The very first Armenian coins are considered to be the issues of the Armenian kings of Sophene (Tsopk), traditionally dated to the second half of the 3rd century BCE. The history of Armenian currency is rich, diverse, and fascinating. It can confidently be said that few nations have such an ancient history of currency. Interestingly, due to its geographical location, the territory of historical Armenia was in close proximity to the area where the first ancient coins were minted. According to accepted opinion, this pivotal event, which played an important role in societal development, started in the late 8th to early 7th centuries BCE in ancient Greece, in the state of Lydia, which was situated in the western part of Asia Minor.
The oldest coins found in the territory of Armenia date back to the 6th and 5th centuries BCE. These finds, which have come down to us in individual specimens, are silver coins of Achaemenid rulers and issues from the Greek cities of Athens and Miletus.
By the middle of the 6th century BCE, Armenia fell under the rule of the Achaemenid Empire of Iran. Armenian territory was divided into two parts—western and eastern—which were included as separate satrapies within the powerful Achaemenid Empire. By the end of the 5th century, the Achaemenid Empire was going through a severe crisis, and satraps, wishing to emphasize their relative independence, minted their own coins.
The satrap of eastern Armenia was Orontes (according to Armenian sources, Yervand, 362-345 BCE), and the satrap of western Armenia was Tiribazus (386-380 BCE). There is evidence that they minted coins with their own images. There are interesting facts about individual specimens of coins from Macedonian kings—Philip II (359-336 BCE) and Alexander the Great (336-323 BCE)—found in Armenian territory.
There is not enough data confirming the presence of a monetary system in Armenia during this period. Apparently, there was no monetary system in Armenia at the time, and trade was conducted through barter. However, the coins themselves are noteworthy and suggest that the local population knew about the use of currency. The earliest Armenian coins are again considered to be the issues of the Armenian kings of Sophene (Tsopk), traditionally dated to the second half of the 3rd century BCE.
Known Copper Coins of the Armenian Kings of Sophene and Their Characteristics
Known copper coins, or “chalkoi,” of the Armenian kings of Sophene include those of Sames (circa 260 BCE), Arsham I (circa 240 BCE), Arsham II (circa 230 BCE), Xerxes (circa 220 BCE), Abdissares (circa 210 BCE), and so on.
Characteristics of the Coins
The first Armenian coins were copper coins, which have survived to the present day in individual specimens. The coins from the period of the Sophene kings were fully designed in the Hellenistic style. On the obverse (front side) of the coin, a portrait of the ruler was usually depicted: this was a profile of the king in a specific pointed headgear. On the reverse (back side) were various images: a horseman symbolizing the king, an eagle, mythological images and symbols, as well as Greek inscriptions of the king’s name and title.
Gevork Mugalyan, numismatist at the Central Bank of Armenia
Original Source: Gayane Ayvazyan Հայաստան Armenia Армения
Translated by Vigen Avetisyan
