april sept. 1859.] Ancient and Modern times. 81 



by the Athenians, who were very proud of the fineness of their 

 coinage. Xenophon tells us that in his day the Athenian cur- 

 rency could be exchanged with profit in any market. Analysis of 

 extant specimens has confirmed this statement. The earlier Athe- 

 nian coins contain ^ alloy ; later, ; at a still more modern 

 date, — nearly the same as in our own currency. 



The principal Grecian silver coin was the drachma, and in 

 this money was counted. There were several drachmae in circula- 

 tion in Greece, of which the principal were, the Attic, usually 

 estimated (before its depreciation) at 9fe?. ; and the ^Eginetax 

 at Is. l^d. The former standard was adopted in Philip's gold 

 coinage, and afterwards in Alexander's silver. I may mention 

 that the Athenian currency was called in and re coined by Hip- 

 parchus, who died B. C. 512. 



The Athenians obtained their silver from Laurion in Attica. 

 These mines are said by Xenophon to have been the most im- 

 potant source of Athenian revenue, they were let to contractors on 

 condition of payment to the state of a per-centage of the ore 

 raised. This rent varied ; at one time it is said to have been so 

 low as one-twenty-fourth of the produce.** Xenophon speaks of 

 these mines as having been worked from remote times and as 

 being inexhaustible. However in the 2nd century of the Chris- 

 tian Era they were abandoned. 



At Rome, silver coins were not struck until B. C. 269, five 

 years before the commencement of the First Punic War. The 

 principal Roman silver coin was the denarius,| which was 

 worth 10 ases, or 10 pounds of ces, and of which there were origi- 

 nally 84 to the pound. At a later period we find the pound of 

 silver coined into 96 denarii, but when this change was intro- 

 duced is unknown. If we suppose it to have taken place previ- 



* In the silver mines of Peru, until 1736, the tax payable to the 

 King of Spain amounted to one-Jifth of the standard silver. After that 

 year it was one-tenth, and this was ill-paid. The tax on gold was ori- 

 ginally one fifth, reduced first to one-tenth, and then to one-twen- 

 tieth. These taxes constituted the whole rent of the mines. One-sixth 

 of the gross produce is the average rent of the tin mines of Cornwall : 

 (there is besides a tax to the Duke of Cornwall of about one- twentieth) ; 

 and of very fertile lead mines in Scotland. The rent of a coal mine 

 is about one-tenth of the gross produce. (Adam Smith and N.) 



t The word is retained in the Italian for u money"'— danaro. 



Vol. xx. o. s. Vol, vi. n. s. 



