From the moment when man had developed from a provider for himself to a trader he needed a recognised means of payment so that he could keep any surplus he had earned without its losing value and exchange it when necessary. Only metal could assume this role: spits (obole), axes, bars and later coins made of silver and gold.

Right at the beginning of his reign in 561 BC Kroisos had coins struck from gold and silver instead of the alloy electrum, thus introducing the first bimetal system in the world, which was still used in the 20th century. The name stater goes back to the Greek word for "weight", which was used when weighing to balance the scales.