Did Ancient Egyptians Use Money?

Yes, but not coins for most of their history. They valued goods in deben of copper, silver or gold and in measures of grain, then paid through barter. Coins came into regular use only under the Ptolemies, after 332 BC.

What Was the First Coin Made in Egypt?

The first coins struck by an Egyptian king are the silver tetradrachms of Teos, around 360 BC. They were copies of Athenian owl coins, made to pay Greek mercenaries.

Who Is on Ancient Egyptian Coins?

Ptolemaic coins usually show Ptolemy I, later Ptolemaic kings and queens such as Arsinoe II and Cleopatra VII, or gods such as Zeus Ammon. Roman coins from Alexandria show the emperors with Egyptian gods like Serapis and Isis.

Are Cleopatra Coins Rare?

Cleopatra VII coins are not the rarest, but they are in high demand. Her bronze coins from Alexandria survive in some numbers, while coins with a clear portrait in good condition are much harder to find.

Can I Bring Ancient Coins Home from Egypt?

No. Egyptian law forbids the sale and export of antiquities, including ancient coins. Replica coins from bazaars can be taken home as souvenirs, so keep the receipt that shows they are copies.

How Much Is One Egyptian Pound in Piastres?

One Egyptian pound equals 100 piastres. Until the late twentieth century, each piastre was also divided into 10 milliemes, so one pound equaled 1,000 milliemes.

Ancient Egyptian Coins: Currency, History, Types & Valu

Ancient Egyptian Coins: History, Types, and Values

17 min read | Published: Oct 04, 2023 | Updated: Oct 19, 2026 | TRIPS IN EGYPT

For more than 2,500 years, the pharaohs ran one of the richest states of the ancient world without coins. Ancient Egyptian currency was grain, copper and silver measured by weight in a unit called the deben. Coins arrived only in the fourth century BC. This guide explains how money worked before coins, the history and names of ancient Egyptian coins, famous examples like Cleopatra's, and what they are worth.

Ancient Egyptian Currency Before Coins

For most of its history, ancient Egypt had money but no coins. Value was counted in weights of metal and measures of grain, and most goods changed hands through careful barter.

Did Ancient Egyptians Have Coins?

Not for most of their history. The kingdom was united around 3100 BC, but the first coins issued by an Egyptian king date to about 360 BC, under the Thirtieth Dynasty. By then, the pyramids of Giza were already more than 2,000 years old.

Egypt did not need coins for its economy to work. The state collected taxes in grain, stored it in royal and temple granaries, and paid its workers from those stores. Private trade ran on barter, with every item given a value in a shared unit of weight.

What Was the Currency of Ancient Egypt?

The currency of ancient Egypt was a system of value rather than a single object. Grain was the everyday measure of wealth, while copper, silver and gold served as stores of value that could be weighed out when needed.

A seller and a buyer would agree on a price in metal, then settle it with whatever goods made up that value. A papyrus from the reign of Ramesses II records a woman buying a slave girl worth 4 deben and 1 kite of silver. She paid with bronze vessels, linen, clothes and a pot of honey.

The Deben: Ancient Egypt's Unit of Value

The deben was the main unit of weight used to value goods. In the New Kingdom, one deben weighed about 91 grams and was divided into 10 kite (qedet) of about 9.1 grams each. Earlier periods used a lighter deben of about 13.6 grams.

Prices were often given in deben of copper. At the workers' village of Deir el-Medina, a pair of sandals might cost 1 to 2 deben, a goat about 2 deben, and a decorated wooden coffin 25 deben or more. An ox might be valued at 50 to 120 deben, depending on the period and its size.

Stone weights carved in the shape of animals or simple domes were used to check each deben. Scales and weights appear in tomb paintings of markets, and the same balance scale is shown weighing the heart in the judgment of the dead.

Bread, Beer and Grain Wages

Hired laborers were paid in bread and beer. The workers who built the pyramids at Giza received daily rations, and bakeries and breweries have been excavated in their town south of the Sphinx.

Bread loaves and beer jars were made in standard sizes, so rations could be counted fairly. Everyday life in the villages ran on these payments, as described in our guide to daily life in ancient Egypt.

