206 ADDRESS TO THE [LECT. 



metals, particularly iron and silver and several others, exactly 

 correspond to this description. They were employed, therefore, 

 by general agreement as the ordinary standard of value and the 

 common measure of exchange, being themselves estimated at first 

 by their bulk and weight, and afterwards stamped, in order to save 

 the trouble of measuring and weighing them. 



In ancient Greece, as now, the right of coinage was 

 a prerogative of the sovereign. And here we find a 

 curious difference between Pa<?i\vs and the -rvpawos. 

 The former coined in his own name, but the rvpawot, 

 however absolute, never did so : x their money was issued 

 in the name of the people. 



Coins are, of course, very instructive from an historical 

 point of view. Nevertheless it is somewhat remarkable 

 that the Greeks do not seem to have ever struck com- 

 memorative medals. Even on their coins they did not 

 for a long time admit any allusions to contemporary 

 events, and then only in an indirect manner. Almost 

 the only exception is the enormous gold piece struck 

 by Eucratides, king of Bactriana, of which the French 

 possess the only known example. The fact that it is 

 just equal to twenty staters, does not prove that it 

 was ever intended to serve as a coin, against which 

 its size must have been a great objection. Moreover 

 it would appear that very few specimens were struck. 

 Indeed there is some reason to suppose that the French 

 example is the only one ever made, as the die appears 

 to have been broken in striking it. Neither the Greeks 

 nor the Romans had any name for a "medal" as 

 distinguished from a true coin. 



In Greece the original business of bankers seems to 

 have consisted in changing money for foreigners, but 

 1 With one exception, Alexander of Pherse. 



