Lot 3361

Description

Egypt, Kingdom of, Ptolemy I (323-283 B.C.), silver tetradrachm, (14.02 g), issued c.310-305 B.C., obv. head of Alexander wearing elephant headdress to right, rev. **ALEXANDROU* on left, Athena Alkidemos to right with spear and shield, MHO monogram on right, eagle to its right, (S.7750, Sv.166 [Pl.VI, 5ff], Cop.26, Zervos, The Alexander Mint of Egypt, Group 58 [p.130-2). Porous obverse, otherwise very fine and rare.

Ptolemy I produced his own variant of the traditional coinage of Alexander in 321, then changed the reverse as well in 314. A few years later, c.310, he embarked on an even greater change by lowering the weight standard by some 9% as noted in the above coin. This was done in order to create a closed currency area out of Egypt: foreign coins were banned from circulation and any brought by travelers had to be exchanged on a one for one basis against lower weight local issues, thus providing an instant profit for the government.