Misplaced Pages

#364635

71-460: Electrum was used as early as the third millennium BC in the Old Kingdom of Egypt , sometimes as an exterior coating to the pyramidions atop ancient Egyptian pyramids and obelisks . It was also used in the making of ancient drinking vessels . The first known metal coins made were of electrum, dating back to the end of the 7th century or the beginning of the 6th century BC. The name electrum

142-436: A government converts gold into non- gold standard based currency at the market rate by printing paper notes. A person exchanges one ounce of gold for its value in that currency , keeps the currency for one year, and exchanges it for an amount of gold at the new market value. If the value of the currency relative to gold has changed in the interim, the second exchange will yield less (or more) than one ounce of gold (assuming that

213-419: A king's portrayal was about the idea of the office of kingship, which were dependent on the time period. The Old Kingdom was considered a golden age for Egypt, a grandiose height to which all future kingdoms aspired. As such, the king was portrayed as young and vital, with features that agreed with the standards of beauty of the time. The musculature seen in male figures was also applied to kings. A royal rite,

284-513: A lower gold content than the commonly circulating metal. These difficulties were eliminated circa 570 BC when the Croeseids , coins of pure gold and silver, were introduced. However, electrum currency remained common until approximately 350 BC. The simplest reason for this was that, because of the gold content, one 14.1 gram stater was worth as much as ten 14.1 gram silver pieces. Old Kingdom of Egypt In ancient Egyptian history,

355-733: A monument to his father Khufu. Alternatively, the Sphinx has been proposed to be the work of Khafre and Khufu himself. There were military expeditions into Canaan and Nubia , with Egyptian influence reaching up the Nile into what is today Sudan . The later kings of the Fourth Dynasty were Menkaure (2532–2504 BC), who built the smallest of the three great pyramids in Giza; Shepseskaf (2504–2498 BC); and, perhaps, Djedefptah (2498–2496 BC). The Fifth Dynasty (2494–2345 BC) began with Userkaf (2494–2487 BC) and

426-425: A one stater coin, were minted as well. Because of variation in the composition of electrum, it was difficult to determine the exact worth of each coin. Widespread trading was hampered by this problem, as the intrinsic value of each electrum coin could not be easily determined. This suggests that one reason for the invention of coinage in that area was to increase the profits from seigniorage by issuing currency with

497-571: A piece to a particular time frame. Proportions of the human figure are one of the most distinctive, as they vary between kingdoms. Old Kingdom male figures have characteristically broad shoulders and a long torso, with obvious musculature. On the other hand, females are narrower in the shoulders and waist, with longer legs and a shorter torso. However, in the Sixth Dynasty, the male figures lose their muscularity and their shoulders narrow. The eyes also tend to get much larger. In order to help maintain

568-780: A stable currency. Orthodox economists counter that deflation is difficult to control once it sets in, and its effects are more damaging than modest, consistent inflation. Banks (or governments) relying heavily on seigniorage and fractional reserve sources of revenue may find them counterproductive. Rational expectations of inflation take into account a bank's seigniorage strategy, and inflationary expectations can maintain high inflation. Instead of accruing seigniorage from fiat money and credit, most governments opt to raise revenue primarily through formal taxation and other means The 50 State Quarters series of quarters (25-cent coins) began in 1999. The U.S. government thought that many people, collecting each new quarter as it rolled out of

639-443: A weight of about 14.1 grams (0.50 oz)—totaled one stater, about one month's pay for a soldier. To complement the stater, fractions were made: the trite (third), the hekte (sixth), and so forth, including 1 ⁄ 24 of a stater, and even down to 1 ⁄ 48 and 1 ⁄ 96 of a stater. The 1 ⁄ 96 stater was about 0.14 grams (0.0049 oz) to 0.15 grams (0.0053 oz). Larger denominations, such as

710-575: Is an example of a typical Old Kingdom sculpture. The three figures display frontality and axiality, while fitting with the proportions of this time period. The graywacke came from the Eastern Desert in Egypt and is therefore associated with rebirth and the rising of the sun in the east. Seigniorage Seigniorage / ˈ s eɪ n j ər ɪ dʒ / , also spelled seignorage or seigneurage (from Old French seigneuriage  'right of

781-471: Is an interest-free loan (of gold, for example) to the issuer of the coin or banknote. When the currency is worn out the issuer buys it back at face value, balancing the revenue received when it was put into circulation without any additional amount for the interest value of what the issuer received. Historically, seigniorage was the profit resulting from producing coins. Silver and gold were mixed with base metals to make durable coins. The British pound sterling

