A Very Early Electrum Stater Of Miletos, 600-550 BC
The first true coins seem to have been minted in Asia Minor in the late 7th or early 6th century BC. These coins were struck in electrum, a naturally occurring alloy of gold and silver found in the Pactolus and other nearby rivers. Several Greek cities including Miletos on the Western coast as well as the Lydian kings began minting these first coins by stamping the badge of their city into one side of a standard weight lump of electrum and various punches into the other. These devices were used to facilitate trade by certifying that the intrinsic value and weight of the metal was guaranteed by the issuing authority. Of these first coins, those of Miletos like the current example, are probably the finest from an artistic perspective. The lion, cleverly configured with its head reverted and tail curled over its haunch to neatly fit within the rectangular frame, is a masterpiece of Archaic Greek art. The vigor and ferocity of the beast are beautifully conveyed by its snarling countenance and erect mane.
The current piece is an excellent example of these extremely rare coins. Most of the few surviving examples are in poor condition or with irregular lumpy flans. This is without doubt a piece worthy of the finest collection. Obverse: Lion lying left, looking back and roaring, all within a double rectangular frame divided into segments. Reverse: Three incuse punches; an oblong punch containing a fox between two square punches, one containing the head of a stag, the other a star shaped ornament. Mean Diameter: 21 x 17.5 mm. (0.827 x 0.689"). Weight: 13.91 gm. (0.435 Troy oz.). Metal composition: Gold with some silver content. References: David Sear, Greek Coins, Vol. 2, # 3439. Grade: Very Fine Plus to Extra Fine. Price: US$10,000. Status: Available. Order #C038.
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