Stater ofOlympia depictingNike

Coin ofMelos with anapple

Obolus fromStymphalus with aStymphalian bird

Coin ofThebes with aBoeotian shield

Coin ofGela with a man-headed bull, the personification of the riverGela

Didrachm ofKnossos depicting theMinotaur

Collections of ancient Greek coins are held by museums around the world, of which the collections of theBritish Museum, theAmerican Numismatic Society, and theDanish National Museum are considered to be the finest. The American Numismatic Society collection comprises some 100,000 ancient Greek coins from many regions and mints, from Spain and North Africa to Afghanistan. To varying degrees, these coins are available for study by academics and researchers.

There is also an active collector market for Greek coins. Several auction houses in Europe and the United States specialize in ancient coins (including Greek) and there is also a large on-line market for such coins.

Hoards of Greek coins are still being found in Europe, Middle East, and North Africa, and some of the coins in these hoards find their way onto the market. Due to the numbers in which they were produced, the durability of the metals, and the ancient practice of burying large numbers of coins to save them, coins are an ancient art within the reach of ordinary collectors.

Part ofa series on
Numismatics the study of currency
Glossary
Currency Coins Banknotes Forgery List ISO Circulating currencies Africa Asia Europe North America South America Oceania Local currencies Company scrip LETS Time dollars Fictional currencies Proposed currencies
History of money Historical currencies Aksumite Achaemenid Byzantine Chinese Filipino Greek Indian Italian Japanese Roman Thai Tibetan Medieval currencies
Production Mint Designers Coining Milling Hammering Cast Metals Errors
Collection Coin collecting Coins Commemorative coins Bullion coins Grading Notaphily Banknotes Commemorative banknotes Exonumia Credit cards Jetons Medals Tokens Cheques Scrips Scripophily Stocks Bonds
Numismatics portal Money portal
v t e

• Art of ancient Greece
• Philippeioi
• Tetradrachm
• Silver stater with a turtle, early coin

• Grierson, Philip (1975),Numismatics, Oxford, Oxford University PressISBN 0-19-885098-0
• Head, Barclay V. (1911),Historia Numorum; A Manual of Greek Numismatics, Oxford: Clarendon Press.
• Hill, George Francis (1906),Historical Greek Coins, London : Archibald Constable and Co.
• Jenkins, H.K. (1990),Ancient Greek Coins, Seaby,ISBN 1-85264-014-6
• Konuk, Koray (2003),From Kroisos to Karia; Early Anatolian Coins from the Muharrem Kayhan Collection,ISBN 975-8070-61-4
• Kraay, Colin M. (1976),Archaic and Classical Greek Coins, New York: Sanford J. Durst,ISBN 0-915262-75-4.
• Melville Jones, John R, "A Dictionary of Ancient Greek Coins", London, Seaby 1986, reprinted Spink 2004.
• Melville Jones, John R,Testimonia Numaria. Greek and Latin texts concerning Ancient Greek Coinage, 2 vols (1993 and 2007), London, Spink, 0-907-05-40-0 and 978-1-902040-81-3.
• Ramage, Andrew and Craddock, Paul (2000),King Croesus' Gold; Excavations at Sardis and the History of Gold Refining, Trustees of the British Museum,ISBN 0-7141-0888-X.
• Rutter N. K, Burnett A. M, Crawford M. H, Johnston A. E.M, Jessop Price M (2001),Historia Numorum Italy, London: The British Museum Press,ISBN 0-7141-1801-X.
• Sayles, Wayne G,Ancient Coin Collecting, Iola, Wisconsin : Krause Publications, 2003.
• Sayles, Wayne G,Ancient Coin Collecting II: Numismatic Art of the Greek World", Iola, Wisconsin : Krause Publications, 2007.
• Seaford, Richard (2004), "Money and the Early Greek Mind; Homer, Philosophy, Tragedy", Cambridge: Cambridge University Press,ISBN 978-0-521-53992-0.
• Sear, David, "Greek Coins and Their Values: Volume 1", London: Spink, Seaby,ISBN 0 900652 462
• Sear, David, "Greek Coins and Their Values: Volume 2" London: Spink.
• Seltman, Charles (1933),Greek Coins, London: Methuen & Co, Ltd.
• Seltman, Charles,Masterpieces of Greek Coinage, Bruno Cassirer - Oxford, 1949.
• Thompson M, Mørkholm O, Kraay C. M. (eds): An Inventory of Greek Coin Hoards, (IGCH). New York, 1973ISBN 978-0-89722-068-2
• Sylloge Nummorum Graecorum:
  • American Numismatic Society: The Collection of the American Numismatic Society, New York
• Ward, John,Greek Coins and their Parent Cities, London : John Murray, 1902. (accompanied by a catalogue of the author's collection by SirGeorge Francis Hill)
• Hyla A. Troxell, Studies in the Macedonian Coinage of Alexander the Great,American Numismatic Society

Wikimedia Commons has media related toAncient Greek coins.

• Sylloge Nummorum Graecorum, website ofSylloge Nummorum Graecorum, aBritish Academy research project
• Coins fromCornell University's Collection of Antiquities
• Greek coins from Digital Library Numis (DLN)
• Coins from thePerseus Digital Library Project atTufts University
• Historia Numorum Online
• Historia Numorum: A Manual of Greek Numismatics

• Coins of ancient Greece

• CS1: long volume value
• Webarchive template wayback links
• Articles with short description
• Short description is different from Wikidata
• Commons link from Wikidata