Long before coins were invented, silver served as a form of money in the Land of Israel, a new study by the University of Haifa reveals.
Published in the Journal of World Prehistory, the research shows that from roughly 3,600 to 2,600 years ago, silver was systematically used for trade, savings, and payments.
“The findings show that although there were no coins, silver was regularly used as a means of payment, saved for future transactions by both institutions and private individuals,” said Dr. Tzilla Eshel, who led the study at the Zinman Institute of Archaeology. “This points to an established economic system that evolved gradually and even included periods of adaptation and forgery.”
Eshel and her team analyzed dozens of silver hoards from the Bronze and Iron Ages, discovered across Israel. Many of these hoards, once thought to be raw material deposits or ritual offerings, were in fact carefully measured and used as proto-currency.