Ancient Israel Used Silver as Currency 1,000 Years Before Coins Were Invented
University of Haifa study reveals early economic system with standards and even forgeries centuries before minted coins appeared
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Silver served as a means of payment in the Land of Israel as early as 3,600 years ago — roughly a millennium before the first coins were introduced in the 7th century BCE. This discovery comes from a new interdisciplinary study conducted at the University of Haifa, published in the Journal of World Prehistory.
The Findings
The research is based on systematic analysis of dozens of silver hoards from the Bronze and Iron Ages, uncovered in archaeological sites across Israel. The hoards included silver ingots, broken jewelry, and cut pieces of metal that were weighed and preserved for transactions.
“Although coins had not yet been invented, silver was in regular use as a means of payment, kept both by institutions and private individuals for future trade,” explained Dr. Tzilla Eshel of the University of Haifa’s School of Archaeology and Maritime Cultures, who led the research. “The continuous use of silver over centuries points to the existence of a structured economic system that evolved gradually, with phases of adaptation, regulation, and even forgery.”
Early Economic Behavior
The earliest payment hoards were discovered at Shiloh and Gezer, dating back to the 17th century BCE. These findings suggest systematic use of weighed silver in commerce, even earlier than in neighboring regions such as Egypt and Greece.
During the Late Bronze Age, gold briefly replaced silver in some areas, but by the 13th century BCE, silver had returned as the main medium of payment. From the 12th century BCE onward, the number of hoards increased, along with their geographic spread and the quantity of silver stored — clear signs of a market economy increasingly based on silver.
Whereas earlier hoards were concentrated in public buildings, Iron Age discoveries show silver deposits in private homes, indicating the penetration of silver into everyday civilian use.
Chemical analyses of some 230 silver items from 19 hoards revealed another striking feature: while earlier silver was relatively pure, from the 12th to the 10th centuries BCE alloys containing copper and arsenic began to appear. These may represent attempts to reduce value or disguise declining purity, early examples of currency debasement and forgery.
“The first minted coins only appeared in the 7th century BCE,” Dr. Eshel concluded, “but the principles of a monetary system were already in place here hundreds of years earlier: uniformity, control of value, and even counterfeiting. This long-standing use of silver highlights the development of a sophisticated economy rooted in local society.”