Chickens on Coins, the Bird That Changed the Ancient World

Chickens may seem ordinary today. However, in antiquity, they carried deep meaning.

Modern chickens descend from jungle fowl native to Southeast Asia. Archaeology shows that the Phoenicians introduced domesticated chickens to the Mediterranean around 2000 BCE. From there, their importance spread quickly.

At first, chickens symbolized wealth. Both meat and eggs counted as luxury foods. Soon after, they gained religious and cultural meaning.

By 700 BCE, chickens appeared in Western art. Corinthian pottery provides the earliest known depictions. Not long after, they entered the world of coinage.

And once they did, they stayed.

Sacred Chickens and Roman Superstition

The Romans took chickens seriously. In fact, they treated them as oracles.

Priests observed how sacred chickens ate. If the birds fed eagerly, the omen was good. If they refused, disaster might follow.

One famous story proves the point.

In 249 BCE, Roman admiral P. Claudius Pulcher prepared for battle at Drepana. Unfortunately, the sacred chickens refused to eat. That signaled danger. Pulcher ignored it. Instead, he mocked the birds and ordered them thrown overboard. He reportedly said, “Then let them drink.”

He lost the battle.

This belief even appears in early Roman currency. A bronze aes signatum bar, dated c. 280–260 BCE, shows two feeding chickens [1]. The piece weighs 1,461 grams (3.22 pounds). In 2009, it sold for over $125,000 in a Swiss auction [2].

Himera: A Rooster That Speaks in Wordplay

Greek cities often used animals as symbols. Himera, in Sicily, chose the rooster.

Founded around 648 BCE, Himera began striking silver coins circa 550 BCE. The metal likely came from Carthaginian traders.

The rooster symbol may not be random. It likely forms a pun. The Greek word for “day” is hemera. Roosters announce the dawn. Therefore, the bird reflects the city’s name.

Himera also stood at the center of conflict. Two major battles took place there. The Greeks defeated the Carthaginians in 480 BCE [3]. Later, Carthage destroyed the city in 409 BCE [4].

Collectors still prize these coins. In 2025, an archaic drachma sold for over $13,000 [5]. Another example shows a hen in a square frame on the reverse [6].

Phokaia’s Mysterious “Rooster” Creature

Phokaia, an early Greek mint, began issuing electrum coinage around 600 BCE. One common denomination was the hecte, worth one-sixth of a stater.

At first glance, one rare type shows a rooster. However, experts now disagree.

Careful study reveals something unusual. The creature has decorative dots on its chest. Its wing curls in a stylized way. These features match mythological beasts, not real birds.

As one cataloguer explains:

“…previous commentators… have always assumed that the obverse type was simply a rooster. Careful examination shows this is not the case…” [7]

Instead, the image likely represents a hybrid or mythological creature. This discovery adds intrigue, and value, to the type.

Lesbos Coinage: Small Coins, Big Symbolism

On the island of Lesbos, chickens appear in multiple forms.

Methymna issued tiny silver hemiobols between 500 and 460 BCE. These coins show a rooster beneath a crescent moon [8]. The imagery may reflect time, cycles, or divine symbolism.

Meanwhile, Mytilene produced a wide range of electrum coinage. One hecte (c. 521–478 BCE) features a winged lion on the obverse and a rooster head on the reverse [9].

The rooster design appears incuse. That means the image is recessed below the surface. Modern collectors may recognize this feature from early 20th-century U.S. gold quarter eagles.

Karystos: A Name, A Pun, A Symbol

Karystos, on the island of Euboea, used the rooster as its civic badge.

The choice likely reflects wordplay. The Greek word karyx means “rooster.” Therefore, the symbol echoes the city’s name.

A rare didrachm from the early 5th century BCE shows a rooster with a simple “K” inscription [10]. In 2023, one example sold for over $44,000. That result proves strong collector demand.

Later staters (c. 411–336 BCE) expand the inscription. They spell out ΚΑ-ΡΥΣΤΙΩΝ, meaning “of the Karystians” [11].

A Small Rooster on Alexander’s Coinage

After Alexander the Great died in 323 BCE, his coinage continued. Many cities struck tetradrachms in his name.

Amphipolis served as a major mint. These coins show Herakles on the obverse and Zeus seated on the reverse.

However, small details matter.

On one type (Price 79), a tiny rooster appears beneath Zeus’s hand [12]. The symbol may identify the mint or issue. Even so, it adds another layer to the coin’s story.

Italy and Asia Minor: The Rooster Spreads

The rooster motif did not stay in Greece.

In Italy, the city of Cales produced coins with roosters on the reverse. Many include a star alongside the bird [13] [14].

Farther east, Dardanos in the Troad used the rooster as a civic emblem for centuries. A small obol (c. 405–360 BCE) shows a horseman on the obverse and a rooster on the reverse [15].

Despite its size, just 0.65 grams, the coin carries strong identity.

Sophytos: A Greek Echo in Central Asia

The story reaches even farther east.

Sophytos ruled in Bactria around 300 BCE. His exact identity remains debated [16]. However, his coins provide clear evidence of Greek influence.

He copied the rooster design from Karystos. This connection shows how Greek imagery traveled across vast distances.

One silver didrachm, praised for its artistry, sold for over $11,000 in 2024 [17].

A Collector’s Dream: Thematic Possibilities

Collectors love themes. Chickens offer one of the most surprising.

The CoinArchives Pro database lists over 2.7 million auction records. A search for chicken-related terms returns more than 10,000 results.

Many examples hide the bird in small details. Others place it front and center.

As a result, collectors can build a diverse set. The theme spans:

• Multiple metals
• Wide price ranges
• Numerous cultures

Few subjects offer such variety.

From Ancient Symbols to Modern Coins

The rooster never disappeared.

France issued a famous 20 Franc gold coin between 1898 and 1914. The reverse shows a proud rooster, known as “Le Coq,” designed by Jules-Clément Chaplain [18]. The type returned in 1921 and again from 1952 to 1960.

Ireland followed with a different approach. Its bronze penny (1928–1968) features a hen with five chicks, designed by Percy Metcalfe.

Clearly, the symbolism endured.

Why Chickens Matter in Numismatics

At first glance, chickens seem trivial. However, ancient coins tell a deeper story.

They reveal:

• Religious beliefs
• Linguistic wordplay
• Civic identity
• Cultural exchange

From Roman omens to Greek puns and Central Asian rulers, the humble chicken connects civilizations.

That connection gives these coins their true value.

Citations

References

• Holt, Frank. Thundering Zeus, The Making of Hellenistic Bactria. Berkeley (1999)
• Jenkins, G. K. Ancient Greek Coins. New York (1972)
• Kraay, Colin. Archaic and Classical Greek Coins. New York (1976)
• Melville Jones, John. A Dictionary of Ancient Greek Coins. London (1986)
• Price, Martin J. The Coinage in the name of Alexander the Great and Philip Arrhidaeus. London (1991)
• Taylor, Lloyd. “Birds of a Feather, Brothers in Arms: The Coinage of Andragoras and Sophytes.” American Journal of Numismatics 31 (2019)

The post Chickens on Ancient Coins: From Sacred Omens to Civic Symbols appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

Introduction to Oinoanda and Its Coinage

Oinoanda stood high in the mountains of ancient Lycia, in what is now southwest Turkey. The city overlooked the upper valley of the Xanthus River. Although archaeologists have surveyed the region, they still know very little about its early history.

Even so, Oinoanda grew into a significant city in antiquity. Surprisingly, however, it struck silver coins during only a brief moment in its long existence.

For many years, scholars knew just one example of its coinage. The British Museum acquired that specimen in 1897. Then, in the early 2000s, researchers discovered a small group of additional coins. This discovery transformed the study of Oinoanda’s coinage and expanded our understanding of the region.

Historical Context: The Attalid Takeover

Three distinct coin issues from Oinoanda exist. Each carries specific letters and symbols that mark its sequence.

Scholars date these coins to the first three years of Attalid rule. This period followed the Peace of Apameia in 188 BCE. Rome forced this treaty after defeating Antiochos III in 190 BCE. As a result, large portions of Seleukid territory in Anatolia passed to Pergamon and Rhodes.

Because of this political shift, Oinoanda gained enough autonomy to strike its own coinage.

Why Did Oinoanda Mint Didrachms?

Unlike most cities in the region, Oinoanda chose an unusual denomination. It struck didrachms instead of the more common drachms or tetradrachms.

Each coin aimed to follow the Attic standard of about 8.65 grams. However, surviving examples show wide variation in weight. This inconsistency suggests that the mint lacked experience in quality control.

So why choose the didrachm?

Scholars believe the denomination helped facilitate exchange. Specifically, three Oinoandan didrachms equaled two Attalid cistophoric tetradrachms. Therefore, the coins created a practical bridge between two monetary systems.

At the time, both Attic and cistophoric coinages circulated in Oinoanda. As a result, the didrachm simplified official payments to Attalid authorities. It also supported trade with neighboring regions that still used the Attic standard.

The Mystery Behind the Coinage

Despite these insights, the exact purpose of this coinage remains unclear.

Some scholars suggest that Oinoanda minted these coins to fund the construction of its Hellenistic city walls. However, evidence challenges this idea. Only four known obverse dies exist. These dies would have produced too few coins to finance such a large project.

Therefore, additional funding likely came from other coinages. These may have included Attalid cistophoroi or tetradrachms from Side, both of which circulated in the region.

Design and Iconography

Oinoanda’s coin design reflects both local identity and broader Hellenistic influence.

On the obverse, Zeus, the city’s principal deity, faces right. He holds a lotus-tipped scepter over his shoulder. This detail emphasizes his authority and divine power.

On the reverse, Zeus’s eagle stands to the right on a winged thunderbolt. This powerful image reinforces the god’s association with strength and control.

Interestingly, the design shows influence from the Ptolemaic Kingdom of Egypt. However, Oinoanda’s engravers adapted these elements into a distinct local style.

A Remarkable Example

One particular specimen stands out among all known examples.

It represents the finest of only four coins struck from the first die pair in the series. Therefore, it likely belongs to the earliest production phase of Oinoanda’s coinage.

Coin Description

• Region: Lycia, Oinoanda
• Date: 188 BCE
• Denomination: AR Didrachm
• Size: 19 mm
• Weight: 7.92 g
• Die Axis: 12h
• Obverse: Laureate head of Zeus right; letter A and scepter behindReverse: Eagle standing right on winged thunderbolt
• Reference: Ashton, Oinoanda 1 (A1/P1), otherwise unpublished
• Condition: Extremely Fine (EF), dark iridescent toning

Notes: Well-centered and sharply struck; finest known example from this die pair; extremely rare

The Oinoanda Inscription: A Philosophical Legacy

Oinoanda holds another remarkable place in history beyond its coinage.

The city once featured a massive limestone wall inscription in its marketplace, known as the “Esplanade.” A man named Diogenes of Oinoanda commissioned this inscription.

He used it to promote the teachings of Epicurus, who had died five centuries earlier. The inscription presented Epicurean philosophy in a public and accessible format.

Although the wall no longer stands, its fragments survived. Builders reused the stones in houses and streets. Over time, researchers rediscovered these pieces one by one.

Today, the inscription continues to attract scholars and readers interested in ancient philosophy.

Conclusion

Oinoanda’s didrachms remain among the rarest and most intriguing coins of the Hellenistic world. They reflect a brief moment of autonomy during a major political transition.

At the same time, they reveal the challenges of a new mint and the complexities of regional economics. Even now, historians continue to study these coins to better understand their purpose.

As new discoveries emerge, Oinoanda’s story may become clearer. Until then, its coinage remains both enigmatic and visually striking.

The post Ancient Greek Coins – The Enigma of the Oinoanda Didrachms appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

The medieval coinage of Georgia reflects a remarkable intersection of cultures, empires, and religious traditions. Located in the Caucasus region between Europe and Asia, Georgia developed a distinctive monetary system during the Middle Ages. Georgian rulers issued coins influenced by Byzantine, Islamic, Persian, and Mongol traditions.

At the same time, these coins expressed the identity and authority of the Georgian kingdom.

Archaeological evidence shows that the Georgian people have inhabited this region since prehistoric times. Early discoveries include some of the world’s oldest evidence of winemaking, gold mining, and textile production.

In the fourth century CE, Georgia adopted Orthodox Christianity, which became a central element of its culture and political identity.

From the late 11th century through the 13th century, Georgia experienced a period historians call the Georgian Golden Age [2]. During this era, powerful monarchs expanded the kingdom and issued some of the most distinctive coins in medieval Eurasia.

Bagrat IV and the First Byzantine-Style Georgian Coins

Bagrat IV (born 1018) ruled Georgia during a turbulent period. He was the son of King Giorgi I and spent part of his childhood as an honored political hostage at the court of Byzantine Emperor Basil II in Constantinople.

Bagrat became king at only nine years old after his father’s death. His mother served as regent during his early reign.

However, his rule brought constant challenges. Georgian nobles repeatedly rebelled, while the expanding Byzantine Empire threatened Georgia’s independence. In 1051, Bagrat even fled temporarily to Constantinople while negotiating Byzantine neutrality.

Soon afterward, a new threat appeared. The Seljuq Sultan Alp Arslan invaded southern Georgia and devastated several provinces.