At Deir el-Medina, the royal tomb builders were paid monthly in grain. A workman received about 4 sacks (khar) of emmer wheat and 1.5 sacks of barley, while a foreman received more. When the grain did not arrive under Ramesses III, around 1157 BC, the workers staged what is often called the first recorded strike in history.

Silver, Gold and Hacksilver

Gold came from the mines of Nubia and the Eastern Desert, so Egypt had plenty of it. Silver had to be imported, and in the Old and Middle Kingdoms it was often valued more highly than gold. The Egyptians called silver "white gold" (hedj).

Hacksilver was silver cut into pieces, rings and scraps that were valued by weight rather than counted as coins. Hoards of it have been found at sites such as Tell el-Amarna. From the seventh century BC, Greek coins also reached Egypt, but they were cut and weighed as bullion like any other silver.

Ancient Egyptian Money Symbol

There was no ancient money symbol like today's $ or £. Scribes wrote prices as a number followed by the word deben or kite, in hieroglyphs or in the faster hieratic script. The word for silver, hedj, also came to mean "money" in general.

The Egyptian pound today is shortened to E£ or LE, from the French livre égyptienne. Its international code is EGP, and in Arabic it is written ج.م (junayh misri).

The History of Coinage in Ancient Egypt

History of Coinage in Ancient Egypt - Trips in Egypt

The history of coinage in ancient Egypt is a story of foreign ideas adopted by Egyptian rulers. It runs from Greek silver in the Delta to the Ptolemies, Rome, the Islamic caliphates and, finally, the Egyptian pound.

The First Coins Reach Egypt

The first coins were made in Lydia, in modern Turkey, around 630 to 600 BC. Greek merchants brought silver coins to Egypt through Naukratis, a trading town in the western Delta founded under Psamtik I in the seventh century BC.

The Persian conquest of 525 BC tied Egypt to an empire that used coins. Herodotus says the Persian governor Aryandes struck his own silver coins in Egypt and was put to death by Darius I for it. Even so, most Egyptians still traded by weight.

Teos and Nectanebo II: The First Egyptian Coins

The first coins struck by an Egyptian king are credited to Teos (Djedhor) of the Thirtieth Dynasty, around 360 BC. He needed silver to pay Greek soldiers for his war against Persia, so he issued tetradrachms copied from the Athenian owl coins. A few carry his name in demotic script.

His successor, Nectanebo II (about 360 to 342 BC), issued a small gold coin known today as a stater. It shows a prancing horse on one side and two hieroglyphs on the other, reading nub nefer, or "fine gold". It is one of the very few ancient coins with a hieroglyphic inscription.

Ptolemaic Coins

Alexander the Great took Egypt in 332 BC, and coins soon became part of daily life. His general Ptolemy I began minting in Alexandria and, around 305 BC, became the first ruler of Egypt to put his own portrait on coins.

Ptolemy II Philadelphus (285 to 246 BC) created a closed money system. Foreign coins had to be exchanged for Ptolemaic coins at the border, and the main mints worked at Alexandria and Memphis. Ptolemaic silver was struck to a lighter weight than Athenian silver, which kept it inside Egypt.

Bronze coins served daily payments. Some of the largest Ptolemaic bronzes weighed close to 100 grams, which made them among the heaviest coins of the ancient world.

Roman and Byzantine Coins

After Cleopatra's death in 30 BC, Egypt became a Roman province. Rome let Alexandria keep its own coinage, mostly billon tetradrachms, a silver and copper alloy, and these were used only inside Egypt for about three centuries.

Around AD 296, the emperor Diocletian closed this separate system, and Egypt began using the same coins as the rest of the empire. Under Byzantine rule, Christian crosses replaced the old Roman gods. The Alexandria mint became known for its 12-nummi bronze coin, marked with the Greek letters IB.

Islamic and Ottoman Coins

The Arab conquest of 639 to 642 ended Byzantine rule, but Byzantine-style coins stayed in use for decades. In AD 697, the Umayyad caliph Abd al-Malik ibn Marwan introduced a gold dinar with no images at all, only Arabic religious inscriptions. The silver dirham followed a year or two later.

