Page:Origin of metallic currency and weight standards.djvu/237

 in the following century lowered the value of gold throughout Greece, for by the time of Alexander the relative value of the two precious metals was as 10 : 1. In the sixth century gold was so scarce in Greece that when the Spartans wanted to make a dedication in gold they had to send to Asia to obtain a sufficient supply of the metal. Hence if we conclude that in earlier times the relative value of gold to silver in Greece proper was as 15 : 1, we shall not be far from the truth. At all events it is put beyond doubt that the relation was higher than that of 13·3 : 1, and accordingly Dr Hultsch's theory of the origin of the Aeginetic silver standard, which is based on that relation falls at once to the ground, unless he can shew that such a standard, based on six light gold Babylonian shekels had been previously fixed in Asia or Egypt, and thence adopted by the Greeks without any regard to the relative value existing in Greece itself between the precious metals. But as a matter of fact Dr Hultsch does not make any such attempt. Thus this essay at a solution breaks down.

On the other hand if we make the very slight and very probable assumption that the early Greeks had formed a definite idea of the relative value of gold and silver, which they would have determined exactly on the same principle as they would arrive at a notion of the relative value of any other two commodities, which they were in the habit of giving and taking in exchange, that is by the simple principle of supply and demand, we shall find a ready solution without having to resort to either Egypt or Babylon. If gold was to silver as 15 : 1 in Greece, it follows that the Homeric talent, the earliest Greek standard, being about 135 grains, ten silver pieces of 202 grains each would be equivalent to one gold unit

135 × 15 = 2025 grs. of silver.

2025/10 = 202·5 grs. of silver.

This gives a singularly close approximation to the weight of the existing coins of the Aeginetic standard of the earliest and heaviest kind. Taking the Homeric talent at 130 grains of