|
|
|
|
|
|
This coinage was famous enough to have a
classical joke made about it much later by Plutarch (in about AD 100).
Assuming that its representative value ought to be its true value Plutarch
believed it would require a horse and cart to transfer an amount appropriate
for even the most modest transaction. The joke lasted longer than the money,
perhaps because it paints an absurd picture, but only a fool would imagine
the Spartans conducting their grocery transactions with armfuls of iron
currency, for 300 years.
In fact throughout that time the Spartan iron
coinage was perfectly operable on a notional value both enforced by law,
which declared its status as legal tender, and underwritten by state
integrity. It was only the eventual breakdown of Spartan political strength
which finished the money, not the over-issuance of the coinage. As Athens grew
to culturally dominate Sparta in the 50 years after the apparent victory of
the Spartans in the Peloponnese war Spartan merchants’ confidence in
their iron coinage started to wane, and they steadily preferred to use gold
and/or silver which was creeping into the system.
As the situation deteriorated the state
decreed that "no coin of gold or silver should be admitted into
Sparta," and that they should "use the money that had long
obtained". The decree did not pass into practice because the choice was a
bleak one - no goods, or goods traded in gold.
The Spartans either left (which they did in
droves, leading to the end of Spartan power) or used gold.
The Spartan system shows the dependence of a
representative money system on the power and continuing integrity of the
state.
Paul Sustain
Director and Founder
Bullionvault.com
|
|
|
|
|