Krezus' Stater: How the gold of the Lydian king transformed the modern world.

In the middle of the 6th century BC, the world's first gold coin was minted, marking a significant milestone in financial history: the establishment of the gold standard. This coin, known as the stater or the crested coin, was minted in Lydia, a region that is now part of western Turkey, writes Live Science.

The introduction of this coin transformed the management of wealth and trade, laying the groundwork for modern monetary systems. King Croesus of Lydia, who ruled from 560 to 546 BC, played a crucial role in this development. With access to rich gold deposits along the Pactolus River, Croesus expanded his power by establishing diplomatic and trade relations with Egypt, Greece, and Babylon.

This international trade was facilitated by the use of coins—a concept first introduced by his father, Alyattes, around 650 BC. However, Alyattes used electrum for his coins—a natural alloy of gold and silver. Since the gold-to-silver ratio in electrum fluctuated, the value of these coins was unstable, leading to uncertainty in trade.

To address this issue, Croesus introduced a reliable currency system by minting separate gold and silver coins. He established workshops in Sardis, the capital of Lydia, to standardize these coins, ensuring they had consistent weight and value. These initial coins, weighing 10.7 grams, set a fixed exchange rate between gold and silver.

This innovation created the world's first bimetallic monetary system and became the first example of the gold standard. The coins featured images of a lion and a bull on one side, possibly symbolizing the two metals. On the reverse side, they had an indentation to verify authenticity. This standardized approach to currency was soon adopted throughout the ancient world.

The impact of Croesus's coinage system was far-reaching, even after he lost his kingdom to Persia in 546 BC. The expression "as rich as Croesus" has endured as a testament to his wealth and the economic legacy he left behind.

By introducing a stable and reliable currency, Croesus not only enhanced the efficiency of trade but also shaped the future of financial systems, influencing the economy long after his reign.

We also reported on the discovery of Pharaoh Thutmose II's tomb. This is the first discovery of a royal tomb of an ancient Egyptian pharaoh since the excavation of Tutankhamun's tomb in 1922.