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.

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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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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The post The “New Style” Owls of Athens 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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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.

Atlas Numismatics has updated its website with 317 new coins, medals, and tokens at
fixed prices. Selections include the following items:

Mint State Arsinoe II Oktadrachm

1084576 | GREEK. PTOLEMAIC KINGS OF EGYPT. Arsinoe II Philadelphos.

(Wife of Ptolemy II, died 270/268 BC). Posthumous issue, Class III, circa 164/163 – 140 BC. AV Mnaieion – ‘Oktadrachm’. NGC MS (Mint State) Strike 5/5 Surface 2/5. Alexandria mint. 27mm. 27.47gm.

Veiled head of deified Arsinöe II right, wearing diademed stephane and horn of Ammon, scepter surmounted by lotus over left shoulder; K in left field, dotted border /APΣINOHΣ-ΦIΛAΔEΛΦOY.

Double cornucopia bound with royal diadem, containing pyramidal cakes, pomegranates, and other fruits, grape clusters hanging from the rim of each horn; dotted border. CPE II K-43; Svoronos 1498- 1499.

Highly lustrous and very attractive for the grade assigned.

$44,500

Superb Danzig Medal by Dadler

1083776 | DANZIG. (1644) AR Medal. PCGS SP63.

By S. Dadler. 60.80mm. 66.81gm. Bellona the allegorical figure of War struggles with Pax, fighting for peace on earth.

At left, a globe with Mercury’s caduceus, palm and olive branches, offered to the combatants; to the right, the Gorgoneion (shield of Pallas Athena with the Gorgon’s head) and a lance leaning against an olive tree / Allegorical figure of Pax (Peace) standing over the war god, Mars who is lays defeated upon the ground.

In her right hand she holds Mercury’s caduceus and three ears of grain, in her left hand a palm, laurel and olive branch.

In the background, Themis stands with her sword and scales, while to the right Abundantia stands with cornucopia and an olive branch.

Between them a farmer ploughs a field before a cityscape. Van Loon II, S. 315 (Histoire metallique II, S. 304); Pax in Nummis 102; Deth./Ord. 1; Maué 54.

On the beginning of the negotiations for the Peace of Westphalia.

$16,950

 Attractive Eichstatt Double Thaler

1083769 | GERMAN STATES. Eichstatt. 1790 W AR 2 Thaler. PCGS MS64.

55.94gm. CAPITULUM EYSTETTENSE – REGNANS SEDE VACANTE, below: 17.V EINE FEINE MARK. Saints above vacant throne / EX UNO OMNIS NOSTRA SALUS, below: WILIBALDS-BURG. in band.

Tree with 15 shields in branches, one shield below trunk, abbey and lands in background.

KM 95; Dav.-2212; Zepernick 80; Cahn 148.

$11,500

Münster Medallic 10 Ducats

1083748 | GERMAN STATES. Münster. 1648 AV Medallic 10 Ducats (Struck from Thaler Dies). PCGS AU55.

By E. Ketteler. 34.70mm. 52.61gm. HINC TOTI PAX INSONAT ORBI// PAX// MONASTERIVM / WESTPHA/ 1648. Two angels above the cityscape of Münster; one holding a palm leaf and trombone sounding, “PAX” and the other holding laurel branch and wreath.

Signed EK lower left / CÆSARIS REGVM IVNXIT PAX AVREA DEXTRAS 24 8 tbris *. Radiant name of Jehovah above two interlocking hands emerging from the clouds, behind them two cornucopias and a laurel branch; scattered weapons below.

Pax in Nummis 114; Deth./Ord. 124.

Upon the Peace of Westphalia of Münster and Osnabrück on 14th of October, 1648 (by the Gregorian calendar, 24 October 1648). Struck from the dies of the 1 1/4 Thaler (KM- 49).

$59,500

Exceptional Queen Anne Shilling

1084636 | GREAT BRITAIN. Anne. (Queen, 1702-1714). 1708 AR Shilling. PCGS MS66.

ANNA · DEI · – GRATIA ·. Third bust left / MAG – BR · FRA – ET · HIB – REG ·. Crowned shield in cruciform. KM 523.1; SCBC-3610.

Ex Terner Collection.

$9,500

Virtually Flawless Waitangi Crown

1084592 | NEW ZEALAND. George V. (King, 1910-1936). 1935 AR Crown. NGC PR67

.38.8mm. Crowned bust left / Crown above standing figures shaking hands. KM 6; Dav.-443.

Treaty of Waitangi in 1840. From a reported mintage of just 468 pieces.

$22,500

Current and Upcoming Events

Atlas will be attending the following numismatic convention in January 2026: Please stop by our booth (#311) and say Hello if you have a chance.

The 54th Annual New York International Numismatic Convention (NYINC)

• InterContinental New York Barclay
• 111 East 48th Street and Lexington Avenue.
• Bourse dates: January 16-18, 2021

Further information: http://www.nyinc.info/

Updates to their online inventory are issued monthly.

For more information and to sign up for the firm’s monthly newsletter,
visit: atlasnumismatics.com

The post Atlas Numismatics Latest Ancient and World Coins appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

In the absence of mass media, ancient rulers relied on coinage to project authority. Coins moved effortlessly across borders, circulated among soldiers and merchants, and carried messages of power far beyond the reach of monuments or decrees. For this reason, coinage became one of the most effective tools of ancient propaganda.

Every element mattered. Rulers deliberately chose types, knowing that imagery could legitimize authority, assert divine favor, and reinforce political stability. No figure understood this better than Alexander the Great.

Alexander and the Language of Coinage

Alexander carefully controlled his public image. Sculptors and engravers alike portrayed him in accordance with a calculated ideal. On his silver tetradrachms, he appeared as Herakles, the quintessential Greek hero. This association carried enormous weight.

Herakles embodied strength, perseverance, and divine lineage. By aligning himself with this figure, Alexander presented his conquests as both heroic and inevitable. At the same time, the imagery reinforced his claim to universal rule across the Greek and non-Greek worlds.

Death Without a Successor

After Alexander died suddenly at the age of 32, the future of his vast empire was unknown. His generals scrambled to determine who should succeed him as Alexander had no heir.
Alexander’s sudden death in 323 BCE shattered the fragile unity of his empire. At just 32 years old, he left behind no clear successor and no established plan for succession. Immediately, uncertainty followed.

On his deathbed, Alexander handed his signet ring to Perdiccas, commander of the Companion Cavalry. However, Perdiccas refrained from declaring himself king. Complicating matters further, Roxana of Bactria, Alexander’s wife, was pregnant, and no one yet knew whether the child would be male.

Perdiccas urged patience, arguing that a legitimate heir might soon be born. Meanwhile, the infantry faction supported Philip III Arrhidaios, Alexander’s half-brother. Ultimately, compromise prevailed.

When Alexander IV was born later that year, the Macedonians declared both Philip III and the infant king joint rulers. In practice, however, Perdiccas governed the empire as regent.

A Coinage Born of Crisis

Within a year of Alexander’s death, an extraordinary gold stater entered circulation. Although the type followed a format introduced under Philip II, its artistic execution marked a dramatic departure from earlier Macedonian issues.

The obverse presented a portrait head, while the reverse depicted a charioteer driving a fast biga. Yet this issue stood apart immediately. The style, relief, and engraving surpassed anything previously struck on Macedonian gold.

