An early gold coin (stater) from Sardis (capital of Lydia, western Turkey). According to Herodotus, the kingdom of Lydia was the first to mint coins.
According to the Greek historian Herodotus, writing in the fifth century BC, the first real gold coins were produced in the ancient kingdom of Lydia, Western Turkey, in the 6th century BC. Coinage probably developed in Lydia because it was a trading center and possessed large gold supplies. Before coins, payments were made with metal bullion or by barter. To establish its value metal was checked for purity and weighed. The Lydians minted coins of consistent weight and purity to speed up transactions. These coins were made from electrum, a natural alloy of gold and silver found in the region's rivers. The coins typically showed a picture of a Fierce Lion Head attacking the cowering Bull head on face and a punch mark or seal on the other side. The lion on this coin is seen as a symbol of royalty. The two deep impressions were created by a hammer, used to punch the image of the lion and bull into the blank coin. The introduction of these coins to the masses is said to have been by the Lydian King Croesus. Lydia was renowned for its wealth and its last king, Croesus, at that time, controlled most of the extremely rich territory of Ionia (present day Black Sea region of Turkey), was immortalized in the saying 'as rich as Croesus.' It should be noted that the bi-metal coinage standard invented by Croesus endured for close to 2500 years.