Affordable Greek Gold!?

late electrum hektai

Let’s look at an extraordinary series of miniature masterpieces, in gold, featuring an impressive array of designs… that isn’t prohibitively expensive!

Firstly, however, it’s important to understand the development of electrum coins…

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Early Coinage

The very first coins ever minted, produced in Lydia in the 7th century BC, were made of electrum (an alloy composed primarily of gold and silver). There were, however, issues with this:

• The coins had differing metal compositions, so those that had less gold (and were therefore worth less inherently) were treated as having the same monetary value as others with a higher gold to silver ratio

• Because Electrum was so valuable, coins for daily transactions had to be inconveniently tiny: the smallest denomination weighed ~0.08g, with a diameter of ~3mm

• Electrum as a metal was relatively abundant in the region - a reason for its initially success - but scarce elsewhere, preventing coinage from spreading further geographically¹

As a result, a bimetallic system (gold & silver) was soon introduced by the famed King Croesus of Lydia². In some city-states, however, electrum coinage continued to be issued up to Alexander the Great: namely Kyzikos (in Mysia), Mytilene (on the island of Lesbos) and Phokaia (in Ionia). We are interested in the output of these last two mints.

Hektai?

The term ‘hekte’ (ἕκτη) literally means sixth in Ancient Greek, and is used by numismatists to refer to electrum sixth stater denomination. These would weigh ~2.5g, and, despite their small size, represent a relatively large sum of money; one hekte might have been equivalent to roughly a week’s work. While Kyzikos chiefly used the larger full stater, with a wide array of fractional coins, at Mytilene and Phokaia electrum coins were issued nearly always as hektai (used locally). It is this series that we will investigate further.

A Tale of Two Cities

An extant treaty between Mytilene and Phokaia reveals the extent of their cooperation in issuing these hektai. It would seem that that “the minting of electrum hektai was undertaken in alternate years by these two cities” and that “the designs were changed for each issue”³. Furthermore, harsh retribution was set for those who attempted to debase the this coinage, the integrity of which relied on maintaining the metal composition.⁴

“Whoever makes up the gold will be liable to punishment by both cities. […] If caught mixing the gold to dilution willfully, the punishment will be death with fury.”⁵

While at Phokaia the appearance of a quadripartite incuse square on the reverse demonstrated an affinity for the archaic, issues from Mytilene featured changing designs on both sides. The specimens below should serve to demonstrate the development of hektai at Mytilene.

Early Example

LESBOS. Mytilene. Circa 478-455 BC. Hekte (9mm, 2.54 g, 6h). Head of lion right / Incuse head of calf right. Bodenstedt Em. 24; HGC 6, 950. VF. Struck on a slightly short flan.

Initially, electrum hektai from Mytilene commonly featured animal designs; on this example, we see the heads of lion and calf. In fact, lions were especially popular and might as a motif “hark back to designs present on the earliest coinage”⁶, after all they were issued in the same general area as Lydia (Western Anatolia). The reverse design appears incuse, reminiscent of the techniques associated with gemstone engraving.⁷ Indeed, the remarkable level of detail for a flan just 9mm wide is a testament to the skill of the celators’ die-cutting for such issues.

Later Example

LESBOS. Mytilene. Circa 377-326 BC. Hekte (Electrum, 10 mm, 2.49 g, 6 h). Head of Dionysos to right, wearing wreath of ivy and fruit. Rev. Head of a satyr to right, wearing wreath of grain ears. Bodenstedt 87. SNG Copenhagen -. SNG von Aulock 1719. The reverse struck slightly off center, otherwise, very fine. Bodenstedt Dies d/-

A hundred years on, however, and the intaglio reverse was dropped in favour of relief designs on both obverse and reverse. The subjects portrayed are different, too; now we see the heads of mythological figures, suggestive of an interest in portraiture. Much more classical in style, this hekte would likely have been struck near the end of the series. And yet, despite these artistic developments, this piece has the same metal composition and measurements as the earlier issue; dedication to consistency was clearly highly valued.

'Affordable'?

Of course, the question of affordability is by nature subjective. Electrum hektai range from £300 for low grade examples (although this will require patience and lots of searching) up to thousands for particularly desirable specimens. Coins like those shown above might be found for roughly £500 (best to check out online auction sites). While this is expensive, the series has so much to offer: an endless range of fascinating designs (historical, mythological, etc.), master craftsmanship and artistic merit and the opportunity to handle charming little lumps of ancient gold. In comparison to pure gold Greek coinage, which is exceedingly valuable - £1500+ for a nice Persian Daric is nearly as cheap as it gets with rarer types fetching far greater sums - electrum Hektai offer nearly as much (arguably even more…) for a whole lot less.

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1. update: some of these claims might not be true, according to recent research. see ‘Deinomenid’ ‘s reply on this discussion: https://www.numisforums.com/topic/6888-electrum-hektai/#comment-90415

2. see Oxford Handbook of Greek and Roman Coinage for more

3. from David Sear’s introduction to ‘Greek Civic Coins & Tribal Issues’

4. see Electrum Sixths and the Treaty of Mytilene for more

5. translation from Greek by Michael E. Marotta

6. from Rudnik Numismatics

7. see Voluminous Production of Electrum