Coins were initially introduced as a means of payment during the 6th or 5th century BCE. Even though, its invention and introduction in the market still plays a mystery among many. As per Herdotous, the coins were minted initially by Lydians while Aristotle is clamiing that the very first coins were made by Demodike of Kyrme, which sit he wife of King Midas of Phrygia.
Back to the Past
Numismatists do consider that the very first coins were actually minted on Greek island of Aegina either by king Pheidon of Argons or local rulers.
The very first coins whether you believe it or not were made from electrum, gold and alloy of silver. It seems that majority of the early Lydian coins were being manufactured by merchants as form of tokens that are used for trading transactions. Lydian state mint coins too with most of it mentioning King Alyattes of Lydia. There are several other Lydian coins that have this so-called legend in it. A very popular example of this is Caria where it says “I am the badge of Phanes”. Until now, even historians are still puzzled who Phanes was.
What’s Your Source?
Again, there are different histories on how coins were first manufactured and introduced. Depending on your source, the history may be a little bit different.