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Before the Coin
The Rise of Lending, Credit, and Risk Control in the Ancient World
Credit emerged before coins because resources were needed before production yielded a return. This paper traces early lending through recorded obligations, witnesses, seals, repayment events, collateral, enforcement, and relief, showing how ancient institutions made future transfers legible and enforceable.
Digital Object Identifier 10.5281/zenodo.22670028About the paper
Credit began with an obligation across time.
Agricultural seasonality, subsistence uncertainty, specialization, and long-distance trade created recurring gaps between present needs and future resources. The paper examines how early credit arrangements responded to those conditions through measurement, records, and enforceable claims.
An Old Assyrian silver loan illustrates staged repayments and layered risk controls. Comparative evidence and legal sources distinguish documented practice from prescribed rules, while showing that effective lending depended on both credible enforcement and responses to distress.
Cite this paper
Suggested citation
Weitl, Peter. Before the Coin: The Rise of Lending, Credit, and Risk Control in the Ancient World. Weitl Enterprises LLC, September 2026. https://doi.org/10.5281/zenodo.22670028