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The monetary system must now be considered. During the first three sub-races at all events, such a thing as a State coinage was unknown. Small pieces of metal or leather stamped with some given value were, it is true, used as tokens. Having a perforation in the centre they were strung together, and were usually carried at the girdle. But each man was, as it were, his own coiner, and the leather or metal token fabricated by him and exchanged with another for value received, was but a personal acknowledgment of indebtedness, such as a promissory note is among us. No man was entitled to fabricate more of these tokens than he was able to redeem by the transfer of goods in his possession. The tokens did not circulate as coinage does, while the holder of the token had the means to estimate with perfect accuracy the resources of his debtor by the clairvoyant faculty which all then possessed to a greater or less degree, and which in any case of doubt was instantly directed to ascertain the actual state of the facts.

It must be stated, however, that in the later days of Poseidonis, a system approximating to our own currency was adopted, and the triple mountain visible from the great southern capital was the favourite representation on the State coinage.

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