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Understanding Ancient Greek Coin Denominations

ike most ancient currencies, Greek coin denominations have varied through the centuries depending on their region of origin, weight, and time period. Ancient Greek art history (including coins) can be split into four influential time periods including the Archaic, Classical, Hellenistic, and early Roman eras. Arguably one of the most relevant in Greek coin history, the Archaic period utilized the Attic denomination standard based on the silver Athenian drachma.

THE ATTIC STANDARD SILVER DENOMINATION EXCHANGE CHART:

Units

=

Coins

Decadrachm

=

10 drachmae

Tetradrachm

=

4 drachmae

Didrachm

=

2 drachmae

Drachma

=

6 obols

Tetrobol

=

4 obols

Triobol (hemidrachm)

=

3 obols

Diobol

=

2 obols

Obol

=

4 tetartemorions

Tritartemorion

=

3 tetartemorions

Hemiobol

=

2 tetartemorions

Trihemitetartemorion

=

1.5 tetartemorions

Tetartemorion

=

.25 obol

Hemitetartemorion

=

.5 tetartemorion

Archaic Period (up to 480 BC)

The word drachma literally means "to grasp.” Drachmae, the basis of the denomination system, were some of the oldest coins in the world dating back to the 6th century BC. With an original value equivalent to a ‘handful of metal sticks’, the earliest form of the silver drachma varied in weight and size from region to region. Most Greek city-states, or poleis, had their own version of the drachma. As Athens emerged as the dominant commercial polis in the 5th century BC, the Athenian Drachma became the primary currency. This preeminent drachma equaled 6 oboli, meaning “little spit” (or sharp metal rod) harkening back to the Drachma’s original value a century earlier. To this day, the word ‘obol’ is used in modern Greek slang to refer to money or coins of little value.

One of the most widely used denominations in the 5th century BC was the Athenian tetradrachm coin, commonly referred to as the Owl. Although the coin evolved through the centuries, Athenian Silver Owls continued to enjoy popularity through most of the Hellenistic period ceasing production sometime in the mid-1st century BC.

Classical Period (480 - 323 BC)

During the Classical era, Greek coin production was thoughtfully refined and a range of high-quality gold and silver coins were commonly produced in the empire’s larger city-states. In fact, this time period marked the beginning of inscribing coins with pertinent information such as the issuing city as well as the perfection of meaningful artwork on both the obverse and reverse of the coins, a hallmark practice of today’s leading mints. Some of the most spectacular specimens were born in the major cities in Sicily, particularly Syracuse’s silver decadrachm coin. This large silver beauty introduced the 10-drachma denomination to Greek currency and is considered to be one of the finest ever produced in ancient times.

Hellenistic Period (323–31 BC)

As the Greek empire spread into surrounding territories like Egypt, Syria, and India, the Greek coin influence quickly spread inspiring a new wave of production. Larger in size and more frequently made of gold, the coins produced in the Hellenistic period represent the increased wealth of the expanding empire.

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Roman Period (after 31 BC)

While the Roman empire essentially absorbed the ancient Greek world during the 1st century BC, much of the earliest ancient Roman currency produced occurred in Greek areas of the empire and have similar specifications.