A Hoard of Ptolemaic Bronze Coins in Commerce, October 1992 (CH 8, 413) / Stephen M. Huston and Catharine C. Lorber

The Numismatic
Chronicle
VOLUME 161
LONDON
THE ROYAL NUMISMATIC SOCIETY

2001
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The Royal Numismatic Society 2001
ISSN 0078-2696
Editors
Mr RICHARD ASHTON, Dr NICHOLAS MAYHEW,
c/o Department of Coins and Medals, Ashmolean Museum,

British
Museum,
Oxford
0X1
2PH
London WC1B 3DG nick.mayhew@ashmus.ox.ac.uk
ashton@rns.dircon.co.uk
Editorial Committee
THE PRESIDENT AND EDITORS
Dr SHADLENDRA BHANDARE Dr ROGER BLAND Mr JOSEPH CRIBB

Prof. PHILIP GRIERSON Dr PHILIP KINNS Dr ANDREW ODDY
Dr JONATHAN WILLIAMS
Typeset by Columns Design Ltd, Reading

Printed in the United Kingdom by the
University Press, Cambridge,
and distributed by
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CONTENTS
ARTICLES
Athena Itonia at Koroneia (Boiotia) and in Cilicia, by CONSTANTINE

LAGOS
Hoard
(CH
Was
8,
41
Late
by ALLA KUSHNIR-STEIN 4 1
Rhodian Bronze Coinage and the Siege of
New Evidence for Dating the Reign of
The Denarii of Septimius Severus and the

R.P.
DUNCAN-JONES
Arab-Byzantine
75
Coins
GOODWIN
Monetary
the
91
reces
evidence by D.M. metcalf 111
The Coinage of Lothar I (840-855) by SIMON COUPLAND 157

Some peculiarities of the coinage in Dvin in the twelfth and thirteenth
centuries by A.R. VARDANIAN 199
The early Period of Minting of Deniers Tournois in

Achaa (to 1289), and their Relation to the Issues o
Athens by JULIAN BAKER and MATTHEW PONTING 207

An Early Fourteenth-Century Hoard of Thessalonican Trachea by
SIMON
BENDALL
255
NOTES
Centaurs, Satyrs and Nymphs on the Early Silver Coins of Thasos a
Tribes of Mount Pangaion by JOHN G.F. HIND 279

Silver Coins of Black Sea Coastal Cities from the Fifth Century BC
Necropolis at Pichvnari by A. KAKHIDZE, I. IASHVILI, and M. VICKERS 28
vi
CONTENTS
The
Apophis
Snake
KERKESLAGER
on
287
Two Notes on the Coinage of Carausius by MALCOLM lyne 291

Lichfield and Chichester by LORD STEWARTBY 293
The Archbishop of York's Mint in the 1330s by MARTIN ALLEN 295
The Afterlife of a Coinage: the Lancastrian Salut in England and
Elsewhere by B .J. COOK 302
Chemical Compositions of Some of the J

Energy Dispersive X-Ray Fluorescence b
McGRATH, REBEKAH LANGRILL and MARK BENVENUTO 308
Loan Certificates of the Canton Merchant Volunteer Defence Corps
Headquarters, 1 924 by OTTO CHUN-CHEUNG LAM 3 1 7
COIN HOARDS 2001

ANCIENT
HOARDS
329
MEDIEVAL AND MODERN HOARDS 349
REVIEWS
RM. FRASER and E. MATTHEWS (eds), A Lexicon of Greek Personal N
IIIA and HIB (A.R.Meadows) 361

SOPHIA KREMYDI-SICILIANOU, SNG Greece
Macedonia /, Alexander I-Perseus (R. Ashton) 362
WILLIAM STANCOMB, SNG XI, The William Stancomb Collection of Co
of the Black Sea Region (M. Mielczarek) 363

J. CREIGHTON, Coins and power in late Iron Age Brita
JOHANNES NOLL, SNG Deutschland, Pflzer Privatsammlung
(A.
Johnston)
STANLEY
368
IRELAND,
Gree
Amasya (Ancient Amaseia), Turkey (C.S. Lightfoot) 370

