Municipality of Argos
An innovation attributed by some researchers to the king of Argos Pheidon, took place probably near the end of the 8th cent. B. C., or maybe a little later in continental Greece and especially in Argolis. Pheidon consecrated the use of metal as a coin in the form of obelisks, which look like cooking obelisks that were meat skewers. These iron made obelisks are the precursors of coins.
The use of obelisks was already widespread and this is why they prevailed as means of transaction. Their use, from then on proved to be practical as well since they were used for cooking meat and as currency, as they successfully replaced previous means of transaction.
The obelisks were so thin that a human hand could hold six of them at the same time. The importance of the possibility to hold a means of transaction – coin, easily is proved by the etymology of the word drachma (from dratto=hold), which has been the currency of Greece for centuries.
The famous dedication of obelisks of king of Argos Pheidon is kept In the Currency Museum of Athens. These coins are believed to have been dedicated by Pheidon to the Goddess Hera at the Heraion of Argos. These obelisks were found during the American excavations at the temple in 1894. The use of obelisks continued during the following centuries.
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