A number of theories surround this enigmatic issue, unique in the Larissan coinage. The most widely-accepted interpretations are those propounded by C. Seltman and M. Sordi. For Seltman (in Greek Coins, pg. 161), Aleuas (founder of the Thessalian ruling house) is depicted to promote the claim of Hellokrates, an Aleuad noble, against Alexander of Pherai in 361 BC. Supporting this contention is the legend on the reverse, ΕΛΛΑ, seen as a contracted form of Hellokrates. M. Sordi ("La drachma di Aleuas e l'origine di un tipo monetario di Alessandro Magno," Annali 3 [1956]), however, has dated this type to the reign of Alexander III of Macedon. Upon Alexander’s accession, he became lagas of Thessaly, and Sordi suggests that Alexander issued this coinage to emphasize the joint ancestry of the Thessalian and Macedonian royalty, both of whom descended from Dodona in Epeiros. Sordi notes that, along with Epeirote coins, this type is also found on early issues of Alexander III of Macedon (the ‘eagle’ coinage, cf. Price pl. CXLIII). Although each of these are somewhat compelling, unless further corroboration is discovered, a final determination between these theories is unlikely.
