Union College Union | Digital Works Honors Theses Student Work 6-2018 Extraordinary Episodes of Ancient Money Francis Louis Kailey Follow this and additional works at: https://digitalworks.union.edu/theses Part of the Ancient History, Greek and Roman through Late Antiquity Commons, Classical Literature and Philology Commons, Economic History Commons, Economic Theory Commons, and the Political Economy Commons Recommended Citation Kailey, Francis Louis, "Extraordinary Episodes of Ancient Money" (2018). Honors Theses. 1580. https://digitalworks.union.edu/theses/1580 This Open Access is brought to you for free and open access by the Student Work at Union | Digital Works. It has been accepted for inclusion in Honors Theses by an authorized administrator of Union | Digital Works. For more information, please contact
[email protected]. Extraordinary Episodes of Ancient Money By Francis Louis Kailey ********* Submitted in partial fulfillment of the requirements for Honors in the Department of Classics and the Department of Economics UNION COLLEGE June 2018 ABSTRACT KAILEY, FRANCIS LOUIS: Extraordinary Episodes of Ancient Money. Department of Classics and Department of Economics, June 2018. ADVISORS: Lewis Davis and Hans-Friedrich Mueller The spread of coins, which occurred throughout the archaic and classical periods of Greece, was a foundational advancement toward forms of the modern economy. Modern theory has sought to explain the invention of coins with a variety of narratives. Generally, these narratives fall into two broad categories: market-driven monetization or state-driven monetization. On the one hand, some theory argues that coins developed from reducing private transaction costs. On the other hand, some theorists argue that the state benefitted from reductions in administrative costs from the use of coins and therefore undertook the cost of minting them.