"Each city struck its own coinage. Every foreign transaction required a money-changing transaction. Many cities engaged in unscrupulous alloying. ...Athens had the advantage of the silver mines of [in south-eastern ]. ...Even in times of tragic national disaster, when the treasury was empty and Attica occupied by an enemy, Athens refused to debase this silver coinage. As a consequence, the Athenian "owl" became current in all markets and an article for export. It remained a most acceptable currency throughout the Mediterranean for 600 years, long after the disastrous defeat of Athens in the ... This tragic event, immortalized by Thucydides and mourned... by lovers of human excellence, was not a turning point in the financial history of Greece."
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A History of Interest Rates
A History of Interest Rates, by Harvard graduate, senior partner, and financial analyst Sidney Homer, was published in 1963, copyright Rutgers University Press. Quotes below, unless otherwise noted, are from the fourth edition, revised by Professor , and published in 2005, by John Wiley & Sons, Inc.
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