Strikingly, the mints of Kolophon and Magnesia both used the same obverse die. Artisans physically transported the die between mints, underscoring the design’s importance. The portrait’s complexity and refinement demanded a singular artistic vision.

The Earliest Face of Alexander

Unlike most Macedonian staters, which depict Apollo, this coin bears the portrait of Alexander himself. As a result, it preserves one of the earliest surviving numismatic likenesses of the conqueror.

An exceptionally skilled engraver executed the portrait in high relief, giving it a sculptural, almost gem-like quality. The facial structure closely mirrors known sculptural representations of Alexander. The result is unmistakable.

This was no generic hero. This was Alexander.

Legitimacy Struck in Gold

The decision to place Alexander’s portrait on the obverse served a clear political purpose. The image linked the new and unstable regime directly to the memory of the conqueror. In effect, the coin asserted continuity at a moment of profound uncertainty.

By replacing Apollo, the traditional “bringer of light”, with Alexander, the design conveyed a powerful message. It suggested that Alexander himself carried the light of Hellenistic civilization across the known world. Through this imagery, the regency claimed his authority, vision, and legacy.

A Coin That Outlived Its Moment

Collectors today prize this stater for both its artistry and its historical significance. It represents a brief but pivotal moment when imagery attempted to stabilize an empire on the brink of collapse.

Despite these efforts, the regency failed. In 321 BCE, rivals assassinated Perdiccas. What followed were decades of warfare among Alexander’s former generals. Eventually, the empire fractured into the Ptolemaic Kingdom, the Seleucid Empire, the Kingdom of Pergamon, and Macedonia.

Yet this coin endures. Struck at the crossroads of ambition, artistry, and power, it remains one of the most compelling gold staters ever issued in the name of Philip, and one of the most important portraits in ancient numismatics.

Coin Description

• Macedonia, Philip II, struck under Philip III
• Kolophon, circa 322 BCE
• Gold Stater, 8.65g
• Obverse: Laureate head of Apollo right, bearing the unmistakable features of Alexander the Great
• Reverse: Fast biga driven right by charioteer holding goad; tripod below forelegs; ΦΙΛΙΠΠΟΥ in exergue

This exceptional issue universally bears the portrait of Alexander himself. Struck in high relief, the sculptural engraving represents the finest quality achievable.

The post Ancient Coin Profiles – Portrait of Alexander the Great appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

Medusa is one of the most recognizable figures in Greek mythology. Even people with little interest in classical history know her name.

That familiarity comes primarily from popular culture. Films like Clash of the Titans (1981 and 2010), The Gorgon (1964), and Medusa: Beauty Is the Beast (2020) kept her story alive for modern audiences.

Many also recognize Medusa as a symbol of power and allure. Her image famously appears in modern fashion branding, while her ancient counterpart stared out from coins across the Mediterranean world.

Yet few realize how deeply Medusa permeated ancient coinage, or how complex her story truly was.

Medusa Before the Monster

Before she became a monster, Medusa was a mortal woman. According to a later myth, she served as a virgin priestess in the temple of Athena. She was especially admired for her hair, which ancient writers described as radiant and beautiful.

That beauty caught the attention of Poseidon (Neptune). He pursued her violently and assaulted her within Athena’s sacred temple. Medusa pleaded for protection, but none came.

Athena’s response defined Medusa’s fate.

Rather than punish Poseidon, the goddess transformed Medusa. Her hair became venomous snakes. Her gaze turned men to stone. Athena also granted her a strange immortality, despite Medusa’s mortal birth.

Some sources add further details. Medusa may have had scales. She may have worn small wings on her head. These elements appear inconsistently, but they surface often enough to matter.

Exiled and feared, Medusa retreated to a cave along the coast of Asia Minor, possibly near ancient Cisthene in Aeolis. There she lived alone, surrounded by the stone remains of those who tried to kill her.

Ovid and the Tragic Medusa

The best-known version of Medusa’s story comes from Ovid, writing during the reign of Augustus. Ovid often treated the gods with skepticism, yet his account drew from older traditions.

Importantly, Ovid emphasized Medusa’s humanity.

That interpretation mattered. It reframed Medusa as a tragic figure rather than a simple monster. This shift would later influence Greek artists, and, significantly, Greek coin engravers.

From Minoan Roots to Classical Beauty

Medusa’s origins reach back to Minoan times. She was one of three Gorgon sisters: Stheno, Euryale, and Medusa. Only Medusa was mortal. All three were daughters of the sea deities Phorcys and Keto.

Early artistic depictions were terrifying. Vase painters and sculptors showed Medusa with bulging eyes, tusks, and a grotesque face. She embodied chaos and danger.

That image changed during the Classical period.

By the fifth century BC, writers like Pindar and artists like Polygnotus described Medusa as beautiful. Greek art softened her features. Coins soon followed.

Perseus and the Severed Head

Medusa’s death remained consistent across traditions.

King Polydectes sent Perseus to kill her. The gods intervened. They armed Perseus with winged sandals, a curved sword (harpa), a reflective shield, and a cloak of invisibility.

Using the shield’s reflection, Perseus avoided her deadly gaze. He struck swiftly and beheaded her.

From Medusa’s severed neck sprang Pegasus and Chrysaor, the result of her earlier union with Poseidon. Perseus later used Medusa’s head as a weapon, turning enemies, including Atlas, to stone.

Eventually, he gave the head to Athena. She mounted it on her shield, the aegis.

That moment sealed Medusa’s transformation, from victim to eternal symbol.

Medusa on Greek Coins

Medusa appeared on Greek coinage with astonishing frequency. Cities across Asia Minor, mainland Greece, Sicily, Thrace, and the Black Sea world struck coins bearing her image.

Her popularity was no accident.

She symbolized protection, power, and divine authority. On coins, she served both religious and political purposes.

Two Primary Coin Types

Greek coins show Medusa in two dominant forms:

• Medusa as a Woman
  In these depictions, she appears human. Sometimes she looks severe. More often, she appears calm or even beautiful. Wings occasionally appear on her forehead, a lingering archaic feature.
• The Gorgoneion
  This was Medusa as an apotropaic symbol. The Gorgoneion stared outward, meant to ward off evil. These faces are frontal, intense, and often grotesque.

A consistent feature helps identify them: the protruding tongue. Nearly every confirmed Gorgoneion shows it.

During the Classical period, the humanized Medusa became more common. The monstrous version did not disappear, but it lost dominance.

Medusa as a Secondary Motif

Some coins use Medusa as an attribute rather than a central image. Small Gorgoneia appear on reverses, shields, or field symbols.

Even when reduced in size, her presence carried weight.

Perseus with Medusa’s Head

Several Greek cities also depicted Perseus holding Medusa’s severed head. These scenes are dramatic and unapologetically violent.

They reinforce Medusa’s role as a source of power, even in death.

The Aegis and Divine Protection

The aegis deserves special attention.

Zeus wore a goatskin adorned with Medusa’s head. Athena carried a shield bearing the same image. The aegis inspired terror and guaranteed victory.

Greek coinage adopted this symbol eagerly. Medusa appears on shields, breastplates, and armor, not just faces.

Her role shifted again. She no longer threatened the viewer. Instead, she protected the bearer.

Medusa in Roman Coinage

The Romans used Medusa far less frequently than the Greeks.

