When we think of ancient Egypt, most of us recall first its most famous and distinctive features: pyramids, pharaohs, and the Nile. As an economic historian, I hoped at the start of recent research that a sound currency might be another distinction of the Egyptians I would discover.
Alas, their story is pretty much the same one we find throughout history and all over the world: Money is monopolized by government officials, who then cheat the people by debasing it—which means diluting the precious metal content in it’s coinage, printing too much of it if it’s paper, or both. Egypt is no exception, though its experience is rich in colorful perpetrators, from fifteen pharaohs named Ptolemy to the Cleopatra of both Shakespeare and Hollywood fame.
Read More