Western Asia Minor and Africa were the birthplace of coinage in the Mediterranean world. Whether it was the Lydians or their western neighbours, the Ionian Greeks, who produced the first coins, in electrum, we shall probably never know. But the former may have the stronger claim being the possessors of rich deposits of electrum, an alloy of gold and silver, which was the only metal used for coin production in its earliest stages. The Lydians later demonstrated their inventiveness in monetary matters by being the first to introduce a bimetallic currency consisting of coins struck in pure gold and silver instead of electrum, which was of uncertain intrinsic value. The Asiatic Greeks were slow in advancing to a silver based currency, a circumstance which, perhaps, militates against their being the inventors of coinage.

