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: -The first coins were made of electrum, an alloy of gold and silver that occurs naturally but that was further debased by the Lydians with added silver and copper. Gold Croeseid, minted by king Croesus circa 561–546 BCE. (10.7 grams, Sardis mint).

Detailed explanation-3: -The Lydian stater was composed of electrum, a naturally-occurring gold-silver alloy; though the coins are often reported to be struck from this naturally-occurring alloy, they were actually made from a specific and rather consistent mix of approximately 55% gold, 45% silver, and a small balance of copper.

Detailed explanation-4: -Coinage began in Lydia, in the interior of West Anatolia, in the form of electrum in the second half of the 7th century B.C., around 630.

Detailed explanation-5: -The first documented coinage is deemed to start with ‘Punch Marked’ coins issued between the 7th-6th century BC and 1stcentury AD. These coins are called ‘punch-marked’ coins because of their manufacturing technique. Mostly made of silver, these bear symbols, each of which was punched on the coin with a separate punch.