Probably the two currencies arose at the same period, and by interchange became the recognized currency of the primeval marts; otherwise we can scarcely explain the absence of Asiatic silver, though it is easy to explain that of European electrum or gold. The electrum of the coins Oldest coinage. is gold—the precious metal washed down by the Pactolus—with a native alloy of a varying part of silver. Its durability recommended it to the Lydians, and it had (by convention) the advantage of exchanging decimally with gold, then in the ratio 13.3 to silver. But this commercial advantage allowed the issue of electrum coins on silver standards, while it was natural to coin them on those of gold; hence a variety of weight-systems perplexing to the petrologist. The classification of the earliest coins is exceedingly obscure; it is hardly possible to say which were struck in Lydia itself, which in the Greek coast cities, such as Miletus; but the majority probably belong to Greek mints. The most primitive in appearance are those in which the obverse is merely marked with lines, corresponding to the original rough surface of the die, while the reverse has three depressions, an oblong one flanked by two squares (Pl. II. fig. 8); there are also various coins of small denomination with a plain convex obverse, and a single rough depression on the reverse, known from the excavations at Ephesus. Both the Babylonian and the Phoenician standards were in use in early times. This double currency, as Head suggests, was probably intended, so far as the Lydians were concerned, for circulation in the interior and in the coast towns to the west, the Babylonic weight being that of the land trade, the Phoenician that of the commerce by sea. Croesus (Pl. II. fig. 9) abandoned electrum, and issued pure gold (on the Babylonic and gold-shekel standards), and pure silver (Babylonic), the silver stater exchanging as the tenth of the Euboic gold stater. These results are explained by the metro logical data given earlier in this article. Of the Greek marts of the western coast we have a series of early electrum staters, for the most part on the Phoenician weight. An interesting homogeneous group was issued by the various cities which took part in the Ionian revolt (500–494 B.C.). The Euboic weight naturally found its way into the currencies, but was as yet limited to Samos. Phocaea, Teos and Cyzicus, with other towns, followed from a very early period the Phocaic standard, which for practical purposes may be called the double of the Euboic. They alone before Croesus issued gold money, which was superseded at Phocaea and Cyzicus by electrum. This is the main outline of the native coinage of Asia Minor before the Persian conquest. Its later history will appear under the several great towns, the money of Persia (which circulated largely in Asia Minor) being treated in a subsequent place.
The first countries of Asia Minor are Bosporus and Colchis, the coins of the cities of which are few and unimportant. The autonomous coinages of the cities of Pontus are more numerous, but the only place meriting a special notice is Amisus, which almost alone of the cities of Bosporus, Colchis, Pontus. Pontus seems to have issued autonomous silver money. The common subjects of the bronze money of this place relate to the myth of Perseus and Medusa, a favourite one in this country.
The regal coins are of the old kingdoms of Pontus and of the Cimmerian Bosporus, of the two united as the state of Bosporus and Pontus under Mithradates VI. (the Great), and as reconstituted by the Romans when Polemon I. and II. still held the kingdom of Mithradates, which was afterwards divided into the province of Pontus and the kingdom of Bosporus. The early coinage of the kingdom of Bosporus is of little interest. Of that of Pontus there are tetradrachms, two of which, of Mithradates IV. and Pharnaces I., are remarkable for the unflinching realism with which their barbarian type of features is preserved. Mithradates VI., king of Bosporus and Pontus, is represented by gold staters, and tetradrachms. The portrait on the best of these (see Pl. II. fig. 10) is fine despite its theatrical quality, characteristic of the later schools of Asia Minor. The kings of Bosporus struck a long series of coins for the first three and a half centuries after the Christian era. Their gold money (the only non-imperial gold allowed under the empire) is gradually depreciated and becomes electrum, and ultimately billon and bronze. They bear the heads of the king and the emperor, and are dated by the Pontic era (297 B.C.).
In Paphlagonia we must specially notice the coins of the cities Amastris and Sinope. The silver pieces of the former place bear a youthful head in a laureate Phrygian cap, probably representing Mithras, Amastris, the foundress, being seated on the reverse. The silver Paphlagonia. pieces of Sinope are plentiful. In the 4th century they bear the names of Persian governors. The types are the head of the nymph Sinope and, as at Istrus, an eagle preying on a dolphin. Bithynia is represented by a more important series. The provincial diet issued Roman silver medallions Bithynia of the weight of cistophori (to be presently described), with Latin inscriptions, and bronze pieces with Greek inscriptions. The ordinary silver coins of Chalcedon strikingly resemble on Bithynia. both sides those of Byzantium, and a monetary convention evidently at times existed between these sister-cities. Of Cius, also called Prusias ad Mare, there are gold staters and smaller imperial silver pieces. Of Heraclea there are silver coins of good style; the most interesting type is a female head wearing a turreted head-dress, one of the earliest representations of a city-goddess (early 4th century). The tyrants of Heraclea, Clearchus, Satyrus, Timotheus and Dionysius are represented by coins. Of the imperial class there is a large series of Nicaea, and many coins of Nicomedia. The series of the Bithynian kings consists of Attic tetradrachms and bronze pieces, issued by Ziaëlas, Prusias I. and II., and Nicomedes I.–IV.
The fine Greek coinage of Asia may be considered to begin with Mysia. Cyzicus is in numismatics a most important city. Its coinage begins in the 6th century; and the famous electrum Cyzicene staters were struck here for nearly a century and a half (c. 500–350 B.C.). During that whole period Mysia. they were not only the leading gold coinage in Asia Minor but the chief currency in that metal for the cities on both shores of the Aegean; the value at which they were rated was doubtless a matter of convention, and varied from time to time. The actual weight is of the Phocaic standard, just over 248 grains. The divisions were the hecta or sixth, and the twelfth. The extraordinary variety of “types” at Cyzicus is due to the fact that these types are really symbols differentiating the issues, the true badge of the city, the tunny-fish, being relegated to a subordinate position (Pl. II. fig. 11). The reverse invariably has the quadripartite incuse square in four planes of the so-called mill-sail pattern. The coins are very thick and the edges are rude. The art is frequently of great beauty, though sometimes careless. The silver coinage of Cyzicus comprises beautiful tetradrachms of the Rhodianstandard, with a head of Persephone ΣΩΤΕΙΡΑ, veiled and wreathed with ears of corn. Both late autonomous and imperial coins in bronze are well executed and full of interest, the two classes running parallel under the earlier emperors.
Lampsacus is represented by a long series of coins. Its distinctive type is the forepart of a Pegasus, which occurs on its coins from the 6th century onwards. In the first half of the 4th century it issued splendid gold staters with various types (really, as at Cyzicus, symbols distinguishing the issues) on the obverse and the half-Pegasus on the reverse. The most remarkable type is a bearded head (probably of a Cabirus) with streaming hair in a conical cap, bound with a wreath, singularly pictorial in treatment as well as in expression (Pl. II. fig. 12). In contrast to this is a most carefully executed head of a Maenad with goat’s ear; and other types of great interest are the Earth-goddess rising from the earth, and Victory nailing a helmet to a trophy, or sacrificing a ram.
The money of the great city of Pergamum is chiefly of a late time. Apart from some rare pieces of gold, the silver coinage is chiefly supplied by the money of the kings of Pergamum and by cistophori. The bronze pieces of the city are numerous, both autonomous and imperial, the two classes overlapping, and there are medallions of the emperors. The local worship of