Despite these dangers, Bagrat IV preserved the unity of his kingdom. He died in 1072, leaving behind a stable and independent Georgian state.

Bagrat IV Silver Dram

Bagrat IV issued a very rare silver dram that closely imitates the Byzantine 2/3 miliaresion of Constantine IX (r. 1042–1055). Scholars believe the coin was struck at Kutaisi, Bagrat’s capital.

The obverse shows a facing image of the Virgin Mary with the Greek inscription:

+HA/GI A/Θ/KOC
(Hagia Theotokos, meaning “Holy God-Bearer”).

The reverse contains a Georgian inscription:

“Christ exalt Bagrat, King of the Abkhazians, Sebastos.”

Abkhazia is a western region of Georgia. The title Sebastos, equivalent to the Latin Augustus, was an honor granted by the Byzantine emperor.

These coins rank among the great rarities of Georgian numismatics. Unfortunately, modern forgeries circulate widely. One example later judged to be a modern fake sold for $4,500 in a 2009 U.S. auction [3]. Another specimen believed to be genuine realized $6,000 in 2010 [4].

Giorgi II and a Kingdom Under Siege

Giorgi II, the son of Bagrat IV, inherited a troubled kingdom.

He faced rebellions by powerful nobles as well as repeated Seljuq incursions. By 1082, the situation became so severe that Giorgi accepted status as a tributary vassal of the Seljuqs.

Then, in 1083, a devastating earthquake struck Georgia.

Giorgi eventually abdicated the throne in 1089 in favor of his son. He retired to a monastery.

Giorgi II Silver Dram

Giorgi II issued silver drams that continued the Byzantine artistic tradition.

The obverse depicts the Virgin Mary, with her abbreviated Greek title:

MHP ΘV
(Meter Theou, “Mother of God”).

The Georgian inscription on the reverse reads:

“God preserve Giorgi, King of the Abkhazians and K’artli, Caesar.”

Kartli is the central region of Georgia. It includes Tbilisi, the modern capital, and Mtskheta, the ancient capital.

An example of Giorgi II’s silver dram realized $2,600 at auction in 2009 [5].

David IV “The Builder” and the Restoration of Georgia

David IV (1073–1125), remembered as David the Builder (Davit Aghmashenebeli), ranks among the greatest Georgian rulers.

He became king in 1089 at age sixteen, inheriting a kingdom devastated by Seljuq invasions. David reorganized the army, strengthened royal authority, and expelled the Seljuq forces.

Under his leadership, Georgia entered a period of revival that helped launch the Georgian Golden Age.

David IV Copper Coinage

David IV issued an extremely rare copper coin weighing 10.73 grams. The coin shows the king standing and crowned in imperial regalia, presenting him as equal to Byzantine emperors.

The Georgian reverse inscription lists the peoples he ruled:

“Lord aid David, king of the Abkhazians, Kartvelians, Ranians, Kakhetians, and Armenians.”

For many years, the only known example appeared in the British Museum collection. Since 2021, researchers have identified three additional specimens, two of which now reside in the Georgian National Museum [6].

Regular and Irregular Georgian Copper Coins

Beginning with David IV, Georgian copper coinage divided into two types:

• Regular coins, struck on prepared round flans
• Irregular coins, struck on crude and uneven metal blobs

Both types circulated simultaneously but often in different regions of the kingdom. This distinction remains a critical element in the study of medieval Georgian numismatics.

Giorgi III and Islamic Artistic Influence

Giorgi III introduced coin designs influenced by neighboring Islamic states.

One copper fals closely resembles the Turkoman figurative bronze coinage circulating in the region [7].

The obverse shows the king wearing a cross-topped crown and sitting cross-legged. He holds a falcon on his extended arm, usually on the right.

The reverse features an Arabic inscription declaring:

“King of kings, Giorgi, son of Dimitri, sword of the Messiah.” [8]

This unusual combination of Christian symbolism and Islamic artistic style illustrates the complex cultural environment of medieval Georgia.

Queen Tamar and the Georgian Golden Age

Few rulers occupy a greater place in Georgian history than Queen Tamar the Great.

Born around 1160, Tamar was the daughter of King Giorgi III and the great-granddaughter of David the Builder. Her father named her co-ruler when she reached age 18, and she became sole monarch upon his death in 1184.

Tamar presided over a period of political expansion, cultural achievement, and economic prosperity.

The Georgian Orthodox Church later canonized Tamar as a saint, and she remains a powerful symbol of Georgian identity.

Tamar’s Copper Coinage

Despite the glory of her reign, Tamar’s coinage reflects a shortage of silver. As a result, the monetary system relied heavily on copper fractional coins.

These coins use the Koronikon calendar, which begins in 780 CE.

The obverse shows a Bagratid dynastic emblem along with the initials of Tamar and her second husband David Soslan, an Ossetian prince.

The Arabic reverse inscription reads:

“Queen of queens / Glory of the world and faith / Tamar, daughter of Giorgi / Champion of the Messiah.” [9]

Many coins were later countermarked during circulation.

Tamar and David Soslan had two children with Giorgi IV Lasha to be the future king.

Queen Rusudan

The exact year of Tamar’s death remains uncertain. Many scholars place it in 1213, although some sources suggest 1207 or 1210. Tradition states that she was buried at Gelati Monastery near Kutaisi, but the exact location of her grave remains unknown.

Today, Tamar’s portrait appears on the modern Georgian 50-lari banknote.

Giorgi IV Lasha and the Mongol Threat

Giorgi IV Lasha, born in 1192, became co-ruler with his mother in 1207 and later ruled alone.

His nickname “Lasha” means “Illuminator of the World.”

However, his reign ended abruptly. Giorgi died at age 31 from wounds suffered in battle against the invading Mongols.

He never married but left an illegitimate son known as Davit Ulu.

Irregular Copper Coins of Giorgi IV

Giorgi IV issued distinctive irregular copper coins struck on crude and misshapen blanks.

These coins often display incomplete designs. Scholars believe they may have circulated by weight rather than by strict denomination. Coins bearing two strikes may represent a double value.

The obverse inscription reads:

“Giorgi son of Tamar.”

The Arabic reverse inscription includes the phrase:

“Sword of the Messiah.”

Many specimens carry countermarks of Queen Rusudan, his successor.

Modern forgeries of these coins remain common [10].

Queen Rusudan and the Mongol Conquest

Queen Rusudan, born in 1194, ruled Georgia from 1223 to 1245.

Her reign faced enormous challenges. In 1225, the Persian Khwarazmian Empire invaded Georgia and captured Tbilisi after major battles.

Then, in 1236, the Mongol Empire invaded.

Georgia soon became a tributary state of the Mongols. Rusudan had to pay an annual tribute of 50,000 gold pieces, likely Persian dinars, and supply armored Georgian cavalry to serve in Mongol armies.

Rusudan Silver Drams

Alongside abundant copper coinage, Rusudan issued rare silver drams.

The obverse shows Christ in Byzantine iconographic style.

The reverse displays the abbreviation RSN for Rusudan in bold Georgian letters. An Arabic inscription surrounds the name:

“Queen of queens, glory of the world and faith, Rusudan, daughter of Tamar, champion of the Messiah.”

An example realized $950 at auction in 2025 [11].

Töregene Khatun and Mongol Authority in Georgia

In 1241, the Mongol Empire reached the height of its power when Great Khan Ögedei, the third son of Genghis Khan, died unexpectedly.

His widow Töregene Khatun became regent for their son Güyük Khan.

Silver dirhams issued in Georgia during this period carry her authority.

The obverse shows a mounted archer turning to shoot at a bird.

The Mongol reverse inscription in Arabic script reads:

“Ulugh Mughul Ulush Bik”
(Chief of the Great Mongol Nation).

These coins use the Islamic calendar, which begins in 622 CE.

An example sold for $5,000 at auction in 2023 [12].

David VI Narin and Mongol-Era Georgian Coinage

On August 24, 1246, Güyük Khan was formally enthroned near the Mongol capital of Karakorum. The ceremony drew envoys from the Papacy, neighboring kingdoms, and many Mongol vassals.

Among them were Georgian co-rulers:

• David VI Narin
• David VII Ulu

David VI Narin, the son of Queen Rusudan, was born in 1225. He spent several years at the Mongol court before becoming co-ruler of Georgia in 1246.

In 1259, the Georgian kingdom split. David VI ruled Western Georgia until his death in 1293.

David VI Narin Silver Dirhams

David’s silver dirhams from the mint of Tiflis sometimes appear overstruck on earlier dirhams of Töregene Khatun or the Seljuqs.

The obverse depicts the king on horseback with his name and date in Georgian script.

The Arabic reverse legend states:

“By the power of God, dominion of Güyük Khan, the slave, King David.” [13]

An example realized $2,400 at auction in 2024 [13].

Collecting Medieval Georgian Coins

Collectors rarely encounter medieval Georgian coins in major international auctions.

Most important English-language reference remains:

Kirk Bennett, A Catalog of Georgian Coins (2004).

Much of the specialized literature appears in Russian or Georgian, which can limit accessibility for collectors.

Modern forgeries present a serious concern. According to numismatist Kirk Bennett, many Byzantine-style Georgian coins sold in Western auctions between 2005 and 2015 are modern reproductions [14].

Collectors should therefore exercise caution and verify provenance carefully when purchasing these coins.

References

• Bennett, Kirk. A Catalog of Georgian Coins. Santa Rosa, CA (2004)
• Bennett, Kirk. The Tiflis Dirhems of Mongke Khan. New York (2020)
• Georganteli, Eurydice and Barrie Cook. Encounters: Travel and Money in the Byzantine World. London (2006)
• Lang, David M. Studies in the Numismatic History of Georgia and Transcaucasia. American Numismatic Society, Numismatic Notes and Monographs no. 130. New York (1955)
• Pachomov E. Moneti Gruzii. St. Petersburg 1910 (1970 reprint with commentary by D. G. Kapanadze, Tbilisi)
• Prosser, Ronald. “A Suggested Reattribution of a 13th Century Georgian AE Coin.” Celator 19:1 (January 2005)

* * *

Edited and Formatted by CoinWeek

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The post Medieval Coinage of Georgia: Power, Faith, and Empire in the Caucasus appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

Electrum Coins : Mytilene’s Archaic Lion and Cockerel Hekte

Mytilene: Power and Wealth in the Northeastern Aegean

The ancient Greek island of Lesbos lies in the northeastern Aegean Sea, just off the coast of modern-day Turkey. Its largest and wealthiest city, Mytilene, rose to prominence early in the Greek world.

The Penthilidae family of Thessaly founded Mytilene in the 11th century BCE. They ruled the city until 580 BCE. At that time, Pittacus led a revolt and ended their control.

Initially, settlers confined Mytilene to a small offshore island. However, engineers later connected it to the main island of Lesbos. This development created two harbors—one north and one south. As a result, Mytilene became a powerful maritime and commercial center.

Moreover, its strategic location placed it between Greek and Persian spheres of influence. That political reality shaped its coinage in profound ways.

Persian Control and the Rise of Electrum Coinage

In 546 BCE, Cyrus the Great defeated Croesus of Lydia. Soon after, Lesbos came under Persian control. Consequently, Mytilene operated within the vast Achaemenid imperial network.

During the late sixth century BCE, Mytilene produced substantial quantities of electrum coinage. In part, the city struck these coins to subsidize the neighboring Persian Empire. At the same time, the mint maintained economic ties across the Ionian region.

Later, during the fifth century BCE, Mytilene continued to issue coins, especially the hekte, or one-sixth stater. These issues extended through the mid-fourth century BCE. They supported the city’s participation in the Delian League, the Athenian-led maritime alliance formed after the Persian Wars.

Therefore, Mytilene’s coinage reflects shifting allegiances. It balanced Greek identity with Persian political realities.

What Is Electrum? The World’s First Coinage Metal

Electrum coins represent the world’s first metal currency. They originated in the 7th century BCE in the ancient kingdom of Lydia, located in western Asia Minor.

Historical Origins in Lydia

The earliest electrum coins appeared under the Lydian kings, including Alyattes and his son Croesus. Later, Croesus introduced a bimetallic system of separate gold and silver coinage. However, before that reform, electrum served as the standard monetary metal.

Natural electrum formed as an alloy of gold and silver. Ancient miners collected it from riverbeds such as the Pactolus River. Typically, natural electrum contained between 70% and 90% gold.

However, many early Lydian coins contained closer to 55% gold. This lower percentage suggests that ancient metallurgists intentionally added silver. They likely sought to standardize the alloy for monetary purposes.

Why Electrum?

Electrum offered practical advantages. It proved harder than pure gold. Therefore, it resisted wear during circulation. In a world of heavy commercial exchange, durability mattered.

Early Lydian coins often featured a roaring lion, emblem of the Mermnad dynasty. On the reverse, they displayed a simple incuse punch. This technique created a recessed design impressed into the metal.

Denominations and Value

The primary unit of value was the stater. A full electrum stater weighed approximately 14.1 grams. That amount roughly equaled one month’s pay for a soldier in antiquity.

Ancient mints also produced fractional denominations. These included:

• The trite (one-third stater)
• The hekte (one-sixth stater)

Smaller fractions down to 1/96 stater

Beyond Lydia, Greek cities such as Cyzicus, Phocaea, and Mytilene struck electrum coins. They used diverse motifs, including seals, tuna fish, mythological figures, and powerful animal imagery.

