LAUSR

The invention of coins changed the world forever by permanently changing the way society operates. Coinage has profoundly affected the lives of individuals and economies of states in immeasurable ways, and yet has remained remarkably unchanged for millennia. But unlike other momentous events that shaped world history such as the invention of agriculture and writing, for which there is a large body of scholarly inquiry, surprisingly little research exists on the invention of coins. The first coins were minted in the mid-7th century BCE in Western Asia Minor, by the Kings of the Lydian Empire. These coins were made of electrum, an alloy of gold and silver. They are small and irregularly shaped with powerful visual images, executed in exquisite artistic detail. The coins have specific metallic content, weight, and value. While there is consensus about when and where these coins were made, it is much less clear why electrum was used. Popular theory suggests that alluvial nuggets were used, but it is more likely that the earliest coins were minted from a man-made alloy created by mixing alluvial gold with mined silver.