Silver was used as a means of payment in the Land of Israel starting 3,600 years ago, a millennium before the invention of coins, according to an Israeli study released on Thursday.
A University of Haifa analysis of dozens of silver hoards from the 2nd and 1st millennia BCE discovered at archaeological sites throughout the country has revealed the consistent use of silver for commerce and payment over the centuries when coins did not exist.
"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 Tzilla Eshel of the University of Haifa's School of Archaeology and Maritime Cultures, who led the study.
As early as the 17th century BCE, silver was systematically used as payment in the Land of Israel -- earlier than in neighboring regions such as Egypt and Greece, the researchers wrote.
The earliest hoards, discovered at Shiloh and Gezer, provide evidence of weighed silver used for commercial purposes, the study states.
The chemical analyses carried out in the study revealed that in earlier periods, silver was relatively pure, but between the 12th and 10th centuries BCE deliberate alloys appeared, with silver mixed with metals such as copper and arsenic. This practice may indicate attempts to reduce the value of the silver, disguise a decline in its purity, or even create intentional forgeries.
During the Late Bronze Age, gold may have temporarily replaced silver as the primary medium of exchange, the study said, but from the 13th century BCE onward, silver once again dominated, while the first coins were invented in the 7th century BCE.