accounted for by supposing that owing to the different relations between gold and silver in various regions and at various periods in the same regions, it was found necessary from time to time to increase or diminish the weight of the silver unit. Thus if gold was to silver as 12:1 in the 3rd century B.C., we find a ready explanation for the standard of Gades and Emporiae. The gold unit of 130 grs. would be worth ten silver units of 156 grs. each (130 × 12 = 1560 ÷ 10 = 156). So too the 118 gr. standard of Carthage may be explained by supposing that gold was to silver as 11:1; for then 1 gold unit of 130 grs. = 12 silver of 118 grs. each (130 × 11 = 1430 ÷ 12 = 119 grs.), duodecimal division perhaps being preferred to the decimal owing to the relations between electrum and silver, the former perhaps being as in Lydia55 counted at 10 times the value of the latter. If gold was to silver as 12:1, and electrum to silver as 8:1, electrum being thus nearly two-thirds gold, one gold piece of 75 grs. = 1 piece of electrum of 118 grains, and 8 pieces of silver of 116 grs. each (75 × 12 = 900; 116 × 8 = 928), and 1 piece of electrum of 118 was worth 8 pieces of silver of 116 grs. each. All this is, be it remembered, purely conjectural, as we know nothing of the actual relations existing between any pair of the metals.
However, when we come to deal with the electrum of Cyzicus we shall be able to produce some data, which will at least show that our suggested explanation