Most examples date to the late Roman Republic. Civil war may explain this timing. Medusa’s image offered protection during chaos.

Republican denarii show her both facing forward and in profile. Some versions retain her wings. Others soften her features dramatically.

Imperial Rome rarely used Medusa. When she does appear, it is usually as an ornament on armor.

One notable exception stands out.

Septimius Severus and Caracalla issued aurei featuring Medusa prominently. These coins likely referenced a famous gilt-bronze aegis donated to Athens centuries earlier.

A similar type later appeared under Victorinus. Even so, such issues remain rare.

Provincial mints, however, continued to use Medusa more freely.

Final Thoughts on Medusa’s Legacy

Medusa’s image evolved more than almost any mythological figure in antiquity.

She began as a monster. She became a victim. Eventually, she emerged as a symbol of divine power and protection.

Ancient coins capture that transformation perfectly.

Greek engravers preferred her human face. Roman minters used her sparingly but deliberately. Across centuries, Medusa never lost her ability to command attention.

One final note underscores her enduring appeal:
a Medusa aureus sold for $350,000 in 2020.

For a “maligned maiden,” that is a remarkable legacy.

Reference

• Acsearch.info: an auction database
• Classical Numismatic Group (CNG)
• Head, Barclay V. Historia Numorum: A Manual of Greek Numismatics. Oxford (1887).
• Sear, David. Greek Coins and Their Values, Vol 2: Asia. B.A. Seaby Ltd. (1979).

The post Coins of Medusa: The Maligned Maiden appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

Now, a once-in-a-generation opportunity presents itself as a prototype gold stater from the Cambridge Collection, one of the rarest and most historically important coins ever struck, heads to auction on January 12, 2025, at 6:00 PM ET during Heritage Auctions’ NYINC World & Ancient Coins Platinum Session at the InterContinental New York Barclay Hotel.

A Masterpiece with Monumental Significance

This extraordinary specimen, cataloged as a Prototype Lydian Croesus AV Stater, has been certified NGC Choice MS, 5/5 Strike, 5/5 Surface, indicating its pristine preservation and absolute historical weight. What makes this coin especially remarkable is its transitional style. It bridges the artistic and numismatic gap between the earlier electrum coinage and the standardized bimetallic gold and silver currency introduced by Croesus.

Unlike the more formalized gold staters that followed, this early prototype captures a raw, kinetic energy. Its lion and bull motif, a hallmark of Lydian coinage, displays a more animated and organic composition, a subtle yet powerful contrast to the later, more rigid designs. This unique characteristic not only enhances its aesthetic appeal but also solidifies its role as a “missing link” between two distinct eras of ancient money.

The Cambridge Collection: A Numismatic Treasure Trove

The presence of this stater in the Cambridge Collection underscores the depth and scholarship behind this extraordinary cabinet. According to Kyle Johnson, Managing Director of World and Ancient Coins at Heritage Auctions, “The Cambridge Collection represents an opportunity for advanced collectors to pursue a remarkable array of artistically and numismatically significant early Greek coins.”

But what truly sets this collection apart is its comprehensive coverage of Croesus’s entire monetary legacy. Every denomination of his bimetallic coinage, both in gold and silver, is represented. From full staters down to fractional denominations like the 1/24th stater, the Cambridge Collection showcases the full spectrum of this economic revolution. Notably, it also includes coins struck in the light standard that succeeded Croesus, reflecting how his design philosophy endured beyond his reign.

Croesus: The Visionary Behind the World’s First Coinage

The stater is more than a collector’s dream; it is a tangible testament to one of history’s greatest monetary innovations. Croesus, who ascended to the Lydian throne around 561 BC, made an unprecedented move: he separated gold and silver in his coinage.

Prior to his reform, the Lydians issued electrum coins, an inconsistent alloy of gold and silver. While revolutionary, electrum’s unpredictable metal content led to confusion and inefficiency in trade. Croesus solved this by issuing coins in pure gold and pure silver, each with standardized weights and denominations.

The initial gold stater weighed about 10.7 grams, mirroring the weight of the new silver stater. However, because gold is denser and more valuable, the gold staters were smaller in diameter yet immensely more valuable in the ancient economy.

This dual-metal system became the blueprint for modern currency, adopted and adapted across the ancient world and influencing economic systems for centuries. The Cambridge Collection’s Croesus prototype captures the very genesis of that monetary standard, a cornerstone in both numismatics and economic history.

Why This Auction Matters

With the January 12 auction at Heritage Auctions’ NYINC Platinum Session, this coin enters the spotlight. Its sale will not merely be the transfer of a rare artifact—it will mark the passage of a foundation stone of Western monetary civilization into a new private collection.

Heritage’s world-class platform ensures that this stater receives the audience it deserves. Their NYINC event is one of the premier stages for high-profile ancient and world coin sales. With global bidders and expert eyes watching, this coin’s next home is bound to be an esteemed one.

Furthermore, the coin’s exceptional condition and undeniable provenance make it ideal for advanced collectors who value both artistic merit and historical gravity. It’s a coin that tells a story, one of innovation, transformation, and enduring legacy.

The Art Behind the Gold

Looking closely at the coin’s design, the lion and bull motif is not merely decorative. It symbolizes power and dominance, themes that were deeply embedded in Lydian royal ideology. The lion, often associated with kingship and the sun, may represent Lydia itself, while the bull possibly stands for neighboring Phrygia or rival forces.

What sets this prototype apart is its stylistic dynamism. Unlike the later staters, which depict a more symmetrical and static pairing of the lion and bull, the Cambridge stater bursts with movement. The lion appears mid-roar, and the bull braces itself in a naturalistic pose. These nuances suggest a transition from archaic formality to early classical expressiveness, underscoring the artistry that defined early Greek numismatics.

The Investment Case: Rare, Pristine, Historic

Collectors and investors alike understand that numismatic value stems from a triad of attributes: rarity, condition, and historical importance. The Croesus stater from the Cambridge Collection excels in all three.

Rarity: As a prototype issue, this coin is exceedingly rare. Few examples exist, and even fewer survive in mint-state condition.

Condition: Graded Choice Mint State 5/5 – 5/5, the coin exhibits flawless surfaces and an extraordinary strike, making it a showpiece for any cabinet.

Historical Importance: This is a coin that shaped civilizations. Its legacy extends from the Lydian kingdom to the modern global economy.

For serious collectors, this is not just a coin. It is a once-in-a-lifetime acquisition.

Conclusion: A Chance to Own the Beginning of Money

In every sense, the Early Croesus Stater from the Cambridge Collection is a numismatic milestone. It captures a moment when innovation reshaped society, when art met commerce, and when a king’s vision echoed through millennia.

Its upcoming sale is not just a marketplace transaction, it is a historical event. The winning bidder won’t merely be adding a coin to their collection. They’ll be safeguarding a legacy, preserving one of humanity’s earliest financial artifacts.

As the gavel, one question remains:

Who will write the next chapter in this coin’s extraordinary journey?

The post The Croesus Stater: A Golden Missing Link from the Cambridge Collection appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

Certified NGC Ch VF, this coin offers collectors an appealing balance of artistry, history, and authenticity.

Taras and the Power of Greek Southern Italy

Taras, known today as Taranto, was founded as a Spartan colony and grew into one of the wealthiest and most influential Greek cities in Italy. During the late 4th and early 3rd centuries B.C., the city stood at a crossroads. While Hellenistic culture flourished, external pressures—from rival Italic peoples and the expanding Roman sphere—continued to mount.