Mytilene’s Electrum: Composition and Circulation

During the late sixth and early fifth centuries BCE, Mytilene struck electrum that contained approximately 43% gold. The remaining percentage consisted primarily of silver.

This alloy strengthened the coinage. As a result, the pieces endured extended circulation. Indeed, Mytilenean electrum remained in widespread use throughout the Ionian region for nearly two centuries.

Over time, heavy commerce wore many coins smooth. Eventually, authorities melted large numbers down. Consequently, high-grade survivors remain scarce today.

Archaic Miniature Mastery: The Lion and Cockerel Hekte

The small archaic hektes from Mytilene demonstrate miniature engraving at its finest. Despite their size, they display remarkable sculptural depth and artistic control.

Persian Influence and the Roaring Lion

Shortly after Lesbos came under Persian rule, Mytilene introduced a new design. The obverse features a lion’s head facing right, jaws open in a roar.

The lion held powerful symbolic meaning in the ancient Near East. Persian royal iconography frequently employed the lion as a symbol of kingship and strength. Therefore, the motif likely reflected Persian political influence.

At the same time, the design drew inspiration from earlier Lydian coinage. A century before, Lydian staters displayed similar roaring lions on their obverses. Mytilene adopted and refined this established monetary symbol.

Technical Innovation in Die Engraving

Advancements in die engraving allowed Mytilene’s mint to elevate its artistry. Earlier Lydian coins paired a sculptural obverse with a simple incuse punch on the reverse.

However, Mytilene introduced a more elaborate incuse intaglio reverse. Engravers cut a detailed animal head directly into the die. Consequently, the mint struck two distinct animal motifs on a single coin.

This innovation enabled a powerful visual statement. The coin united sacred and political symbols from both Greece and Persia. It mirrored Lesbos’ delicate political balance between the two worlds.

The Incuse Rectangle Tradition

Despite these advances, mint authorities preserved an older design element. They required a miniature incuse rectangle to accompany the reverse type.

On this hekte, an irregular oblong rectangle appears behind the head of a rooster wearing a collar of five pearls. The engraver placed this element behind the incuse cockerel’s head.

Thus, the design carried forward the legacy of the earlier Lydian reverse punch. At the same time, it embraced the new realistic animal depiction.

The Coin: Technical Description

• Lesbos, Mytilene. EL Hekte. Circa 521–478 BCE.
• Lion’s head right with open jaws, truncation with rim of dots / Incuse cockerel’s head left,
• collar of five pearls; behind, irregular oblong object.
• Bodenstedt 7 (a/a); De Luynes 2544.
• 2.55 grams; 10 mm; die axis 1h.
• Grade: Good Extremely Fine.

This exceptional piece from the Colosseo Collection stands as a testament to Mytilene’s artistic achievement and geopolitical significance.

Why This Electrum Hekte Matters

Mytilene’s electrum coinage tells a larger story. It reveals economic pragmatism. It reflects technological innovation. Moreover, it captures the political tension between Greek autonomy and Persian authority.

The lion roars with imperial confidence. Meanwhile, the cockerel stands alert and refined. Together, they represent a city that mastered both commerce and symbolism.

For collectors and scholars alike, these archaic hektes offer more than beauty. They provide a tangible link to the earliest centuries of coinage and to the birth of money itself.

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A Forgotten Frontier of Magna Graecia

Ancient Apulia lay along the eastern Adriatic coast of the Italian peninsula, just north of the “heel” of Italy’s boot. The heel itself belonged to Calabria in antiquity, though modern geography treats it as part of Apulia.

To the east stood Samnium and Lucania. To the north lay Frentani.

Originally, Apulia belonged to the Apuli, a Samnite Oscan tribe living near Mount Garganus. Later, the region included the Daunii and the Messapian-speaking Peucetii.

By the end of the fourth century BCE, Apulia had become thoroughly Hellenized. Greek influence flowed from Tarentum in Calabria. However, unlike the wealthy coastal cities of Magna Graecia, Apulia remained something of a backwater. It developed colonies late. Rome only began to take serious notice in the late fourth century BCE.

Yet beneath this quiet reputation lies a remarkable numismatic story.

Wealth Without Fame

Apulia produced wine and oil across its fertile plains. Rome later relied on the region for cattle and horses. Large-scale sheep farming followed, and Apulian wool earned high praise.

During the Samnite and Punic Wars, Rome tightened its grip. By the third century BCE, Apulian cities incorporated Roman monetary features. Before long, they minted coins in unmistakably Roman styles.

Still, only a few cities struck silver. Most minted bronze alone. The most prosperous mints were:

• Arpi
• Kaelia
• Kanousion
• Rubi

Each tells a different story.

Arpi: Myth, Horses, and War

Ancient tradition credits Arpi’s founding to the Argive King Diomedes. Greek myth says Diomedes stole the white horses of King Rhesus. Appropriately, horses dominate Arpi’s coinage.

Early Silver Coinage

Arpi began minting in the late fourth century BCE on the Campanian standard of approximately 7.3 grams to the didrachm stater.

A stater from 270–250 BCE shows Demeter crowned with grain on the obverse. A free horse leaps on the reverse. The ethnic ARPANWN appears prominently.

Smaller denominations followed:

• Diobols: Athena with horse or Herakles [A diobol is an ancient Greek silver coin worth two Obols, equivalent to 1/3 of a drachma.These small, often sub-10mm coins were used for daily transactions, such as paying for small goods, and were produced by various city-states between the 6th and 3rd centuries BCE]
• Obols: Horse and fishhook; or boar’s head and horse’s head [An obol is an ancient Greek silver coin worth one-sixth of a drachma, typically weighing around 0.72 grams. Originating from iron spits (“obelos”), they were used in daily commerce and funerary rites, where one was placed in the mouth of the deceased to pay Charon to ferry souls to the underworld]

The fishhook forms a visual pun on the Greek word arpe.

Punic Influence

After Cannae, Arpi shifted to the Punic standard. The mint produced triobols (1.8 g), diobols (1.2 g), and obols (0.6 g).

A triobol dated 215–212 BCE shows helmeted Athena. Three conjoined grain ears appear on the reverse. The number of ears indicates denomination:

• One ear = obol
• Two ears = diobol
• Three ears = triobol

This system stands as one of Apulia’s most clever numismatic devices.

Bronze Coinage

Arpi also struck bronze beginning in the late fourth century BCE.

Types include:

• Apollo and lion
• Zeus and boar
• Charging bull and galloping horse

Notably, the boar reverse closely resembles the Aetolian quarter stater reverse. Roman magistrates later appeared on issues, such as POULLI on a mid-third-century bronze.

Arpi’s coinage reflects myth, agriculture, and military turbulence, all in silver and bronze.

Kaelia: A Border City with Greek Roots

Ancient geographers debated whether Kaelia belonged to Apulia or Campania. Its coinage confirms Apulian identity.

Little survives about its history. However, its coinage speaks clearly.

Silver Issues

Kaelia struck silver from the fourth to second century BCE.

The early diobol features Athena and Herakles wrestling the Nemean lion. Obols show a pig on the obverse and KAI within an olive wreath on the reverse.

By the mid-third century BCE, the mint adopted the Tarentine standard. Obols depict:

• Helmeted male head and amphora
• Bull’s head and kithara
• Bull’s head and kantharos

Silver production ended by the mid-third century.

Bronze During the Punic Wars

In the last quarter of the third century BCE, Kaelia issued bronze under the Roman sextantal standard of 54.8 grams to the as.

A sextans shows Athena in Corinthian helmet. Two pellets mark the denomination. The reverse depicts a trophy with KAILINWN.

An uncia shows a single pellet for value. The mint also struck semunciae at half the weight of the uncia. At least three varieties exist for each denomination.

Kaelia’s coinage demonstrates Roman influence during wartime mobilization.

Kanousion: From Rebellion to Roman Citizenship

Like Arpi, Kanousion claimed Diomedes as founder. In reality, Daunians likely settled the city before Hellenization in the fourth century BCE.

During the Samnite Wars, Kanousion sided against Rome. Rome devastated its territory. Thereafter, loyalty shifted.

After Cannae, Kanousion welcomed Roman survivors. The city provided clothing, food, and money. This act likely spared it harsher punishment.

During the Social War (91–87 BCE), the city rebelled again. Rome failed to capture it. In 89 BCE, Kanousion received full Roman citizenship.

Silver Coinage

In the early third century BCE, Kanousion minted obols on the Achaian standard of 7.8 grams to the tridrachm.

Types include:

• Amphora and kithara (legend K-A)
• Bare male head and mounted warrior (KANUSINWN)
• Hemiobols depict Helios and crescents, or chelys (a tortoiseshell lyre) within a wreath.

Silver production ceased around 250 BCE.

Bronze and Roman Minting

Subsequently, Kanousion struck bronze denominations: triens, quadrans, sextans, and others weighing roughly 7 and 2 grams.

Later, near the end of the third century BCE, the city functioned as a Roman mint. It produced:

• As
• Semis
• Triens
• Quadrans
• Sextans
• Uncia
• Semuncia

Kanousion transformed from rebel ally to Roman monetary partner.

Rubi: Quiet but Complex

Rubi remains obscure in literary sources. However, its coins provide clarity.

The city gained full Roman citizenship at the end of the Social War in 90 BCE and became a municipium.

Silver Fractionals

In the late fourth and early third centuries BCE, Rubi struck diobols and obols on the Achaian standard.

Diobols show Athena and either:

• Grain ear
• Herakles and lion

The legend appears as PY, likely representing the Greek letter Rho.

Obols include chelys on the obverse and bucranium on the reverse. Six types exist.

Silver minting stopped by 275 BCE.

Bronze Series

Rubi issued four bronze denominations ranging from 7 to 2 grams.

Types include:

• Zeus and eagle on thunderbolt
• Herakles and club
• Athena and owl or Nike
• Zeus and Tyche with phiale and cornucopia

The PY monogram appears consistently.

Rubi’s modest coinage shows careful iconographic planning.

Why These Coins Matter

At first glance, Apulian coins seem unremarkable. They lack the artistic brilliance of Syracuse or Tarentum.

However, here is the overlooked truth.

These coins record a frontier in transition.

Arpi shifts standards after a Punic garrison. Kaelia adopts Roman weight systems during wartime. Kanousion transforms from Samnite ally to Roman mint. Rubi quietly stops silver production decades before full Roman integration.

Each change marks political pressure, and each weight shift reveals allegiance.

Apulia’s coinage captures the precise moment when Greek Italy yielded to Roman Italy.

That transformation shaped Western civilization.

And it happened, quietly, in silver obols and modest bronze sextantes.

Collecting Ancient Apulian Coins Today

Silver examples remain difficult to locate in the marketplace. Bronze pieces appear more frequently.

Despite relative scarcity, prices often remain modest. Therefore, the challenge lies in locating examples rather than affording them.

Collectors who pursue Apulian coinage enter a specialized and rewarding field.

References

• Acsearch.info Auction Database
• Classical Numismatic Group (CNG)
• Grant, Michael. A Guide to the Ancient World (1986).
• Head, Barclay V. Historia Numorum (1887).
• Hoover, Oliver. Handbook of Coins of Italy and Magna Graecia, Vol. 1 (2018).
• Hornblower & Spawforth. Oxford Classical Dictionary (1996).
• Sear, David. Greek Coins and Their Values, Vol. 2 (1979).
• Steve Benner writes for CoinWeek with a focus on ancient numismatics and the intersection of history and coinage.

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The Gold Daric: Wealth, Power, and the First International Gold Coin

Through disciplined leadership and innovative governance, the Achaemenid kings built the largest empire the world had ever seen. At its height in the fifth century BCE, the empire stretched from the Indus Valley to the borders of Greece and from Central Asia to Egypt. It covered nearly three million square miles. Moreover, it ruled over an estimated 40% of the world’s population at the time.

The Persian Empire did not simply rise to power. It engineered it.  That scale required vision. It also required gold.

A Revolutionary Model of Rule

Unlike many ancient conquerors, Persian rulers did not erase local traditions. Instead, they preserved them.

They allowed subject peoples to maintain their religions and customs. However, they required loyalty and taxation. In return, they provided protection, infrastructure, and stability. As a result, the empire achieved cohesion across diverse cultures and languages.

This administrative model influenced later powers. Both the Hellenistic kingdoms and the Roman Empire adopted similar governing principles. Therefore, the Persian system shaped the ancient world long after its political decline.

Yet none of this functioned without economic strength.

From Barter to Coinage

Originally, Persians relied on barter. However, that changed in the mid-sixth century BCE.

When Darius I and his predecessors absorbed the wealthy kingdom of Lydia, they inherited a powerful innovation: coinage. The Lydians, under Croesus, had pioneered precious metal coin production in the seventh and sixth centuries BCE.

Soon after, Persian leaders recognized the strategic value of standardized money.

At the same time, conflict intensified with the Greek city-states. Persian kings frequently hired Greek mercenaries. These soldiers demanded payment in coin. Consequently, the empire required reliable, consistent gold currency.

The Birth of the Gold Daric

Rather than copy the defeated Lydian types, Darius introduced a new coin.