The Fatimids, who founded Cairo in 969, struck fine gold dinars with Shia inscriptions in rings. Saladin restored Sunni inscriptions after ending Fatimid rule in 1171. The main street of Fatimid Cairo still carries the name of the caliph al-Mu'izz, and you can walk it on El Moez Street.

After the Ottoman conquest of 1517, the Cairo mint struck the small silver medin, later called the para. Forty para made one piastre (qirsh), a unit that still survives in Egypt today.

From the Piastre to the Egyptian Pound

Muhammad Ali Pasha reformed Egypt's money in 1834. His decree created the Egyptian pound (ginaih) of 100 piastres, with gold and silver coins struck in Cairo. In 1885, the piastre was divided into 10 milliemes, so one pound equaled 1,000 milliemes.

The National Bank of Egypt issued the first Egyptian banknotes in 1899. In 1916, Sultan Hussein Kamel issued new silver piastre coins and a gold 100-piastre piece. After the 1952 revolution and the declaration of the republic in 1953, royal portraits gave way to new national designs.

Egyptian coins today are issued in piastres and pounds. The 1-pound coin shows the golden mask of King Tutankhamun, and the 50-piastre coin shows Cleopatra, so the old pharaohs still pass through every hand in Egypt.

Economic and Trade Influence of Ancient Egyptian Coins

Coins made trade with the Greek world faster, because payments no longer had to be weighed. They also helped the Ptolemies collect taxes in money, pay soldiers and run state monopolies such as those on oil and papyrus.

Coins carried political messages too. A ruler's portrait, titles and gods reminded every user who held power, and a new king often meant new coin designs. Changes in metal and weight also reflect the state of the economy: Roman tetradrachms from Alexandria lost much of their silver during the crises of the third century AD.

Types of Ancient Egyptian Coins

Ancient Egyptian coins came in gold, silver and bronze, each with its own role. The types, designs and names changed with every new ruler of Egypt.

Gold, Silver and Bronze Coins

Gold coins were rare and valuable, used for royal gifts, large payments and saving wealth. The Ptolemies struck heavy gold octadrachms, weighing as much as eight silver drachms, for state occasions and large payments.

Silver coins were the backbone of trade. The silver tetradrachm, worth four drachms, was the main coin of the Ptolemaic and Roman periods.

Bronze coins paid for bread, beer and daily goods in the market. They came in many sizes and were the coins most Egyptians actually handled.

The Design of the Ancient Egyptian Coins

Design of the Ancient Egyptian Coins - Trips in Egypt

Most ancient Egyptian coins followed Greek designs. Ptolemaic coins usually show the king's head on the front and an eagle standing on a thunderbolt on the back, the symbol of the dynasty. Bronze coins often show the head of Zeus Ammon, a Greek and Egyptian god with ram's horns.

Roman coins from Alexandria brought more Egyptian images. They show Serapis, Isis, the Nile god, Canopic jars, the Pharos lighthouse and the falcon Horus, many of them among the ancient Egyptian gods and goddesses worshipped in Alexandria.

Older Egyptian signs such as the ankh and the scarab were common on amulets and jewelry, but they rarely appeared on coins. Coins varied in shape, size and thickness, because each was struck by hand between two engraved dies.

Old Coin Names

Names of Ancient Egyptian Coins - Trips in Egypt

The names of ancient and old Egyptian coins come from Greek, Latin, Arabic and Turkish. The table lists the main ones in order.

