Nicola Ialongo, a postdoc at the Department of Archaeology and Heritage Studies at Aarhus University, has analyzed datasets of early coins from the period 1500–27 BCE. His findings suggest that the introduction of coins did not fundamentally change existing patterns of monetary circulation. The results have been published in the scientific journal Frontiers in Human Dynamics under the title: “The introduction of coinage in Europe did not change pre-existing monetary patterns.”

“I found no evidence that the introduction of bronze coins in Europe during the Roman Republic changed the nature of money. Bronze had circulated as money at least since the Middle Bronze Age (ca. 1500 BCE) and was primarily used to purchase everyday goods at local markets. Bronze objects were broken into smaller pieces, their value quantified by weight, and these fragments circulated as money. Written records and archaeological evidence show that this practice continued well into the late 1st millennium BCE. During this period, small bronze fragments were often used as a means of payment alongside bronze coins. Based on statistical modeling, I found that the earliest bronze coins (ca. 300–30 BCE) exhibited the same circulation patterns as small bronze fragments,” explains Nicola Ialongo.

The first standardized bronze coins were used in the same way as bronze fragments had been used for millennia: to pay for goods and services, especially in local markets and everyday transactions.

Weighed fragments coexisted with the introduction of formal coinage and only gradually faded as coins became more widespread and accepted as standardized currency. The type of economy, however, did not change substantially.

A Contribution to Research on the Origins of Money

The idea for the study arose from challenging a longstanding assumption among archaeologists, historians, and anthropologists. “The notion that the invention of coins was revolutionary is widespread,” says Nicola Ialongo, elaborating:
“The idea that money may have always existed, and that coins did not fundamentally change its function, undermines the perception of a sharp distinction between ‘primitive’ and ‘modern’ economies.”

The study also raises new questions, particularly about whether patterns observed in ancient Italy are also found in other parts of the world and time periods. According to Ialongo, the next step could be to expand the dataset:
“The next question is whether the pattern observed in ancient Italy is a unique case, or whether it represents a development common to different parts of the world in different periods. In other words: Is the long history of money and markets a Western peculiarity, or is it a universal feature of human behavior? The dataset should be expanded to include other prehistoric and historical contexts on other continents.”

About the Research

Study Type: Combination of archaeological data and quantitative analysis
Link to the Scientific Publication: The introduction of coinage in Europe did not change pre-existing monetary patterns

Contact:
Nicola Ialongo, Postdoc
Department of Archaeology and Heritage Studies
School of Culture and Society
Aarhus University
E-mail: nicola.ialongo@cas.au.dk