CHAPTER II. Primitive Systems of Currency.

From these extracts it is plain that the ancient Persians had a system of clearly defined relations in value between all their worldly gear, whether the object was a slave or an ox, or a lamb or a field, precisely like that existing at the present moment among the hill tribes of Annam. But not simply was it between one kind of animal and another, but they had evidently strict notions as regards the inter-relations in value of different animals of the same kind; thus the ox of high value, the ox of low value, the cow of three years old, or the bull all stood to one another in a fixed relationship. We may without hesitation conclude that the same system of conventional values prevailed among the ancient Hindus. Nor can we doubt that articles of every kind, such as arrows, spears, axes, and articles of personal use and adornment all had their regularly recognized prices, and that the less valuable of them were used as small change. Gold, no doubt, occupied an important place in relation to the other forms of property in portions of fixed size or weight, as in the days of Marco Polo. In mediaeval times in parts of India money consisted of pieces of iron worked into the form of large needles, and in some parts stones which we call cat’s eyes, and in others pieces of gold worked to a certain weight were used for moneys, as we are told by Nicolo Conti, who travelled in India in the 15th century²⁷. If iron was so employed at this late date we may well infer that bronze and afterwards iron were probably so used by the ancient Indo-Iranian people.