Lesson 3: - PowerPoint Presentation

Slide1

Lesson 3:Biblical Economics

From Wayne Jackson’s bookSlide2

Biblical EconomicsAncient Currency (before coined & paper money) Bartering items of valueLatin for “money” = pecunia

Latin for “cattle” =

pecus

Hebrew for “cattle” =

miqne

Hebrew for “purchase” =

miqnah

(Gen. 13:2; 17:12)

Solomon paid King Hiram of

Tyre

in wheat & oil for temple construction (1 Kings 5:11)Slide3

Biblical EconomicsAncient Currency (before coined & paper money) Bartering items of valuePrecious metals (silver & gold) – weighed out

Abimelech

gave Abraham 1,000 shekels of silver

(Gen. 20:16)

About 25 pounds in weight (shekel was about .4 of an ounce)

Abraham paid 400 shekels of silver for cave of

Machpelah

About 10 pounds in weight (Gen. 23:16)

Joseph was sold for 20 shekels of silver (Gen. 37:28)

Later, the price of a slave was 30 shekels of silver (Ex. 21:32)Slide4

Biblical EconomicsAncient Currency (before coined & paper money) Bartering items of valuePrecious metals (silver & gold) – weighed out

Queen of Sheba gave Solomon 120 talents of gold (1

Kgs

. 10:10)

Talent was 75.6 lbs. – she gave about 4.5 tons of gold

Solomon’s annual income from taxation was 666 talents of gold

25 tons of gold, probably about $200+ million

Pul

(King of Assyria) came against

Menahem

(king of Israel) (2

Kgs

. 15:19)

Menahem

paid

Pul

1,000 talents of silver (more than 37 tons)

“that his hand might be with him” Slide5

Biblical EconomicsAncient Currency (before coined & paper money) Bartering items of valuePrecious metals (silver & gold) – weighed out

In light of the practice of weighing money (and other forms of exchange) at this point in history, the many OT passages which stress just balances and scales become very significant

“Dishonest scales are an abomination to the Lord, But a just weight is His delight.” (Prov. 11:1)

“Honest weights and scales are the Lord’s; All the weights in the bag are His work.” (Prov. 16:11)

“Diverse weights and diverse measures, They are both alike, an abomination to the Lord.” (20:10)Slide6

Biblical EconomicsAncient Currency (before coined & paper money) Bartering items of valuePrecious metals (silver & gold) – weighed out

Coins probably first used in Asia Minor around 6

th

century B.C.

First explicit OT reference to coins in Ezra 8:27

Ezra brought “

darics

” (from name “

Darias

”) back from captivity in 457 B.C.

Darics

were gold coins weighing about 8.424 grams

At the rebuilding of temple

Israelites gave 61,000

darics

of gold & 5,000 (250,000 shekels) of silver (Ezra 2:69)

Did not return from captivity in abject poverty (cf. Ezra 1:4)Slide7

Biblical EconomicsSeven Coins in the Greek New Testament DrachmeSilver coin worth approx 18-19 centsWoman had 10 drachmas, lost one & searched diligently to find it (Luke 15:8-9)Drachme

was price of one sheep or 1/5 of an oxSlide8

Biblical EconomicsSeven Coins in the Greek New Testament DrachmeDidrachmonWorth two drachmas, thus about 36 cents

Generally used by Jews to pay yearly temple tax

Those responsible for the collection of that tax asked Peter, “Does your Teacher not pay the temple tax?” (Matt. 17:24).

Peter replied that the Lord did pay that tax (17:25).

Jesus paid it (to prevent stumbling), but the Lord also claimed an exemption from that fee on the ground that “sons” don’t pay taxes (17:25-26).Slide9

Biblical EconomicsSeven Coins in the Greek New Testament DrachmeDidrachmonStater

Jesus told Peter to go to the sea, cast a hook, and in the mouth of the first fish caught, he would find a

stater

.

Peter was to pay temple tax for himself & the Lord (Matt. 17:27).

The

slater

was a silver coin equal to two

didrachmas

, thus worth 72-80 cents.

