A degreed economist (LSE) who works
for J. P Morgan, Kabir Sehgal is the author of Coined: The Rich Life of Money and How Its History has Shaped Us. By
its title, it is obviously a book with a great breadth of scope for its 257
pages of narrative. However, every story that I already knew was arguable. This
is a scissors-and-paste effort, quickly assembled without deep reflection,
insight, or questioning. In truth, throughout the book, the author does present
the facts approximately. He gets
almost all of it almost right. But as we say, “close only counts in horseshoes
and hand grenades.”
On the invention of coinage, he again relies on secondary
popularizations, rather than the best academic research. And he fails to ask
delving questions. He claims (as many do) that coins were invented in Lydia
before 630 BCE. But he also identifies the famous hoard of the oldest known
coins and coin-like objects, from the Temple of Artemis at Ephesus. Why were
the oldest known coins and proto-coins not uncovered within the excavation of
Sardis, the royal site of Lydia? Ephesus, Miletos, and Kolophon have been suggested as possible candidates for the first cities to strike coins, not for commerce, but as bonus payments to mercenaries.
Sehgal never questions the economic motive for the origin of coinage.
But if they were invented to facilitate commerce, they would have originated at
a center of commerce. And they would have been commercially convenient. In
fact, the first coins came from a cultural hinterland, the Turkish coastline of
archaic Greece. And they were worth more than anything you could buy with them,
as if today, the smallest bills were $1000 and relatively rare, while $10,000
bills were common. And Sehgal completely misunderstands electrum, the
naturally occurring alloy, nuggets of which the first coins were struck. Lacking
anything like an atomic theory, gold, electrum, and silver were three distinct
metals, even though the ancients knew that electrum could be made by alloying gold and silver; and that electrum gold could be parted from electrum silver.
Seghal never stops to ask why but just keeps going with a facile, though interesting,
narrative. He correctly identifies the fact that coinage is closely tied to the development of democracy, but he misplaces the origin of democracy at Athens.
It does not get any better with his stories about Nero, Diocletian, Lincoln’s
greenbacks, or Bretton Woods.
Kabir Sehgal lavishes praise on the deep knowledge base of the numismatic
auction house, Stack’s (pgs 247-249) and rightfully so, but simply cites Q.
David Bowers as “David Bowers, legendary numismatist and business partner of
Harvey Stack.” Harvey Stack gets
all the credit. And he is worthy, indeed. But everyone in the know calls Q.
David Bowers “the dean of American numismatics.”
So, as much as I would like to believe that a cash economy
created niche employment for the beggars of Jakarta as extra riders to validate
a taxi cab’s right to the high-occupancy high-speed traffic lanes, I have to
remain doubtful that Sehgal actually understood what was happening.
PREVIOUSLY ON NECESSARY FACTS
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