Ancient Greek coinage

The history of Ancient Greek coinage can be divided (along with most other Greek art forms) into four periods, the Archaic, the Classical, the Hellenistic and the Roman. The Archaic period extends from the introduction of coinage to the Greek world during the 7th century BC until the Persian Wars in about 480 BC. The Classical period then began, and lasted until the conquests of Alexander the Great in about 330 BC, which began the Hellenistic period, extending until the Roman absorption of the Greek world in the 1st century BC. The Greek cities continued to produce their own coins for several more centuries under Roman rule. The coins produced during this period are called Roman provincial coins or Greek Imperial Coins. Ancient Greek coins of all four periods span over a period of more than ten centuries.

The three most important standards of the Ancient Greek monetary system were the Attic standard, based on the Athenian drachma of 4.3 grams of silver and the Corinthian standard based on the stater of 8.6 grams of silver, that was subdivided into three silver drachmas of 2.9 grams, and the Aeginetan stater or didrachm of 12.2 grams, based on a drachma of 6.1 grams. The word drachm(a) means "a handful", literally "a grasp". Drachmae were divided into six obols (from the Greek word for a spit), and six spits made a "handful". This suggests that before coinage came to be used in Greece, spits in prehistoric times were used as measures in daily transactions. In archaic/pre-numismatic times iron was valued for making durable tools and weapons, and its casting in spit form may have actually represented a form of transportable bullion, which eventually became bulky and inconvenient after the adoption of precious metals. Because of this very aspect, Spartan legislation famously forbade issuance of Spartan coin, and enforced the continued use of iron spits so as to discourage avarice and the hoarding of wealth. In addition to its original meaning (which also gave the euphemistic diminutive "obelisk", "little spit"), the word obol (ὀβολός, obolós, or ὀβελός, obelós) was retained as a Greek word for coins of small value, still used as such in Modern Greek slang (όβολα, óvola, "monies").

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