ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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the barter system
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precious metal coins as money
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salt as a medium of exchange
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paper money
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Detailed explanation-1: -In 600 BCE, 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.
Detailed explanation-2: -According to Herodotus, the Lydians were the first people to use gold and silver coins and the first to establish retail shops in permanent locations.
Detailed explanation-3: -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-4: -“Lydian Lion” hallmark set coins apart from all previous currency. This is another mark of the stater which set it apart from all previous financial tender in that the “Lydian Lion” hallmark showed that the coins were the official currency of the king; this concept had never before been seen in the ancient world.
Detailed explanation-5: -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.