Israel used money 1,500 years before coins were invented, study reveals

A study released by the University of Haifa showed that silver functioned as money in the Land of Israel as early as 3,600 years ago, roughly 1,500 years before the first coins.

Published in Journal of World Prehistory, the research drew on a systematic analysis of Bronze- and Iron-Age silver hoards and indicated that a market economy flourished in the region earlier than previously believed.

The team led by Dr. Tzilla Eshkol of the university’s School of Archaeology and Maritime Cultures reviewed dozens of hoards dated from the 20th to the 6th centuries BCE. Although the area lacked natural silver deposits, the study documented numerous hoards that pointed to a sustained silver economy.

The study implies that silver played an economic role for about 1,500 years. By the 17th century BCE, weighed pieces already served as systematic currency in Israel, earlier than comparable evidence from Egypt or Greece.

Researchers assessed each hoard by burial date, architectural context, socioeconomic setting, and contents. Items ranged from standardized ingots to broken jewelry and cut pieces clearly meant to be weighed in trade. The frequency of broken or clipped items showed that the metal was valued for its weight rather than adornment.

Roughly 230 objects from 19 hoards underwent chemical testing to trace changes in purity. Early samples were largely pure, but from the 12th to the 10th centuries BCE alloys containing copper and arsenic appeared - possible attempts to reduce value or mask declining purity.

“Although there were no coins, silver was in regular use as a means of payment that people saved for future transactions,” said Eshkol. “The first coins were invented only in the 7th century BCE, but principles of a monetary system operated here hundreds of years earlier - with standards of uniformity, control of value, and even phenomena of counterfeiting.”

The investigation challenged earlier views that Near-Eastern silver hoards were jeweler surplus or foundation offerings; instead they functioned as active payment. Trade-oriented hoards from Shiloh and Gezer confirmed early use of weighed silver. A brief shift to gold occurred in the Late Bronze Age, but silver again dominated from the 13th century BCE onward.

Storage patterns also evolved: hoards were first hidden in public buildings and later in private homes during the Iron Age, showing silver’s penetration into daily life. From the 12th century BCE, the number of hoards, their geographic spread, and total metal weight all rose, signaling the expansion of a market economy.

“The continuous use of silver indicates an economy that developed gradually from within the society itself,” emphasized Eshkol. By tracing purity shifts and occasional counterfeiting across fifteen centuries, the Haifa team provided evidence that monetary principles were firmly established in the Land of Israel long before coins appeared.

The preparation of this article relied on a news-analysis system.