Ptolemaic coinage

History

Silver was scarcer than gold in Egypt, and the exact value ratio is unclear; silver was probably shipped from abroad, and Ptolemaic Cyprus produced some silver for local coinage. Pre-Ptolemaic native dynasties did not use coinage; foreign currency found in Egypt was used as bullion. Under Ptolemaic rule, Egypt transformed from a largely currency-free society to a monetized one by the third century BC, influenced by Ptolemy II Philadelphus. Greek rule monetized taxation, a key reason for the state's success.

Before the Ptolemies, copper and grain served as mediums of exchange; the Ptolemies introduced coinage, banks, and tax farming. The kingdom did not use the Attic weight but the smaller Phoenician weight, and briefly used the Rhodian standard during the transition. The Rhodian standard was lighter than Attic but heavier than Phoenician, showing a downward scale in coin size; political reasons and trade partnerships explain this better than a theory of silver appreciation under Ptolemy I.

Design and symbolism

Ptolemaic coinage used Phoenician weight, also called Ptolemaic weight, of about 14.20 grams for a tetradrachm, smaller than the Attic weight of about 17.26 grams. The kingdom maintained full royal control over circulating coinage. The largest bronze denominations weighed up to 100 grams. Artistically, the coins followed contemporary Greek currencies.

A common dynastic symbol was an eagle standing on a thunderbolt, first adopted by Ptolemy I Soter. Some issues were "dynastic issues," such as a medal-like coin after the death of Arsinoe II, showing Ptolemy II and Arsinoe II on one side and Ptolemy I and Berenice I on the other. The coin-making process often left a central depression, similar to Seleucid coinage.

Mints

The first Ptolemaic mint was at Memphis, later moved to Alexandria. In Syria, Tyre was the most important coastal city among five Ptolemaic mints. After the Seleucid conquest of Coele-Syria, Ptolemais in Phoenicia (Acre) continued striking coins on the Phoenician weight and remained prolific. The Seleucids discontinued a Ptolemaic mint in Jaffa.

In Greece, Ptolemaic coinage mainly came from the Peloponnese and Euboea; Corinth did not strike Ptolemaic coinage during its brief subordination. Cyprus had many important mints and struck large amounts of Ptolemaic coinage from 200 BC to 80 BC, with abbreviations for mints and dates on gold and silver coinage; Cypriot mints included Salamis (ΣA), Kition (KI), and Paphos (Π, later ΠA). At Crete, no royal coinage was used, and cities minted their own.

No evidence exists of Ptolemaic mints in Asia Minor; regions like Cilicia and Lycia had no autonomous mints, and local Pamphylian silver coinage ceased under Ptolemaic control.