Many scholars believe these large silver coins were the ones paid to Judas for betraying Christ – 30 pieces of silver (Matt. 26:15; 27:3-5)

If that is correct, the Lord was sold for about $22-24.

This was the price of a slave in Exodus 21:32.Slide10

Biblical EconomicsSeven Coins in the Greek New Testament DenarionDenarius was a silver Roman coin about size of dimeIt was worth about 18 cents & is mentioned 15 times in NTIt contained an inscription of the Roman emperor

This coin represented the

avg

daily wage for the Palestinian working man (cf. Matt. 20:2ff)Slide11

Biblical EconomicsSeven Coins in the Greek New Testament DenarionMary anointed Jesus’ head & feet with pound of precious ointment (Matt. 26:7; Mark 14:3)Judas said it could have been sold for more than 300

denarii

Her gift of devotion represented a year’s wage to Jewish laborer

Good Samaritan gave inn-keeper two

denarii

(

Lk

10:30-35)

Gave two days’ wages to care for the wounded stranger

Price of a day’s board in that age was about 1/12 of a denarius

Good Samaritan provided more than 3 weeks lodging for the manSlide12

Biblical EconomicsSeven Coins in the Greek New Testament AssarionRoman copper coin worth 1/16 denarius, just over 1 cent“Are not two sparrows sold for a copper coin? And not one of them falls to the ground apart from your Father's will” (Matt. 10:29).

Sparrows were common items of food and were inexpensive—2 for a penny, 5 for 2 cents (Luke 12:6)

If God was not unmindful of a creation so commercially cheap, how much more is He concerned for His people?Slide13

Biblical EconomicsSeven Coins in the Greek New Testament KondrantesSmallest of the Roman coinsWorth about ¼ of a cent

Jesus refers to the coin in a figurative sense in Matt 5:26

Reconcile with adversaries while there is time

If neglected to do so, might be thrown into prison

Remain in prison until the last

kondranten

was paid

Urgency to make things right while opportunity prevailsSlide14

Biblical EconomicsSeven Coins in the Greek New Testament LeptonTiny copper worth 1/8 of a centJewish coin engraved w/ religious or agricultural scenes

Lepton could therefore be deposited directly into the temple treasury (Mark 12:41-42)

Roman coins could not…hence, the need for “money-changers” to convert currency from Roman to Jewish coinage (cf. John 2:14; Matt. 21:12)

Money-changers were like today’s bankers, exchanging one currency for another

Usually paid about 12% for their services

Twice Jesus drove them from the temple court, saying they had made the Lord’s house a den of robbersSlide15

Biblical EconomicsSeven Coins in the Greek New Testament LeptonChrist was in the temple’s court of women in Mark 12:41ffThat court had 13 treasury boxes

He was watching multitude as they cast money in the coffers

Widow came and cast in two lepta

Lord talked to His disciples about the lady’s generosity

Others had given out of their abundance

She gave out of her want, having given her whole living

Her entire substance was about 1/72 of a daily wage

Could have only afforded ½ of a sparrow at the market

She was consumed with devotion to God, and so gave all she hadSlide16

Biblical EconomicsSeven Coins in the Greek New Testament TalentNot a weight of silver, but the Roman-Attic talent, equal to 6,000 drachmas (slightly over $1,000)Peter once asked Jesus how often forgiveness should be extended—“until 7 times?” (Matt. 18:21ff)

Jesus replied, “until 70 times 7” – meaning that forgiveness was to be limitlessSlide17

Biblical EconomicsSeven Coins in the Greek New Testament TalentJesus then told the parable of “The Unmerciful Servant”Certain king made a reckoning with his servants

One servant owed him 10,000 talents = $10 million

If he earned one denarius per day and gave that entire amount to his master, would have taken 200,000 years to pay

He sought forgiveness and his master gave it to him.

That king represents God and that debt is sin

The forgiven servant went and found a fellow-servant who owed him 100

denarii

= $18

His ungrateful lender would show no mercy

When the king heard, he had the man punished

As we have been graciously forgiven, so must we extend it