Coin Name	Period	Metal	What It Was
Stater	30th Dynasty, Ptolemaic	Gold	Nectanebo II's "fine gold" coin; later a standard gold unit
Tetradrachm	Ptolemaic, Roman	Silver, billon	The main coin of trade, worth 4 drachms
Drachm	Ptolemaic, Roman	Silver, bronze	The basic unit of Greek money
Obol	Ptolemaic	Silver, bronze	One sixth of a drachm
Octadrachm (mnaieion)	Ptolemaic	Gold	A large gold coin weighing 8 drachms, valued at 100 silver drachms
Nummus	Roman, Byzantine	Bronze	Small change; Alexandria struck a 12-nummi coin
Solidus	Byzantine	Gold	The standard gold coin of the Byzantine Empire
Dinar	Islamic	Gold	The gold coin of the caliphs, from AD 697
Dirham	Islamic	Silver	The silver coin of the caliphs
Fals	Islamic	Copper	Small copper change
Medin or para	Ottoman	Silver	Small silver coin; 40 para made a piastre
Piastre (qirsh)	Ottoman to today	Silver, later base metal	One hundredth of the Egyptian pound
Millieme	1885 to late 20th century	Copper, bronze	One tenth of a piastre
Egyptian pound (ginaih)	1834 to today	Gold, then paper and metal	The national unit, worth 100 piastres

The piastre came to Egypt under Ottoman rule and was the main unit until the Egyptian pound was created. It is called qirsh in Arabic, and Egyptians still say "ersh" for a coin today.

The para was the smallest Ottoman silver coin used in Egypt. The millieme was a subunit of the Egyptian pound, one thousandth of its value. It was used for prices until inflation made it obsolete in the late twentieth century.

Notable Examples of Ancient Egyptian Coins

Some ancient Egyptian coins are famous for their history, their rarity or the faces they carry. These are the best-known examples.

1. The Gold Stater of Nectanebo II

This small gold coin of about 8.2 grams is one of the very few ancient coins written in hieroglyphs. It was probably struck to pay Greek soldiers in the last years of native Egyptian rule, between about 360 and 342 BC. It is one of the rarest ancient Egyptian coins.

2. The Silver Tetradrachm of Teos

Teos copied the Athenian tetradrachm, with the head of Athena on one side and her owl on the other. The rare examples with his name in demotic are the earliest coins naming an Egyptian king.

3. Alexander in the Elephant Headdress

Ptolemy I struck silver tetradrachms showing Alexander the Great wearing an elephant-skin headdress, a symbol of his conquest of India. Earlier, the Memphis and Alexandria mints struck Alexander's own silver coins, which show him as Heracles in a lion-skin headdress.

4. The Gold Octadrachm of Ptolemy II and Arsinoe II

Ptolemy II issued gold coins showing himself with his sister and wife, Arsinoe II, with his parents on the other side. Other gold octadrachms show Arsinoe alone with a double cornucopia. These large gold coins weigh about 27.8 grams.

5. Large Ptolemaic Bronze Coins

The great bronze coins of Ptolemy II and Ptolemy III show the horned head of Zeus Ammon and an eagle. The biggest weigh close to 100 grams and measure about 4.5 centimeters across.

6. The Coins of Cleopatra VII

Queen Cleopatra ruled from 51 to 30 BC. Her Alexandria mint struck bronze coins of 80 and 40 drachms that show her portrait, with her hair tied in a bun and a royal diadem.

The silver tetradrachms of her reign still showed the head of Ptolemy I, the founder of the dynasty. Her best-known silver portraits appear on Roman denarii struck around 32 BC, with Mark Antony on the other side. These ancient Egyptian coins of Cleopatra are among the most wanted by collectors.

7. Roman Tetradrachms of Alexandria

For about three centuries, Alexandria struck its own tetradrachms with the faces of Roman emperors and the gods and monuments of Egypt. Coins showing the Pharos lighthouse are especially prized, because they are among the few ancient images of one of the Seven Wonders of the Ancient World.

The site of the lighthouse and the old royal quarter can still be visited in Alexandria, where many of these coins were made.

What About Coins of Ramesses II?

No ancient coins of Ramesses II exist, because he ruled in the thirteenth century BC, about 600 years before coins were invented. Coins and medals showing him are modern commemorative pieces. You can learn more about his real legacy in our guide to Ramesses II.

Ancient Egyptian Coins Value: What Are They Worth?

Rare Ancient Egyptian Coins and Their Collector Value- Trips in Egypt.webp — Rare Ancient Egyptian Coins and Their Collector Value- Trips in Egypt

The value of ancient Egyptian coins depends on the ruler, the metal, the rarity and, above all, the condition. Prices below are rough ranges from public auctions and can change.

