It is said that the first coin was struck in 7th century B.C. at the west coast of Asia Minor, though the city is uncertain. Electrum, an alloy of gold and silver, was used for the coins. It is believed that the material was collected at a river near Sardis, the capital of Lydian kingdom. The most simple coin was struck at Ephesos with no design on either side except for the trace of hammering.

In the middle of the 6th century B.C., Lydia in the reign of King Croisos introduced the coins of both gold and silver instead of that of electrum. Although the reverse sides of these coin still have only the simple incuses, the frontal sides have diversified designs which symbolize the city the coin was issued. However, Lydian kingdom was destroyed by Persian in 546B.C. and the most of the Greek colonies on Asia Minor were dominated by Persian King.

The first city in Greek mainland or the islands introduced the coinage was probably Aigina, an island southwest to Athens. When it was accepted in the island in 540's, the production was soon followed by many cities, such as Athens, Corinth, Chalkis and Eretria. From this time, new designs were used for the reverse side, instead of simple incuses. In 520's, the coinage were introduced in South Italy and Sicily, the coins were characterized by the designs, in which the obverse type was mirrored by the reverse, though incuse instead of in relief.

On the other hand, Athens, a central figure at the wars, formed Delian league with Aegean cities. But she soon emerged as the "saviour of the Greeks" and capitalized on this to extend her influence throughout the Aegean world. With the transferation of the treasury from Delos to Athens and the discovery of Laurion silver mine, She restircted other cities to produce their own coinage and circulated her coins with the head of Athena on the obverse and the owl on the reverse. However, with the outbreak of the Peloponnesian War, in 431 B.C., iron grip of Athens was relaxed and many Aegean cities started to strike their own coins again.

In the western colonies, relatively unaffected by these events, the technique to issue the coins was developed and the artists were able to produce the dies with remarkable advance in numismatic art. Some artists left their names on their coins. It seems that they were very proud of their works. However, with the invasions of Carthaginian, the coinage of these cities was declined.

Unificatin of Greece by Alexander the Grate brought a crucial change in Greek coinage. He and his followers produced the coins with their portraits, instead of gods or animals, to show off their power.

Although many Greek cities had still produced their own coins, they were mainly made from bronze instead of silver, the designs became dull and unattractive.

In Roman era, Some Greek cities had still had their coinage. On the other hand, many mints were settled by Roman in many cities and coins with Roman emperor were produced in there.