ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -True coinage began soon after 650 bc. The 6th-century Greek poet Xenophanes, quoted by the historian Herodotus, ascribed its invention to the Lydians, “the first to strike and use coins of gold and silver.” King Croesus of Lydia (reigned c.

Detailed explanation-2: -Punch marked coins were the earliest coins which came into use. These were remained in use for about 500 years. Designs of such coins were punched on to the metal (silver or copper).

Detailed explanation-3: -India has been one of the earliest issuers of coins in the world (circa 6th Century BC).

Detailed explanation-4: -According to different scholars, the Lydian stater is considered the world’s oldest coin still around. Made of a mix of gold and silver called electrum, these early coins were minted around 600 BCE in the kingdom of Lydia in the modern country of Turkey.