Triton XVI, Lot: 43. Estimate $5000. Sold for $12000. This amount does not include the buyer’s fee.

SKYTHIA, Olbia. Circa 320-315 BC. AR Stater (22mm, 12.76 g, 12h). Head of Demeter left, wearing grain ear wreath / Sea eagle standing left, wings spread and head right, on dolphin left; monogram above, trident head to right, OΛBIO below. Anokhin 287; Karyshkovskij p. 270, 58–76; Frolova & Abramzon 693; SNG BM Black Sea 434 var. (control marks); cf. SNG Pushkin 132; SNG Stancomb 359 var. (same); Sutzu II –. Good VF, lightly toned, slightly weak strike on high points. Extremely rare, one of only 8 known, of which 5 are in museums.

From the Alex Shubs Collection.

Circa 331-328 BC, Alexander the Great’s satrap of Thrace, Zopyrion, led an expedition of about 30,000 men across the Danube, into Skythia. He soon besieged the city of Olbia, which put up a staunch resistance. Olbia took drastic measures in its attempt to bolster it position militarily and economically: slaves were freed, foreigners were granted citizenship, and debts were canceled. While these measures proved to be beneficial, the success of Olbia surely was helped by a winter storm that decimated the Macedonian fleet that must have played a significant role in Zopyrion’s strategy. Ultimately, the siege was raised, and the Macedonians were forced to march back to Thrace. Along the way, the already weary army was picked apart by Skythian raiders and a brutal winter. It is unknown how many made it back across the Danube, but Zopyrion was not one of them; he died en route, either at the hands of the Skythians or as a result of the harsh conditions, circa 325/4 BC.

Although victorious, Olbia certainly was not unscathed by the siege. During the event, Olbia struck a siege coinage (cf. Anokhin 274–6), which showed its desperate position. However, the city’s coinage over the subsequent decades attest to a city not in decline, but ascendant. By 315 BC, the city redeveloped its economy, which is reflected by a robust precious metal coinage in multiple denominations, including both silver and gold (cf. Anokhin 277–94, and see Lot 45, below).