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According to scholars, historians, archeologists that are too many to mention, greed started when people realized that carrying around commodity money gives you the power to purchase anything at any time.
So kings hit on the idea of minting coins from precious metals, stamping them with an emblem that guaranteed their weight and value. Metal money ticked all the money boxes. And because it had intrinsic value, it could be used to trade with other communities.
According to Jan van der Crabben, founder of World History Encyclopedia, the invention of coins is still shrouded in mystery: According to Herdotous, coins were first minted by the Lydians.
Lydia’s King Alyattes minted what is believed to be the first official currency, the Lydian stater. The coins were made from electrum, a mixture of silver and gold that occurs naturally, and the coins were stamped with pictures that acted as denominations.
However, Aristotle claims that the first coins were minted by Demodike of Kyrme, the wife of King Midas of Phrygia.
The Numismatists claim that the first coins were minted on the Greek island of Aegina, either by the local rulers or by king Pheidon of Argos.
There are also the Chinese and many other historians who found pieces of evidence that prove gold was already used in China as a form of currency as early as 1600 BC.
They weren’t minted like that of the Lyndians but it was nonetheless, a currency. Later in the Qin Dynasty, between 221 B.C. and 206 B.C., Qin Shi Huang, the first emperor ended the warring states. He united China and unified the currency system. He defined gold and copper as the material for coins, gold for superior coins and copper for inferior coins.
For the purposes of this series, the more important takeaway is how the success of metal money brought temptation, and sovereigns soon realized that by slimming down the coins, or slipping cheaper base metals into the mix, they could make money by circulating debased currency worth less than face value.
Now, the powers that be started getting deep into the rabbit hole. They realized that if they could mix cheaper metals, and still keep the value of the coin high, what’s stopping them from ditching precious metals altogether?
Watch the next part of this series to understand how we transitioned to paper money.
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