He transformed the Lydian gold stater into the daric, named after himself. The Greeks later called these coins toxotai, meaning “archers,” because of their distinctive design.

The daric became the first gold coin to achieve widespread international circulation. Furthermore, it stands as one of the most recognizable coins of antiquity. It also holds a unique distinction: it represents the earliest coin mentioned in the Old Testament.

For nearly 185 years, the core design remained unchanged. That continuity projected stability and royal authority. It also reflects the conservative nature of Achaemenid monetary policy.

A Design That Defined an Empire

The obverse depicts the Persian king in a “running-kneeling” stance. This pose conveys motion. In fact, it represents one of the earliest attempts in numismatic history to portray dynamic movement.

The king wears royal robes and a crown. He carries a bow and a spear. A quiver rests over his shoulder. The image projects strength, readiness, and divine authority.

The reverse features a simple oblong incuse punch.

Persian officials prioritized metal purity over artistic refinement. Darics typically contain 98–99% gold. That level of fineness ensured trust across international markets. However, the emphasis on purity often resulted in crude engraving.

Nevertheless, rare specimens display exceptional artistry. These coins reveal a brief artistic resurgence in die engraving and a more naturalistic depiction of the king.

The Gold Behind the Power

The Persian Empire controlled immense natural wealth.

It drew tribute from Egypt’s grain fields, Mesopotamia’s cities, Anatolia’s trade routes, and Central Asia’s mineral resources. Moreover, it commanded gold from Asia Minor and possibly from regions as far east as India.

Ancient sources describe royal treasuries overflowing with bullion. When Alexander the Great conquered Persia in 329 BCE, he seized vast reserves of precious metal. Classical historians estimate that he captured tens of thousands of talents in gold and silver—wealth accumulated over generations of imperial taxation and tribute.

That gold financed Alexander’s campaigns. It also reshaped the Mediterranean economy.

Even after the empire fell, the daric endured. Alexander and his successors continued striking the type until approximately 300 BCE. Eventually, his own gold stater replaced it fully.

The Coin: A Superb Daric of the Late Achaemenid Period

Obverse: Persian king moving right in running-kneeling stance. He wears a crown and flowing robes. A quiver rests over his shoulder. He holds a transverse spear ending in a ball in his right hand and a bow in his left.

Reverse: Oblong irregular incuse punch.

This specimen stands out. It shows sharp detail and high relief. The engraving appears elegant and refined. Unlike the majority of darics, this example reflects unusually fine artistry.

Why the Daric Still Matters

The Persian gold daric represents more than currency.

It symbolizes the administrative genius of the Achaemenid kings. It reflects the empire’s vast territorial reach. Moreover, it embodies one of the ancient world’s greatest accumulations of gold wealth.

Most importantly, it marks the birth of international gold coinage.

Few coins claim such historical impact. Fewer still connect directly to one of history’s largest and richest empires.

The daric does both.

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Akragas and the Art of Sicilian Coinage

Founded on the southern coast of Sicily, Akragas (modern Agrigento) rose to become one of the wealthiest and most powerful Greek cities in the western Mediterranean, rivaled only by Syracuse. Its prosperity was famously expressed through monumental architecture, including the great Doric temples that still dominate the site today.

For nearly a century, the coinage of Akragas remained remarkably consistent. Early issues typically featured Zeus’ eagle on the obverse and a crab on the reverse, civic types that reflected both divine favor and local identity. Over time, however, the competitive aristocratic culture of Sicily transformed the artistic landscape. Elite rivalry, displayed in equestrian contests, public works, and increasingly in coin design, produced what can only be described as a numismatic arms race.

The Great Artistic Transformation

Around 415 BCE, Akragas undertook a dramatic redesign of its coinage across multiple denominations. The new issues exhibit a leap in complexity, naturalism, and compositional ambition. These coins are widely regarded among the most beautiful products of Greek numismatic art, clearly the work of master engravers active in late fifth-century Sicily.

The silver obol discussed here is among the smallest of Greek denominations, yet it demonstrates extraordinary technical refinement. Despite its diminutive fabric, the engraver achieved remarkable depth, motion, and anatomical realism, a testament to both artistic confidence and technical mastery. The scene is executed with vigor and tension, maximizing the limited surface area of the flan.

Stylistically, this obol shares clear affinities with the celebrated dekadrachms of Akragas and the so-called Skylla tetradrachms. Many scholars attribute these dies to the same workshop, if not the same master engraver responsible for the renowned Agrigentum dekadrachm issues.

Obverse: Eagles and Omen

The obverse depicts two eagles tearing apart a hare they have just captured. One bird spreads its wings while bending downward toward the prey; the other raises its head in a triumphant gesture. The composition avoids rigid symmetry, instead embracing naturalistic movement and psychological tension.

The imagery likely references a passage from the Agamemnon of Aeschylus. In the play, two eagles devour a pregnant hare, an omen foretelling the destruction of Troy by Agamemnon and Menelaus. The scene conveys themes of power, conquest, and divine sanction, appropriate symbolism for a city at the height of its wealth and ambition.

Reverse: Civic Identity and Maritime Power

The reverse features a crab, long the civic badge of Akragas, symbolizing both the nearby Akragas River and the city itself. Beneath the crab appears a fish, commonly identified as a sea perch. While earlier issues emphasized freshwater associations, this pairing may signal the city’s expanding maritime interests during the late fifth century BCE.

A Special Issue?

All known specimens of this obol appear to derive from a single pair of dies, suggesting a limited production. The exceptional artistry invested in so small a denomination further supports the theory that this was not a routine circulation piece. It may have been a ceremonial issue, commemorative distribution, or elite presentation piece, intended to advertise both artistic sophistication and civic strength.

Ironically, the triumphant imagery proved short-lived. In 406 BCE, Akragas was sacked by Carthaginian forces, an event that marked the end of its golden age and brought this remarkable period of artistic coinage to an abrupt close.

Today, this obol stands as a miniature masterpiece, evidence that in late Classical Sicily, even the smallest coins could serve as vehicles for monumental artistic expression.

* * *

Akragas. Obol (Silver, 0.79 g), c. 410-406 BCE. Two eagles standing right on dead hare, the one in front with closed wings and its head thrown back screaming in triumph, the one behind with wings open and head turned down, tearing at its prey with its beak. Rev. Crab with between its claws; below, grouper (Polyprium cernium) swimming to right. Basel 263 = SNG Lockett 519 (same dies). Rizzo pl. III, 6 (same dies). SNG Lloyd 829 (same dies). Very rare. Beautifully toned, a superb coin of the finest style. Extremely fine.

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Athens controlled one of the richest silver mines in the ancient world. Wealth extracted by slave labor elevated the city into a cultural, economic, and political powerhouse. Athens maintained that position until Rome eclipsed it in the second century BCE. On its widely circulated coinage, the city placed the image of its patron goddess, Athena, and her sacred bird, the owl.

Nearly every collector of ancient coins wants to own an Athenian owl tetradrachm. On Harlan Berk’s list of the 100 Greatest Ancient Coins, the Athenian owl ranks number ten (Berk, 2023). Millions of classic owl tetradrachms, weighing about 17.2 grams of nearly pure silver, were struck between roughly 485 and 404 BCE.

The Classic Owl Tetradrachms

On the classic owl, Athena wears a crested helmet, and a faint smile appears on her lips. The flans were often too small for the dies. As a result, coins that display a complete helmet crest remain especially desirable.

The reverse shows a sprig of olive leaves in the upper left, a small crescent moon, and three bold Greek letters flanking the owl: AΘE, an abbreviation of the city’s name. Today, Very Fine examples sell for around $600, while Extremely Fine specimens bring approximately $1,500. Exceptional near–Mint State coins regularly achieve prices of $7,500 or more.

The Introduction of the New Style Coinage

Beginning around 165 BCE, Athenian coinage underwent a radical transformation. The tetradrachm became slightly lighter, averaging about 16.7 grams, and was struck on a larger, thinner flan.

Athena’s portrait appears more naturalistic and closely follows the monumental statue of the goddess that once stood in the Parthenon. On the reverse, the owl stands on an overturned amphora, a ceramic vessel used to store olive oil. A wreath of olive leaves surrounds the design. In addition to the abbreviated city name, a monogram appears in the field. This mark likely identifies the official responsible for the coinage. These early New Style issues remain very rare.

Expanding Symbols and Administrative Detail

A few years later, around 162 BCE, engravers added a dotted border to the obverse.

By approximately 150 BCE, the reverses became increasingly crowded. Coins now list up to three officials, with names fully or partially spelled out, alongside an expanding array of symbols and control letters.

On a typical example, a small image of the sun god Helios driving his chariot appears in the field to the right of the owl. A lengthy inscription fills much of the remaining space:
A-ΘΕ / ΔΙΟ-ΝΥΣ / ΔΙΟ / ΝΥΣI / AΣ / KΛA

The amphora bears the letter M, indicating the twelfth month of the Attic lunar calendar [1]. Letters from alpha through nu appear in this position, reflecting the need to add an intercalary month at irregular intervals. Because the Athenian year began in midsummer, modern dating of these coins spans two overlapping BCE years.

At the bottom of the reverse, a two-letter code, ME, appears. About twenty-nine such letter codes are known [2]. These likely represent mining contractors who supplied the silver.

Ivory, Elephants, and Symbolism

Elephant ivory ranked among the most prized luxury materials in the ancient Greek world. The statue of Athena Parthenos featured carved and polished ivory panels for the goddess’s skin [3].

This symbolism appears directly on New Style coinage. A tetradrachm dated to 131/0 BCE (Thompson 397k) features a small Indian elephant in the lower right field of the reverse [4].

Mithradates, Aristion, and the Roman Siege

One of the most historically significant New Style tetradrachms dates to 87/6 BCE (Thompson 1145). The coin bears the name of King Mithradates VI of Pontus, written as BAΣI-ΛE / MI-ΘPA / ΔA / THΣ, along with his dynastic emblem: a starburst flanked by two crescents [5] [6] [7]

The coin also names Aristion (APIΣ / TIΩN), an Athenian politician described in ancient sources as a tyrant [8]. Aristion briefly seized power in Athens and supported Mithradates during his disastrous war against the Roman Republic.

When the Roman general Lucius Cornelius Sulla besieged and captured Athens, Roman forces executed Aristion.

The Final Issues under Roman Control

The last New Style tetradrachms were struck under Roman occupation. These coins display crude engraving and feature two Greek monograms. The monogram on the left likely represents a Roman personal name, “of Marcus” (MARKOY). The monogram on the right reads TAMIOY, meaning treasurer or paymaster.

These inscriptions refer to Marcus Lucullus, who served as quaestor under Sulla. Dated to 86–84 BCE, an example (Thompson 1293a) realized CHF 7,000 ($6,063) at a Swiss auction in 2008 [9].

Collecting the New Style Owls

A search of the CoinArchives database, which catalogs more than 2.6 million auction records, returns over 3,000 results for “New Style” and “Athens.” Recent prices range from about $350 to more than $16,000 for exceptional rarities.

Solid Very Fine examples typically sell for around $1,000. Assembling a complete set of known New Style tetradrachm types would challenge even the wealthiest and most patient collector.

Collectors reference these coins by their Thompson numbers. The essential reference remains Margaret Thompson’s The New Style Silver Coinage of Athens (1961). The work spans 757 pages, with a separate 235-page volume of plates. Although long out of print, copies in good condition can sell for as much as $300. The full text remains available online through the American Numismatic Society [10].

As Thompson observed, this coinage speaks clearly, and sometimes tentatively, about a pivotal century in Athenian history. That era opened with the promise of freedom proclaimed by Roman general T. Quinctius Flaminius in 196 BCE and closed amid political dissension and looming catastrophe. By 146 BCE, Greece had become a Roman province [11].

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  Part I: From Persian Satrapy to Hellenistic Kingdom

Cappadocia occupied the heart of ancient Asia Minor, in what is now central Turkey. Its geography shaped its history, politics, and coinage. High elevation, harsh winters, and limited trade routes encouraged local autonomy. These conditions also influenced how Cappadocian rulers expressed authority through coinage.

This first installment examines the early kings of Cappadocia and their coins, from the late Persian period through the reign of Ariarathes VI.

Geography and Historical Setting

Cappadocia sat on a rugged plateau within the Taurus Mountain system. Mount Erciyes, known in antiquity as Argaeus, rises to 3,916 meters and dominates the region. The Taurus Mountains separate Cappadocia from Cilicia and the Mediterranean coast. Lycaonia borders the region to the southwest, while Galatia lies to the northwest.

The climate remains severe. Summers are hot and dry. Winters bring heavy snow. Several rivers flow through Cappadocia, including the Sarus, the Pyramus, the middle Halys, and tributaries of the Euphrates. None are navigable, which limited commerce and reinforced regional isolation.

During the Bronze Age, Cappadocia formed the core of the Hittite Empire. After the empire’s collapse around 1200 BCE, the region faded from prominence. That changed with the rise of the Persian Empire.

In 546 BCE, Cyrus the Great defeated Croesus of Lydia and absorbed Asia Minor. Cappadocia became a Persian satrapy, with its capital at Mazaka.

The Early Ariarathid Rulers

Ariarathes I (331/0–322 BCE)

In 334 BCE, Alexander the Great invaded the Persian Empire and defeated its forces at the Granicus River. Within a few years, he controlled all of Asia Minor.