GEORGE M. PAUL and MICHAEL IERARDI (eds), Roman Coins and Public
Life under the Empire (C.E.A. Cheesman) 374
J.-B. GIARD, Monnaies de VEmpire romain III (R. Abdy) 376

RAYMOND WEILLER, Der Schatzfund vom Titelberg (1995) (C. Cheesman) 378
GUDRUN BHL, Constantinopolis und Roma: Stadtpersonifikationen der
Sptantike
JOHN
(T.
Brown)
CUNNALLY,
379
Images
of
the Renaissance (W. Stenhouse) 380
the
Illu
CONTENTS
EVKET
vii
PAMUK,
(N.J. Mayhew) 382

JOHN KLEEBERG (ed), America's Large Cent (M. Benvenuto) 382
ALAN STAHL, The Medal in America II (M. Benvenuto) 383
BAI WEN, Bai cao ji (H. Wang) 384
THE PRESIDENT'S ADDRESS
Coin Hoards and History by Harold B. Mattingly 385

PROCEEDINGS OF THE ROYAL NUMISMATIC SOCIETY, 2000-2001 389
STATEMENT OF FINANCIAL ACTIVITIES 400
INDEX
409
PLATES
THE ROYAL NUMISMATIC SOCIETY 2001-2002 i

MEDALS
AND
PRIZES
iii
RESEARCH GRANTS AND FUNDS V

PRESIDENTS
ix
MEDALLISTS
HONONARY
FELLOWS
xii
GUIDANCE FOR CONTRIBUTORS xiii

ABBREVIATIONS
PUBLICATIONS
XV
xix
Mo
A Hoard of Ptolemaic Bronze Coins in
Commerce, October 1992 ( CH 8, 413)

Part 1 . Bronze Coins of Ptolemy IV and V1
STEPHEN M. HUSTON AND CATHARINE C. LORBER
[plates 2-14]
Dedicated to the memory of Martin Price
In autumn 1992 a hoard of Ptolemaic bronze coins appeared on the numismatic

market at the Coinex show in London. A portion of the hoard was recorded by
Martin Price at the British Museum, and a brief summary published as CH 8,
413.2 Price's record can be supplemented by Stephen M. Huston, who began his
pursuit of the hoard a day earlier, purchased many specimens from it, and docu
mented a lot that had been shipped to the USA before Price made his examination.3 Undoubtedly some hoard coins were dispersed without being recorded, bu
the catalogue below is consistent with Huston's observations.
The 'Coinex' hoard consisted predominantly of large denominations, includ-
ing a few late issues of Ptolemy II, early (but not late) issues of Ptolemy IH, a single
denomination of Ptolemy IV, and double eagle bronzes of two modules. It over
laps such major third-century hoards as the Getty hoard {CH 6, 30) and Newell's
1 Works on Ptolemaic coinage cited herein include: Svor. = J.N. Svoronos, Ta Nomismata tou
Kratous ton Ptolemaion/Die Mnzen der Ptolemer (Athens, 1904-8); SNG Cop. = A. Kromann and
O. M0rkholm, SNG Denmark: The Royal Collection of Coins and Medals , Danish National Museum
vol. 40: Egypt: The Ptolemies (Copenhagen, 1977); BMC = R.S. Poole, Catalogue of Greek Coins in
the British Museum. Ptolemaic Kings of Egypt (London, 1883); Price, Anubieion = M.J. Pric
Chapter 11, 'The Coins', in D.G. Jeffries and H.S. Smith, The Anubieion at Saqqra 1: The Settlement
and the Temple Precinct (London, 1988), pp. 66-70; Price, Sacred Animal Necropolis = M.J. Pric
Appendix J, 'Coins', in The Sacred Animal Necropolis at N. Saqqra (London, 1981); SNG Milano
= R. Martini, SNG Italia. Milano , Civiche Raccolte Numismatiche, vol. 13: Aegyptus, 1. Ptolemae
(Milan, 1989); Kln = W. Weiser, Katalog Ptolemischer Bronzemnzen der Sammlung des Institut
fr Altertumskunde der Universitt zu Kln, Papyrologica Coloniensia 23 (Opladen, 1995).
2 Recognition is due the Classical Numismatic Group, which allowed Dr. Price to record and
photograph 105 coins. The authors are extremely grateful to Richard Ashton and Andrew Meadows
for making Price's notes and photographs available for study.
3 Huston published his initial impressions as 'The process of attribution: Documenting a new
Ptolemaic bronze type', Stephen M. Huston FPL 130 (May 1994), pp. 1 and 4. The authors again
acknowledge the generosity of Classical Numismatic Group for making a lot of 43 hoard coins available to Huston for detailed study.
12 S. M. HUSTON AND C.C. LORBER
Lower Egypt hoard ( IGCH 1691).4 It complem