Against this backdrop, Taras struck its iconic silver nomoi. These coins served not only as currency but also as powerful civic statements that celebrated the city’s military strength, maritime identity, and mythological origins.

The Horseman Obverse: A Civic Ideal

The obverse of this coin features a nude youth riding a horse to the right, rendered with naturalistic proportions and controlled motion. This horseman type dominates Tarentine silver coinage of the period.

Importantly, the image does not represent a specific historical individual. Instead, it symbolizes Taras itself—an aristocratic Greek polis renowned for its cavalry and equestrian tradition. In this way, the design projects civic pride and martial readiness, qualities Taras wished to emphasize during a turbulent era.

The Dolphin-Rider Reverse: Myth and the Sea

On the reverse, a nude male figure rides a dolphin to the right, holding a trident forward. This scene ranks among the most recognizable in all of ancient numismatics.

Scholars traditionally identify the figure as Taras, the mythical founder and namesake of the city, or sometimes as Phalanthos, depending on literary interpretation. While no inscription on the coin confirms the figure’s identity, the symbolism remains clear. The dolphin and trident firmly associate Taras with the sea and with Poseidon, the god regarded in myth as Taras’ divine father.

As a result, the reverse design reinforces Taras’ maritime power and its deep connection to the surrounding waters of southern Italy.

Denomination, Metal, and Date

This coin is a silver nomos, often described in modern auction catalogs as a didrachm. It conforms to the South Italian Greek weight standard and belongs to a well-established design group dated to circa 302–280 B.C.

The style, fabric, and iconography place it squarely in the late Classical to early Hellenistic period, after the death of Alexander the Great and before Roman domination of the region.

Certification and Condition

This example has been certified by NGC as Choice Very Fine (Ch VF). At this level, the coin retains strong overall detail, clear devices, and legible design elements, while also showing honest circulation wear consistent with its age.

For many collectors of ancient Greek coinage, Ch VF represents an ideal grade. It preserves artistic clarity without the cost premium commanded by higher Mint State or Extremely Fine examples.

Offered by GreatCollections

This Taras nomos is currently offered by GreatCollections, a leading auction venue known for its professional photography, transparent bidding platform, and expanding presence in the ancient-coin market.

• Issuer: Taras (Tarentum), Magna Graecia
• Date: c. 302–280 B.C.
• Metal: Silver (AR)
• Denomination: Nomos (Didrachm)
• Certification: NGC Ch VF
• Auction House: GreatCollections
• Auction End: Sunday, December 21, 2025, at 7:16:40 PM Pacific Time

Final Thoughts

Greek silver from Taras occupies a special place in ancient numismatics. It combines high artistic quality, consistent iconography, and deep historical significance. This NGC Ch VF Taras nomos, offered by GreatCollections, stands as a compelling representative of that tradition.

For collectors seeking a classic issue from Magna Graecia—one that reflects both myth and history—this upcoming auction presents an opportunity well worth watching.

The post A Classic Greek Silver Coin from Magna Graecia: Taras Nomos (c. 302–280 B.C.) Heads to Auction appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

Selections include the following items:

Mint State Macedon Tetradrachm

1083465 | GREEK. MACEDON UNDER ROME. Macedonia, as Roman Province.
Aesillas, as Quaestor. Struck circa 95-65 BC. AR Tetradrachm. NGC MS (Mint
State) Strike 4/5 Surface 4/5. Thessaloniki . 27.5mm. 16.96gm. MAKEΔONΩN// BЄ.
Portrait of Alexander III, the Great with flowing hair and Ammon's horn facing right;
monogram in lower right field / AESILLAS// Q. AESILLAS/ Q with club between fiscus
(treasury chest) and the praetor's chair all within laurel wreath. SNG Cop.-1327;
Bauslaugh Group III.
Struck in the name of Aesillas; uncertain mint without mint mark.
$5,950

Choice Mint State Dobra or 12,800 Reis

1085711 | BRAZIL. Joao V. 1732-M AV 12800 Reis. NGC MS63. Minas Gerais.
28.68gm. IOANNES · V · D · G · PORT · ET · ALG · REX. Laureate head right / Arms
on crowned ornate shield. KM 139; Fr.-55; Gomes-61.06; LMB-288.
$17,950

Prooflike Cromwell Broad

1084092 | GREAT BRITAIN. England. Commonwealth. 1656 AV Broad (20
Shillings). NGC MS62. Dies by Simon. Blondeau's mint, Drury House, London. Edge:
Reeded. LIVAR · D · G · R · P · ANG · SCO · HIB · &c PRO ·. Laureate and draped
bust of Oliver Cromwell left / PAX · QVÆRITVR · BELLO ·. Crowned coat of arms
below date. KM Pn25; SCBC-3225; Friedberg 273; North 2744; W&R 39.
Fully prooflike and attractive.
$87,500

Superb Sede Vacante 1/2 Scudo

1082648 | ITALIAN STATES. Papal States. MDCCCXXIII (1823)-II-B AR 1/2
Scudo. NGC MS67. Bologna. 35mm. 13.21gm. SEDE VACANTE… Cardinal arms /
Seated female in clouds holding keys and church. KM 1291.
Sede Vacante issue. Currently the finest known at NGC as of April 2025
$6,750

Attractively Toned Mexico Pillar 8 Reales

1085189 | MEXICO. Charles III. 1766-Mo MF AR 8 Reales. PCGS AU53. Mexico
City. CAROLUS · III · D · G · HISPAN · ET IND · REX. Crowned shield flanked by M
F – 8 /VTRAQUE VNVM * Mo (date) Mo *. Crowned globes flanked by crowned pillars
with banner, date below. KM 105; Calico 1090; Yonaka M8-66.
Superbly toned.
$2,950

Holland Gold 2 Gulden of 8 Ducats Weigh

1084591 | NETHERLANDS. Holland. (1681) ND AV Off-Metal Pattern 2 Gulden of
8 Ducats Weight. PCGS SP62. 27.6gm. Crowned arms divides denomination 2 – G /
Standing female figure leaning on Bible on column, holding spear with Liberty cap. KM
Pn13; Vanhoudt-Saunders 1250; Delmonte 797 (R3).
$89,500

Updates to their online inventory are issued monthly.
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atlasnumismatics.com

The post Atlas Numismatics Publishes their Newest Fixed-Price List appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

THE DREAM OF flight has always held a powerful grip on the human imagination. Pegasus, the flying horse of Greek mythology, symbolizes that dream, and this winged white stallion appears on many ancient coins. A recent search for the term “Pegasus” in the CoinArchivesPro database (which documents over 2 million auction records over the past 2 decades) produced 25,155 hits! There are hundreds of different types, extending over eight centuries. In what follows, I describe a selection that I hope will be most interesting to CoinWeek readers.

Earliest Pegasus

The first reference to Pegasus in literature is Hesiod’s Theogony, dated to the late eighth or early seventh century BCE. The magical flying horse and his brother Chrysaor, a flying boar, were born from the blood of the monster Medusa when the hero Perseus cut off her head:

Pegasus flew away, leaving the earth that feeds the sheep, and joined the gods; now he lives in the halls of Zeus and carries the thunder and lightning bolts for the almighty lord of wisdom (Brown, 61)^[1].

