Money in Ancient Egypt—A Pyramid Scheme
The New Kingdom era of Egypt, spanning from around 1550 to 1069 BC, marked a fascinating period in the ancient world, particularly in terms of its economy and monetary system. This era, covering the 18th to 20th dynasties, is renowned for its prosperity, architectural marvels, and significant developments in the economic structure of the society. Today we will explore the concept of money in the New Kingdom and how it manifests itself in the fictional world of the YA fantasy novel, Treasures of Egypt.
The Economy of the New Kingdom
Egypt's economy during the New Kingdom can be best described as an agricultural command economy, sharing similarities with the feudal system of the Middle Ages. The pharaoh and his administrators, along with religious officials, played a central role in controlling vast tracts of land and collecting taxes. Unlike the feudal lords of medieval Europe, it was the pharaoh and his bureaucracy that made crucial economic decisions, impacting resources, products, and trade networks within Egypt.
Interestingly, for most of its history, ancient Egypt operated on a barter system without cash. It wasn't until the Persian Invasion in 525 BCE that a cash economy was established. Prior to this, trade thrived through an exchange of goods and services based on mutually agreed standards of value. Goods and services in Egypt were valued using a unit known as the "deben," which functioned much like modern money but without a physical coin. A deben was approximately 90 grams of copper, and more expensive items could be priced in debens of silver or gold.
Mostly one can regard the exchange of goods in the New Kingdom as a simpler version of the cash system we have today. Let’s assume a deben equals a dollar. Now if a shoe equals one deben and you want to buy a ring for the low price of two debens you would have to exchange a pair of shoes for a ring. This means that each party always has the option to exchange their goods (2 shoes or a ring) for 2 debens or approximately 180 grams of copper. This, in theory, wasn’t that different from how the dollar functioned when it was tied to the gold reserve. The dollar bill was a physical manifestation of the deben unite and functioned as a promise that you could exchange it for a certain amount of gold.
Expanding Economy Through Trade and Conquest
Hatshepsut, one of the most prominent pharaohs, was known for her savvy business acumen. Under her rule, Egypt's wealth grew significantly, allowing for the construction of numerous buildings and monuments. She is famously known for organizing a major trade expedition to Punt (presumably the horn of Africa and/or Yemen), which brought back valuable goods like incense-bearing trees, frankincense, and myrrh. This focus on luxury items and international trade was a hallmark of the New Kingdom.
Expanding the economy was a major theme of the New Kingdom. Through conquests, the government increased its territory and population, leading to higher tax and tribute collections. This expansion provided resources and labor, diversifying the economy. The New Kingdom was known for its trade with regions like Cyprus, Crete, the Aegean islands, and perhaps mainland Greece. Key traded items included wood, wines, oils, resins, silver, copper, gold, linens, papyrus paper, leather goods, and grains.
But regardless of the diversification of the economic system, it was centrally controlled, with most of the produce being considered the property of the king. A significant portion of the agricultural produce was used for state projects, including the manufacture of secondary products and funding court activities. The surplus was stored for emergencies like poor harvests. This central control, however, did not deter the priests of various cults from owning tax-exempt lands and engaging in trade, often living as comfortably as royalty.
With such complex economic systems, we start seeing a rise in what we can recognize as modern security forces like an organized army, border control, and a police force. The armed guards protected government-sponsored caravans, and a police force manned border crossings, ensuring the safety of merchants and their goods. This security framework was essential in maintaining the thriving trade networks of the era. We also see a rise in the cult of Set, the god of destruction and ruler of the Red Land, the desert that surrounds the Black Land (the Nile Valley), as merchants would pay tribute to the good for safe passing, enriching his cult.
Money in "Treasures of Egypt"
In the YA fantasy novel, Treasures of Egypt, a deviation from historical accuracy is presented through the use of coins in transactions. Historically, as mentioned in this article, ancient Egypt, particularly during the New Kingdom, operated primarily on a barter system, where goods and services were exchanged without the use of coins.
The introduction of coins in the novel was an artistic decision made to simplify complex economic transactions. Explaining the intricate details of the barter system and its nuances would have required extensive word count, potentially detracting from the narrative's flow and pace. However, to maintain historical grounding while facilitating storytelling, the use of coins is limited to high-level government dealings in the novel. This approach creates a distinction between the elite and the general public, with the latter adhering to the historically accurate method of trading through barter. This compromise allows for a smoother narrative while preserving a sense of historical authenticity in the broader context of the novel.
Conclusion
The New Kingdom of Egypt stands as a testament to the complexities and advancements in ancient economies. Its blend of agricultural command economy, coupled with a sophisticated trade network, sets a remarkable example of economic structure in antiquity. The period's emphasis on luxury goods, expansion through conquest, and central economic control under the pharaoh and religious authorities paint a vivid picture of a society both rich in resources and innovative in its economic approaches.
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