DOI Page / Citation link:
https://doi.org/10.11588/diglit.49262#0088
68 GREEK AND ROMAN COINS [bk. i
the basis of the sound theory of money, is simply this, that
money must be a real equivalent, not a merely conventional
token which does not truly represent value. Of this point
Aristotle seems aware when he says that money must belong
to the class of useful things. But he appears to contradict
himself subsequently when he says : 4 Sometimes money seems
to be a mere futility; a universally accepted convention,
but, so far as its nature goes, a mere nothing ; since if those
who use it give up one currency for another, it becomes
worthless, and of no use for any of the necessities of life.’
Now, money being αυτό των χρησίμων, this is absurd; good
money will always have its value, even if being demonetized
it is to a certain extent depreciated. The story of Midas is
not to the point, since, as he could not change his gold for
anything else, his gold had no value. A government cannot
give value to a currency which has none, without being found
out in a very short time and becoming bankrupt k
Money therefore does not constitute wealth, but is only
the potentiality of wealth when it is good money, that is
to say, is not adulterated or a mere token. Whatever may
have been the theories of the Greeks on this point, their
practice shows a certain diversity of opinion.
§ 2. The Qualify of Ancient Money.
It is usual to praise the ancients highly for the quality
of their metal. As a matter of fact, there was no lack of
bad money in circulation1 2. It is too much to expect that the
Greeks, understanding as they did the art of alloying, should
not occasionally have been guilty of fraudulent adulteration.
There are, of course, economic excuses for a slight adulteration
or deduction from the nominal weight of a coin, in order to
defray the cost of striking3.
The Athenian coinage was on the whole excellent. Demo-
sthenes 4 records a remark of Solon that, while nearly all states
punished with death the adulteration of money (ΐάντις το νόμισμα
1 A paper or similar currency is of course justifiable only when bullion
to the amount of notes issued is possessed by the bank which issues them.
2 See ch. i. 3 See above, p. 31.
1 24 In Timocr. 212-214.
the basis of the sound theory of money, is simply this, that
money must be a real equivalent, not a merely conventional
token which does not truly represent value. Of this point
Aristotle seems aware when he says that money must belong
to the class of useful things. But he appears to contradict
himself subsequently when he says : 4 Sometimes money seems
to be a mere futility; a universally accepted convention,
but, so far as its nature goes, a mere nothing ; since if those
who use it give up one currency for another, it becomes
worthless, and of no use for any of the necessities of life.’
Now, money being αυτό των χρησίμων, this is absurd; good
money will always have its value, even if being demonetized
it is to a certain extent depreciated. The story of Midas is
not to the point, since, as he could not change his gold for
anything else, his gold had no value. A government cannot
give value to a currency which has none, without being found
out in a very short time and becoming bankrupt k
Money therefore does not constitute wealth, but is only
the potentiality of wealth when it is good money, that is
to say, is not adulterated or a mere token. Whatever may
have been the theories of the Greeks on this point, their
practice shows a certain diversity of opinion.
§ 2. The Qualify of Ancient Money.
It is usual to praise the ancients highly for the quality
of their metal. As a matter of fact, there was no lack of
bad money in circulation1 2. It is too much to expect that the
Greeks, understanding as they did the art of alloying, should
not occasionally have been guilty of fraudulent adulteration.
There are, of course, economic excuses for a slight adulteration
or deduction from the nominal weight of a coin, in order to
defray the cost of striking3.
The Athenian coinage was on the whole excellent. Demo-
sthenes 4 records a remark of Solon that, while nearly all states
punished with death the adulteration of money (ΐάντις το νόμισμα
1 A paper or similar currency is of course justifiable only when bullion
to the amount of notes issued is possessed by the bank which issues them.
2 See ch. i. 3 See above, p. 31.
1 24 In Timocr. 212-214.