World coinage timeline

World Coinage Timeline – history

The history of world coinage dates back thousands of years, with coins being used as a form of currency in various civilizations around the world. The first coins were minted in ancient Lydia (modern-day Turkey) in the 7th century BCE. These coins were made of electrum, a natural alloy of gold and silver, and were stamped with various designs and symbols to denote their value.

The use of coins quickly spread to other regions, including Greece, Rome, China, and India. In ancient Greece, coins were often minted with the image of a prominent leader or deity on one side, and a symbol or design on the other. These coins, known as drachmas, were widely used for trade and commerce throughout the ancient world.

The Roman Empire also played a significant role in the history of world coinage. Roman coins, known as denarii, were widely circulated throughout Europe, North Africa, and the Middle East. These coins were made of silver and featured the image of the Emperor on one side, with various symbols and inscriptions on the other.

In China, coins known as “cash” were minted as early as the 4th century BCE. These coins were made of bronze and had a square hole in the center, allowing them to be strung together for easy storage and transport. Cash coins were used for over 2,000 years in China and were also used in neighboring countries such as Japan and Korea.

In India, coins were minted by various rulers and dynasties throughout history. The Gupta Empire, which ruled from the 4th to the 6th century CE, issued gold coins known as dinars that were highly prized for their purity and craftsmanship. The Mughal Empire, which ruled from the 16th to the 19th century, minted coins of various metals, including gold, silver, and copper.

During the Middle Ages, European countries began minting their own coins to facilitate trade and commerce. Coins were often made of precious metals such as gold and silver, and were stamped with the image of the ruling monarch or a religious symbol. In England, the penny was a common coin used for everyday transactions, while the florin was used for larger sums of money.

The Age of Exploration in the 15th and 16th centuries led to an increase in international trade and the circulation of foreign coins. Spanish silver coins, known as pieces of eight, became a widely accepted form of currency in the Americas and Europe. These coins were often cut into smaller pieces to make change, leading to the term “pieces of eight” becoming synonymous with money.

The Industrial Revolution in the 18th and 19th centuries brought about significant changes in the production of coins. The use of steam-powered machinery allowed for the mass production of coins, making them more readily available and affordable for the general population. The standardization of coinage also led to the adoption of decimal systems in many countries, simplifying monetary transactions.

In the 20th century, the use of coins continued to evolve with the introduction of new materials and technologies. Aluminum, nickel, and copper-nickel alloys were used to mint coins, making them more durable and cost-effective. The introduction of coin-operated machines, such as vending machines and parking meters, further increased the demand for coins in daily transactions.

Today, coins are still used as a form of currency in countries around the world. While the rise of digital payment systems and virtual currencies has changed the way we conduct transactions, coins remain a tangible and familiar form of money that continues to play a vital role in the global economy. From the ancient coins of Lydia to the modern coins in our pockets, the history of world coinage reflects the evolution of human society and the development of commerce and trade.

GPT-4o

BCE

c. 700 – Coins first minted on the island of Aegina.
609 – 560 – Reign of Alyattes of Lydia. Minting of first coins made from electrum
600 – 300 – Dionysos appears on the coins of Naxos, Mende and various other Greek city states.
600 – 550 – The silver stater coin of Calymna in Caria depicts a tortoise shell lyre on its reverse side
546 – Persian Achaemenid kingdom adopts the Lydian bimetallic system
c. 560 – Lydian King Croesus (595-c. 546 BCE) introduces the use of gold and silver coins (bimetallic system)
c. 550 – The silver drachma of Delos depicts a lyre – symbolic of Apollo – on its reverse side.
470 – Gortyn on Crete begins to mint its own coinage.
c. 360 – Pan appears on the reverse of coins of the Arcadian League.
326 – The first Roman coins are minted at Neapolis.
c. 211 – A new system of Roman coinage is introduced which includes the silver denarius.
c. 200 – Rome now dominates the production of coinage in Italy.
c. 157 – There is a boom in the production of Roman silver coinage, in part thanks to the acquisition of silver mines in Macedonia.
c. 141 – The Roman bronze as coin is devalued so that now 16 as equal one silver denarius.
c. 135 – The Roman magistrates responsible for coinage begin to stamp coins with images of landmarks, events and personalities.
c. 100 – Coins of Kos and Thespiai depict a lyre on their reverse side.
84 – Sulla mints new silver and gold coins to pay his army.
c. 46 – Julius Caesar mints the largest quantity of gold coins ever seen in Rome.
c. 23 – The brass orichalcum sestertius is first minted in Rome.
16 – The Roman mint at Lugdunum is established.