Pegasus appears at the very dawn of ancient coinage on an electrum trite (one-third stater, 4.75 grams) from an uncertain mint in Ionia on the eastern shore of the Aegean Sea. A cataloguer explains:

Pegasos is here shown with the characteristic curved wings of his depictions in the archaic period. In mainland Greece, the transition from curved to straight wings on earthenware appears to have started around the middle of the sixth century, and on coinage from the start of the fourth century, though curved wing depictions persisted in deliberately archaized forms until much later^[2].

Archaic Corinth

Strategically located at the narrow isthmus joining the Peloponessus to mainland Greece, Corinth^[3] grew prosperous on trade. The earliest coinage of Corinth adopted Pegasus as the city’s emblem, and this continued for centuries. The coins usually bear the obsolete letter qoppa (Ϙ), which was the initial of Corinth’s Greek name. The silver stater or didrachm of Corinth weighed exactly half as much as the Athenian tetradrachm and the two coinages circulated together. The coins were nicknamed πωλοι (poloi, meaning “colts”). A magnificent example dated to c. 550-500 BCE brought over $85,000 in a recent European auction^[4]. The prolific Corinthians planted many colonies throughout the Mediterranean, and most of these cities put Pegasus on their coins as a token of connection to the mother city.

Cyzicus

The city of Cyzicus^[5] (or Kyzikos) issued coins in electrum (an alloy of gold and silver) long after most other Greeks had switched to pure silver and pure gold. The city’s emblem was a tuna fish, which sometimes falls off the edge of poorly centered coins. The designs changed every year, so there is a tremendous variety of types. Pegasus adorns a crudely struck archaic Cyzicene stater^[6], c. 450-330 BCE.

Kelenderis

The town of Kelenderis (today Aydıncık, Türkiye) had one of the best ports on the southern coast of Anatolia. On an extensive silver coinage beginning in the fifth century BCE, the city emblem was a billy goat turning his head to look backward. The front half (“protome”) of Pegasus often decorates the obverse of small denominations.

At first, I was baffled by the frequent appearance of only half the flying horse until I saw the star chart for the constellation of Pegasus^[7], which represents only the front of the creature. In Greek mythology, Zeus placed Pegasus among the stars to reward his courage.

Tarsus

In mythology, the hero Bellerophon rode Pegasus to defeat the monstrous Chimera (Khimaira). Flying horse and rider appear on both sides of a remarkable silver stater of Tarsus dated to c. 425-400 BCE. Of this coin, of which only three examples are known^[8], a cataloguer wrote:

The myths tell us that as Bellerophon’s fame grew, so did his hubris. He felt that because of his victory over the Chimera, and because he thought he was a god he deserved to fly to Mount Olympus, the realm of the gods. This presumption angered Zeus and he sent a gadfly to sting Bellerophon’s mount, Pegasos, causing Pegasos to accidentally throw Bellerophon to the ground. The story as it pertains to Tarsos is that it was on the site of the future city that Bellerophon landed, hurting his foot, thus leading the city to be named tar-sos (the sole of the foot)^[9].

Leukas

After Corinth itself, Leukas was the most prolific mint for Pegasos staters (Sear 1978, 215).

Leukas (now Lefkada, an island on the western coast of Greece) was a colony of Corinth. A silver stater “of lovely late Classical style,”^[10] dated to c. 375-350 BCE, bears an elegant Pegasus flying to the left, above the Greek letter lambda (Λ) to indicate the city’s name.

Lampsakos

Located on the Hellespont (the narrow strait separating Asia Minor from Europe), Lampsakos^[11] grew to be a major city with a substantial gold coinage. Lampsakos adopted the forepart of Pegasus as its emblem. A magnificent gold stater^[12] dated to c. 350 BCE realized over $262,000 in a recent European auction — possibly a record price for any Pegasus coin.

Carthage

One of the largest and heaviest ancient coins depicting Pegasus is a silver dekadrachm (or “five-shekel piece”) of 38 grams (more than the 31-gram troy ounce!) issued by the Carthaginians in Sicily, probably to pay mercenaries during the First Punic War. The cryptic Punic inscription is b’rst (“in the land”). This muscular Pegasus may be copied from a stater of Agathocles, King of Syracuse (317-289 BCE).

An example described as “rare and possibly the finest specimen in private hands of this desirable and prestigious issue” brought over $157,000 in a 2019 European auction^[13].

Syracuse

Founded as a colony of Corinth circa 734 BCE, Syracuse became the most important Greek city of Sicily thanks to its fertile hinterland, magnificent natural harbor, and reliable spring of fresh water. The turbulent political history of Syracuse saw alternating periods of monarchy, tyranny, and democracy. A Corinthian aristocrat, Timoleon^[14] (c. 411-337 BCE), restored limited democratic rule at Syracuse. Silver staters of this period (the “Third Democracy”) follow the Corinthian weight standard (~8.6 grams) and design, with the city name spelled out around the helmeted head of Athena on the reverse^[15].

Alabanda

Alabanda was a prosperous place, with a population reputed to be one of the most dissolute in the whole of Asia Minor (Sear 1979, 435).

A town in the province of Caria, Alabanda issued handsome silver tridrachms (a three-drachma piece of 11-12 grams) in the second century BCE. These bear the head of Apollo on the obverse and Pegasus within a laurel wreath on the reverse^[16].

Mithradates

Like Hannibal a hundred years before he tried valiantly to stem the relentless advance of Roman power. But after three wars he was eventually defeated by Pompey the Great and later committed suicide, in his sixty-ninth year (Sear 1979, 680).

Mithradates VI “the Great”, King of Pontus (120 – 63 BCE), was one of Rome’s most determined enemies. He carved out an extensive empire in Asia Minor, issuing handsome gold staters and silver tetradrachms bearing his portrait, with a variety of animals on the reverse. The coin image of Pegasus appears to be kneeling as if to drink^[17]. One of the magical powers ascribed to Pegasus is that springs of fresh water would emerge from the ground where his hoof struck.

Aes Grave

Like so many things Rome borrowed from the Greeks, Pegasus makes an appearance very early in the history of Roman coinage. Lacking a domestic supply of silver, in the third century BCE Rome experimented with enormous cast coins known to numismatists as aes grave (Latin for “heavy bronze”). Pegasus appears on both sides of a semis coin, weighing one-half of the 12-ounce Roman pound, dated to c. 270 BCE^[18].

Quintus Titius Mutto

Like many Roman mint officials^[19], Quintus Titius Mutto is known to history only from the fairly common denarius issued in 90 BCE that bears his name. The obverse bears the head of Mutinus Titinus^[20], an obscure Roman sex god, possibly a sly pun on the official’s name. The reverse shows Pegasus leaping into flight with gracefully upswept wings^[21].

Lucius Cossutius

Lucius Cossutius was a mint official of the Roman Republic in 74 BCE. His denarius bears an elegant head of Medusa on the obverse and Bellerophon riding Pegasus and hurling a spear on the reverse. An outstanding example of this coin brought nearly $15,000 in a recent London auction^[22].

Augustus

A delicate Pegasus with rather spindly legs stands on a ground line on the reverse of a Rome mint denarius of the emperor Augustus dated 19/18 BCE^[23]. The responsible mint official, Publius Petronius Turpilianus, came from a distinguished Senatorial family^[24], that produced several provincial governors and consuls in later years.

