![]() The refining of gold might be placed earlier than 3000 BC. The rapid evolution of coins as a medium of commerce was the most likely impetus for the development of precious metals processes that demonstrated quality of a modern mindset. A hundred years later, Kroisos (“Croesus”) issued coins of gold and coins of silver in his short reign (560-546). In the next century (617-560) the name of Alyattes (“Walwe”) became the oldest inscription on a coin. That was during the reign of Gyges (716 to 678). The poet-soldier Archilochos of Paron left the earliest written evidence of monetary payment to mercenaries. (The coin-like silver objects also known from the same excavations have been ignored by numismatists.) No less rapid was the evolution from natural nuggets of varying composition to manufactured planchets of uniform alloy Some of these cruder objects share punches with true coins. ![]() They seem to be planchets or flans, generally the same sizes and shapes as the coins. In addition to the 83 "true" coins with an identifiable type on one side, are so-called “dumps” or coin-like objects also of electrum. The Artemisian Hoard – actually eight discrete finds considered as a composite – strongly suggests that the development of true coinage unfolded over one lifetime. Modern Turkish geological and mineralogical surveys of the area still identify it as being rich in metals: gold, silver, arsenic, lead, zinc, aluminum and iron. It was in the Pactolus (Sartcay) that Midas bathed to rid himself of his golden touch. Today, these features are known by their Turkish names: Sartcay, Boz Dag, and Gediz. In ancient times, it was known that the Pactolus flowed down from Mt. Numismatists generally associate the first coins with the Lydian kingdom of Sardis. Lead (along with tin, zinc, and selenium) occurs in silver-rich electrum. ![]() Silver-rich electrum occurs in sulfide-rich deposits. Copper (along with bismuth and tellurium) occurs generally in gold-rich electrum. In such cases, the range of gold is narrow. Gold-rich electrum occurs in sulfide-poor deposits. For others electrum ranges in composition from 1% to 99% silver. Some geologists define electrum narrowly as being 35% silver to 45% silver. All geologists agree that electrum is a naturally occurring alloy of gold and silver, usually with measurable copper and trace residues of other metals. The definition of what is electrum is somewhat arbitrary.
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