A history of the world in 100 objects: The coins of Croesus

The coins, which date back to 550BC, signify the beginning of the story of money as we know it.

The misshapen coin of Croesus signifies the beginning of the story of money as we know it. Courtesy: British Museum

Made of electrum, an alloy of gold and silver, the coins of King Croesus were the some of the earliest to be issued. Rather crudely fashioned by a few blows of a hammer, the rounded golden lumps date back to 550BC. They were minted in what is now Turkey, in the latter period of the reign of King Croesus, who conquered the Iron Age kingdom of Lydia.

The image of a lion and a bull fighting in profile can be seen on the face of the coin; this was an indication of the purity of the metal, which lifted the responsibility for checking the individual coins from the businessman to the ruler, elevating the kingdom’s position to trade and making King Croesus extremely wealthy.

“By reaching this literal gold standard, they could trade farther afield,” explains Becky Allen, the exhibition’s curator. “They didn’t have to trust people to trade in kind anymore. This is the beginning of the story of money as we know it.”

• Each Tuesday, Arts&Life will focus on one artefact on show as part of A History of the World in 100 Objects, an exhibition running until August 1 in Manarat Al Saadiyat, Saadiyat Island, Abu Dhabi