Triton XVII, Lot: 120. Estimate $10000. Sold for $7500. This amount does not include the buyer’s fee.

MACEDON, Chalkidian League. Circa 383/2 BC. AR Tetradrachm (23mm, 14.38 g, 12h). Olynthos mint. Head of Apollo left, wearing laurel wreath / Kithara; X-A-Λ-KIΔ-EΩN around; all within incuse square. Robinson & Clement Group H, 18 bis (A17/P16 bis); AMNG III/2, –; SNG ANS –; BMC 3; Hermitage Sale II 587; Pozzi 751. Superb EF, lustrous. Well centered.

Taking advantage of the loosening of Athenian control over the Chalkidike due to the Peloponnesian War, the cities of the region in 432/1 BC formed themselves into a league with its capital at Olynthos. The failure of Athens to break up the Chalkidian League - one of the terms of the Peace of Nikias in 421 BC - as well as a general strategic disinterest in the region, helped to solidify the League's power and position. As a result of this situation, the League began striking silver coinage in its own name. Adopting the local "Phoenician" standard already in use by Olynthos, only tetrobols were minted in any quantity at first, but after about 420 BC, tetradrachms were regularly struck. The coins of the league continued throughout its history, and while their extant quantity stand testament to the League’s power and wealth, many of these issues are likely tied to the many wars in which the federation was involved. The Chalkidian League came to an end in 348 BC when it was dissolved by the Macedonian king Philip II.