Ptolemaic coinage

A silver tetradrachm of Ptolemy IV Philopator (r. 221 – 205 BC); an undated issue from the Arados royal mint, struck c. 214–212 BC, 26 mm in width, 14.10 gm in weight; the obverse shows a diademed head of Ptolemy I Soter wearing the aegis, while the reverse shows an eagle standing on a thunderbolt with a Greek inscription: ΠΤΟΛΕΜΑΙΟΥ ΣΩΤΗΡΟΣ, lit. 'of Ptolemy Soter'.

Coinage of the Ptolemaic kingdom was struck in Phoenician weight, also known as Ptolemaic weight (about 14.2 grams) which was the weight of a Ptolemaic tetradrachm. This standard, which was not used elsewhere in the Hellenistic world, was smaller than the dominant Attic weight (about 17.28 grams) which was the weight of standard Hellenistic tetradrachm.[1] Consequentially, Ptolemaic coins are smaller than other Hellenistic coinage. In terms of art, the coins, which were made of silver, followed the example set by contemporary Greek currencies, with dynastic figures being typically portrayed. The Ptolemaic coin making process often resulted in a central depression, similar to what can be found on Seleucid coinage.

The Ptolemaic dynasty introduced standard coinage to Egypt, where pre-existing native dynasties made only very limited use of coins. 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. Succeeding in monetizing the Egyptian society, largely due to efforts of king Ptolemy II Philadelphus, the Ptolemaic kingdom flourished. For most of its history, the kingdom vigorously enforced a policy of a single currency, confiscating foreign coins found on its territory and forcing its dominions to adopt Ptolemaic coinage. In the rare cases when these dominions were allowed their own currency, such as the Jewish community in Palestine, they still had to observe the Ptolemaic weight. These policies, along with inflation and increasing difficulty to obtain silver, caused monetary isolation of the Ptolemaic coinage.

After Egypt was annexed into the Roman Empire and the Ptolemaic dynasty ceased to exist, its currency still remained in circulation. This was the case until the rule of Emperor Nero. Silver from the coins was reused for Roman tetradrachm. Denarii and aurei did not circulate in the former Ptolemaic Kingdom, so Egypt's monetary isolation continued.

  1. ^ Otto Mørkholm (31 May 1991). Early Hellenistic Coinage from the Accession of Alexander to the Peace of Apamaea (336-188 BC). Cambridge University Press. p. 8. ISBN 978-0-521-39504-5.