Animal Necropolis at North Saqqra, which a
closure as the 'Coinex' hoard but began their f
sample of the coinage in circulation under
between these two sets of hoards, the 'Coinex
of bronze coinage under Ptolemy IV and V.
CATALOGUE
ISSUES OF PTOLEMY H
c. 36 mm, c.48 g. Horned Ammon head r., wearing taenia with lotus blossom
forehead, dotted border/TITOAEMAIOY on 1., BAIIAEHI on r., eagle with s
wings standing 1. on thunderbolt, E between legs, dotted border. S vor. 448.
*1. 36 mm 46.01g Recorded by Price.
c. 30 mm, c. 24 g. Laureate Zeus head r., dotted border/As preceding, but eagle
with closed wings, 1 between legs. Svor. 449.
*2. 30 mm 20.95 g Recorded by Price.
C.30 mm, c.24 g. As preceding, but 0 between eagle's legs. Svor. 465.
3. 30 mm 22.11 g Recorded by Price. CH 8, 413, pl. 45, 6.
ISSUES OF PTOLEMY III
A Series
c.36-40 mm, c.45 g. Horned Ammon head r., wearing taenia with lotus blossom
over forehead, dotted border/TITOAEMAIOY on 1., BAIIAE1I on r., eagle with
closed wings standing 1. on thunderbolt, head reverted, cornucopia over shoulder,
A between legs, dotted border. Svor. 1166.
4. 39 mm 44.94 g Recorded by Price.


C.35 mm, c.32 g. Types as preceding, but eagle with spread wings, head 1., cornucopia over shoulder, A between legs. Svor. 1167.
4 P. Vison, 4 A hoard of Ptolemaic bronze coins in the J. Paul Getty Museum', J. Paul Getty
Museum Journal 6-7 (1978-9), pp. 153-62; E.T. Newell, Five Greek Bronze Coin Hoards, ANS
NNM 68 (New York, 1935), pp. 51-67.
5 Price, Sacred Animal Necropolis, pp. 156-65.
A HOARD OF PTOLEMAIC BRONZE COINS IN COMMERCE 13
8. 35 mm 29.96
9. 34 mm 27.20
*10. 35 mm 30.06
11. 34 mm 28.39
12. 36 mm 28.67
g
g
g
g
g
Recorded
Recorded
Recorded
Recorded
Recorded
by
by
by
by
by
Price.
Price.
Price.
Price.
Price.
c.27-28 mm, c. 16 g. Laureate Zeus head r., dotted border/As preceding, with A
between eagle's legs, but cornucopia in 1. field. S vor. 1169.

E Series
c.36-40 mm, c.45 g. Types of cat. nos. 4-7, but E (or variant) between eagle's
legs. Svor. 974; SNG Cop . 227-9.
*16.
*17.
18.
*19.
*20.
21.
22.
23.
24.
*25.
26.
27.
37
37
40
39
38
38
38
40
40
38
37
39
mm
mm
mm
mm
mm
mm
mm
mm
mm
mm
mm
mm
41.80
48.27
44.29
42.17
45.28
44.27
45.92
39.26
47.42
48.10
47.02
42.01
g
g
g
g
g
g
g
g
g
g
g
g
Recorded
Recorded
Recorded
Recorded
Recorded
Recorded
Recorded
Recorded
Recorded
Recorded
Recorded
Recorded
by
by
by
by
by
by
by
by
by
by
by
by
Price.
Price.
Price.
Price.
Price.
Price.
Price.
Price.
Price.
Price.
Price.
Price.

