Ancient
Numismatics

Store of Value: Ancient Coinage vs.
Modern Cryptographic Tokens

A ‘store of value’ refers to an asset that maintains its purchasing power over time. Both ancient coins and modern crypto tokens serve this function, though in different ways.

Ancient Greek and Roman Coinage

Ancient coins derived value primarily from:
— Intrinsic value: The precious metal content (gold, silver, electrum)
— State authority: Official minting with recognizable designs
— Standardization: Consistent weight and purity
— Portability: Easier to transport than commodity goods
— Durability: Resistant to degradation compared to other assets

For example, the Roman aureus or Greek drachma maintained relatively stable value due to their consistent precious metal content, though debasement during economic crises did occur.

Modern Cryptographic Tokens

Blockchain-based tokens derive value from:
— Scarcity: Mathematically enforced limits (Bitcoin’s 21 million cap)
— Decentralization: Not controlled by a single authority
— Security: Cryptographic protection against counterfeiting
— Transferability: Global movement without intermediaries
— Immutability: Transaction record cannot be altered

Collected

Achaemenid Satrapies

Skythia. Olbia. Æ Dolphin (ΘY).
Skythia. Olbia. Æ Dolphin (APIXO).

Magna Graecia

Attica. Athens AR Tetradrachm, Starr Group V.
Attica. Athens AR Tetradrachm.
Attica. Athens. AR Drachm.
Attica. Athens. AR Hemidrachm.
Attica. Athens. AR Obol.
Attica. Athens. AR Obol.
Dynasts of Lycia. AR Mithrapata.
Caria. Island of Rhodes. AR Didrachm.
Caria. Island of Rhodes. AR Hemidrachm.

Imperium Romanum

Roman Empire. Severus Alexander. AR Denarius.
Roman Empire. Severus Alexander. AR Denarius (damnatio memoriæ).
Domitian Æ As.

References

Anokhin, V.A. Coins of Ancient Cities of North-Western Black Sea Area. (Kiev, 2011).

Babelon, E. Traité des Monnaies Grecques et Romaines. (Paris, 1901-1932).

Hoover, O. Handbook of Coins of Macedon and Its Neighbors, Vol. 3, Part II: Thrace, Skythia, and Taurike, Sixth to First Centuries BC. HGC 3.2. (Lancaster, 2017).

Hoover, O. Handbook of Coins of Macedon and Its Neighbors, Volume 3, Part I: Macedon, Illyria, and Epeiros, Sixth to First Centuries BC. HGC 3.1. (Lancaster, PA, 2016).

Hoover, O. Handbook of Coins of the Islands: Adriatic, Ionian, Thracian, Aegean, and Carpathian Seas (Excluding Crete and Cyprus), 6th to 1st Centuries BC. HGC 6. (Lancaster/London, 2010).

Kroll, John H. The Greek Coins. The Athenian Agora, vol. XXVI. (Princeton, 1993).

Mattingly H. & E. Sydenham, et al. The Roman Imperial Coinage. (London, 1926 - 2019).

Mattingly, H.B., E.A. Sydenham & C.H.V. Sutherland. The Roman Imperial Coinage, Vol IV, From Pertinax to Uranius Antoninus. (London, 1986).

Müseler, W. Lykische Münzen in europäischen Privatsammlungen. (Istanbul, 2016).

Seaby, Sear, Loosley, and King. Roman Silver Coins (Five volumes). (London: Seaby, 1952-1989).

Sear, David R. Roman Coins and Their Values. (London, 2000 - 2014).

Starr, Chester G. Athenian Coinage, 480–449 B.C. First edition. (Oxford, 1970).

Starr, Chester G. New Specimens of Athenian Coinage 480-449 BC. The Numismatic Chronicle (1966-)Vol. 142, pp. 129-134 (Royal Numismatic Society, 1982).

Sylloge Nummorum Graecorum, Copenhagen, The Royal Collection of Coins and Medals, Danish National Museum. (Copenhagen, 1942-1979).

Sylloge Nummorum Graecorum, Great Britain, Volume IX, British Museum, Part 1: The Black Sea. (London, 1993).

Sylloge Nummorum Graecorum, Great Britain, Volume XI, The William Stancomb Collection of Coins of the Black Sea Region. (Oxford, 2000).