Ancient monetization: The case of Classic Maya textiles

The role played by individuals, markets, and state institutions in the origins of money have been debated by economists, historians, and anthropologists. Two dominant models have emerged: those who see money's function arising out of exchange, and those who see it arising out of the operation of state institutions. Curiously, archaeology has played only a minor role in this debate, with most scholars focused instead on written records and ethnographic parallels to recent non-capitalist societies. Scholarship on monetization has also focused primarily on Eurasian currency and the roots of modern capitalism. In this article, I argue that much can be gained by examining a different context: the origins of textile money in pre-Columbian Mesoamerica, particularly among the Late Classic Maya. During this period, textiles underwent a process of monetization that saw them take on the roles of exchange medium, measure of value, means of payment, and store of wealth. I argue that neither of the dominant models of monetization is sufficient to describe this process. Instead, elements of both models operated simultaneously, as households and state institutions negotiated differing economic strategies.