IT IS THOUGHT that the first coins were issued in Lydia (modern Turkey) in around 650-600 вс. One of the kings of Lydia, Croesus (reigned about 560—547 вс), was renowned for his wealth. The expression ‘as rich as Croesus’ is still used today to mean fabulously rich. His capital Sardis (in modern Turkey) was on the River Pactolus and the river may in part have been responsible for his legendary wealth. Electrum, an alloy of gold and silver, occurs naturally in the sands of the river bed and was extracted from the river in antiquity. This was the metal from which the earliest coins were made.

Because of his legendary wealth, the earliest coins to be issued in gold have often been attributed to Croesus. Ancient writers mention a gold coin called a croesid, and it may well be this coin to which they refer.



Lydia, modern Turkey, c. 550 вс
D. 2 cm
Wt 8.003 g