Domitian

Born in 51 CE, Domitian was the younger son of the emperor Vespasian. He was given the honorary title of “Caesar” in 69 and became emperor on the death of his elder brother Titus in 81. One of the most common Roman imperial coins depicting Pegasus is this issue of Domitian as Caesar (junior co-emperor) dated to 76/77 CE. An exceptional example realized nearly $1,000 in a 2019 London auction^[25].

Since horses are not designed for flight, ancient artists were unsure about how to attach eagle wings to Pegasus. Sometimes the wings spring from the chest (the muscles that power birds’ wings are anchored to the “keel” or breast bone), but other times they are rather impractically tacked onto the animal’s back, as on this coin.

Gallienus

The last appearance of Pegasus on an ancient Roman coin may be this rare gold aureus^[26] of the emperor Gallienus (reigned 253-268 CE) dated to his seventh consulship in 264/265. At least four different Roman legions adopted Pegasus as their emblems, and one of these, Legion II Adiutrix, was a favorite of Gallienus.

Cellini

As an animal companion of the Muses, Pegasus became a popular symbol for poets and poetry^[27]. When the Italian Renaissance poet Cardinal Pietro Bembo (1470-1547) commissioned famous goldsmith Benvenuto Cellini to create his portrait medallion^[28], a magnificent classic Pegasus featured prominently on the reverse. Renaissance celebrities handed out these medallions to friends as keepsakes. When the Italian province of Tuscany (Toscana) created its modern flag^[29], Cellini’s Pegasus was chosen for the design.

* * *

Pegasus on Ancient Coins: Notes

[1] The brilliant classical scholar Norman O. Brown, who translated Hesiod, was one of my teachers at the University of Rochester, NY.

[2] Roma Numismatics Auction 8, September 28, 2014, Lot 518. Realized £9,000 (about $14,620 USD; estimate £7,500).

[3] https://en.wikipedia.org/wiki/Ancient_Corinth

[4] NAC Auction 116, October 1, 2019, Lot 143. Realized CHF 85,000 (about $85,222 USD; estimate CHF 60,000).

[5] https://en.wikipedia.org/wiki/Cyzicus

[6] CNG Triton XXIV January 19, 2021, Lot 637. Realized $4,250 USD (estimate $3,000).

[7] https://en.wikipedia.org/wiki/Pegasus_(constellation)

[8] Nomos Auction 18, May 5, 2019, Lot 203. Realized CHF 20,000 (about $19,623 USD; estimate CHF 6,000).

[9] Roma Numismatics Auction XVI, September 26, 2018, Lot 331. Realized £4,200 (about $5,528 USD; estimate £5,000).

[10] Leu Web Auction 20, July 16, 2022, Lot 694. Realized CHF 5,100 (about $5,210 USD; estimate CHF 150).

[11] https://en.wikipedia.org/wiki/Lampsacus

[12] Maison Palombo Auction 20, January 22, 2022, Lot 16. Realized CHF 240,000 (about $262,467 USD; estimate CHF 100,000).

[13] NAC Auction 114, May 6, 2019, Lot 109. Realized CHF 160,000 (about $157,217 USD).

[14] https://en.wikipedia.org/wiki/Timoleon

[15] CNG Auction 120, May 11, 2022, Lot 74. Realized $6,000 USD (estimate $2,000).

[16] Nomos Auction 21, November 21, 2020, Lot 200. Realized CHF 2,800 (about $3,069 USD; estimate CHF 750).

[17] Roma Numismatics Auction XXIII, March 24, 2002, Lot 254. Realized £3,000 (about $3,955 USD; estimate £3,000).

[18] CNG Auction 112, September 11, 2019, Lot 468. Realized $2,100 USD (estimate $1,000).

[19] https://en.wikipedia.org/wiki/Triumvir_monetalis

[20] https://en.wikipedia.org/wiki/Mutunus_Tutunus

[21] CNG E-Auction 507, January 5, 2022, Lot 412. Realized $900 USD (estimate $300).

[22] Roma Numismatics Auction XXII, October 7, 2021 Lot 601. Realized £11,000 (about $14,984 USD; estimate: £3,000).

[23] CNG Auction 115, September 16, 2020, Lot 613. Realized $1,100 USD (estimate $750).

[24] https://en.wikipedia.org/wiki/Petronia_gens

[25] Roma Numismatics Auction XVIII, September 29, 2019, Lot 1127. Realized £800 (about $987 USD; estimate £1,000).

[26] Heritage Sale 3904, August 19, 2021, Lot 33098. Realized $13,500 USD (estimate $8,000-$10,000).

[27] The magazine Poetry uses an icon of Pegasus as its logo.

[28] Astarte Auction XIX, May 6, 2006. Realized CHF 650 (about $531 USD; estimate CHF 500).

[29] https://en.wikipedia.org/wiki/Flag_of_Tuscany

References

Brown, Norman O. (translator). Hesiod: Theogony. Indianapolis (1953)

Cammann, Jean B. Numismatic Mythology. New York (1936)

Kraay, Colin. Archaic and Classical Greek Coins. New York (1976 reprint)

Sear, David. Greek Coins and Their Values. Vol 1: Europe. London (1978)

–. Greek Coins and Their Values. Vol 2: Asia & Africa. London (1979)

–. Roman Coins and Their Values, Vol 1: The Republic and the Twelve Caesars. London (2000)

Seltman, Charles. Greek Coins. London (1955)

Stevenson, Seth W. A Dictionary of Roman Coins. London (1964 reprint of 1889 edition)

* * *

The post When Horses Flew: Pegasus on Ancient Coins appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

Gold Stater Overview:

Macedon

The Kingdom of Macedon was considered a barbaric place by the cultivated Greeks of Attica (such as the Athenians) and the Peloponnese (such as the Spartans) to the South. In fact, a certain king of Macedon named Alexander I (ruled approximately 498-454 BCE) wasn’t even allowed to participate in the Olympic Games until judges issued a formal decision that the Macedonians were Greek in the first place. The people spoke a dialect of the Greek language and shared many of the same cultural and religious practices (including money and the worship of the Olympian Gods), though both tended to be archaic compared to the city-states of southern Greece. Cattle and horses were important sources of wealth and prestige to the Macedonians; the name “Philip”, meaning “fond of horses”, comes from Macedon.

With the arrival of Philip II and his military innovations, the kingdom began its conquest of the South. His son Alexander III – better known as Alexander the Great – finished the job, uniting all of the Greeks under one rule. Alexander then went on to conquer the Persian Empire and parts of Afghanistan and India, creating the largest empire the world had yet seen and ushering in the Hellenistic Age.

Macedon fell in battle to the Roman Republic in 168, the same year the Romans took control of the rest of Greece. The kingdom enjoyed a brief two-year independence from 150 to 148 BCE before it was folded into the province of Macedonia.

Philip II

Philip II was king of Macedon during the second half of the fourth century BCE (359-336). He was a member of the long-running Argead dynasty, which had ruled the kingdom for its almost 450-year existence by the time of his reign.

Unlike previous Macedonian kings (like the aforementioned Alexander I, who had earned the respect of the Greeks for his performance at the Olympic Games), Philip was able and willing to enforce his dominance over the more “civilized” peoples in the traditional regions of Ancient Greece. What made this possible was the development and use of the superior Macedonian phalanx, a disciplined rectangular arrangement of lightly armed infantrymen whose forward motion–enabled by the invention of the hoplite, a kind of Greek shield–was enough to throw most other armies off balance.