Though there were world quality mints in Germany and France the imperial mint in Britain provides an overview of the broad trends in coinage production that have occurred in the modern era. This timeline is an adaptation of Royal Mint Timeline at www.royalmintmuseum.org.uk/history/timeline/index.html

CE

650 – Moneyers operating in London
1279 – William de Turnemire appointed master moneyer at Royal Mint, now the central mint. First groats (fourpence) struck in 1279.
c.1472 – A three-man Mint Board of Warden, Master and Comptroller established. Last seal of the Mint Corporation engraved c.1709
c.1540 – Last ecclesiastical mints closed in reign of Henry VIII. Royal Mint usually the only mint in operation.
1542-1551 – In attempt to raise money, Henry VIII and successor Edward VI debase shilling (testoon) of Henry VIII
1561 – Queen Elizabeth I visits Royal Mint on 10 July for final recoinage of the debased coins. Silver medal struck to mark occasion
1560s – Attempts by Eloy Mestrell to introduce coining machinery unsuccessful although there is a milled shilling of Elizabeth I
1601 – Portcullis money was struck for the East India Company, one of the first export orders undertaken by the Royal Mint.
1662 – Screw presses and horse-driven rolling mills installed at the Royal Mint and hand striking of coins abandoned the following year
1696 – Isaac Newton appointed Warden of the Royal Mint then, in 1699, Master, remaining in the post until his death in 1727.
1701 – Plan of Royal Mint by William Alingham shows it occupies entire area between the inner and outer walls of the Tower of London .
1770s – Extensive recoinage of gold to overcome the ‘infamous and daring Practices of Coiners, Clippers, Sweaters’. A guinea struck in 1774
1804 – New purpose-built factory on Tower Hill for steam-powered machinery.
1810 – Production begins at Tower Hill with a flow of work from melting to rolling, then blanking to coining
1815 – Campaign medals were struck for the victorious troops at Waterloo, the first time the Royal Mint had undertaken such work
1837 – Investigation of Royal Mint by Parliamentary Select Committee
1851- Administrative reform of the Royal Mint, a ‘complicated, difficult, operose, and unintelligible’ organisation to be more like a government department.
1855 – The first overseas branch of the Royal Mint opened in Sydney (1855-1926). Additional branches subsequently established in Melbourne (1872-1968), Perth (1899-1970), Ottawa (1908-1931), Bombay (1918-1919) and Pretoria (1923-1941).
1870 – Following the appointment of the Chancellor of the Exchequer as ex officio Master of the Mint, day-to-day administration devolved onto the Deputy Master. Sir Charles Fremantle, Deputy Master 1868-1894 (hence Fremantle in Western Australia)
1899 – Production rises to 100 million coins a year. More than 40 million coins struck for Hong Kong in 1899
1901 – Deputy Master becomes ex officio Engraver of His Majesty’s Seals, at the Royal Mint and is responsible for the engraving of official seals including the Great Seal of the Realm of Edward VII
1917 – Four workmen were killed on 13 June when the Royal Mint hit by bomb during an air raid.
1920s – In a significant historical development the Royal Mint touts coinage orders from overseas. Silver half-roubles struck for the Soviet Union in 1924
1922 –The Royal Mint Advisory Committee established to examine new designs for coins, medals, seals and decorations
1940 – A bomb kills three staff on 8 December in main administrative building
1941 – Auxiliary mint was set up in one of the Pinewood Cinema Studios near Iver Heath in Buckinghamshire (closed in 1945)
1964 – Output exceeds 1000 million coins a year. A Ceylon (now Sri Lanka) rupee is one of more than 70 million Ceylon coins struck in 1964
1966 – On 1 March Govt announces decimal currency and 100s of millions of decimal coins struck for 1971, while retaining overseas customers, forcing the construction of a new mint.
1967 – In August work begins on new Royal Mint at Llantrisant in South Wales
1968 – On 17 December the first coins are officially struck at Llantrisant by Queen Elizabeth
1975 – The last coin, a gold sovereign, struck at Tower Hill on 10 November 1975.
1980 – Tower Hill buildings relinquished after the Royal Mint Museum collection transferred to Llantrisant.
1986 – Royal Mint celebrates 11 centuries of minting with bronze medal
2007 – Royal Mint adopts a new corporate identity
2009 – 31 December Royal Mint becomes a government-owned company with greater create commercial freedom

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First published on the internet – 1 March 2019