Lesson 3:Biblical Economics From Wayne Jackson’s book

Biblical Economics

• Ancient Currency (before coined & paper money) – Bartering items of value• Latin 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)

Biblical Economics

• Ancient Currency (before coined & paper money) – Bartering items of value– Precious 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)

Biblical Economics

• Ancient Currency (before coined & paper money) – Bartering items of value– Precious 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”

Biblical Economics

• Ancient Currency (before coined & paper money) – Bartering items of value– Precious 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)

Biblical Economics

• Ancient Currency (before coined & paper money) – Bartering items of value– Precious metals (silver & gold) – weighed out– Coins probably first used in Asia Minor around 6th

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)

Biblical Economics

• Seven Coins in the Greek New Testament – Drachme• Silver coin worth approx 18-19 cents• Woman 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 ox

Biblical Economics

• Seven Coins in the Greek New Testament – Drachme– Didrachmon• Worth 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).

Biblical Economics

• Seven Coins in the Greek New Testament – Drachme– Didrachmon– Stater• 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.

Biblical Economics

• Seven Coins in the Greek New Testament – Denarion• Denarius was a silver Roman coin about size of dime

– It was worth about 18 cents & is mentioned 15 times in NT– It contained an inscription of the Roman emperor– This coin represented the avg daily wage for the Palestinian

working man (cf. Matt. 20:2ff)

Biblical Economics

• Seven Coins in the Greek New Testament – Denarion• Mary 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 man

Biblical Economics

• Seven Coins in the Greek New Testament – Assarion• Roman 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?

Biblical Economics

• Seven Coins in the Greek New Testament – Kondrantes• Smallest of the Roman coins• Worth 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 prevails

Biblical Economics

• Seven Coins in the Greek New Testament – Lepton• Tiny copper worth 1/8 of a cent• Jewish 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 robbers

Biblical Economics

• Seven Coins in the Greek New Testament – Lepton• Christ was in the temple’s court of women in Mark 12:41ff

– That 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 had

Biblical Economics

• Seven Coins in the Greek New Testament – Talent• Not 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 limitless

Biblical Economics

• Seven Coins in the Greek New Testament – Talent• Jesus 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