Coin production and circulation

In the ancient world, just like today, most states, whether small city-states, federations of cities, or kingdoms, issued their own coinage, which was valid within the territory of the issuing authority. Coins, however, travelled with the people who carried them—soldiers, merchants, athletes, or pilgrims—and could be found in distant regions far beyond their original zone of circulation. Moreover, certain coinages of dominant states functioned as international currencies—Plato refers to them as νόμισμα ἑλληνικόν—and were used in international transactions. The study of coin circulation, that is, the movement of individual coins or coin hoards, offers crucial insights into the movement of people and goods, and the existence of networks. Such studies include:

A. Publication of excavated coins

Coins found by archaeologists during excavations are typically those lost by people who lived in or visited a city or area and did not bother to retrieve them due to their low value. These are primarily bronze coins of local circulation, but they may also include a greater or lesser number of “foreign” coins. The study and publication of excavated coin assemblages with secure provenance is immensely valuable, as it provides a wealth of information—including the origins of visitors to a city, the diversity of people frequenting a sanctuary, or the presence of foreign troops in a given region. In some cases, local coinage may reveal the identity of a city otherwise unknown from other sources.

B. Study of individual coin hoards

C. Synthetic studies on coin circulation