In his aptly-named book Archaic and Classical Greek Coins, the eminent numismatist Colin M. Kraay discusses various purposes for coins, including the collection of harbor dues, fines and taxes. The observant reader will notice a trend: Before coins were used for trade between citizens, they were used to make payments to the state.

Unlike the so-called “primitive money” that was being used in Asia Minor, Greek coins were also worth more than their intrinsic value. For us, a society that uses fiat money made from paper, this is nothing special. However, in classical antiquity, this was no small feat, as any such surplus value was based solely on the power of and trust in state institutions.

Unlike the so-called “primitive money” that was being used in Asia Minor, Greek coins were also worth more than their intrinsic value. For us, a society that uses fiat money made from paper, this is nothing special. However, in classical antiquity, this was no small feat, as any such surplus value was based solely on the power of and trust in state institutions.

The philosopher recognizes coins as a “mere sham,” stating that “it is within our power to alter and to make it useless.”