After a period of Macedonian political dominance, Philip finally defeated Athens (who had long been weary of the Macedonian threat to the north), as well as the city of Thebes, at the Battle of Chaeronea in 338 BCE. This allowed Philip to create yet another confederation of Greek city-states called the League of Corinth, of which Philip was in complete control.

He was assassinated by a member of his own bodyguard before he could embark on a planned invasion of the Persian Empire–an invasion that was left to his son and heir, Alexander the Great. This coin was struck posthumously in his honor, circa 322-317 BCE.

The Stater

The origin of the monetary unit known as a stater (the Greek word for “weight”) goes back to the Phoenician shekel (a Semitic word for “weight”). Staters began circulating among the cities of Greece in the eighth century BCE and did not cease production until the Common Era. The first known Greek stater coin (previous versions were ingots) was made of electrum and came from Aegina, an island located between Attica and the Peloponnese. Many different cities issued their own versions of the coin.

Description:

The following description is based on the coin images accompanying this profile, supplied courtesy of Atlas Numismatics

“Beautiful lustrous surfaces, struck from extremely artistic dies.”

Obverse:

The obverse features the head of Apollo, Greek god of the sun, poetry, music, the intellect and prophecy, facing rightward. The wonderfully naturalistic portrait takes up almost the entire side of the coin. In all of Classical art and literature, Apollo is portrayed as an eternally beardless and athletic young man; this effigy is no exception. He wears the laurel wreath, which was associated with him through his worship at Delphi, over the luxuriously detailed locks of his curly hair. Berries are positioned at regular intervals among the laurel leaves.

A collector of classic American coins would immediately recognize Apollo’s classic profile, with prominent nose and chin, from many great portrayals of the allegorical Lady Liberty on U.S. coinage.

In the basic version of Greek mythology, Apollo is the son of the sky god Zeus and Zeus’ cousin Leto, as well as the twin brother of the virgin huntress (and Zeus’ favorite child) Artemis. Highly visible die flow lines extend from practically every portion of his head, giving one the impression–especially in gold–of the divine presence of the god.

Reverse:

The reverse features a small, two-horse chariot (known as a biga) and its driver. Both wheels of the chariot are visible, and the wheel closest to the viewer clearly shows four spokes joined in a central hub. The driver, who is standing, wields a whip or crop in his right hand as he holds the reigns with his left. The horses are rearing up on their hind legs, as though they were about to start racing or had to make an abrupt stop. The pose reminds one of rampant animals in Medieval heraldry.

Most impressively, all eight legs of the horses are visible and well-struck.

Beneath the chariot and horse is the legend ΦΙΛΙΠΠΟΥ (“Philippou”) in Greek letters. Immediately under the feet of the horses is a ritual tripod, in which offerings to the gods were often deposited and burnt. The tripod serves as a mint mark of sorts, identifiable with issues from Amphipolis, a city in Macedon, and Kolophon, a city in Ionia (now Western Turkey). This piece is most likely from Kolophon, as the Amphipolitan type features a thinner depiction of Apollo, an exergue line on the reverse and shows only one wheel on the biga.

Strong die flow lines are also present on the reverse.

Edge

While it’s somewhat simplistic to describe the edge of a hammered coin as “smooth”, technical innovations that might require discernment (such as reeding or milled edges) were not invented until the Modern era, so in contrast to such obvious anti-clipping and anti-counterfeiting methods the edge of this ancient gold stater is smooth.

Coin Specifications:

The post Ancient Coin Profiles: Greece – Kingdom of Macedon Gold Stater appeared first on CoinWeek: Rare Coin, Currency, and Bullion News for Collectors.

In 2008, Whitman Publishing released 100 Greatest Ancient Coins by long-time Chicago coin dealer Harlan J. Berk. Now in its third edition, this large-format book has proven to be a valuable resource for classical numismatists. The choice of coins and their ranking were based on a survey of museum curators, classical scholars, dealers, and collectors. Thirty-eight of the coins were Roman; six were Byzantine; and the rest were loosely categorized as “Greek”, including some Phoenician, Carthaginian, and Judean issues. This article reviews our ten top-rated ancient Greek coins from Berk’s list.

Athens Dekadrachm

A dekadrachm is a ten-drachma piece, weighing about 43 grams. This amount of silver represented ten days’ wages for an ancient Greek laborer. Not part of the regular circulating coinage, dekadrachms were special issues commemorating significant events.

Unfortunately, we rarely know what these events were. Athens controlled one of the most productive silver mines in the ancient world, at Laurion [1] , about 50 km (31 miles) south of the city.

“Hoard finds and other research has since shown conclusively that these coins did not appear until after the Battle of Salamis [September, 480 BCE], leading other writers to suggest that the coins were minted to celebrate that victory. However, this date also seems a bit too early, as the hoard evidence seems to place the minting of the coins in the 460s BCE [2] .”

Coin dealer Bruce McNall in his autobiography describes his encounter with this coin, at the Zurich office of famous German numismatist, Leo Mildenberg (1913- 2001):

“Leo practically danced as he led us to his vault to show me some of those coins. They were all beautiful Roman and Greek specimens. In an almost reverent voice I quietly asked him which was the best. He reached for a try that held one single silver coin.
“This my good friend is the greatest coin in the world.”

Resting in the center of the velvet lined tray was a silver decadrachm of Athens [3].

About 40 examples are known, including one broken half [4] . The coin on display in the numismatic museum of Athens is mounted on a slowly rotating motorized stand so visitors can view both sides [5] .

On Berk’s list this type is rated as #2 among the 100 greatest ancient coins.

Euainetos Dekadrachm

Toward the end of fifth century BCE, the art of coin die engraving reached a peak of excellence among ancient Greek cities of Sicily that would not be matched again until the 18th century in Europe.

Cities competed to have their coins designed by famous master engravers, who sometimes signed their work in almost microscopic letters.

Euainetos was among the greatest of these artisans, and the dekadrachm of Syracuse, struck c. 405-400 BCE, is considered his masterpiece. On the obverse four galloping horses draw a chariot while Nike, the winged goddess of Victory soars overhead. The reverse bears the head of Arethusa, the nymph who presided over the city’s vital fresh water spring, surrounded by four swimming dolphins.

On Berk’s list this type is rated as #3 among the greatest ancient coins.

Naxos Tetradrachm

The town of Naxos (near modern Taormina, Sicily) was founded by colonists from the Aegean island of the same name around 734 BCE. In 476 the city was destroyed by Hieron tyrant of Syracuse, who expelled its inhabitants.

With the return of democracy to Syracuse in 460, the Naxians reclaimed their homes. This was celebrated with a coin executed by an artist known only as the “Aitna Master.”

The obverse bears the head of wine god Dionysos, identified by his signature wreath of ivy leaves. His pointed beard breaks past the coin’s dotted border, giving the composition three-dimensionality.

The reverse design is even more remarkable. The god’s companion, the satyr Silenos squats, naked, raising a wine cup to his lips, surrounded by the letters of the inscription: Ν-ΑΧΙ-ΟΝ (“of the Naxians.”) An outstanding example of this coin brought almost $670,000 (UK £550,000) in a 2023 London auction.

