In Brief: The History & Cost of Minting the Egyptian pound!

After the barter system came into being people began to think whether there are more valuable items they can use to trade/buy for their needs but that would have a longer shelf life. 

As a result they started using precious metals such as silver and gold for their purchases. As time went by the idea of having a currency with unified weight and shape emerged which would make it much easier to buy and sell their goods and services.

The first coin in history

The first coin was minted in 600 BC in the Kingdom of Lydia - present-day Turkey - and was made of a mixture of gold, silver and copper. It was also stamped with the emblem of the empire. 

After this the idea of coins spread in the rest of the countries around Lydia through trade.

Till this day we use coins made of metal every day, and the reason behind this is that small denominations must be made of material that can withstand a lot of trading from hand to hand unlike large denominations that do not circulate as much, so they are made of paper.

More one the new 10 EGP: After its official unveiling: the new 10 EGP bill

The evolution of the shape of coins

At first coins were just round pieces of metal with the imperial emblem engraved on them but after their use became more popular specialized presses were commissioned and the shape, size, and weight of the coins was standardized.

 The sides were decorated as well so that people couldn’t scrape some shaving off and sell them on the side or to prevent counterfeit coins from being made.

The first person to out his image on coins was Alexander the Great to celebrate his achievements, after that many rulers did the same.

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Coins in Egypt

The usage of coins in Egypt started with Alexander the Great who introduced them to the Egyptian economy. The first coin to be minted in Egypt was in 350 BCE and its name was "Nubnefer" meaning “pure gold”.

 Throughout history Egyptian currencies always reflected the state of the country’s economy, so the more precious the material used such as gold for example the more prosperous the economy is and vice versa.

Composition of metal coins

In most countries coins are made out of copper, nickel, and zinc, with a higher percentage of copper, while in other countries they use iron, aluminum, carbon, and tin, and some even use gold.

As for the Egyptian one-pound coin it is made out of copper-plated steel "Cupronickel" which is nickel copper, and contrary to popular misconception silver is not an ingredient.

What is the Egyptian one-pound coin made of and how much does it cost to manufacture?

The head of the Egyptian Mint said in earlier statements that the one-pound coin is made out of copper-plated steel, the same as British currency, and that the metal pound costs between 90 and 95 piasters to manufacture.

For more information about the Egyptian pound check our article, a brief history on Egyptian currency