31. 39 mm 45.40 g Recorded by Price. Control possibly IE.
c.27-28 mm, c.16 g. Types of cat. nos. 13-15, but E (or variant) between eagle's
legs. Svor. 975; SNG Cop. 234.

35.
*36.
*37.
*38.
*39.
40.
27 mm 15.09 g Recorded by Price.


27 mm 17.15 g Recorded by Price. Control not certain.
ZE Series
c.36-40 mm, c.45 g. Types of cat. nos. 4-7 and 16-34, but IE between eagle's
legs. Cf. Anubieion 516.
41. 39 mm 46.49 g Recorded by Price. CH 8, 413, pl. 45, 5. The control
is not entirely clear and could be E.
EARLY TO MIDDLE ISSUES OF PTOLEMY IV
c.35-38 mm, c.45 g. Horned Ammon head r., wearing taenia w

over forehead, dotted border/TlTOAEMAIOY on 1., BAIIAE1I
spread wings standing 1. on thunderbolt, head reverted, 2: be
border. S vor. 1145.
Countermark (1. field): cornucopia in incuse rectangle

42. 38.5 mm 50 g Huston collection, Union City, California. Countermarked.
43. 36 mm 44.76 g Recorded by Price. CH 8, pl. 45, 1 (control possibly

I). Countermarked.
44. 36 mm 39.31 g Recorded by Price. CH 8, pl. 45, 2 (control possibly

I). Countermarked.
45.
*46.
*47.
*48.
36
35
37
37
mm 50.96 g Recorded by Price. CH 8, pl. 45, 3. Countermarked.

mm 42.98 g Recorded by Price. Countermarked.
c.35-38 mm, c.45 g. As preceding, but IE between eagle's legs. Svor. 1148,
pl. 37, 10, and 1149, with countermark; SNG Cop. 207-11.
49. 36.5 mm 47.7 g Huston collection, Union City, California.

Countermarked.

Countermarked.
51. 37 mm 46.66 g Recorded by Price. CH 8, pl. 45, 4. Countermarked.
52. 37 mm 40.55 g Recorded by Price. Countermarked.

*53. 37 mm 47.38 g Recorded by Price. Countermarked.
*56. 35 mm 48.96 g Recorded by Price. Control not entirely clear.
Countermarked
c.35-38 mm, c.45 g. As preceding, but between eagle's legs. Unpublished, but
cf. Svor. 1145 and 1148.
c.35-38mm, c.45 g. As preceding, but 1YE between eagle's

pl. 37, 2.
Countermark (1.
*58. 36 mm
*59. 37 mm
*60. 35 mm
field): cornucopia in incuse rectangle

51.62 g Recorded by Price. Countermarked.
c.35-38 mm, c.45 g. As preceding, but W between eagle's legs. Svor. 1 142, pl. 37,
4.
Countermark (1. field): cornucopia in incuse square

Countermarked.
*62. 36/8 mm 52.01 g Recorded by Price. Reading of control not entirely

certain. Countermarked.
LATE ISSUES OF PTOLEMY IV OR EARLY ISSUES OF PTOLEMY V
c.33-38 mm, c.40 g. Ammon head r., with large horn beginning at
without basileion , dotted border/TlTOAEMAIOY on 1., BAIIAE1I o
with closed wings standing 1. on two thunderbolts, dotted bord
Huston FPL 130 (May 1994), p. 4, figs. A-C.