How Much Are Ancient Egyptian Coins Worth?

Worn Ptolemaic bronze coins are fairly common and often sell for about $20 to $200. Roman tetradrachms from Alexandria often sell for about $50 to $500.

Ptolemaic silver tetradrachms in good condition often sell for several hundred dollars. The bronze coins of Cleopatra VII can reach several hundred to a few thousand dollars.

Gold is in another class. Gold octadrachms of Arsinoe II and Ptolemy II often sell for tens of thousands of dollars.

Rare Ancient Egyptian Coins

The rarest ancient Egyptian coins include the gold stater of Nectanebo II, the Teos tetradrachms with demotic writing, and the finest Ptolemaic gold portraits. A well-preserved Nectanebo II stater can sell for tens of thousands of dollars or more at auction.

What Coin Is Worth Over $1,000,000?

Only a handful of coins have sold for more than $1,000,000, and they are rarely Egyptian. The gold "Eid Mar" coin of Brutus, celebrating the murder of Julius Caesar, sold for about $4.2 million in 2020. The 1933 Double Eagle, an American gold coin, sold for about $18.9 million in 2021.

Where Can You Find Ancient Egyptian Coins for Sale?

Genuine ancient Egyptian coins for sale are found mainly through established coin dealers and auction houses abroad, which should give a clear record of where each coin came from. Fakes are common, so experts advise buying only with a guarantee of authenticity.

Inside Egypt, all antiquities belong to the state under the antiquities law, and buying, selling or exporting them is illegal. The "ancient" coins offered in bazaars are replicas. At Khan El Khalili, they make an affordable souvenir, as long as you buy them as copies.

Where to See Ancient Egyptian Coins in Egypt

The best way to see ancient Egyptian coins is in a museum. The Egyptian Museum in Tahrir Square holds one of Egypt's largest coin collections, from the Greek, Roman and Islamic periods, though not every coin is on display.

The National Museum of Egyptian Civilization follows Egypt's story from prehistory to modern times, which places each coin era in context. In Alexandria, the Graeco-Roman Museum and the Alexandria National Museum show Ptolemaic and Roman coins near the places they were struck.

Explore the Museums of Egypt with Trips in Egypt

Trips in Egypt can add these museums to your journey. The Day Tour from Cairo to Pyramids, Museum & Khan El Khalili, From $95, combines Giza, the museum and the bazaar in one day.

To follow the coins to the city of the Ptolemies, the 6 Days Cairo, Alexandria & Faiyum Tour, From $720, adds Alexandria and the Faiyum to Cairo.

For longer journeys along the Nile, you can browse all our Egypt tour packages and contact our team at any time to plan your trip.

Facts about Ancient Egyptian Coins

These facts sum up how money and coins worked in ancient Egypt, from the deben to Cleopatra.

Egypt ran its economy for more than 2,500 years without coins.
The deben, about 91 grams in the New Kingdom, was the main unit for valuing goods.
Pyramid builders and tomb workers were paid in bread, beer and grain.
Temples and royal granaries stored grain and worked much like banks, paying wages and lending seed.
Greek coins reached Egypt in the seventh century BC but were used as bullion, by weight.
Teos struck the first coins of an Egyptian king, around 360 BC, to pay Greek soldiers.
Nectanebo II's gold stater is one of the very few ancient coins written in hieroglyphs.
Ptolemy I was the first ruler of Egypt to put his own portrait on coins.
Roman Alexandria kept its own separate coinage for more than 300 years.
The piastre, first used under the Ottomans, is still part of the Egyptian pound today.

The story of these coins is part of the wider ancient Egyptian civilization, whose trade reached from Nubia to the Mediterranean.

Ancient Egyptian coins tell a long story, from grain wages and the copper deben to the golden stater of Nectanebo II. The Ptolemies made coins part of daily life, Rome and the caliphs reshaped them, and Muhammad Ali gave Egypt its own pound. Today, Tutankhamun and Cleopatra still travel from hand to hand on modern Egyptian coins, a small and timeless reminder that the pharaohs never really left the marketplace.