Silver was used as a means of payment in the Land of Israel starting 3,600 years ago, a millennium before the invention of coins, according to an Israeli study released on Thursday.

A University of Haifa analysis of dozens of silver hoards from the 2nd and 1st millennia BCE discovered at archaeological sites throughout the country has revealed the consistent use of silver for commerce and payment over the centuries when coins did not exist.

“The findings show that although there were no coins, silver was regularly used as a means of payment, saved for future transactions by both institutions and private individuals,” said Tzilla Eshel of the University of Haifa’s School of Archaeology and Maritime Cultures, who led the study.

As early as the 17th century BCE, silver was systematically u

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