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(Bloomberg) -- Egypt plans to develop a new indicator for its currency and add instruments to hedge against risks, as it turns the page on years of keeping the pound’s value stable around the ...
The Ptolemaic dynasty introduced standard coinage to Egypt, where pre-existing native dynasties made only very limited use of coins. Egyptian gold stater was the first coin ever minted in ancient Egypt around 360 BC during the reign of pharaoh Teos of the 30th Dynasty. These coins were used to pay salaries of Greek mercenaries in his service.
Ancient Egyptian metal tool kit is well described and it consisted of metal blades of chisels, adzes, axes, saws and drills, used for the work on various types of wood and stones. [18] Also, the ancient Egyptians were apparently using core drills in stonework at least as long ago as the Fourth Dynasty , probably made of copper or arsenical ...
Currency and exchange were important elements of trade in the ancient world, enabling people to buy and sell items like food, pottery, and raw materials. [9] If a Greek coin held more gold than an Egyptian coin due to its size or content, then a merchant could barter fewer Greek gold coins for more Egyptian ones, or for more material goods.
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Hence the Egyptian and Turkish units split from each other in value, with the Egyptian unit continuing its exchange value of 97.5 piastres to the pound sterling. In 1885, Egypt went into a purely gold standard, and the Egyptian pound unit, known as the juneih, was introduced at E£1 = 7.4375