Why Did Coins Debut in Lydia?

Researchers agree that the first coins struck anywhere in history appeared in the Greek kingdom of Lydia in Asia Minor (in modern-day Turkey) circa 650-600 B.C. But I have never seen proof of why they appeared there and at that time.

Since about 4000 B.C., gold has been used in parts of the world as a medium of exchange on the basis of its weight and purity. Obviously, the invention of a standard size and purity coin made it far easier to facilitate trade or, as some researchers speculate, to pay foreign mercenaries in a form that they would be able to exchange when they returned home.

It happens that geography and geology both provided Lydia with an opportunity to be the first to issue coins.

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The kingdom of Lydia was directly in the path of traders moving goods between Europe and Asia. Its prime location as a trading center for travelers from east and west resulted in the kingdom becoming quite prosperous.

Also, the hills and mountains in the kingdom were a ready source of gold and silver that could be mined or, more easily, could be recovered from the silt in the rivers that ran down to the plains. As such, Lydia had the raw materials used to strike coins. Since the gold dust recovered from rivers tended to be 65-85 percent pure gold, many early coins were struck of this unrefined alloy, called electrum.

Croesus, the king of Lydia from 561-546 B.C., was reputed to be the wealthiest person at that time, which has led to some people being referred to as “as rich as Croesus.”

I am not necessarily asserting that the combination of these factors is why coins first appeared in Lydia, just that it would have been easier to happen there than anywhere else. What do you think?

Answer to the Previous Trivia Question

Last week, I asked: Who was the youngest person known by the U.S. Mint to strike a United States coin?

According to the staff in the U.S. Mint press office in January 2004, it was my son, Daniel Heller. He was six years old when he accompanied me to participate in the 2004 Michigan Statehood Quarter Ceremonial Strike Ceremony at the Denver Mint that month. Technically, the Mint specified that participants needed to be at least 10 years old, but they acquiesced to my request to bring him with me. In the ceremony, he pushed the button to strike coin #2, which was later presented to the then-current Michigan governor. He also struck coin #15, the final one of the ceremony, which was later presented to him (I struck coin #6, which was later presented to me). The day after the ceremony, our local newspaper, in a front-page article, quoted someone from the Mint stating that Dan was the youngest person they knew of to strike a US coin.

Wanting to make sure I got the citation correct, I called the Mint’s press office. The staffer said that the Mint did not keep statistics on the ages of people who strike coins. However, they said that Dan would be the youngest they knew of and likely was the youngest to ever strike a coin. But, the employee then went on to caution me about making a clamor about it. He said that if this story got much coverage, then the next ceremony might have a five-year-old and would continue encouraging ever younger participants in strike ceremonies. Also, setting such records was not the purpose of U.S. Mint strike ceremonies. So, my son enjoyed his 15 seconds of fame with a local television interview, he became a life member of the American Numismatic Association and Michigan State Numismatic Society, and his life continued as normal.

This Week’s Trivia Question

One of the most prolific currently active coin designers, with more than 40 credited coin designs, obtained a Master of Fine Arts degree from the University of Michigan. Who is it? Come back next week for the answer.

Patrick A. Heller was honored as a 2019 FUN Numismatic Ambassador. He is also the recipient of the American Numismatic Association 2018 Glenn Smedley Memorial Service Award, 2017 Exemplary Service Award, 2012 Harry Forman National Dealer of the Year Award, and 2008 Presidential Award. Over the years, he has also been honored by the Numismatic Literary Guild (including twice in 2020), the Professional Numismatists Guild, the Industry Council for Tangible Assets, and the Michigan State Numismatic Society. He is the communications officer of Liberty Coin Service in Lansing, Mich., and writes Liberty’s Outlook, a monthly newsletter on rare coins and precious metals subjects. Past newsletter issues can be viewed at www.libertycoinservice.com. Some of his radio commentaries titled “Things You ‘Know’ That Just Aren’t So, And Important News You Need To Know” can be heard at 8:45 a.m. Wednesday and Friday mornings on 1320-AM WILS in Lansing (which streams live and becomes part of the audio archives posted at www.1320wils.com).