Biblical Economics From Wayne Jacksons book Biblical Economics Ancient Currency before coined amp paper money Bartering items of value Latin for money pecunia Latin for cattle ID: 400530
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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