Were worn coins worth less than new ones in Ancient times?
In Ancient times coinage was usually made of gold or silver and the value of the coin was based on the value of the precious metals it contained.
I don’t imagine Ancient Rome or Greece had legal tender laws like we do today requiring money to be accepted at face value regardless of condition.
So I’m curious if the value of coins was discounted based on the wear of the coin?
As coins circulate they naturally wear down and the amount of precious metals in them decreases slowly and if the coin’s value is based on the precious metals it contains it would make logical sense that new coins would be worth more than older worn down coins of the same type.
Did merchants give less value to coins if they were worn down and had less precious metals or did they still accept them at face value?
I am not talking about clipped coins since they is done intentionally but rather coins that lost weight due to normal circulation wear and tear.