Page:Origin of metallic currency and weight standards.djvu/310

 *ceedingly variable: according to Pliny any gold alloyed with one-fifth of silver (and by implication any containing any higher proportion of silver) was called electrum. We shall soon find that the electrum staters of Cyzicus contained about an equal amount of either metal; but the analysis of Lydian electrum gives a proportion of 73 per cent. of gold to 27 per cent. of silver, or practically 3 to 1. As gold in the central parts of Asia Minor stood to silver as 13·3:1 in the reign of Darius and probably long before, we may not unreasonably assume that such also was the relation between them in the reign of Gyges, at least in the interior. In this case electrum would stand to silver as 10:1, a proportion exceedingly convenient for exchange, as a single standard served for both metals, one electrum ingot of 168 grs. being equal to 10 silver ingots of like weight. We have already seen that one gold unit of 130 grs. was equivalent to 10 silver units of 168 grs., therefore the gold ox-unit was exactly represented in value by the electrum ingot of 168 grs., for, according to our statement of the composition of the Lydian electrum, 168 grs. of that alloy would contain 126 grs. of pure gold. If we were certain that on the coast of Asia Minor the relation between gold and silver was 13·3:1, we should be compelled to follow Brandis and the rest in making the double gold shekel of 260 grs. equal to 15 silver shekels of 220 grs. each; again, if we accept as universal the relation of gold to electrum as 4:3, and accordingly make one piece of electrum of 220 grs. equal to 10 silver pieces of the same standard, we shall find it impossible to obtain any convenient relation between the gold stater of 130 grs. and the electrum stater of 220 grs. But from this difficulty it is not hard to find an escape: 224 grs. of electrum = 168 grs. of gold; that is exactly 1-1/3 gold shekels (129/3 = 43 × 4 = 172). The division into thirds and sixths is of course a well-known feature in the coinage of the Asiatic coast-towns. Thus there would be no practical difficulty in the ordinary monetary transactions, for three Phoenician drachms of electrum (= 168 grs.) would = 1 gold shekel; and 4 gold Thirds (Tritae), or 8 gold Sixths (Hectae), would equal one electrum stater of 224—220 grs.