SECTION 10

#1733093357365

852-481: Is controversial. According to Porter and Judson, 53 to 67 percent was overseas during the mid-1990s. Feige estimates that about 40 percent is abroad. In a New York Federal Reserve publication, Goldberg writes that "about 65 percent ($ 580 billion) of all banknotes are in circulation outside of the country". These figures are largely contradicted by Federal Reserve Board of Governors Flow of Funds statistics, which indicate that $ 313 billion (36.7 percent) of U.S. currency

923-554: Is earned by selling the coins above the melt value in exchange for guaranteeing the weight of the coin. Under the rules governing the monetary operations of major central banks (including the United States Federal Reserve ), seigniorage on banknotes is the interest payments received by central banks on the total amount of currency issued. This usually takes the form of interest payments on treasury bonds purchased by central banks, putting more money into circulation. If

994-625: Is evidence that Merenre was not only active in Nubia like Pepi I but also sent officials to maintain Egyptian rule over Nubia from the northern border to the area south of the third cataract. During the Sixth Dynasty (2345–2181 BC) the power of the pharaoh gradually weakened in favor of powerful nomarchs (regional governors). These no longer belonged to the royal family and their charge became hereditary, thus creating local dynasties largely independent from

1065-455: Is logistically more difficult than transporting cocaine because of its size and weight, and the ease of transporting its banknotes makes the euro attractive to Latin American drug cartels. The Swiss 1,000-franc note , worth slightly more than $ 1,000, is probably the only other banknote in circulation outside its home country. However, it does not have a significant advantage over the €500 note to

1136-579: Is most commonly regarded as the period from the Third Dynasty to the Sixth Dynasty (2686–2181 BC). Information from the Fourth to the Sixth Dynasties of Egypt is scarce, and historians regard the history of the era as literally "written in stone" and largely architectural in that it is through the monuments and their inscriptions that scholars have been able to construct a history. Egyptologists also include

1207-417: Is retained as a store of value , since the entity values it more than the local currency. Foreign circulation generally involves large-value banknotes, and can be used for private transactions (some of which are illegal ). American currency has been circulating globally for most of the 20th century, and the amount of currency in circulation increased several-fold during World War II . Large-scale printing of

1278-414: Is sometimes found with traces of platinum, copper and other metals. The name is mostly applied informally to compositions between 20–80% gold and 80–20% silver, but these are strictly called gold or silver depending on the dominant element. Analysis of the composition of electrum in ancient Greek coinage dating from about 600 BC shows that the gold content was about 55.5% in the coinage issued by Phocaea . In

1349-570: Is the Latinized form of the Greek word ἤλεκτρον ( ḗlektron ), mentioned in the Odyssey , referring to a metallic substance consisting of gold alloyed with silver . The same word was also used for the substance amber , likely because of the pale yellow color of certain varieties. (It is from amber’s electrostatic properties that the modern English words electron and electricity are derived.) Electrum

1420-568: The Old Kingdom is the period spanning c.  2700 –2200 BC. It is also known as the "Age of the Pyramids" or the "Age of the Pyramid Builders", as it encompasses the reigns of the great pyramid-builders of the Fourth Dynasty , such as King Sneferu , under whom the art of pyramid -building was perfected, and the kings Khufu , Khafre and Menkaure , who commissioned the construction of

1491-532: The United States Mint , would remove the coins from circulation. Each complete set of quarters (the 50 states, the five inhabited U.S. territories , and the District of Columbia ) is worth $ 14.00. Since it costs the mint about five cents to produce one quarter, the government made a profit when someone collected a coin. The Treasury Department estimates that it earned about $ 6.3 billion in seigniorage from

SECTION 20

#1733093357365

1562-513: The United States one-hundred-dollar bill began when the Soviet Union dissolved in 1991; production quadrupled, with the first trillion-dollar printing of the bill. At the end of 2008, U.S. currency in public circulation amounted to $ 824 billion and 76 percent of the currency supply was in the form of $ 100 bills (twenty $ 100 bills per U.S. citizen). The amount of U.S. currency circulating abroad

1633-436: The money supply during GDP growth and meeting yearly inflation targets. Seigniorage can be a convenient source of revenue for a government. By providing the government with increased purchasing power at the expense of public purchasing power, it imposes what is metaphorically known as an inflation tax on the public. Seigniorage is the positive return, or carry , on issued notes and coins (money in circulation). Demurrage ,

