Lesson 3: Biblical Economics

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

Lesson 3: Biblical Economics