Sumerian Monetary Values
Facts about Ancient Sumer
by James W. Bell © 2002-3
Precious Metals
There was no coinage in Sumer. Trading was done using standard or equivalent units of value. The most popular standardized unit of value was silver. Whenever the unit of value was not named, it was assumed to be silver.
For example, if a quoted price was 10 shekels, it meant 10 shekels weight of silver.
Prices quoted in copper (i.e., 10 shekels of copper) or gold (i.e., 10 shekels of gold) always named the metal.
Precious metal values were set by royal decreee but it should be understood that, like produce prices and commodity prices, prices of metals varied widely in Sumer according to the amount imported (virtually all metals were imported into Sumer) and the political condition of the city-state..
Precious Metal Ratios in Ancient Sumeria
Historically, in Ancient Sumeria, precious metal ratios constantly changed (as they do today). but, in the 27th century BCE, the following ratios were approximately:
1 Shekel of Silver = 60 Shekels of Copper
1 Shekel of Gold = 12 Shekels of Silver
1 Shekel of Gold = 720 Shekels of Copper
Measures of Weight
Grain She
Shekel Gin ¼ Ounce =180 Grains
Mina Mana 1 Pound = 60 Shekels
Talent Gu 60 Pounds = 60 Minas
Barley Units
Because of the salinity of the ground, barley was the single most popular agricultural crop in Sumer. As a result, it was the second most popular unit of trade. It had an equivalency value and was quoted and traded by capacity, that is, gurs of barley grain. (1 Gur of barley, about 8½ bushels of barley, was worth 1 shekel of silver or, conversely, 1 bushel of barley was worth about 12 shekels of copper.)
Measures of Capacity
Sila 1 Liter
Ban 10 Liters = 10 Sila
Barig 60 Liters = 6 Ban
Gur 300 Liters = 5 Barig
Other Popular Equivalent Units of Value
Other popular units of value in Sumer included fish which were plentiful in the rivers and canals. They were traded by capacity. 1 Shekel (of silver) bought 1 gur (32 quarts) of ‘mixed fish,’ but only ½ gur of ‘good fish.’
Days of manual labor were also an equivalent unit of value and traded by number of days.
An ox-herd was paid 6 gur of barley a year, which works out to 5 liters of barley per day.
A Price Comparison
One shekel bought twelve pairs of leather sandals of average quality. Thus the price per pair of leather sandals (1 shekel of silver = 60 shekels of copper) was 5 shekels of copper.
Interest Rates in Ancient Sumer
Annual interest rates were 20% on silver loans and 33% on barley loans.
The End
Go Back to the Fact Menu
| |