1704-645: The pyramids at Giza . Egypt attained its first sustained peak of civilization during the Old Kingdom, the first of three so-called "Kingdom" periods (followed by the Middle Kingdom and New Kingdom ), which mark the high points of civilization in the lower Nile Valley . The concept of an "Old Kingdom" as one of three "golden ages" was coined in 1845 by the German Egyptologist Baron von Bunsen , and its definition evolved significantly throughout

1775-570: The 19th and the 20th centuries. Not only was the last king of the Early Dynastic Period related to the first two kings of the Old Kingdom, but the "capital", the royal residence, remained at Ineb-Hedj , the Egyptian name for Memphis . The basic justification for separating the two periods is the revolutionary change in architecture accompanied by the effects on Egyptian society and the economy of large-scale building projects. The Old Kingdom

1846-502: The 2011 fiscal year. Occasionally, central banks have issued limited quantities of higher-value banknotes in unusual denominations for collecting; the denomination will usually coincide with an anniversary of national significance. The potential seigniorage from such printings has been limited, since the unusual denomination makes the notes more difficult to circulate and only a relatively-small number of people collect higher-value notes. Over half of Zimbabwe 's government revenue in 2008

1917-506: The 45–55% of gold in electrum used in ancient Lydian coinage of the same geographical area. This suggests that the Lydians had already solved the refining technology for silver and were adding refined silver to the local native electrum some decades before introducing pure silver coins. In Lydia, electrum was minted into coins weighing 4.7 grams (0.17 oz), each valued at 1 ⁄ 3 stater (meaning "standard"). Three of these coins—with

1988-634: The Memphite Seventh and Eighth Dynasties in the Old Kingdom as a continuation of the administration, centralized at Memphis. While the Old Kingdom was a period of internal security and prosperity, it was followed by a period of disunity and relative cultural decline referred to by Egyptologists as the First Intermediate Period . During the Old Kingdom, the King of Egypt (not called the Pharaoh until

2059-493: The Middle Kingdom ensured that art was axial, symmetrical, proportional, and most importantly reproducible and therefore recognizable. Composite composition, the second principle, also contributes to the goal of identification. Multiple perspectives were used in order to ensure that the onlooker could determine precisely what they saw. Though Egyptian art almost always includes descriptive text, literacy rates were not high, so

2130-511: The New Kingdom) became a living god who ruled absolutely and could demand the services and wealth of his subjects. Under King Djoser , the first king of the Third Dynasty of the Old Kingdom, the royal capital of Egypt was moved to Memphis, where Djoser established his court. A new era of building was initiated at Saqqara under his reign. King Djoser's architect, Imhotep , is credited with

2201-421: The art gave another method for communicating the same information. One of the best examples of composite composition is the human form. In most two-dimensional relief, the head, legs, and feet are seen in profile, while the torso faces directly front. Another common example is an aerial view of a building or location. The third principle, the hierarchy of scale, illustrates relative importance in society. The larger

Electrum - Misplaced Pages Continue

2272-636: The central authority of the Pharaoh. However, Nile flood control was still the subject of very large works, including especially the canal to Lake Moeris around 2300 BC, which was likely also the source of water to the Giza pyramid complex centuries earlier. Internal disorders set in during the incredibly long reign of Pepi II (2278–2184 BC) towards the end of the dynasty. His death, certainly well past that of his intended heirs, might have created succession struggles. The country slipped into civil wars mere decades after

2343-462: The close of Pepi II's reign. The final blow was the 22nd century BC drought in the region that resulted in a drastic drop in precipitation. For at least some years between 2200 and 2150 BC, this prevented the normal flooding of the Nile . Whatever its cause, the collapse of the Old Kingdom was followed by decades of famine and strife. An important inscription on the tomb of Ankhtifi , a nomarch during

2414-463: The consistency of these proportions, the Egyptians used a series of eight guidelines to divide the body. They occurred at the following locations: the top of the head, the hairline, the base of the neck, the underarms, the tip of the elbow or the bottom of the ribcage, the top of the thigh at the bottom of the buttocks, the knee, and the middle of the lower leg. From the soles of the feet to the hairline

2485-476: The currency is collected, or is otherwise taken permanently out of circulation, the currency is never returned to the central bank; the issuer of the currency keeps the seigniorage profit by not having to buy back worn-out currency at face value. The solvency constraint of a standard central bank requires that the present discounted value of its net non-monetary liabilities (separate from monetary liabilities accrued through seigniorage attempts) be zero or negative in

