196, Lot: 8. Estimate $150. Sold for $261. This amount does not include the buyer’s fee.

KINGS of MACEDON. Alexander III ‘the Great’. 336-323 BC. AR Drachm (19mm, 4.26 g, 12h). Pella mint. Struck under Antigonos II Gonatas, circa 279-277/6 BC. Head of Herakles right, wearing lion skin / Zeus Aëtophoros seated left; torch below throne. Price 564A. Good VF, attractively toned. Well centered and struck.

An analysis of this interesting issue was conducted in M. Thompson's article on the Armenak hoard. The hoard included both a tetradrachm (coin 96) and drachm (coin 611) from this issue (athough Thompson did not identify the drachm as such). While earlier hoard evidence placed the issue at a Macedonian mint circa 280s-270s BC, Thompson recognized a close association in the die engraving of this issue (and a few others) with that of the very rare Alexandrine issues in the name of Antigonos II Gonatas. Although R. Mathisen placed the Antogonid issue circa 272 BC, practically all of the Armenak hoard coinage dated to before 280 BC, so Thompson suggested that these issues may have been earlier than 272 BC--the issues in the name of Alexander were struck during the anarchy in Macedonia between the death of Ptolemy Keraunos in 279 BC and the final conquest of the country by Antigonos in 277/6 BC. The Antigonid issue would then follow as an initial issue celebrating his securing of the country under his rule (with the symbolism of his continuation of Alexander's dynasty). If Mathisen's dating is correct, however, these Alexandrine issues would probably have been struck after he retook the country from Pyrrhus, circa 273/2 BC. In any event, this issue must have been struck under Antigonos. A civic (non-royal) issue struck at Pella during the anarchic period is unlikely, and the close linkage between the issues in the name of Alexander and Antigonos also cast doubt this being an issue under Pyrrhos during his time in Macedon (circa 274-272 BC).