88 



Coin and Currency in [No. 9, new series. 



The sestertius, as its name implies, and as its symbol HS repre- 

 sents was originally equal to 2J ases. Large sums were generally 

 counted in this coin. It was afterwards made equal to 4 ases and 

 its material changed. 



At Athens, coins of this metal were issued in the year 406 B. 

 C, a critical time in the history of the Athenian people. These, 

 however, were soon recalled. It is probable that a coin called 

 chalhus (xahovs) and equal to one-eighth of the obolus, was in 

 circulation before this period ; and not recalled after it : and that 

 the temporary issue consisted of coins of higher denominations. 

 The quarter obolus was the smallest silver coin. Convenience 

 would suggest that pieces of lower value should be made of cheaper 

 material. We find the chalkus afterwards divided into seven 

 lepta — the mites of the New Testament. 



Finally, as early as B. C. 185, we see mention of whole talents 

 being paid in bronze by Ptolomy Epiphanes. 



Before I leave the subject of coin made of a combination of cop- 

 per and tin, I may mention that two forms of this compound are 

 at present in circulation in France. One, averaging 86 copper 

 and 14 tin, is genuine bell-metal and in color yellow ; the other, 

 refined bell-metal, averages 96 copper and 4 tin. Both these were 

 struck under the old Republic. They might perhaps have better 

 been put under the head of Depreciations : but in all countries, so 

 far as I am aware, copper coins bear a conventional value higher 

 than the intrinsic, and bell-metal answers the ordinary purposes 

 of a token or counter as well as copper, pure or impure. 



Copper will not detain us long. Its hardness, durability and 

 abundance eminently fit it for being the material of the lowest 

 denominations of coins ; and it is thus used by all civilised nations. 

 It is overvalued in most currencies, and its conventional value 

 maintained by the amount of silver to which it is legally equiva- 

 lent ; while the restrictions upon the extent to which it is a legal 

 tender prevent the evil which would result from the payment of 

 obligations in a depreciated coin. Adam Smith says that in his 

 time half a pound of impure copper, not worth Id. was coined 

 into 12 pence ; and I do not think there has been any improve- 

 ment in the intrinsic value of the copper currency since his time ; 

 nor is any necessary. 



