WHY COINAGE? POLITICAL AND ECONOMIC ASPECTS

HACKSILBER

THE BIRTH OF COINAGE

Remains at Sardis

Lydian? electrum stater, c. 575 BC

THE PACTOLUS A SOURCE OF ELECTRUM?

ARTEMISION, EPHESUSTHE PROBLEM OF DATING

ARTEMISION, EPHESUS

THE VARIETY OF EARLY ELECTRUM ISSUESWHAT DOES IT SIGNIFY?

WHY ABANDON ELECTRUM?

LYDIA, SARDIS, C. 550 BCE

EL AND AR “CROESIDS”

WHY COINAGE?MODES OF INTERPRETATION

POLI(S)TICAL-coinage a locus of internal (non-)elite conflict, political justice (Kurke)

-coinage a locus of social justice, moral economy (Will, von Reden)

-coinage the outcome of a particular Greek mentality (Seaford, Schaps)

-coinage no more than a political phenomenon, a form of civic pride, identity and self-representation (Finley)

-coinage an expression of sovereignty; the “right of coinage” (Seyrig)

ECONOMIC-coinage a tool for paying state expenses, especially military (de Callatay)

-coinage a source of revenue (Le Rider, Bolin)

FRAMEWORKS AND QUESTIONSPROBLEMS OF METHODOLOGY AND THEORY

INDUCTIVE (“NEW-THIS, POST-THAT”)-The framing of problems within anthropological or literary theories in order

to approach the material evidence of coinage through the (literary) representation of coinage.

DEDUCTIVE (“WISSENSCHAFT”)-The focus on single mints to produce a die study, which provides the relative

chronology of the various series and the statistical basis for determining the quantity of coins produced, plus technical information on weight standards and die axis preferences.

FRAMEWORKS AND QUESTIONSPROBLEMS OF METHODOLOGY AND THEORY

THEORETICAL (SELF-)AWARENESS-A claim of ”no theory” is still theory

-Epistemological and heuristic problems of “objectivity”

THE THEORETICAL TOOLKIT-Economic Theory (coins as economic instruments)

-Political Theory (coins as political instruments)

-Social Theory (coins as social instruments)

-Anthropological/Archaeological Theory (coins as material culture)

-Art Theory (coins as art)

THE THEORETICAL TOOLKIT:ECONOMIC

-(NEO)CLASSICAL: to map supply/demand and price formation

-MARXIAN: to understand the modes of production and consumption, and the formation of value

-(NEO)INSTITUTIONAL: to understand the role of transaction costs, property rights, rule of law, and path dependency

-ECONOMIC SOCIOLOGY: to understand the role of social networks and social capital, trust, and collective action

-ECONOMIC ANTHROPOLOGY: provides cross cultural comparanda on value formation, embeddedness, and (in)formal economies

THE THEORETICAL TOOLKIT:POLITICAL

-PUBLIC CHOICE THEORY: to explore rationality and the behavior of self-interested political actors and agents

-BARGAINING THEORY: to understand sources of inefficiencies in reaching agreements

-ELITE THEORY: to understand power distributions

-NETWORK THEORY: to trace the organization of information and loyalties

-INSTITUTIONS THEORY: to appreciate how actors and agents shape institutions and are shaped by them

AGAIN: WHY COINAGE?

Let us think of coinage as a collective action problem involving real people.

The production of coinage is a cooperative project requiring a coordinated series of communal decisions:

-Why coinage? Why now?

-What metal?

-What weight standard?

-What iconography?

-How many?

-Who decides and why?

FRAMEWORK AND QUESTIONSPOLITICAL ECONOMIES OF (ARCHAIC GREEK) COINAGE

POLITICAL ECONOMIES-How did this particular group of people come to think coinage was important

(and where did they obtain their information?)

-How did their governing structures help or hinder the alignment of interests?

-How did they implement and enforce their decisions?

-How successful was the outcome? Politically? Economically?

A “MIDDLE RANGE” METHODOLOGICAL FRAMEWORK

-A framework integrating theory and empirical observations, e.g., the combined use of political and economic theories and technical numismatic study (e.g., die, hoard, metallurgical studies, etc.)

PREDATOR OR BENEFACTOR?KEY ASSUMPTIONS

-Overvaluation of electrum coinage a driving factor

-Generation of trust not limited to the state

-No necessary relationship between coinage and the state

-”Right of coinage” not limited to the state

-Access to precious metals not regulated

“THE STATE”

PREDATOR OR BENEFACTOR?FRAMEWORK

-Context of Archaic state formation

-Instability of monarchical rule

-Bargaining over (property) rights

-Levi’s theory of predatory rule and discount rates

BIN TEPE: ELITE ALIGNMENT?

“CROESIDS”: A MANIFESTATION OF POLITICAL STABILITY?

LYDIA, SARDIS, C. 550 BCE

EL AND AR “CROESIDS”

PROBLEM: DISPERSED AUTHORITIES?

WALWET (ALYTTES)

LYDIA, EL 1/3 STATER, C. 575 BCE

PROBLEM: DISPERSED AUTHORITIES?

“I am the semis of Phanes”

IONIA, EPHESUS?, C. 600 BCE

EL STATER

PROBLEM: COINAGE AND IDENTITY

Ionia, unknown mint, c. 600 BCE

EL hekte

PROBLEM: SOCIAL NETWORKS AND COINAGETHE DEVELOPMENT OF WIDESPREAD TRUST

PROBLEM: ALIGNMENT OF INTERESTSTHE DEVELOPMENT OF CIVIC COIN MONOPOLIES

CASE STUDY 1: LESBOSEFFICIENT COOPERATION

Methymna, AR stater, c. 500 BCE

CASE STUDY 1: LESBOSMytilene-Phokaia Cooperative EL hektai

CASE STUDY 1: LESBOSEFFICIENT COOPERATION

Lesbos, uncertain mint(s), c. 500 BCE

Billon staters

CASE STUDY 2: SAMOS, KLAZOMENAI, IALYSOS

INEFFICIENT COOPERATION/HEGEMONIC ACTION

CASE STUDY 3: EUBOIAEFFICIENT NON-COOPERATION

Tetradrachm of Eretria Tetradrachm of Chalcis