shall not be far from the truth. At all events it is put beyond doubt that the relation was higher than that of 13·3:1, and accordingly Dr Hultsch’s theory of the origin of the Aeginetic silver standard, which is based on that relation falls at once to the ground, unless he can shew that such a standard, based on six light gold Babylonian shekels had been previously fixed in Asia or Egypt, and thence adopted by the Greeks without any regard to the relative value existing in Greece itself between the precious metals. But as a matter of fact Dr Hultsch does not make any such attempt. Thus this essay at a solution breaks down.
On the other hand if we make the very slight and very probable assumption that the early Greeks had formed a definite idea of the relative value of gold and silver, which they would have determined exactly on the same principle as they would arrive at a notion of the relative value of any other two commodities, which they were in the habit of giving and taking in exchange, that is by the simple principle of supply and demand, we shall find a ready solution without having to resort to either Egypt or Babylon. If gold was to silver as 15:1 in Greece, it follows that the Homeric talent, the earliest Greek standard, being about 135 grains, ten silver pieces of 202 grains each would be equivalent to one gold unit.