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During the siege of Olynthos (363–359 BC) the Athenians ran out of silver coinage for the soldiers’ wages.

So they issued tiny (5mm diameter) bronze coins instead, with the understanding that soldiers could later redeem them for the equivalent amount in silver.

In modern terms, they issued an IOU token backed by a promise of future redemption. The bronze itself was worth bugger all.

This is an early example of fiduciary or token money, rather than commodity money whose value came primarily from the value of the metal it was made of.

I wonder how many of these tiny tokens were naturally lost due to their small size. Cunning, them Athenians.