know from a statement of Polybius that in his own time in consequence of the great output of gold from a mine in Noricum gold went down one-third in value. Silver was scarce in Central Italy, for it was only after the conquest of Magna Graecia that Rome found herself in a position to issue a silver currency. On the other hand there must have been a large and constant supply of gold coming down from the gold-fields of the Alps in exchange for the bronze wares of Etruria. Now as at Athens, where silver was so plenty and gold in earlier days scarce, the ratio was never higher than 15:1, it is impossible to suppose that in Northern and Central Italy, where the conditions were contrariwise, the ratio can ever have been in ordinary times higher than 12:1.
It is quite possible that after the Gauls got possession of Northern Italy, the supply of gold which reached Etruria and Latium may have been considerably reduced, and this would perfectly explain the relation existing at a certain period between gold and silver coins in Etruria, supposing that Soutzo’s interpretation of the symbols is correct. But as we have no literary evidence to check off any deductions drawn from the coins, it is impossible for us to say whether the symbols on the gold pieces refer to units of silver or bronze.