King Croesus. A pick by our veterans committee, Croesus, who ruled the Asia Minor kingdom of Lydia in the sixth century B.C., is owed a huge debt of gratitude for minting the world’s first coinage, thereby creating in a single stroke the lifeblood of every business: liquidity and cash flow. Moreover, his opulent lifestyle has given entrepreneurs throughout history something to shoot for. Is there a greater distinction for the commercially inclined than to be deemed “as rich as Croesus”?

King Croesus

The expression "as rich as Croesus" comes from the legendary wealth of the king who reigned from 560 to 546 BC over Lydia in western Asia Minor. Gold from the mines and from the sands of the River Pactolus filled his coffers to overflowing. The Lydians in the time of Croesus, it is believed, were the first people to mint coins as money.

The fame of the splendid court of Croesus at Sardis attracted many visitors. One of these, according to a legend, was Solon, the lawgiver of the Greeks. The king proudly displayed his treasures and asked Solon who was the happiest man that he had met. Solon named two or three obscure men who had lived and died happily. Croesus was surprised and angry and said: "Man of Athens, dost thou count my happiness as nothing?" "In truth," replied Solon, "I count no man happy until his death, for no man can know what the gods may have in store for him."

There was indeed great misfortune in store for Croesus. Cyrus the Great of Persia, extending his vast domains, was soon threatening the kingdom of Lydia. Croesus consulted the oracle of Delphi in Greece. The oracle replied: "If Croesus goes to war he will destroy a great empire." So Croesus went out to meet the army of Cyrus and was utterly defeated, he destroyed his own great empire.

The old story goes on to relate that Cyrus ordered Croesus to be burned alive. When Croesus saw the flames creeping upward to consume him, he remembered the words of the wise Solon and cried out, "O Solon! Solon! Solon!" Supposedly Cyrus was so moved by the story of how Solon had warned the proud king that he ordered Croesus to be released. Cyrus asked to Croesus why he shouted Solon's name, and Croesus asked him another question "what your soldiers are doing now?", showing the Persian soldiers taking all the treasures and destroying everything; Cyrus replied "They are plundering your city"; then Croesus said "They are not plundering my city, it's your city now and your soldiers are destroying your city". After that short conversation Cyrus the Great stopped his soldiers.