Loans in an island society: the astynomoi inscription from Tenos

IG XII 5, 872 is a long, and to some extent, unique inscription from Tenos listing 47 transactions involving real estate registered by the astynomoi some time during the late fourth century BCE. Although the transactions are formally and terminologically presented as “sales”, it is recognized that a significant number – how many is however a matter of dispute – are in fact credit transactions and must be classified as praseis epi lysei, in other words as concealed mortgage contracts. The deeds thus seem to reflect the circulation of money rather than record permanent transfers of real assets. The aim of the paper is to provide a new in-depth analysis of the document and reconsider the legal, economic and social questions it poses, not least the question of the purpose of the loans.