2556-595: The currency issuer. Issuing new currency, rather than collecting taxes paid with existing money, is considered a tax on holders of existing currency. Inflation of the money supply causes a general rise in prices, due to the currency's reduced purchasing power. This is a reason offered in support of free banking , a gold or silver standard , or (at a minimum) the reduction of political control of central banks, which could then ensure currency stability by controlling monetary expansion (limiting inflation). Hard-money advocates argue that central banks have failed to attain

2627-578: The development of building with stone and with the conception of the new architectural form , the step pyramid . The Old Kingdom is best known for a large number of pyramids constructed at this time as burial places for Egypt's kings. The first King of the Old Kingdom was Djoser (sometime between 2691 and 2625 BC) of the Third Dynasty , who ordered the construction of a pyramid (the Step Pyramid ) in Memphis' necropolis, Saqqara . An important person during

2698-417: The dynasties. The three primary principles of that style, frontality, composite composition, and hierarchy scale, illustrate this quite well. These characteristics, initiated in the Early Dynastic Period and solidified during the Old Kingdom, persisted with some adaptability throughout the entirety of ancient Egyptian history as the foundation of its art. Frontality, the first principle, indicates that art

2769-487: The dynasty sent expeditions to the stone quarries and gold mines of Nubia and the mines of Sinai. there are references and depictions of military campaigns in Nubia and Asia. The sixth dynasty peaked during the reigns of Pepi I and Merenre I with flourishing trade, several mining and quarrying expeditions and major military campaigns. Militarily, aggressive expansion into Nubia marked Pepi I's reign. At least five military expeditions were sent into Canaan. There

2840-516: The dynasty were Menkauhor Kaiu (2421–2414 BC), Djedkare Isesi (2414–2375 BC), and Unas (2375–2345), the earliest ruler to have the Pyramid Texts inscribed in his pyramid. Egypt's expanding interests in trade goods such as ebony , incense such as myrrh and frankincense , gold, copper, and other useful metals inspired the ancient Egyptians to build suitable ships for navigation of the open sea. They traded with Lebanon for cedar and travelled

2911-429: The early First Intermediate Period , describes the pitiful state of the country when famine stalked the land. The most defining feature of ancient Egyptian art is its function, as that was the entire purpose of creation. Art was not made for enjoyment in the strictest sense, but rather served a role of some kind in Egyptian religion and ideology. This fact manifests itself in the artistic style, even as it evolved over

Electrum - Misplaced Pages Continue

2982-615: The early classical period the gold content of electrum ranged from 46% in Phokaia to 43% in Mytilene . In later coinage from these areas, dating to 326 BC, the gold content averaged 40% to 41%. In the Hellenistic period electrum coins with a regularly decreasing proportion of gold were issued by the Carthaginians . In the later Eastern Roman Empire controlled from Constantinople the purity of

3053-478: The figure, the more important the individual. The king is usually the largest, aside from deities. The similarity in size equated to similarity in position. However, this is not to say that physical differences were not shown as well. Women, for example, are usually shown as smaller than men. Children retain adult features and proportions but are substantially smaller in size. Aside from the three primary conventions, there are several characteristics that can help date

3124-658: The gold coinage was reduced Electrum is mentioned in an account of an expedition sent by Pharaoh Sahure of the Fifth Dynasty of Egypt . It is also discussed by Pliny the Elder in his Naturalis Historia . It is also mentioned in the Bible, in the first chapter of the book of the prophet Ezekiel . The earliest known electrum coins, Lydian coins and East Greek coins found under the Temple of Artemis at Ephesus , are currently dated to

3195-400: The jubilee run which was established during the Old Kingdom, involved the king running around a group of markers that symbolized the geographic borders of Egypt. This was meant to be a demonstration of the king's physical vigor, which determined his capacity to continue his reign. This idea of kingly youth and strength were pervasive in the Old Kingdom and thus shown in the art. The sculpture

3266-491: The last quarter of the 7th century BC (625–600 BC). Electrum is believed to have been used in coins c. 600 BC in Lydia during the reign of Alyattes . Electrum was much better for coinage than gold, mostly because it was harder and more durable, but also because techniques for refining gold were not widespread at the time. The gold content of naturally occurring electrum in modern western Anatolia ranges from 70% to 90%, in contrast to