Following Alexander’s conquest, Ariarathes I assumed control of Cappadocia despite Alexander having appointed a governor. He ruled Cappadocia, Pontus, and parts of Paphlagonia as an independent power for a brief period. In 322 BCE, Perdiccas executed Ariarathes I, ending his reign.

Ariarathes I issued silver sigloi, or drachms, struck on the Persian standard of approximately 5.6 grams. Two main types exist. One depicts Baal of Gaziura seated, holding an eagle and scepter. The reverse shows a griffin attacking a stag. The legends appear in Aramaic.

A second silver type features a nymph, an eagle, and a dolphin, closely resembling coinage from Sinope. Ariarathes I also minted small bronze coins. These show the ruler drawing a bow on the obverse and an ibex standing on the reverse.

Ariarathes II (301–280 BCE)

After Ariarathes I’s death, his nephew Ariarathes II fled to Armenia. He returned during the Fourth War of the Diadochi, which lasted from 307 to 301 BCE. He regained control of Cappadocia during this period of instability.

Seleucus I Nicator later appointed Ariarathes II as satrap. After Seleucus’ death in 281 BCE, Ariarathes asserted greater independence and resisted attempts by Antiochus I to restore direct Seleucid control.

Only one coin type is securely associated with Ariarathes II. It is a small bronze issue depicting the king wearing a bashlyk on the obverse. The reverse shows a lioness nursing her cub.

Ariaramnes (280–230 BCE)

Ariaramnes succeeded his father in 280 BCE. Ancient sources record little about his reign. However, his coinage provides valuable evidence.

He struck several bronze denominations. Each shows his portrait wearing a bashlyk on the obverse. Larger coins depict a rider on horseback or a grazing horse. Smaller pieces show a horse grazing or prancing. Importantly, the legends appear in Greek and read ARIARAMNOU, marking a linguistic transition in Cappadocian coinage.

Ariarathes III and the Rise of Kingship

Ariarathes III (255–220 BCE) became sole ruler after his father’s death in 230 BCE. He was the first Cappadocian ruler to formally assume the title of king.

During conflicts among the Seleucids, Ariarathes III supported one faction and expanded his territory at Seleucid expense. He captured Comana, including its important temple of the goddess Ma.

He minted two bronze denominations. The larger type features a mounted horseman or Ma-Kybele on the reverse. The smaller denomination shows an ivy leaf. On the obverse, Ariarathes III wears a bashlyk with a raised peak, a feature reserved for kings.

Coins came from at least three mints: Cybistra, Morima, and Tyana.

Ariarathes IV and the Introduction of Silver

The future King, Ariarathes IV Eusebes (220–163 BCE), ascended the throne while still young. He married Antiochis, daughter of Antiochus III, strengthening ties with the Seleucid Empire.

These ties pulled Cappadocia into war against Rome between 192 and 190 BCE. The Seleucid coalition lost. Rome imposed a heavy indemnity on Cappadocia. Eumenes II later negotiated a reduction.

Late in his reign, Ariarathes IV introduced silver tetradrachms struck on the reduced Attic standard. These depict the king on the obverse and Athena seated on the reverse. A fillet border surrounds the portrait.

Evidence suggests these coins were minted at Soloi in Cilicia.

Ariarathes V and a Silver-Based Coinage

Ariarathes V Eusebes Philopator (163–130 BCE)

He emphasized Greek culture and strong ties to Rome. He founded Tyana and refounded Mazaka as Eusebeia.

His silver coinage dominates his reign. He struck tetradrachms and drachms depicting his portrait and Athena standing. The reverse legend identifies him as king and includes the epithet Eusebes.

Ariarathes V died in 130 BCE while supporting Rome during its war against Aristonikos.

Orophernes: Usurper King of Cappadocia (159–157 BCE)

Orophernes was a half-brother of Ariarathes V Eusebes Philopator and a member of the Ariarathid dynasty. Ancient sources identify him as a son of Ariarathes IV, though they do not name his mother. His claim to the throne rested on dynastic legitimacy rather than popular support.

Accession with Seleucid Support

In 159 BCE, Orophernes sought to overthrow Ariarathes V by appealing to Demetrius I Soter, ruler of the Seleucid Empire. Demetrius provided military assistance, enabling Orophernes to seize control of Cappadocia and force Ariarathes V into exile.

Orophernes presented his case to the Roman Senate, arguing that he had a legitimate claim to the Cappadocian throne. The Senate chose not to support either claimant fully. Instead, Rome divided the kingdom between the two brothers. This decision reflects Rome’s broader policy during the period, which favored balance and influence over direct intervention.

Unpopular Rule and Loss of Power

Ancient literary sources portray Orophernes as deeply unpopular among the Cappadocian population. His reliance on foreign troops and Seleucid backing appears to have undermined his legitimacy. Additionally, sources accuse him of heavy taxation and the seizure of temple funds, though these claims come from hostile accounts and cannot be independently verified.

In 157 BCE, Ariarathes V returned with military support from Attalus II. Orophernes was quickly deposed and fled to Seleucid territory.

Final Years and Imprisonment

After his deposition, Orophernes remained in Syria. Ancient sources report that he later became involved in a conspiracy against Demetrius I. As a result, Demetrius imprisoned him. The sources do not record his death date, but they agree that he spent the remainder of his life in captivity.

The Coinage of Orophernes

The only securely attributed coinage of Orophernes consists of silver tetradrachms struck on the reduced Attic standard, weighing approximately 16.7 grams. Numismatic evidence indicates that these coins were minted at Priene, a city under Seleucid influence at the time.

Harlan Berk later ranked this coin among the 100 greatest ancient coins.

The obverse depicts a finely engraved diademed portrait of Orophernes facing right. The reverse shows Nike standing left, crowning the royal name and holding a palm branch. An owl appears in the field, a civic symbol associated with Priene.

The Greek legend identifies him as BASILEOS OROPHERNOU NIKHΦOPOU, meaning “King Orophernes, Victory Bearer.” The epithet Nikephoros likely served a propagandistic purpose, emphasizing military success at a time when his authority remained contested.

Numismatists widely regard this issue as one of the finest portrait coins of the Hellenistic period. Harlan Berk ranked the Orophernes tetradrachm as number 82 in 100 Greatest Ancient Coins, noting both its artistic quality and extreme rarity. Fewer than a dozen examples are known, most held in institutional collections.

Historical Significance

Orophernes’ reign was brief, but it illustrates several recurring themes in late Hellenistic Anatolia. Dynastic legitimacy alone did not guarantee stability. Foreign intervention, Roman arbitration, and public acceptance all shaped outcomes.

His coinage stands in sharp contrast to his political failure. While his rule collapsed quickly, his tetradrachms remain among the most admired works of Hellenistic numismatic art, preserving his image far more successfully than his reign preserved his power.

Ariarathes VI and Dynastic Instability

Ariarathes VI Epiphanes (130–116 BCE)

Early coinage includes rare jugate drachms showing Ariarathes VI with his mother Nysa. Later issues depict him wearing a diadem.

Political instability continued. Mithridates V arranged his assassination in 116 BCE.

Conclusion

By the mid-second century BCE, Cappadocia had evolved from a Persian satrapy into a Hellenistic kingdom with a sophisticated monetary system.

NOTE a “satrap” is a provincial governor in the ancient Persian empire.

Coinage records these transitions in metal. Part II will examine the later Ariarathids and the shift toward Roman client kingship.

The post Coinage of the Kings of Cappadocia, 255 BCE–17 CE appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

Original By Tyler Rossi for CoinWeek ….. Reformatted and updated by CoinWeek

Understanding Patina on Ancient Coins: Types, Formation, and Collector Value

Unlike modern coins, ancient coins do not conform to the strict condition thresholds of the 70-point Sheldon Grading Scale. Instead, collectors evaluate ancient coins primarily on eye appeal, surface preservation, and historical integrity. One of the most important contributors to eye appeal is patina.

So, what exactly is patina, and why does it matter so much?

What Is Patina on Ancient Coins?

In technical terms, true patina refers to surface oxidation that begins forming on a metal coin almost immediately after striking. On modern copper coins, this same process produces the familiar Red, Red-Brown, and Brown designations.

However, among ancient coin collectors, the term “patina” has a broader meaning. In common usage, it describes any layer of oxidation or mineral deposition that forms over centuries while a coin remains buried. This process depends primarily on two variables:

• The chemical composition of the soil
• The metal alloy of the coin

Because burial environments vary widely, ancient patinas appear in many forms, textures, and colors.

The Two Primary Patina Categories

Most ancient bronze coin patinas fall into two broad color families:

• Green patinas
• Red patinas

Each forms through distinct chemical reactions involving copper and environmental elements.

Green Patina: The Most Common Surface Type

Green patina is the most frequently encountered surface on ancient bronze coins. It forms primarily from copper acetate (Cu(CH₃CO₂)₂), which develops when copper reacts with acetic acid present in air or soil.

Importantly, green patina can vary dramatically in tone. Shades range from nearly black to bright or pale green, depending on environmental exposure and alloy composition.

Desert Patina: A Subtype of Green Patina

One visually striking variation of green patina is known as desert patina. This surface results from a combined chemical and environmental process.

Desert patinas typically feature:

• A light sandy or tan surface layer
• A darker green or brown patina beneath

These patinas form most often in dry, dusty climates, where fine sand becomes chemically bonded to an already-patinated surface. When conservators partially remove the encrustation, the darker underlying patina creates a dramatic contrast that highlights design details.

Important Note on Authenticity

Desert patinas can be artificially fabricated. In some cases, original surfaces are stripped and sandy material is glued onto the coin. Depending on the adhesive, these forgeries may be removable with water or gentle brushing. As a result, collectors should examine desert patinas carefully.

Red Patina: Rare and Visually Polarizing

Red patina appears far less frequently than green patina. It forms when cuprous oxide (Cu₂O), also called copper(I) oxide, develops from reactions involving cupric oxide (CuO) in the coin or surrounding soil.

This patina can appear bright red or dark crimson. However, coins displaying only red patina are extremely rare. In nearly all cases, red patina forms on top of an existing brown copper surface.

In the example above, uneven red encrustations sit atop a thick reddish-brown base, creating a visually unstable appearance.

By contrast, some red-brown combinations appear more uniform and stable.

While eye appeal remains subjective, evenly distributed red-brown patinas are generally considered more attractive and chemically stable.

Brown Patina: Thin Oxidation or Mixed Surfaces

Brown patina forms in two primary ways:

• Through a thin copper oxide film created shortly after striking
• Through a natural blend of green and red patinas

Coins that developed a brown surface before burial often retain especially smooth textures.

Blue Patina vs. Bronze Disease

Blue patina is exceptionally rare, and often misunderstood.

In many cases, blue-green surface growth indicates bronze disease, not patina. Bronze disease occurs when internal chemical reactions produce acid within the coin. This process creates powdery blue-green eruptions and causes active metal loss.

Unlike patina, bronze disease is destructive and subtractive. If removed, it leaves behind pitting and surface damage.

Historically, researchers once believed bronze disease was biological in origin, hence the term “disease.” Modern research has shown it to be chemical. Treatment methods remain complex and fall outside the scope of this article.

True Blue Patina: Rare but Stable

Not all blue patina indicates bronze disease. Some copper oxides form stable blue or blue-green surfaces, similar to those seen on untreated bronze statues.

In other cases, blue-green patinas may appear waxy and highly durable.

River (Tiber) Patina and Anaerobic Preservation

River patina, often called Tiber Patina, forms in oxygen-deprived (anaerobic) environments, such as riverbeds or waterlogged clay soils.

Coins with this surface typically display:

• A subtle brass-like color
• Minimal brown oxidation
• Even, fine pitting across the surface

Because clay prevents oxygen exposure, oxidation may slow or even partially reverse. As a result, the coin may appear close to its original struck condition.

Cleaning vs. True River Patina

Not all smooth bronze coins possess river patina. Some have simply been harshly cleaned.

For example, this dupondius of Augustus and Agrippa (10–14 CE) had its patina stripped and sold for $100 in 2015.

A comparable coin with original patina sold for nearly $400 in 2013.

By contrast, authentic river patinas show no tooling or stripping.

Coins recovered from anaerobic sites, such as the boggy soils near Vindolanda in Britain, often exhibit these same surfaces.

Variations in River Patina Preservation

Not all river-patinated coins appear pristine. Many circulated heavily before deposition.

For example, this sestertius of Titus shows light corrosion but retains an authentic anaerobic surface. Due to its extreme rarity, it sold for £8,000 in 2016 (approximately $10,841 USD, inflation-adjusted).

Why Some Coins Survive, and Others Do Not

Patina is technically a form of corrosion. So why do some coins survive while others deteriorate completely?

Some coins do not survive at all. Highly acidic soil can reduce bronze coins to featureless discs.

Coins that endure typically benefit from:

• Low soluble salt content in surrounding soil
• Chemical equilibrium between corrosion layers and burial environment

When stable and attractive, patina can mask surface flaws and significantly enhance value.

Fake Patinas and Collector Caution

Because patina adds value, some individuals attempt to fake it using chemical treatments. While convincing at first glance, artificial patinas often lack the hardness and integration of genuine surfaces.

