CNG 100, Lot: 99. Estimate $3000. Sold for $7500. This amount does not include the buyer’s fee.

KINGS of LYDIA. temp. Ardys – Alyattes. Circa 630s-564/53 BC. EL Trite – Third Stater (12.4mm, 4.71 g). Sardes mint. Head of roaring lion right; WALWE[L] (in Lydian) to right / Two incuse squares. Weidauer Group XVII, 91–2 var. = Le Rider, Naissance, pl. IV, 10–1 var. (orientation of legend); Traité I –; SNG Kayhan –; SNG von Aulock –; Boston MFA –. VF. Well struck for issue. Rare legend variety.

From the collection of Dr. Lawrence A. Adams. Ex Tkalec (18 February 2002), lot 79.

The Kingdom of Lydia, under the Mermnad dynasty, may well have been the originator of Western coinage. Other than Herodotos’ attestation that the first gold and silver coins were struck by the kings of Lydia (Herodotos 1.94), there is no ancient literary evidence for the origin of coinage. The evidence regarding electrum coins – the earliest – is primarily based on analysis of the coin deposits at the Artemision of Ephesos, as well as other archaeological sites and hoards. This evidence strongly suggests that coinage originated in western Asia Minor in the mid seventh century BC. The dating of this event has recently been revised upward, as a re-analysis of the Artemision has shown that the electrum coins found there were deposited prior to circa 640-620 BC, when the second temple was built on the site.

Traditionally, electrum was thought to have been a naturally occurring alloy in the rivers and streams of Lydia; an idea that can be traced to the 19th century, which was subsequently popularized by Head in his magisterial work, Historia Nummorum. Recent research, however, has conclusively shown not only that this idea is incorrect, but also that there were virtually no natural electrum deposits that could have been used. Rather than possessing rich deposits of electrum, Lydia had significant deposits of gold and silver. The decision to use electrum for coins, rather than pure gold or silver, was thus intentional, though we do not yet know why this was done. A plausible theory is that it was done to create a closed monetary economy within the kingdom. Electrum was also issued contemporaneously at various cities in Ionia and Caria, but all of these cities were under the influence of Lydia from the early seventh century, and certainly would have been constituent parts of the kingdom’s economic sphere.

The lion head/incuse coinage is among the earliest firmly attributed to the Lydian kingdom, and its origins date to the time of Alyattes, who ruled circa 620/10-564/53 BC. While most of the coins are anepigraphic, a small number of them bear the inscription Walwel or Kukalim in Lydian. Although these names likely equate to Alyattes and Gyges, respectively, studies have shown that these coins were not only contemporary with one another, but also with the anepigraphic issues. Thus, while Walwel may refer to the king, Kukalim most likely refers to another member of the royal family or some other high official.