3337-520: The length of the Red Sea to the Kingdom of Punt - modern-day Eritrea —for ebony, ivory, and aromatic resins. Shipbuilders of that era did not use pegs ( treenails ) or metal fasteners, but relied on the rope to keep their ships assembled. Planks and the superstructure were tightly tied and bound together. This period also witnessed direct trade between Egypt and its Aegean neighbors and Anatolia. The rulers of

3408-428: The long run. Its monetary liabilities are liabilities in name only, since they are irredeemable. The holder of base money cannot insist on the redemption of a given amount into anything other than the same amount of itself, unless the holder of the base money is another central bank reclaiming the value of its original interest-free loan. Economists regard seigniorage as a form of inflation tax , returning resources to

3479-461: The lord ( seigneur ) to mint money'), is the difference between the value of money and the cost to produce and distribute it. The term can be applied in two ways: "Monetary seigniorage" is where sovereign-issued securities are exchanged for newly printed banknotes by a central bank, allowing the sovereign to "borrow" without needing to repay. Monetary seigniorage is sovereign revenue obtained through routine debt monetization , including expansion of

3550-402: The nature of time during this period held that the universe worked in cycles, and the Pharaoh on earth worked to ensure the stability of those cycles. They also perceived themselves as specially selected people. The Old Kingdom and its royal power reached a zenith under the Fourth Dynasty (2613–2494 BC). King Sneferu, the first king of the Fourth Dynasty, held territory from ancient Libya in

3621-460: The non-Swiss; there are 20 times as many €500 notes in circulation, and they are more widely recognized. As a reserve currency , it makes up about 0.1% of the currency composition of official foreign-exchange reserves. Governments vary in their issuance of large banknotes; in August 2009, the number of Fr. 1,000 notes in circulation was over three times the population of Switzerland . For comparison,

SECTION 50

#1733093357365

3692-577: The number of circulating £50 banknotes is slightly less than three times the population of the United Kingdom; the Fr. 1,000 franc note is worth about £600. The British government has been wary of large banknotes since the counterfeiting Operation Bernhard during World War II , which caused the Bank of England to withdraw all notes larger than £5 from circulation. The bank did not reintroduce other denominations until

3763-450: The opposite, is the cost of holding currency. An example of an exchange of gold for "paper" where no seigniorage occurs is when a person has one ounce of gold, trades it for a government-issued gold certificate (providing for redemption in one ounce of gold), keeps that certificate for a year, and redeems it in gold. That person began with and ends up with exactly one ounce of gold. In another scenario, instead of issuing gold certificates

3834-639: The pyramid. The Meidum pyramid was the first to have an above-ground burial chamber. Using more stones than any other Pharaoh, he built the three pyramids: a now collapsed pyramid in Meidum , the Bent Pyramid at Dahshur , and the Red Pyramid , at North Dahshur. However, the full development of the pyramid style of building was reached not at Saqqara, but during the building of the Great Pyramids at Giza. Sneferu

3905-497: The quarters during the program. Some countries' national mints report the amount of seigniorage provided to their governments; the Royal Canadian Mint reported that in 2006 it generated $ 93 million in seigniorage for the government of Canada . The U.S. government, the largest beneficiary of seigniorage, earned about $ 25 billion in 2000. For coins only, the U.S. Treasury received 45 cents per dollar issued in seigniorage for

3976-405: The reign of Djoser was his vizier , Imhotep . It was in this era that formerly independent ancient Egyptian states became known as nomes , under the rule of the king. The former rulers were forced to assume the role of governors or otherwise work in tax collection. Egyptians in this era believed the king to be the incarnation of Horus , linking the human and spiritual worlds. Egyptian views on

4047-453: The solar aspect of their religion and the inundations of the Nile. Though the above concepts apply to most, if not all, figures in Egyptian art, there are additional characteristics that applied to the representations of the king. Their appearance was not an exact rendering of the king's visage, though kings are somewhat identifiable through looks alone. Identification could be supplied by inscriptions or context. A huge, more important part of

4118-427: The transport of larger amounts of money. One million dollars in $ 100 bills weighs 22 pounds (10 kg), and it is difficult to carry this much money without a briefcase and physical security. The same amount in €500 notes would weigh less than three pounds (1.4 kg), which could be dispersed in clothing and luggage without attracting attention or alerting security devices. In illegal operations, transporting currency

4189-411: The value, or purchasing power , of one ounce of gold remains constant through the year). If the value of the currency relative to gold has decreased, the person receives less than one ounce of gold and seigniorage occurred. If the value of the currency relative to gold has increased, the person receives more than one ounce of gold and demurrage occurred; seigniorage did not occur. Ordinarily, seigniorage