Most authentic patinas formed over centuries become extremely difficult to remove without damaging the coin. That said, some genuine patinas—especially rare blue-green types—remain soft.

For this reason, careful examination remains essential.

Final Thoughts

Patina tells a coin’s story. It records chemistry, environment, and time itself. Understanding patina helps collectors distinguish authenticity from alteration—and preservation from decay.

Sources

• Metal Detecting World – Patina Overview
• Powder Diffraction (Cambridge University Press) – Roman Coin Patina Analysis
• Caridi et al., 2014 – Investigation on Ancient Bronze Patina
• Sandu et al., 2006 – Authentication of Archaeological Bronze Coins

* * *

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The post Patina on Ancient Bronze Coins appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

Although these coins were likely produced for practical purposes, their influence on Greek coinage, portraiture, and artistic convention was profound and enduring.

Why the Decadrachms of Syracuse Were Struck

Ironically, the decadrachms of Syracuse were probably issued for a functional, even mundane, purpose: the payment of mercenaries. As high-denomination silver coins, they were well suited for large military expenditures during periods of political instability.

Most examples appear to have circulated only briefly. Many were likely melted shortly after issue, which helps explain their rarity today. Their scarcity is further reinforced by their unusually large denomination, a factor that consistently limits survival rates in ancient coinage.

Yet despite their short circulation life, the designs themselves became widely known throughout the Greek world. In particular, the portrait of the nymph Arethusa proved enormously influential. Die engravers adopted and adapted these compositions for centuries, even far beyond Sicily.

A silver stater from Larissa in Thessaly, dated to approximately 380–370 BCE, demonstrates this legacy clearly. Its depiction of the nymph Larissa is directly inspired by the compositional innovations introduced by Euainetos.

The Artistic Revolution of the Syracusan Decadrachm

The most celebrated decadrachms are those signed by Kimon and Euainetos. On these issues, artistic evolution is unmistakable.

The quadriga, long a standard motif, was transformed. Earlier depictions showed horses in static poses. On the signed Syracusan dies, however, the horses surge forward at full gallop. The charioteer leans into the motion, urging the team onward, while the winged figure of Nike flies above, ready to crown the victor.

Perspective also advanced dramatically. The scene is rendered in three-quarter view, with overlapping forms and fully articulated anatomy. Depth, movement, and tension are all conveyed within the confined space of a coin die.

On the reverse, the head of Arethusa appears in higher relief than ever before. Her portrait is no longer symbolic alone; it is individualized, expressive, and sculptural.

Kimon: Pride, Innovation, and the Signed Die

Kimon’s contribution to Syracusan coinage is both artistic and conceptual. He signed his dies multiple times, an act that suggests personal pride and artistic self-awareness.

On several decadrachms, Kimon’s signature appears on the dolphin beneath Arethusa’s neck. In other cases, it is integrated into her metallic headband, often abbreviated as a single “K.” On these dies, Arethusa wears her hair drawn up into a net, creating a refined and controlled appearance.

A later tetradrachm signed by Kimon includes the name “Arethusa” inscribed above her head, although this inscription is off the flan on some surviving specimens. This choice reinforces the increasingly explicit identification of the figure and highlights the engraver’s confidence in his work.

Kimon was also responsible for one of the most celebrated innovations in Greek coinage: the three-quarter facing head of Arethusa. This daring composition required exceptional technical skill and would influence die engravers across the Greek world.

Euainetos: Refinement, Continuity, and Enduring Influence

Euainetos’ signed work appears slightly later than that of Kimon. Because of this chronological sequence and stylistic continuity, scholars have suggested that Euainetos may have been an apprentice or understudy of Kimon. This remains a possibility rather than a certainty.

What is clear, however, is that Euainetos refined and extended the artistic vocabulary established by his predecessor.

On his dies, Arethusa wears a wreath of reeds rather than a metallic headband. Her hairstyle appears looser and more naturalistic, emphasizing movement and texture. The facial modeling is subtle, with carefully graduated contours that contrast with the energetic treatment of her hair.

Euainetos continued producing dies through the end of the reign of Dionysios I, just before the middle of the fourth century BCE. His influence endured long after that period, both within Syracuse and beyond.

Workshops, Assistants, and Mass Production

Despite their fame, Kimon and Euainetos likely engraved only a small number of master dies. These were then copied and reproduced by assistants within organized workshops.

This practice would explain the consistency of design across large outputs while preserving the distinctive stylistic hallmarks of each master. It also suggests a highly structured minting operation capable of meeting significant military and economic demand.

Kimon and Euainetos were also prolific beyond the decadrachm. Both engraved dies for tetradrachms, smaller silver denominations, and gold coins. During this period, facing heads were introduced more broadly into Greek coinage, representing a major artistic shift.

Other engravers were active as well. Eukleidas produced a remarkable facing portrait of Athena Parthenos at Syracuse. Euainetos engraved a facing head of the river god Hipparis at Kamarina. Herakleidas created a striking facing head of Apollo for Katane. Together, these artists defined a golden age of ancient numismatics.

Why Were the Dies Signed?

The decision by engravers to sign their dies remains imperfectly understood.

It was a bold departure from convention. Coinage traditionally emphasized the issuing authority rather than the individual artisan. Whether these signatures elevated the engravers’ social status is unknown.

Another unresolved question concerns the purpose of the decadrachms themselves. Many are inscribed with the Greek word ΑΘΛΑ, the plural of athlon, meaning both “games” and “prize.” One interpretation is that these coins were awarded as prizes in competitive events.

It is also possible that, during periods of political unrest, private workshops assumed control of minting operations. Under this model, contracts may have been awarded through competitions among engravers, with decadrachms serving as both payment and prestige objects. This interpretation remains scholarly conjecture rather than established fact.

Iconography: Arethusa and the Quadriga

The iconography of Syracusan coinage was deeply political and symbolic.

The quadriga honored the tyrants of Syracuse, who were among the wealthiest rulers in the Greek world. These leaders frequently sponsored chariot teams and hosted races as public spectacles. Victories enhanced their prestige and reinforced their authority.

The reverse image of Arethusa drew upon local myth. Pursued by a river god, the nymph sought the aid of Artemis and was transformed into an underground stream. She reemerged as a sacred spring on Ortygia, the historic heart of Syracuse.

On Kimon’s signed decadrachms, Arethusa appears facing left, adorned with an ampyx, necklace, earrings, and hair net. Four dolphins surround her head, with one often bearing the engraver’s signature. The ethnic inscription of Syracuse appears partially behind her portrait.

The level of detail in her hair, jewelry, and facial features remains astonishing, even by modern standards.

Technical Mastery and Die Wear

The exceptional relief of these dies came at a cost. Many surviving examples exhibit die breaks, particularly across Arethusa’s forehead, eye, and hair. These fractures are consistent with prolonged use and the mechanical stress imposed by deep engraving.

Roughness in the fields is sometimes present, though it is generally stable. Such features serve as reminders of the physical demands placed on these tools and the ambition of their creators.

On some decadrachms, Kimon signed his work three times. This rare practice leaves little doubt as to his pride in the achievement.

Legacy and Enduring Importance

Today, the decadrachms of Syracuse are among the most coveted coins in all of numismatics. Collectors prize them for their beauty, rarity, and historical significance.

More importantly, they stand as tangible evidence of the artistic heights achieved in ancient Greece. Through their work, Kimon and Euainetos transformed coinage from a functional medium into a vehicle for artistic expression.

Even centuries later, their influence remained visible. Their portraits were copied, adapted, and admired throughout the Greek world. In this sense, their names occupy a place in numismatics comparable to that of history’s most celebrated artists.

Within ancient coinage, few engravers are known by name. Fewer still are remembered as masters. Kimon and Euainetos belong firmly in that highest tier.

The post The Coins of Kimon and Euainetos: The Pinnacle of Ancient Coin Artistry appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

Part 1  Ceaser and Augustus

Roman imperial coinage under the Julio-Claudian emperors did far more than facilitate commerce. These coins projected legitimacy, reinforced family continuity, and communicated authority across the Empire.

From the restrained portraiture of Tiberius to the increasingly personal and political imagery of Nero, imperial coins reveal how Rome’s first dynasty evolved and ultimately collapsed.

This second installment examines portrait coins issued between 14 and 68 CE, focusing on how emperors and their relatives used numismatic imagery to shape public perception.

Tiberius as Emperor (14 – 37 CE)

Tiberius became Rome’s second emperor in 14 CE following the death of Augustus. Ancient writers consistently describe him as reluctant to accept power. His actions during the early years of his reign support that assessment. Augustus had already removed potential dynastic complications by exiling his daughter Julia, who died shortly after her father.

Despite these measures, Tiberius ruled under the constant presence of his mother, Livia. Ancient sources portray her as forceful and politically assertive, and she reminded Tiberius frequently that his position depended on her influence. Her death in 29 CE finally freed him from that pressure.

Over time, Tiberius grew weary of administration. He withdrew from Rome and settled on Capri, where he governed through trusted officials. Sejanus, prefect of the Praetorian Guard, exercised enormous authority during this period. Hostile ancient sources accuse Tiberius of moral excess on Capri and claim that Caligula participated in these activities. Modern historians treat these allegations cautiously, recognizing their origin in senatorial hostility.

Tiberius died in 37 CE. Roman writers record little public mourning.

Coinage of Tiberius and His Family

An aureus struck in 18 CE shows Tiberius with an idealized, ageless portrait. Like Augustus, he avoided visible aging on coinage. This stylistic consistency extended across the Julio-Claudian family and often makes individual identification difficult without legends.

A denarius of Drusus the Elder—Tiberius’ brother—demonstrates this challenge. The obverse shows Drusus, while the reverse displays crossed German shields commemorating his victories in Germania under Augustus. Claudius, Drusus’ son, minted this coin decades later as an act of dynastic commemoration.

A dupondius depicting Drusus the Younger, Tiberius’ son, presents a more individualized portrait. The engraver emphasized facial character rather than idealized symmetry. Together, these coins illustrate how Julio-Claudian mints balanced uniformity with recognizable identity.

Caligula’s Reign (37 – 41 CE)

Gaius Caesar Augustus Germanicus, known to history as Caligula, became emperor at age 25. The Roman public greeted his accession with enthusiasm, largely because it marked the end of Tiberius’ unpopular rule.

Caligula quickly eliminated potential rivals. He ordered the death of his cousin and co-heir, Tiberius Gemellus, the son of Drusus the Younger. Ancient sources report that Caligula initially governed competently. As he consolidated power, however, his behavior grew erratic and increasingly antagonistic toward elites.

Writers such as Suetonius and Cassius Dio accuse Caligula of extreme cruelty and sexual excess, including incest with his sisters Agrippina the Younger, Drusilla, and Livilla. These claims originate from hostile sources, but they reflect a ruler who alienated nearly every power base in Rome.

In 41 CE, members of the Praetorian Guard assassinated Caligula during public performances. They also killed his wife Caesonia and their daughter Julia Drusilla.

Dynastic Coinage under Caligula

Caligula expanded the use of family portraits on imperial coinage. He honored his parents, Germanicus and Agrippina the Elder, and prominently featured his sisters.

An aureus pairs Caligula on the obverse with Agrippina the Elder on the reverse. Caligula’s portrait appears generic, while Agrippina’s displays careful engraving and strong realism.

A large sestertius shows Caligula on the obverse and his three sisters, Agrippina, Drusilla, and Livilla, on the reverse. This issue represents one of the clearest expressions of dynastic unity in Roman imperial coinage. An as depicting Germanicus reinforces the continued public reverence for Caligula’s father.

Claudius’ Reign (41 – 54 CE)

After Caligula’s assassination, the Praetorian Guard elevated Tiberius Claudius Caesar Augustus Germanicus to the throne. Claudius descended from Rome’s most distinguished military family as the son of Drusus the Elder and brother of Germanicus.

Earlier emperors had overlooked Claudius due to physical disabilities and speech impediments. These traits likely spared him during purges. Once in power, he proved himself an effective administrator and legislator. He immediately rewarded the Praetorians for their support.

Claudius married Messalina, whose behavior ancient sources describe as scandalous and politically reckless. After she participated in a public mock-marriage, Claudius ordered her execution. Their children, Octavia and Britannicus, survived to adulthood.

Claudius later married his niece Agrippina the Younger and adopted her son Nero. In 54 CE, Claudius died after consuming poisoned mushrooms. Ancient writers attribute the act to Agrippina.

Claudius and Imperial Portraiture

An aureus from Claudius’ reign shows a realistic portrait that emphasizes age rather than idealization. The reverse depicts the Praetorian Camp, acknowledging the force that secured his rule.

Another aureus presents Claudius alongside Agrippina the Younger. Her named portrait marks a significant departure from Augustan precedent. Augustus never placed Livia on imperial coinage.

A third aureus honors Antonia Minor, Claudius’ mother, identifying her as Antonia Augusta. This issue reinforces dynastic legitimacy through the maternal line.

Imperial mints rarely featured Messalina or Britannicus. Some provincial issues depict them, but Claudius avoided their portraits in central imperial coinage.

Nero as Emperor (54 – 68 CE)

Nero became emperor at 17 years old. His lineage as Augustus’ great-great-grandson secured acceptance despite his lack of experience. He had married Claudius’ daughter Octavia three years earlier and poisoned Britannicus shortly after taking power.