*63. 36 mm 38 g Huston collection, Union City, California.
64. 36.5 mm 44.1 g Huston collection, Union City, California. Huston
FPL 130 (May 1994), p. 4, fig. A.
*65. 35 mm 42.1 g Private collection. Huston FPL 130 (May 1994), p. 4,

fig. B.
66. 35 mm 41.6 g Private collection. Huston FPL 130 (May 1994), p. 4,

fig C; Huston MBS 141, lot 10.
67. 37 mm 42.2 g Huston collection, Union City, California.

c.33-38 mm, c.40 g. As preceding, with large horn beginning above forehead
behind single row of curls, and without basileion. Often of careless workmanship,
with unsmoothed edges, incomplete strikes, and even scars from lathing accidents.
BMC , p. 107, 37 (attributed to Ptolemy X).7 SNG Milano 331. Kln 134-5.
Stephen M. Huston FPL 130 (May 1994), p. 4, figs. D-E.
71. 33/5 mm 34.78 g Recorded by Price.
6 The reference cited in CH 8 is actually Svor. 140, a tetradrachm. This was a misprint for Svor.
1140, which appears in Price's notes.
7 Our thanks to Prof. T.V. Buttrey for drawing this published reference to our attention.
73. 33 mm 36.31g Recorded by Price.

*79. 35/9 mm 45.23 g Recorded by Price.
81. 35 mm 39.6 g Private collection. Huston FPL 130 (May 1994), p. 4,
fig. D.
82.
83.
84.
85.
C.38 mm 47.7 g Recorded by Huston.

35 mm 37.1 g Huston collection, Union City, California.
34 mm 44 g Huston collection, Union City, California.
34 mm 35.2 g Huston collection, Union City, California. Huston FPL
130 (May 1994), p. 4, fig. E.
*86. 35 mm 40.6 g Huston collection, Union City, California.

*87. c.36mm 39.1 g Recorded by Huston.
88. c.36mm 40.6 g Recorded by Huston.
89. C.36 mm 38.8 g Recorded by Huston.
92. 34 mm 35.9 g Private collection (ex Huston).
*93. 39.9 g Recorded by Huston.
ISSUES OF PTOLEMY V
c.33-38 mm, c.40 g. As preceding, but with horn of normal size a
1423, pl. 47, 8; SNG Cop. 304.

c. 32-35 mm, c. 29 g. Types as preceding, but with double cornucopia in 1
Svor. 1424, pl. 48, 10-11; SNG Cop. 305-10.
*99.
*100.
*101.
*102.
103.
104.
35
33
33
32
31
33
mm
mm
mm
mm
mm
mm
31.28 g Recorded by Price. Filleted cornucopia.

27.7 g Huston collection, Union City, California. Fil
cornucopia.
105. 29.2 g Recorded by Huston. Filleted cornucopia.

*108. 34.3 g Recorded by Huston. Filleted cornucopia.

110. 28.8 g Recorded by Huston. Probably filleted cornucopia.
*111. 27.7 g Recorded by Huston. Probably filleted cornucopia.
112. 29.0 g Recorded by Huston. Probably filleted cornucopia.
113. 30.4 g Recorded by Huston. Possibly filleted cornucopia.
114. 30.9 g Recorded by Huston. Possibly filleted cornucopia.
117. 33/5 mm 35.06 g Recorded by Price.
121. 31mm 30.47 g Recorded by Price.
*124. 31mm 29.90 g Recorded by Price.
135. 31mm 31.05 g Recorded by Price.
* 136. 32 mm 30.22 g Recorded by Price.
140. 34.1 g Recorded by Huston.
143. 3 1 .3 g Recorded by Huston.
1 54. 3 1 .8 g Recorded by Huston.
155.
*156.
157.
*158.
*159.
160.
161.
30.5
34.1
27.3
28.4
29.1
29.8
30.4
g
g
g
g
g
g
g
Recorded
Recorded
Recorded
Recorded
Recorded
Recorded
Recorded
by
by
by
by
by
by
by
Huston.
Huston.
Huston.
Huston.
Huston.
Huston.
Huston.
c.25-29 mm, c.18 g. Head of deified Alexander r. in elephant hea
border/FlTOAEMAlOY on 1., BAIIAE1I on r., eagle with spread wi

on thunderbolt, dotted border. Svor. 1493, pl. 51, 13; SNG Cop. 3

23 mm. Ammon head r., dotted border/TITOAEMAIOY on 1., BAZIAE1Z on r.,
eagle with spread wings standing 1. on thunderbolt, dotted border. Unpublished.
164. 23 mm 8.86 g Recorded by Price. CH 8, 413, pl. 45, 8. Probably

