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Coins were invented at the end of the 7th century BC on the south-east coast of Asia Minor, and their usage in the Hellenic world soon spread elsewhere. Ancient coins were struck, i.e produced by striking a heated disc (flan), which was placed between two dies, the obverse and the reverse die, which were engraved in negative relief with the designs of the numismatic types. At first the obverse contained depressions or lines and the reverse an incuse square of irregular shape. Later the obverse began to be engraved with a specific type (usually an animal shape), but the incuse square remained on the reverse. From the 5th century BC the reverse also shows a type, i.e. a representation which characterises the state minting the coins, because, as well as being an indispensable part of the economic life of a city, a coin is at the same time an expression of its autonomy and of its cultural identity. With the spread of the use of the alphabet from the early 5th century BC, the name of the issuing state is mentioned in full or in abbreviated form. The first coins were made of electrum, a natural alloy of gold and silver which was found in the river Pactolus in Lydia. Croesus was the first to issue coins of pure gold and silver and for this reason he had the reputation of being the richest man alive. Most Greek coins were made of silver. The numismatic types depict images in relation with the issuing authority, the gods, divinities, nymphs and heroes who were worshipped in the city. Coins also provide information as to historical events and features, for example wars, renaming of cities, foundation of cities and colonies, alliances between cities, neokoroi (Greek cities with temples to the emperor), and images and titles of kings and emperors, while inscriptions with the names of rulers make a valuable contribution to studies of the public life of the Hellenic cities and kingdoms. Apart from the historical, political, religious and adminstrative features which emerge from the iconography of coins, they also provide information about political/economical alliances, devaluations and other monetary reforms, mineral shortages, minting problems and commercial dealings between cities and regions.
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