Early success defined Nero’s reign. His advisors, Seneca the Younger, Sextus Afranius Burrus, and Agrippina the Younger, managed administration and policy. Nero acknowledged this shared authority through coinage that paired his portrait with Agrippina’s.

By 59 CE, Nero moved against his mother. He staged a maritime accident that failed to kill her, then ordered her murder. Contemporary observers rejected the official claim of suicide.

After Burrus died in 62 CE and Seneca lost influence, Nero ruled without restraint. He exiled and executed Octavia, then married Poppaea Sabina. Ancient sources accuse Nero of killing Poppaea during pregnancy in 65 CE.

As revolts spread and opposition hardened, the Senate declared Nero a public enemy. He fled Rome and died by suicide in 68 CE.

Nero’s Numismatic Legacy

A denarius shows Nero and Agrippina with jugate portraits, symbolizing shared rule early in his reign.

One of Nero’s most celebrated coins pairs his portrait with a detailed aerial view of the harbor at Ostia. Claudius began the project, and Nero completed it shortly before 64 CE.

The reverse remains one of the most ambitious architectural depictions in Roman coinage.

Availability and Collecting Considerations

Collectors encounter significant challenges when pursuing Julio-Claudian portrait coins. Most examples command high prices and appear infrequently. Even advanced collectors often own only a single representative coin from this group.

References

• Acsearch.info
• Classical Numismatic Group (CNG)
• Wildwinds
• Boardman, Griffin, Murray, The Oxford History of the Classical World
• Hornblower & Spawforth (eds.), The Oxford Classical Dictionary
• Madden, Smith, Stevenson, A Dictionary of Roman Coins
• Sutherland & Carson, The Roman Imperial Coinage

The post Portrait Coins of the Julio-Claudians, Part 2 appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

In the long history of ancient coinage, innovation usually followed power. Greek city-states expressed civic identity through coin designs, and empires used precious metal to project authority. Egypt, however, resisted coinage for centuries, until one extraordinary exception.

A single gold stater, issued under Nektanebo II, stands apart as the only known coin to feature Egyptian hieroglyphics. More than a numismatic curiosity, it represents a deliberate and symbolic assertion of Egyptian kingship at the very end of native rule.

A Pharaoh at the Edge of History

Nektanebo II reigned from 361 to 343 BC, a period defined by instability and external pressure. He came to power by overthrowing his uncle, Pharaoh Takhos, and quickly faced renewed aggression from the Achaemenid Persian Empire.

In 351/0 BC, Nektanebo successfully repelled a Persian invasion, securing Egypt’s independence, temporarily. A second assault followed in 344/3 BC, led by Artaxerxes III, forcing Nektanebo to flee south to Ethiopia. With his defeat, Egypt lost its last native pharaoh and entered a new era of foreign domination.

The gold stater bearing hieroglyphs belongs squarely within this turbulent context.

An Egyptian Coin in a Greek Monetary World

By the 4th century BC, coinage had become the dominant medium of payment across the eastern Mediterranean. Egypt, by contrast, had long relied on weighed bullion and state-controlled redistribution systems. Coinage only began to take root during the late 26th Dynasty, and even then, most coins circulating in Egypt were imported or stylistically Greek.

Nektanebo’s gold staters break decisively from that pattern.

Instead of Greek gods or Persian royal imagery, the coin presents an unmistakably Egyptian visual language. The obverse shows a prancing horse, an image often associated with kingship and elite power. While horses appear frequently on Greek coinage, their appearance here may reflect a conscious adaptation rather than imitation, a visual bridge between Egyptian authority and the expectations of Greek mercenaries.

This interpretation aligns with historical reality. Nektanebo relied heavily on Greek mercenaries to defend his throne, and coinage was the most practical way to pay them. The stater’s form follows Greek monetary standards, but its message is entirely Egyptian.

Hieroglyphs in Gold: Meaning and Message

The reverse is what makes the coin singular in ancient numismatics.

It bears hieroglyphic symbols reading nefer nebew, meaning “good gold.” The design combines a pectoral necklace (nebew, or gold) crossing a windpipe and heart (nefer, or good). These symbols were not decorative flourishes. In Egyptian culture, hieroglyphs carried intrinsic meaning, often tied to cosmic order, legitimacy, and divine favor.

By placing hieroglyphs on a gold coin, Nektanebo made a statement that went beyond commerce. He embedded traditional Egyptian concepts of value and righteousness directly into a medium foreign to Egyptian custom. The result is a coin that functions simultaneously as currency, royal proclamation, and cultural manifesto.

It is worth noting that while the coin was likely intended for circulation among Greek mercenaries, the choice of hieroglyphs suggests that its symbolic audience was Egyptian as well. This duality underscores the pharaoh’s precarious position as a nationalist ruler forced to rely on foreign soldiers.

Minting at Memphis: Power Center of a Fading Kingdom

The coinage of Nektanebo II was produced at Memphis, Egypt’s traditional administrative heart. Alongside the gold staters, the mint issued silver fractions and possibly bronze coinage, though the latter remains uncertain.

The gold staters are exceptionally rare. Only 42 examples are currently known, struck from three die pairs, with approximately 20 pieces held in private collections. Such limited production suggests that these coins were never intended for broad circulation. Instead, they appear to have served a specific, short-term function during the final years of native Egyptian resistance.

The End of Native Rule – and a Numismatic Final Statement

Within a decade of Nektanebo’s flight, Egypt would be conquered by Alexander the Great and absorbed into the Hellenistic world. Under the Ptolemies and later the Romans, Egyptian iconography returned to coinage, but always filtered through Greek and imperial traditions.

No later ruler would strike coins using Egyptian hieroglyphs again.

This fact elevates the Nektanebo stater beyond rarity. It is a historical punctuation mark, the final, defiant expression of pharaonic identity in metal. Where monumental inscriptions once proclaimed divine kingship, this coin condensed that message into 17 millimeters of gold.

A Coin Unlike Any Other

The Nektanebo II gold stater occupies a category of its own. It is not merely rare, nor simply beautiful. It represents a moment when tradition confronted necessity, and when Egypt’s oldest visual language found expression in its newest monetary form.

For collectors and historians alike, it remains one of the most eloquent objects from antiquity, a coin that speaks, quite literally, in hieroglyphs.

Numismatic Description (for Reference)

• EGYPT, Pharaonic Kingdom. Nektanebo II. 361–343 BC. AV Stater (17 mm, 8.23 g, 12h).
• Obverse: Horse prancing right.
• Reverse: Hieroglyphic representation of “good gold”: pectoral necklace (nebew, “gold”) crossing horizontally over a windpipe and heart (nefer, “good”).
• References: FF-BD 2g (D1/R2 – this coin); SNG Berry 1459; SNG Copenhagen 1; ACGC 1064; Adams III 2075; Hunt I 106; Zhuyuetang 121.
• Provenance: Colosseo Collection.

The post The Only Ancient Coin Ever Struck with Egyptian Hieroglyphics appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

ON APRIL 12, 1204, the army of the Fourth Crusade sacked and looted the great city of Constantinople. The Crusaders established a shaky “Latin Empire” that managed to retain control of the city and a small area around it until 1261.

Byzantine aristocrats escaped from the capital to establish several short-lived states, including the Empire of Nicaea, the Despotate of Epirus, and the Empire of Thessalonica.

The Empire of Trebizond, on the southern coast of the Black Sea, which broke away from the Byzantine state and would outlive it by a few years, is treated in a separate article. All of these states issued coins, which survive as evidence of a chaotic period of medieval history.

The system of Byzantine coins of this era was complex, with three cup-shaped denominations issued in a variety of alloys: a 4.3-gram gold hyperpyron of 16-21 karats; a silver aspron trachy ranging from under two grams to over 3.5, often heavily alloyed with copper; and a copper or bronze trachy of variable weight, typically around two grams.

Coins of the Empire of Nicaea

The walled lakeside city of Nicaea (today the Turkish city of Iznik) lies 92 km (57 miles) southeast of Constantinople. It became the capital of the most important Byzantine successor state, the one that would eventually recapture Constantinople.

Theodore

Born about 1175 to an obscure aristocratic family (the names of his parents are unknown), Theodore was related to the Imperial Komnenos dynasty on his mother’s side. In 1200, he married a daughter of the ill-fated emperor Alexios III Angelos. Fleeing from the Latin sack of Constantinople, he organized Byzantine resistance at Nicaea, assuming the title of Emperor in 1205. Much of his coinage was struck at the town of Magnesia^[1] (today Manisa, Türkiye). The cup-shaped silver trachy bears an enthroned image of Christ on the obverse, and standing figures of Theodore and his patron saint of the same name^[2] on the reverse^[3].

John III

“He was a ruler of outstanding ability, and he very nearly recaptured Constantinople in 1236. His greatest success was his conquest of Thessalonica in 1246, which firmly established Nicene power in Europe and prepared the way for the recovery of Constantinople (Grierson, 245).”

Born about 1192, John III Doukas Vatatzes was the son of a general killed in battle against the Bulgarians. In 1216, he married a daughter of Theodore I, Emperor of Nicaea. Following the death of Theodore in December 1221, he took the throne, successfully defeating rivals from the powerful Laskaris family, who were backed by the Latin Empire of Constantinople^[4]. John’s gold hyperpyron (about 16 to 18 carats fine) is relatively common and affordable^[5].

Theodore II

Theodore II Doukas Laskaris (lived 1221-1258) was the only son of John III Vatatzes. Young Theodore received the traditional training of a Byzantine prince: heavy doses of Orthodox theology, and hunting (considered good military training). At the age of 14, he wed a Bulgarian princess. The arranged political marriage proved a happy one, and the couple had several daughters and a son, future emperor John IV. Theodore’s gold hyperpyron is distinguished from his father’s issues mainly by his different name, which may be all or partly illegible on the poorly struck coins^[6], and prominent Greek letters used as numerals to indicate the regnal year.

Theodore II Laskaris died on August 16, 1258, at the age of 36. His fragile dynasty was soon overthrown by his political enemy, Michael VIII Palaiologos (lived 1224-1282). The Palaiologos dynasty recaptured Constantinople and ruled it through a long era of political decline and cultural flowering until its final conquest by the Turks in 1453.

John IV

Born on Christmas Day in 1250, John IV Doukas Laskaris^[7] became emperor at the age of seven when his father died. The child emperor was soon pushed aside when Michael Palaiologos seized power and was proclaimed co-emperor. Michael later had John blinded, making him ineligible for the throne. Imprisoned in a monastery for the rest of his life, John died in 1305.

Coinage of John’s brief reign is very rare; a silver trachy struck in 1260 brought $10,000 (five times the pre-sale estimate!) in a 2019 U.S. auction^[8].

Michael VIII

Born in 1224, Michael traced his ancestry to several Imperial families; his full name was Michael Doukas Angelos Komnenos Palaiologos. He founded a dynasty that ruled until the fall of Constantinople to the Ottoman Turks in 1453. In 1253, he was accused of plotting against the Nicaean emperor, John III Doukas Vatatzes, and sentenced to trial by ordeal, grasping a red-hot bar of iron.

He challenged the bishop, who was standing nearby, to take the iron from the altar with his own hands and give it to him in faith that the truth would be revealed. Avoiding punishment, he later married the emperor’s grand-niece and became a commander of mercenaries serving the empire.

Michael staged a palace coup against the regent for child emperor John IV and was crowned as co-emperor on January 1, 1259. He defeated an alliance of Latins and other Byzantines at the Battle of Pelagonia^[9] in northern Greece later that year. In 1261, one of his generals captured Constantinople for him, restoring the Byzantine Empire.

Coins of the Empire of Thessalonica

After Constantinople itself, Thessalonica was the second largest and wealthiest city of the Byzantine Empire. In 1204, it was occupied by a Crusader warlord, Boniface of Montferrat^[10], who had failed in his ambition to become emperor at Constantinople. After Boniface was killed by the Bulgarians in an ambush in 1207, the crown passed to his infant son, Demetrius. In 1224, Theodore of Epirus captured Thessalonica and added it to his empire, maintaining a separate coinage.

Theodore

At Thessalonica, Theodore issued silver trachys, bearing his standing figure in Imperial robes beside Saint Demetrius, the third-century soldier martyr who was the city’s patron^[11]. In 1230, Theodore attempted to capture Constantinople but diverted his army to fight the Bulgarians, who captured, blinded, and held him prisoner for seven years. His brother Manuel took the throne, ruling as a Bulgarian vassal over a greatly reduced territory.

Manuel

Manuel’s rare silver trachy, bears an image of the Virgin enthroned on the obverse, and standing figures of the emperor and St. Demetrius on the reverse^[12]. In 1237, when Theodore was released from captivity, he deposed Manuel and installed his son, John Komnenos Doukas, as ruler of Thessalonica.

John Komnenos Doukas

John ruled his diminished empire from 1237 until he died in 1244. The coins of his Byzantine successor state consist mainly of crude bronze or copper pieces, bearing an image of St. Demetrius on the obverse and standing figures of the emperor and the Virgin on the reverse^[13].