intrusive.
NOTES ON ISSUES REPRESENTED IN THE 'COINEX' HOARD
Early issues of Ptolemy III (cat. nos. 4-40). These same issue
nations were saved in such third-century hoards as the Elephant

only), Anubieion, Newell, and Getty, and also IGCH 1696-1700. Th
of Ptolemy III marked with the control % appears in all of these

for Elephantine and Anubieion, which closed earlier), but is lacki
Coinex hoard.
Cat. no. 41. This obscure variety seems to match a cryptically described find
from the Saqqra excavations (Anubieion 516, not part of the Anubieion hoard).
From its types it must be an issue of Ptolemy III. The control, if correctly read,
links this bronze to an Attic-weight silver issue in the name of Berenice II (Svor.
991) and to rare Sarapis-Isis tetradrachms (Newell, ANS NNM 33, 4-6) whose
style shows them to be earlier than the common Sarapis/Isis tetradrachm issue
with the control AI (Svor. 1124). The new bronze eases the strains imposed by the
apparent control linkage of these silver issues with the voluminous bronze issues
of Ptolemy IV marked IE and 2E.8
8 Price, Anubieion , pp. 68-70, proposed that these bronzes should precede those marked Al and AI,
but this is difficult to reconcile with existence of various additional bronzes employing the types of
the ZE series but marked with different monograms.
Countermarked issues of Ptolemy IV (cat. nos. 42-62). T
issued during the reign of Ptolemy IV.9 All are of the same d
are countermarked.10 The emphasis on a single denomination m
tional exclusion of other denominations belonging to the serie
including one larger denomination.11 Alternatively, it may ref
circulating medium at the time of the hoard's formation. Th

and AI series of Ptolemy IV (Svor. 1125-8) are not represente
because they did not include the preferred module.
Large-horn Ammon type (cat. nos. 63-93). This variety fea

obverse type and a double eagle reverse type revived from the
II. The obverse differs from the canonical Ammon head in the
exaggerated prominence of the horn, and also in lacking the b
ment projecting from the diadem above the forehead, which o

simplified to a thick vertical line.
Though little noted in numismatic literature, the large-horn

not as rare as its obscurity suggests. Svornonos probably sub
catalogue entry 1423, and later numismatists either failed to no
considered it insignificant. For example, in publishing th

Necropolis hoards from Saqqra, Martin Price catalogued f
Svor. 1423, but the illustrations show that two are of the large
8, 413 reported fifteen examples of Svor. 1423, of which thirt

the large-horn Ammon variety.
The large-horn Ammon variety is not represented in any o

bronze hoards of the mid-third century, most of which c
Ptolemy IV marked with the controls X, IE, or X.13 The pre
Ammon bronzes in the 'Coinex' hoard dates them to the latter
IV or the early reign of Ptolemy V, rather than the much lat
BMC. Of the two subtypes, the earlier is probably that with th
the forehead, which represents a more radical redesign of the

head. This subtype is known in a few specimens of superb st
appearance, seemingly intended to dramatize the new iconogra
9 For the regnal attribution, see Newell, Five Greek Bronze Coin Hoa
Anubieion , pp. 68-70.

10 Based upon Price's notes and photographic record. The brief summary in
tion of the countermark on 7 examples. Our account also differs from CH 8 i
controls, and even from Price's notes in a very few cases where the monogra
11 The I, X, and IE series (Svor. 922-4 and 1151) also include the follo
c.43-45 mm, c.72 g; c.36 mm, c.36 g; and c.30 mm, c.24 g.
12 See Price, Sacred Animal Necropolis, p. 158, nos. 43 and 48, and pl. 44.
13 C.C. Lorber, 'Large Ptolemaic bronzes in third-century hoards', AJN 2000
hoards summarized there close with these issues, including the Getty hoar
Lower Egypt hoard ( IGCH 1691), IGCH 1696-1700, and a hoard found at Bi
Carnarvon and H. Carter, Five Years' Excavation at Thebes: A Record of
(London, 1912), pp. 43-5.
14 E.g., Frank L. Kovacs Mail Bid Sale 10 (1990), lot 221.
There are significant variations in the fabric

