Hekte

Among the earliest coins produced anywhere in the ancient world, Ephesian electrum fractions like this hekte predate any standardized monetary authority — they were likely issued by temples or wealthy merchant consortia operating in the Lydian commercial sphere before Lydia itself began systematic royal coinage. The natural electrum alloy drawn from the Pactolus River varied unpredictably in gold-to-silver ratio, meaning individual pieces from this period differ measurably in intrinsic value even within the same nominal denomination.