It is stated by Aristotle to have supplied the first currency. In the collection of letters found at Tel-el-Amarna, addressed to and from Amenophis III (already mentioned) and his successor Amenophis IV, one from a Hittite king promises iron as an extremely valuable gift. Gold, then as now, was the most precious and therefore most portable, security. In early Egypt silver was almost as rare as gold until after the XVIIIth Dynasty. Later the general standard of value in the Eastern world became silver, measured by weight.
To begin with, metals were handed about in ingots and weighed at each transaction. Then they were stamped to indicate their fineness and guarantee their purity. The first recorded coins were minted about 600 b.c. in Lydia, a gold-producing country in the west of Asia Minor. The first-known gold coins were minted in Lydia by Crœsus, whose name has become a proverb for wealth; he was conquered, as we shall tell later, by that same Cyrus the Persian who took Babylon in 539 b.c. But very probably coined money had been used in Babylonia before that time. The "sealed shekel," a stamped piece of silver, came very near to being a coin. The promise to pay so much silver or gold on "leather" (= parchment) with the seal of some established firm is probably as old or older than coinage. The Carthaginians used such "leather money." We know very little of the way in which small traffic was conducted. Common people, who in those ancient times were in dependent positions, seem to have had no money at all; they did their business by barter. Early Egyptian paintings show this going on.
When one realizes the absence of small money or of any conveniently portable means of exchange in the pre-Alexandrian world, one perceives how impossible was private travel in those days. The first "inns"—no doubt a sort of caravanserai—
- The earliest coinage of the west coast of Asia Minor was in electrum, a mixture of gold and silver, and there is an interesting controversy as to whether the first issues were stamped by cities, temples, or private bankers. — P. G.
- Small change was in existence before the time of Alexander. The Athenians had a range of exceedingly small silver coins running almost down to the size of a