4260-570: The west to the Sinai Peninsula in the east, to Nubia in the south. An Egyptian settlement was founded at Buhen in Nubia which endured for 200 years. After Djoser, Sneferu was the next great pyramid builder. He commissioned the building of not one, but three pyramids. The first is called the Meidum Pyramid , named for its location in Egypt . Sneferu abandoned it after the outside casing fell off of

4331-451: Was 92.5 percent silver; the base metal added (and the pure silver retained by the government mint) was, less costs, the profit – the seigniorage. Before 1933, United States gold coins were 90 percent gold and 10 percent copper. To make up for the lack of gold, the coins were over-weighted. A one-ounce Gold American Eagle will have as much of the alloy as needed to contain a total of one ounce of gold (which will be over one ounce). Seigniorage

SECTION 60

#1733093357365

4402-466: Was Sahure's son. Neferirkare introduced the prenomen in the royal titulary. He was followed by two short-lived kings, his son Neferefre (2455–2453 BC) and Shepseskare , the latter of uncertain parentage. Shepseskare may have been deposed by Neferefre's brother Nyuserre Ini (2445–2421 BC), a long-lived pharaoh who built extensively in Abusir and restarted royal activity in Giza. The last pharaohs of

4473-447: Was a major product of the Old Kingdom. The position of the figures in this period was mostly limited to sitting or standing, either with feet together or in the striding pose. Group statues of the king with either gods or family members, typically his wife and children, were also common. It was not just the subject of sculpture that was important, but also the material: The use of hard stone, such as gneiss, graywacke, schist, and granite,

4544-498: Was also divided into thirds, one-third between the soles and the knee, another third between the knee and the elbow, and the final third from the elbow to the hairline. The broad shoulders that appeared in the Fifth Dynasty constituted roughly that one-third length as well. These proportions not only help with the identification of representations and the reproduction of art but also tie into the Egyptian ideal of order, which tied into

4615-404: Was held abroad at the end of March 2009. Feige calculates that since 1964, "the cumulative seigniorage earnings accruing to the U.S. by virtue of the currency held by foreigners amounted to $ 167–$ 185 billion and over the past two decades seigniorage revenues from foreigners have averaged $ 6–$ 7 billion dollars per year". The American $ 100 bill has competition from the €500 note , which facilitates

4686-454: Was marked by the growing importance of the cult of sun god Ra . Consequently, fewer efforts were devoted to the construction of pyramid complexes than during the Fourth Dynasty and more to the construction of sun temples in Abusir . Userkaf was succeeded by his son Sahure (2487–2475 BC), who commanded an expedition to Punt . Sahure was in turn succeeded by Neferirkare Kakai (2475–2455 BC), who

4757-406: Was often referred to as "white gold" in ancient times but could be more accurately described as pale gold because it is usually pale yellow or yellowish-white in color. The modern use of the term white gold usually concerns gold alloyed with any one or a combination of nickel , silver, platinum and palladium to produce a silver-colored gold. Electrum consists primarily of gold and silver but

4828-460: Was relatively common in the Old Kingdom. The color of the stone had a great deal of symbolism and was chosen deliberately. Four colors were distinguished in the ancient Egyptian language: black, green, red, and white. Black was associated with Egypt due to the color of the soil after the Nile flood, green with vegetation and rebirth, red with the sun and its regenerative cycle, and white with purity. The statue of Menkaure with Hathor and Anput

4899-451: Was reportedly seigniorage. The country has experienced hyperinflation ever since, with an annualized rate of about 24,000 percent in July 2008 (prices doubling every 46 days). The international circulation of banknotes is a profitable form of seigniorage. Although the cost of printing banknotes is minimal, the foreign entity must provide goods and services at the note's face value. The banknote

4970-519: Was succeeded by his son, Khufu (2589–2566 BC), who built the Great Pyramid of Giza . After Khufu's death, his sons Djedefre (2566–2558 BC) and Khafre (2558–2532 BC) may have quarrelled. The latter built the second pyramid and (in traditional thinking) the Great Sphinx of Giza . Recent re-examination of evidence has led Egyptologist Vassil Dobrev to propose that the Sphinx was built by Djedefre as

5041-409: Was viewed directly from the front. One was meant to approach a piece as they would a living individual, for it was meant to be a place of manifestation. The act of interaction would bring forth the divine entity represented in the art. It was therefore imperative that whoever was represented be as identifiable as possible. The guidelines developed in the Old Kingdom and the later grid system developed in

#364635