An unusual ancient Roman gold ring dating to the late 4th century AD. The bezel is set with a much earlier object, a scarce Archaic Greek electrum coin. The electrum coins of the ancient kingdoms of Ionia and Lydia are considered as the first true coins ever struck. Dating to the end of the 7th century BC these lumpy coins started a monetary revolution in the ancient Greek world.

This type of globular metal coin was made from an alloy of gold and silver known to the Greeks as elektron. Although ancient sources indicated that this alloy was a natural ore found in nugget form in many riverbeds in the region, recent studies have concluded that this was actually not the case, and that the electrum used in coinage was, in fact, man-made.

It is not uncommon for earlier elements, particularly gems and coins, to be re-used in later jewellery. However, the present ring may be unique in that it incorporates a coin which was already over 900 years old at the time the ring was made. The coin was likely a chance find that was cherished for its age or amuletic value.

The ring is set with square-shaped bezel which protrudes outwards with a raised circular collar, and the solid D-sectioned band tapers towards the back. According to Classical scholar Martin Henig’s classification of Roman ring types, this example is of Henig type XV design and is therefore dateable to the late 4th to early 5th century AD. A referenced example of this ring shape which also dates to the 4th century AD can be found in ‘Rings: The Alice and Louis Koch Collection - Vol I’ (item no. 441), see final photo for example.

The very earliest electrum globule coins were non-pictorial on one side with simple square punch marks on the other. As the side that is displayed on the ring is just the punch marks, it is likely that the reverse is non-pictorial. These plain globular examples, along with the striated versions are the rarest electrum coins and are ascribed to the region of Ionia c. 650-600 BC. Nine similar plain electrum pieces were within the famous ‘Artemision Find’ at Ephesus in 1904.

Due to the unlikelihood of these coins being found by chance and subsequently used in later rings by the Romans, I have only been able to find two other examples of this ring type that have sold at auction. Firstly, one set with an electrum hekte sold in Christie’s ‘Ancient Jewelry’ sale in December 1999 (lot 123) and again in the same auction two years later in December 2001 (lot 133). The second example was also sold in Christies ‘Ancient Jewelry’ sale of December 2001 (lot 121).

UK size K, US size 5.25, 3.94g high karat gold, rounded bezel measures 7mm across

Although irregular in size and shape, these early electrum coins were minted according to a strict weight-standard. The denominations ranged from one stater (weighing about 14.1 grams) down through half-staters, thirds, sixths, twelfths, 1/24ths, and 1/48ths to 1/96th stater (about 0.15g). This example measures about 5mm across it would have been an Electrum ‘1/24th stater’. The intrinsic value of the early electrum, even down to the smallest denomination (1/96th stater), was too high for use in everyday commerce, and early coinage must have been used only for the transfer of large sums of money, such as mercantile transactions, payment of government expenses (mercenaries, tribute and such), and donatives, either for services rendered to individuals or the state, or to religious foundations. The aforementioned ‘Artemision Find’ hoard of early electrum coins took place at temple of Artemis at Ephesos and is examples of the latter.