Coins of the Despotate of Epirus

Epirus is the northwestern region of Greece, extending into the southern part of modern Albania. Following the establishment of the Latin Empire in the Byzantine capital, it became a long-lived successor state, with its capital at the ancient city of Arta^[14]. The title of “despot” in medieval Greek meant simply “sole ruler”, without its modern connotation of arbitrary dictatorship.

Michael Komnenos Doukas was born about 1170. He was a descendant of the great Byzantine emperor Alexios Komnenos (ruled 1081-1118) and a cousin of the ill-fated emperor Isaac II Angelos (ruled 1185-1995 and again in 1203-1204). Like several other Byzantine nobles, he briefly served as a mercenary in the service of the Seljuk Turkish Sultanate of Rum. His early career is obscure, but by 1205, he had established control over Epirus, sometimes in alliance and sometimes in conflict with his neighbors: the Republic of Venice, Serbia, the Second Bulgarian Empire, the Latin Kingdom of Thessalonica, and the Latin Principality of Achaea. In 1214 or 1215, he was assassinated in his sleep by a servant whose motivation is uncertain. Michael was succeeded by his half-brother Theodore Komnenos Doukas^[15]. Michael’s coinage is scarce.

Michael II

Michael II was an illegitimate son of Michael I. He escaped into exile after his father’s murder, returning to take the throne in 1230 and ruling until his death around 1268. Like so much of Balkan history, the subsequent story of Epirus is quite complicated. A rare silver trachy of Michael II depicts Christ enthroned on the obverse and standing figures of the emperor and St. Constantine (the fourth-century Roman emperor later canonized by the Orthodox Church) on the reverse^[16].

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Coins of the Byzantine Successor States: Notes

Citations

References

• Angelov, Dimiter. The Byzantine Hellene: The Life of Emperor Theodore Lascaris and Byzantium in the Thirteenth Century. Cambridge (2019)
• Grierson, Philip. Byzantine Coins. Berkeley (1982)
• Harris, Jonathan. Byzantium and the Crusades. London (2022)
• Hendy, Michael. Catalogue of the Byzantine Coins in the Dumbarton Oaks Collection, Volume 4. Washington (1999)
• Lianta, Eleni. Late Byzantine Coins: 1204-1452. London (2009)
• Sayles, Wayne. Ancient Coin Collecting, Volume V: The Romaion/Byzantine Culture. Iola, WI (1998)
• Sear, David. Byzantine Coins and Their Values. 2nd edition. London (1987)
• Treadgold, Warren. A History of the Byzantine State and Society. Stanford (1999)

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The post Empires in Exile: Coins of the Byzantine Successor States appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

A Remote Outpost at the Edge of Empire

At the far margins of the Byzantine world, the town of Cherson [1] (near modern Sevastopol, in Crimea on the Black Sea) quietly served the empire in ways few citizens of Constantinople ever considered.

It functioned as an early-warning station against the shifting tribal powers of the Eurasian steppe. At the same time, it doubled as a place of exile, where disgraced emperors and political enemies could be removed from sight but not entirely from memory.

In the year 711, however, Cherson suddenly found itself at the center of imperial drama during a violent interval that some historians call the “Twenty Years’ Anarchy” [2].

Remarkably, the imperial coinage of this chaotic era preserves a detailed and often chilling record of those events through Byzantine coins.

Justinian II: Deposed, Mutilated, and Banished

In 695, the tyrannical emperor Justinian II fell in a palace coup [3]. His enemies mutilated his nose, since Roman tradition held that physical disfigurement rendered a man unfit to rule.

At the time, mutilation was considered more merciful than execution. Accordingly, Justinian went into exile at Cherson. There he waited, plotted, and patiently prepared his return. According to one account, an itinerant surgeon repaired his injury. Another version claims that he wore a golden prosthetic nose instead.

Eventually, Justinian secured an alliance with the powerful Khazars by marrying the khan’s sister, who bore him a son. Later, he escaped from Cherson with a small band of followers in a boat scarcely suited for the open sea. After surviving a violent storm, he landed on the Bulgarian coast. There, he gained the support of Tervel, the Bulgar khan.

By slipping into Constantinople through an abandoned aqueduct tunnel, Justinian seized control of the capital in August 705.

Terror Restored

Once restored to power, Justinian unleashed six years of ruthless vengeance. He executed anyone who had ever offended him. In particular, he harbored a deep hatred for Cherson and ordered an expedition to destroy the city that had once confined him.

Bardanes Rebrands Himself as Philippikos

Bardanes was born at an unknown date into an elite family that may, or may not, have been of Armenian ancestry. Historians still debate the matter. “Vardanes” is a Persian name, while “Vardan” remains a common Armenian personal name.

Around 702, during the reign of the usurper Tiberius II Apsimar, Bardanes became entangled in court intrigue and suffered exile on the island of Kephallenia. When Justinian II returned to power, he recalled Bardanes and placed him in command of the punitive expedition against Cherson. Nevertheless, Bardanes had no intention of carrying out the emperor’s orders.

“He seems to have been an easy-going popular officer with a reputation for mildness. He was a Monothelete heretic, but this apparently did not bother anyone at the time. Assuming the properly classical name Philippikos, which he felt more suited to the dignity of the Empire than the Armenian Vardan, he was proclaimed basileus [emperor].” ,  Head (1972) page 146

Theology, Heresy, and Imperial Politics

Throughout their history, Byzantines obsessed over theological disputes. At times, these arguments escalated into bitter conflicts that threatened the unity of the empire itself.

Monotheletes [4] argued that Christ possessed a single will. In contrast, Orthodox doctrine held that He had distinct human and divine wills.

In 711, Philippikos captured Constantinople. The population, exhausted by Justinian’s reign of terror, welcomed him.

Soon afterward, soldiers hunted down Justinian and beheaded him. His young son, who had taken sanctuary with his grandmother in a church, was dragged from the altar and murdered.

Coinage as a Claim to Legitimacy

One of the first acts of any new emperor was to place his name and portrait on the coinage. For this reason, Byzantine coins conveyed legitimacy more effectively than proclamations or ceremonies.

During this period, the Constantinople mint employed a remarkable group of engravers. In particular, they produced realistic and detailed portraits on gold issues.

The gold solidus of Philippikos [5] shows a frontal portrait of the emperor wearing a crown and the jeweled loros.  He holds a cross-topped orb and a scepter tipped with an eagle. It ranks among the most revealing Byzantine coins of the period.

Although Greek was the empire’s spoken language, coin inscriptions of this period remained in Latin:    D N FILEPPICUS MULTUS AN   (“Our Lord, Philippicus, Many Years”)

Spelling lacked standardization. Some dies spell the name with two P’s; however, most read FILEPICUS.

The reverse shows a cross on three steps surrounded by the optimistic inscription VICTORIA AUG (“Victory of the Emperor”), above the mint mark CONOB (Constantinopolis Obryzum,  “Constantinople, refined gold”).

Despite political chaos and rapid regime changes, the mint maintained the weight, purity, and workmanship of the gold coinage with remarkable consistency.

Fractional Gold Issues

The gold semissis, struck in small quantities, carried a value of one-half solidus and a theoretical weight of 2.25 grams [6]. Well-preserved examples, however, usually weigh closer to 2.17 grams.

The obverse mirrors that of the solidus. On the reverse, a cross on a globe marks the denomination. Because of the small flan, the engraver had no room for a mint mark.

These fractional gold issues form an important subset of surviving Byzantine coins.

These thin coins were often poorly struck and badly centered. As a result, they circulated heavily and rarely survive in high grade [7].

Provincial Gold Coinage in Italy

Several provincial mints in Italy also struck gold for Philippikos, probably to pay troops. However, these mints lacked the skilled artisans of Constantinople. Consequently, workshops at Rome, Ravenna, and Syracuse produced crudely executed coins with garbled inscriptions, often in debased metal [8].

Silver and the Mysterious Hexagram

Heraclius originally introduced the silver hexagram around 615 during the Persian wars. Later, the denomination survived as a “ceremonial” coinage of uncertain purpose.

(When numismatists cannot determine a coin’s function, they usually label it “ceremonial.”)

The extremely rare hexagram of Philippikos was struck with solidus dies on ragged silver blanks [9].

Copper Coinage and Everyday Life

Copper coins met the needs of the urban economy, where daily transactions required small change.

As emperors rose and fell, officials frequently overstruck copper coinage. The follis of this period ranged from 3 to 6 grams and rarely displayed clear images or complete inscriptions. Officially, 180 folles equaled one gold solidus. In reality, the exchange rate fluctuated and usually ran higher. The reverse carried a large M as the mark of value [10].

In daily life, Byzantine coins of copper dominated economic exchange.

Half folles, marked with a bold K, also circulated.

Philippikos “quickly proved himself a hopeless hedonist who spent vast sums on his own amusement, and in his serious moments seemed interested only in reviving the old theological disputes…” [Norwich (1989) page 347]

As a result, he neglected the empire’s defenses. Consequently, Bulgar invaders devastated territory nearly to the walls of Constantinople.

In the summer of 715, the army revolted. A group of officers stormed the palace, blinded and deposed the emperor, and sent him to die in a remote monastery.

His reign lasted just 19 months.

Anastasius II and a Brief Hope of Stability

A palace official, the protoaseketris, or “chief of staff”, named Artemius was proclaimed emperor on June 3, 715, taking the name Anastasius II [11].

Artemius proved a capable administrator. He restored relations with the pope in Rome and strengthened the defenses of Constantinople. At the same time, he prepared for the expected assault by the Umayyad Caliphate. Nevertheless, he failed to secure the loyalty of the chronically mutinous army.

On his scarce gold solidus [12], Artemius wears the chlamys, a pleated robe fastened at the shoulder by a clasp adorned with three strings of pearls. He holds a cross-topped orb and an akakia, a hollow tube filled with ashes meant to remind the emperor of his mortality.

The usual inscription reads:  dN ARTЄMIЧS ANASTASIЧS MЧL  (“Our Lord Artemius Anastasius Many Years”)

The word ANNOS (“years”) was probably omitted for lack of space.

One of the favorite coins in my own collection is a gold semissis of Anastasius II described as “extremely fine and rare” from the famous William Herbert Hunt collection [13].

The obverse matches the solidus. Meanwhile, the reverse shows the standard cross on globe with the inscription VICTORIA AUGUS. Examples appear occasionally at auction and usually sell for $2,200 and up [14].

During the earliest days of the reign, a handful of tremisses appeared bearing only the name “Anastasius.” Only about four examples are known. One sold for the extraordinary price of $11,000 at a U.S. auction in 2018 [15].

Tremisses with the full name “Artemius Anastasius”, almost never fully legible, are scarce and typically bring $800 to $1,600 at auction.[16]

Theodosius III and the End of the Anarchy

In 715, Artemius placed his finance minister, John the Logothete, in command of the forces assembled at Rhodes for an offensive against the Caliphate. Unfortunately, the troops had developed a taste for rebellion. Consequently, they turned on John and clubbed him to death.

They then marched on Constantinople, selecting along the way an unassuming tax collector named Theodosius, whom they inexplicably proclaimed emperor [Norwich (1989) page 349].

Forced at sword point to accept the crown, Theodosius replaced Artemius, who retired intact to a monastery. He later escaped and was executed in 719 after a failed attempt to regain power.

Known as “Theodosius of Adramyttium,” after his hometown near modern Burhaniye, Türkiye, Theodosius III [17] was widely regarded as a puppet of the troops. Powerful generals Leo and Artavasdus refused to recognize him.

Still, by controlling Constantinople and the mint, By controlling the mint, Theodosius ensured that Byzantine coins carried his image to assert legitimacy. On the rare solidus, he wears the loros and holds an orb topped with a double-barred patriarchal cross [18].

Collecting the Chaos

Despite political instability, the Constantinople mint preserved the weight, purity, and workmanship of the gold coinage.

Silver issues appeared only sporadically for ceremonial purposes that remain poorly understood. Meanwhile, copper small change was generally crude, heavily overstruck, and visually unappealing.

For collectors today, Byzantine coins from this era range from scarce to extremely rare. Among them, the issues of Theodosius III pose the greatest challenge for collectors.

The standard reference for the coinage of this period remains the Dumbarton Oaks Catalogue (Grierson, 1968), although many auction listings still cite the more accessible, but outdated, second edition of Byzantine Coins and Their Values (Sear, 1987).

Citations

References

• Connell, Christopher T. Byzantine Emperors of Chaos. (Video, American Numismatic Association, 2002)
• Goodacre, Hugh. A Handbook of the Coinage of the Byzantine Empire. London (1960)
• Grierson, Philip. Catalogue of the Byzantine Coins in the Dumbarton Oaks Collection, Volume 2, Part 2. Washington, DC (1968)
• Head, Constance. Justinian II of Byzantium. Madison WI (1972)
• Kaldellis, Anthony. The New Roman Empire: A History of Byzantium. Oxford (2024)
• Kazhdan, Alexander (editor). Oxford Dictionary of Byzantium (3 volumes). Oxford (1991)
• Norwich, John J. Byzantium: The Early Centuries. New York (1989)
• Sayles, Wayne. Ancient Coin Collecting V: The Romaion/Byzantine Culture. Iola, WI (1998)
• Sear, David. Byzantine Coins and Their Values. London (1987)

The post Byzantine Coins of the Twenty Years’ Anarchy: Empire in Chaos appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.