389, Lot: 201. Estimate $100. Sold for $70. This amount does not include the buyer’s fee.

CIMMERIAN BOSPOROS, Pantikapaion. Circa 400-375 BC. AR Hemiobol (6.5mm, 0.34 g). Facing head of lion / Quadripartite incuse square; A-Π-O-Λ in quarters. Frolova, frühe, Type XXXIV; Anokhin 1141; MacDonald 21/2; HGC 7, 151. VF, toned. Good metal for issue.

Stylistically, the lion’s head coinage bearing the “AΠOΛ” legend and those with the ethnic of Pantikapaion are identical and must come from the same mint. MacDonald (p. 16) notes that the “AΠOΛ” found on such coins “...may refer to Apollo or his temple, the chief religious institution of Panticapaeum, which perhaps provided the silver for the coinage.”