Ancient Egypt’s economy initially operated on a barter system , using goods like grain and oil. However, this evolved to include metal weights such as silver rings and gold pieces as forms of currency.
The first coins in ancient Egypt, gold staters , were minted around 360 BCE during the reign of Pharaoh Teos, initially for paying Greek mercenaries. Official coinage began during the Ptolemaic period (323–30 BCE). Coins featured rulers such as Ptolemy I and Cleopatra VII. Denominations included silver tetradrachms and gold octadrachms , and the first Ptolemaic mint was in Memphis, later moving to Alexandria. After the fall of the Ptolemaic empire, Roman tetradrachms replaced Egyptian silver coinage, integrating Egypt into the Roman economic system.
Ancient Egyptian coins featured rulers, deities, and culturally significant symbols. Ptolemaic coins often showed monarchs and sometimes deities. Roman coins displayed imperial profiles and symbols with Greek inscriptions, while Byzantine coins later introduced Christian iconography.
The introduction of coins significantly impacted ancient Egypt’s trade and domestic economy, especially during the Roman era, facilitating trade and organized tax collection.
What are ancient Egyptian coins called?
Great question! Learn About the Unique Ancient Egyptian Coin Names
During the Ptolemaic era, these coins were often called by Greek names like obol, drachm, and stater, indicating values within the Greek monetary system that were tailored to Egyptian use.
What was ancient Egypt’s currency called?
The gold stater (Egyptian: nfr-nb, “Nefer-nub”, meaning “fine gold”) was the first coin ever minted in ancient Egypt, around 360 BC during the reign of pharaoh Teos of the 30th Dynasty.
What is the oldest coin in Egypt?
Good point! Egyptian gold stater was the first coin ever minted in ancient Egypt around 360 BC during the reign of pharaoh Teos of the 30th Dynasty. These coins were used to pay salaries of Greek mercenaries in his service. The first Ptolemaic mint was in Memphis and was later moved to Alexandria.