A cataloguer writes:

“Universally celebrated for both its composition and execution, the Naxos tetradrachm attributed to the Aitna master is perhaps unique in that critics have historically judged it not merely by comparison to other coins, but as a work of art on its own, regardless of medium. The head of Dionysos, 'a god of nature manifest' is engraved with a sophisticated, sculptural monumentality, while the squatting, drunken Silenos, is a study in bravura composition, anatomical knowledge, perspective and execution” [6]

On Berk’s list this type is rated as #4 among the greatest ancient coins.

Syracuse Demareteion

Demarete was the wife of Gelon, who ruled Syracuse from 485 to 478 BCE. In 480 BCE Gelon defeated the Carthaginians at the battle of Himera. Demarete intervened to ensure the losers were treated humanely, and in gratitude they presented her with a massive golden crown. According to legend, proceeds from the sale of this crown financed a commemorative issue of silver dekadrachms.

The coin is known as the “Demareteion;” its engraver as the “Demareteion Master.” Unfortunately, this pleasant story doesn’t fit the chronology. Hoard evidence dates the coin to c. 470 BCE, and there is no reference to Demarete on it.

The female figure on the reverse is Arethusa, identified by the four dolphins swimming around her head.

The obverse might refer to the Syracusan chariot team’s victory at the Pythian Games of 470 BCE, or the Olympics of 468. Art historians consider this coin a masterpiece, standing at the transition between “Archaic” and “Classical” styles.

An example pedigreed to the famous Nelson Bunker Hunt collection brought $250,000 in a 2012 New York auction. Probably the finest known example resides in the British Museum (BM 1841,0726.287)

On Berk’s list this type is rated as #5 among the greatest ancient coins.

Syracuse Kimon Dekadrachm

In 415 Athens, the strongest sea-power in the Mediterranean, launched a vast expedition to conquer Syracuse. Faced with the need to hire mercenaries and man its fleet, Syracuse issued a series of superbly crafted silver dekadrachms and tetradrachms.

A cataloguer writes:

“Nothing is known about the personal life of the Syracusan master engraver Kimon, other than the approximate years he was active, circa 415-390 BC. The legacy of his art, however, is extensive and timeless. He worked in all the metals used for coinage – gold, silver and bronze – and left his distinctive signature (usually KI) on dies for denominations large and small. His unique style, the essence of cool classical beauty, and his attention to detail are apparent on all of his designs, whether a huge silver dekadrachm or a humble bronze fraction.” [7]

In a 2022 Swiss auction, a signed dekadrachm of Kimon brought 750,000 Swiss francs ($792,979) [8] .

On Berk’s list this type is rated as #6 among the greatest ancient coins.

Syracuse Kimon Facing Arethusa Tetradrachm

Dated to c. 410 BCE, following Syracuse’s decisive victory over Athens, Kimon’s masterpiece is this “Facing Head” tetradrachm. Described by a cataloguer as “the most important Greek silver coin ever sold,” it brought 1.7 million Swiss francs ($1,721,345) in a 2019 auction [9] .

A cataloguer writes:

“This masterful facing head tetradrachm, however, sets Kimon apart from all of his contemporaries. His rendition of the nymph Arethusa displays a degree of delicacy and control that set a new precedent in die engraving. The composition's beautiful three dimensional perspective is augmented by a fluid style that effectively conveys the natural motion of the nymph's hair in her liquid environment. The nymph's underwater environment is further emphasized by the placement of the dolphins, who weave themselves within her hair in a playful manner. The serenity of Arethusa’s countenance, with her full, pouting lips and other-worldly gaze from her almond-shaped eyes, conveys a sense of her place aloof from the realm of man, while the entire scene firmly secures her within our natural world.” [10]

On Berk’s list this type is rated as #7 among the greatest ancient coins.

Akragas Dekadrachm

Akragas (Agrigentum in Latin, now Agrigento, Italy) was founded around 582 BCE by Greek colonists from the nearby city of Gela on the south coast of Sicily. The most famous coin of Akragas, is the massive 42-gram decadrachm issued c.409-406 BCE, shortly before the Carthaginians destroyed the city.

Struck from just five dies (two obverse, three reverse) the coins are extremely rare, with about ten examples known, most in museums.

The chariot of the sun god, Helios, on the obverse is (uncertainly) attributed to an engraver named Myron. An eagle flying above the horses, and a crab below, locates the scene between sea and sky.

The superb pair of eagles on the reverse is thought to be the work of an engraver named Polyainos. An example of this coin from the famous Hunt collection drew a bid of almost $2.5 million in a 2012 Swiss auction; at the time a record for an ancient Greek coin

On Berk’s list this type is rated as #8 among the greatest ancient coins.

Kroisos Gold Stater

Kroisos or “Croesus” was king of Lydia in the western part of what is now Türkiye, from 585 BCE until his defeat by Persian king Cyrus the Great in 546 or 547. Renowned for his wealth, the saying “as rich as Croesus,” became proverbialHis great innovation was the replacement of early electrum alloy coinage with a series of new denominations in pure gold and pure silver, struck at his capital of Sardis.

A cataloguer writes:

“Kroisos’ gold staters represent the largest denomination in the world’s first gold coinage. They come in two series, the earlier heavy and the somewhat later light standard. Our beautiful example belongs to the later, boasting a very sharply struck rendering of the famous lion and bull type, which forms one of the most recognizable types in all of ancient coinage” [11] .

On Berk’s list this type is rated as #9 among the greatest ancient coins.

Athens Tetradrachm

Beginning around 515 BCE, Athens issued silver tetradrachms bearing the helmeted head of the goddess Athena on the obverse, and her bird companion, the owl, on the reverse with a sprig of olive leaves, a small crescent moon and bold letters AΘE abbreviating Athenaion (“of the Athenians”).

Because of their pure metal and consistent weight (about 17.28 g,) these coins were gladly accepted in trade across the ancient world, and widely imitated. Millions were minted for over two centuries, and tens of thousands survive today.

The coins were struck on irregular blanks that were often too small for the dies, so perfectly centered examples showing a full crest on Athena’s helmet command strong prices from collectors.

On Berk’s list this type is rated as #10 among the greatest ancient coins.

Aegina Sea Turtle Stater

Located just 27 km (17 miles) from Athens, the island of Aegina was a bitter rival of the Athenians for centuries. Aegina was the first Greek city to mint silver coins, beginning about 550 BCE 12 .

These staters of about 12.2 g. bore a sea turtle, the city’s emblem. The reverse was a simple punch-mark. Most surviving examples of this coin are heavily worn, and many bear “banker’s marks” — punches applied by money changers to certify them as good silver.

Following the conquest of Aegina by Athens in 457 BCE the island lost its fleet, and the sea turtle was replaced on the coinage by a land tortoise.

On Berk’s list this type is rated as #16 among the greatest ancient coins.

References:

Berk, Harlan J. 100 Greatest Ancient Coins. Pelham, AL (2008)

Kimball Art Museum. Wealth of the Ancient World: The Nelson Bunker Hunt and

William Herbert Hunt Collections. Fort Worth, TX (1983)

McNall, Bruce. Fun While It Lasted: My Rise and Fall in the Land of Fame and
Fortune. New York (2003)

Sayles, Wayne G. Ancient Coin Collecting II: Numismatic Art of the Greek World.
Iola, WI (1997)

Citations

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