The ceremonial practice is believed to have originated in ancient Rome. One theory is that due to the dangers of early sea travel, the coins were placed under the mast so that the crew would be able to cross to the afterlife if the ship were sunk. The Romans believed it was necessary for a person to take coins with them to pay Charon in order to cross the river Styx to the afterlife, and as a result of this coins were placed in the mouths of the dead before they were buried.3 Another theory for this practice is that the insertion of coins in buildings and ships may have functioned as a form of sacrifice to thank the gods for a successful construction, or as a request for divine protection in the future.45 A third theory is that corrosion-resistant coins of gold or silver provided a physical barrier, minimizing the transmission of rot between the wooden mast and wooden mast step.
The Blackfriars I shipwreck (circa 150 A.D.) had a coin in the mast-step.6
Marine Link:Bertholf Reaches Milestone With Mast Stepping Ceremony Archived 22 April 2012 at the Wayback Machine July 19, 2007 http://marinelink.com/Story/Bertholf+Reaches+Milestone+With+Mast+Stepping+Ceremony-208074.html ↩
Fox8:Mast stepping a special tradition[permanent dead link] http://www.fox8live.com/content/news/ussnewyork/story/uss-new-york-new-orleans-mast-stepping/RgnpSRMU_0qLG96krKp3RA.cspx ↩
"Mast Step". Archived from the original on 18 November 2008. Retrieved 26 October 2009. http://catzooks.com/swift-solo/archive/html/swift-solo/2004-06/msg00006.html ↩
Carlson, Deborah N. 2007. "Mast-Step Coins Among the Romans." IJNA 36:317-24 ↩
Museum of London:Votive Deposits Archived 17 December 2010 at the Wayback Machine retrieved 26 October 2009 http://www.museumoflondon.org.uk/English/Collections/OnlineResources/Londinium/analysis/religiouslife/rites/ ↩
"Heritage Gateway - Results". www.heritagegateway.org.uk. https://www.heritagegateway.org.uk/Gateway/Results_Single.aspx?uid=405065&resourceID=19191 ↩