The ancient coinage in the eastern part of the Mediterranean prior to the time of Alexander is suggested to have been a profit-seeking business. In general, mints tried to make a profit by issuing coins at a rate higher than the intrinsic value of the metal. Although overvalued at their place of issue, most coins lost their surplus value abroad. Coins of pure gold or silver, however, could be treated as bullion. Import and export prices of gold and silver coins make it possible to establish rates of equivalence of the two types of metals. The author traces shifts in the relative value of gold and silver during the fifth century B.C. Minting of coins of gold or silver can be seen to fluctuate with the price of gold or silver.