The ancient Egyptian economy ran without coins for most of its history. It was based on farming the Nile valley, on the collection and sharing out of grain by the state and the temples, and on barter.
Farming and the flood
Everything depended on the yearly Nile flood. Officials measured its height with nilometers, such as the one on Elephantine Island, to predict the harvest and set taxes. Farmers paid a share of their grain, flax and animals to the state, which stored it in huge granaries.
Paying without money
Workers were paid in bread, beer, grain, oil and cloth. Prices were measured against standard weights of copper or silver called deben, so a goat might be worth so many deben of copper, paid in other goods of the same value. Coins only came into wide use under the Ptolemies.
Trade
Egypt exported grain, linen, papyrus and gold, and imported cedar wood from Lebanon, silver, copper, lapis lazuli from Afghanistan, and incense, ebony and ivory from Nubia and the land of Punt, as shown in Hatshepsut’s temple.
Temples as banks
Great temples like Karnak owned land, herds, workshops and boats, and employed thousands of people. They were among the largest economic powers in the country. Read more about daily life in ancient Egypt.
