Ancient Greek mercenaries from Crete may have put their war earnings into piracy and other short-term ventures rather than land or public buildings, according to a study examining why military service abroad left surprisingly few signs of wealth on the island.
Historian Katerina Panagopoulou of the University of Crete suggests that some returning soldiers kept their money as “liquid wealth,” investing in activities that could generate returns without leaving monuments behind. The proposal offers an explanation for an archaeological puzzle, not proof that individual veterans financed pirate raids.
The research, published in the journal Ariadne, examines Cretan fighters who served Hellenistic rulers after Alexander the Great. Cretan archers were recruited for campaigns far from home. At the Battle of Raphia in 217 B.C., about 3,000 Cretans fought for Ptolemy IV, and 2,500 served his opponent, Antiochus III. Their pay and spoils could have brought considerable wealth home.
Where ancient Greek mercenaries’ war earnings may have gone
Crete had little silver of its own, yet its cities issued coins by striking new designs on foreign money. Some imported coins were stamped for local use instead. Many originated in Cyrene, on the North African coast. Panagopoulou says these practices offer clues to overseas military connections, although trade and plunder could also explain the arrivals.
Coin hoards provide further evidence. A find near Phaistos included 332 silver tetradrachms from the Ptolemaic kingdom, while a hoard discovered at Chania contained numerous Macedonian coins. Designs on Cretan currency also resembled those used by rulers such as Alexander and the Ptolemies, indicating close contact with their kingdoms.
Still, the island shows relatively few signs of the fortunes that generations of paid soldiers might have accumulated. The researcher found little evidence of major private investment in grand houses, public buildings, or impressive tombs comparable to displays of wealth elsewhere in the Greek world.
Why Crete shows few signs of mercenary fortunes
Some soldiers may never have returned. Cretan veterans settled in Ptolemaic Egypt, where land could be granted in place of wages. Others moved with their families to Miletus in Asia Minor. Such migrations would have limited the money brought back to Crete.
For those who did return, piracy was one possible outlet for their earnings. The study says the boundaries between paid military service, robbery, and seaborne raids were often blurred. Piracy could yield booty and enslaved people without creating the lasting traces associated with property or construction.
Panagopoulou also considers whether Cretan customs discouraged public displays of wealth. With much evidence from everyday homes still unpublished, the fate of soldiers’ fortunes remains unresolved. The study identifies mercenaries as key players in Crete’s economy but cannot determine how much money went into piracy.
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