Some specimens are beautifully produced, bu
unfinished edges and incomplete strikes. Mos
as barbarous imitations in the literature and i
Ammon iconographie type. Some of them seem
official dies; but others are struck from dies o
ally underweight, and may even lack the cen
fabric of Ptolemaic bronzes from sometime in
the reign of Ptolemy VIII.15 Svoronos propos
imitations, but their derivation from coins of
gests an association with the revolt of the chora
before the accession of Ptolemy V and was not
Another common category of barbarous is
Ptolemy V (Svor. 1491). These barbarous Isis h

both official issues marred in production and t
The large-horn Ammon variety is distinguish
ilar module not only by its iconography, but
and weights (see below, under 'Metrology').
almost certainly related to the single denomin
of Ptolemy IV (cat. nos. 42-62).
Double eagle without cornucopia (cat. n
been a relatively scarce variety, and the indic

specimens with 'normal' treatment of Ammon
the large-horn Ammon variants.
Double eagle with cornucopia (cat. nos. 99

variety is often attributed to the joint reign
on the rather flimsy grounds that the double
reigning Ptolemies. In the 'Coinex' hoard the d
earlier issues of only marginally larger diam

bronzes with cornucopias appear to supersede
intervening bronzes of comparable size. In thi
a constant feature of the largest bronze denom
Perhaps as many as sixteen of our 63 specime
symbol. This is a rare variant which seems to
15 For published examples of truly barbarous imitations
191a-K, pl. 64, 7-16, and Malter 2 (1978), lots 273, 274,
16 W. Weiser suggested an attribution to Upper Egypt i

imitation in the Cologne University collection ( Kln 139)
17 For some published examples of official Isis head issu
Malter 2 (1978), lots 181 and 234; SNG Milano 283; and P
lished examples of barbarous imitations, see Svor. 1914a
272; and SNG Milano 284.
hoard.18 The fillets may be an intentional iconographie distinc
aspect of more careful workmanship. In either case they are

with relatively early issues of this mass-produced variety.
Cat. nos. 162-3. This variety is one of the relatively few
recorded in the 'Coinex' hoard. It is again associated with large
other double eagle bronzes in Sacred Necropolis hoard F.19
Cat. no. 164. This bronze is, to the best of our knowledge, un
from CH 8. It is the smallest coin in a hoard consisting pred
denominations. In style and fabric it appears to be later than t
tents, yet it is also more worn. Probably intrusive.
EVIDENCE FOR A REFORM OF THE BRONZE CURRENCY
No fewer than eight third-century Ptolemaic bronze hoards close
series of Ptolemy IV.20 In these hoards two denominations of P

dominate: a large bronze with a diameter of c. 44 mm and an a
C.12 g, and its half denomination, with a diameter of c. 36 mm
weight of c. 36 g. Quantities can be specified for six of the third
which together contain 142 specimens of the larger denominatio
smaller. The single denomination of Ptolemy IV represente
hoard (cat. nos. 42-62) is intermediate between these two, with

c. 35-38 mm and an average weight of c.45 g. This intermediate
Ptolemy IV is virtually absent from the third-century hoards: it oc
Getty hoard, and in only two specimens (as our cat. nos. 49-56,
countermark).
The simultaneous loss of so many third-century hoards could c

been caused by an historical event, notably the revolt that eru
toward the end of Philopator's reign. Indeed, this was the explan
Edward T. Newell for the simultaneous deposit of the Newell a
hoards.21 However J.G. Milne wrote of a complete break in the h
to relate it to a reform of the currency.22 The evidence does not
of a complete break in the hoards, but several aspects of the hoar
sistent with the notion of a currency reform: (1) Although Pt
bronzes weighing c.72, c.45, and c.36 g, all in abundance, th
18 An Egyptian lot examined by Lorber in September of 1997 contained 139

1424, of which only 2 had a filleted cornucopia.
19 Price, Sacred Animal Necropolis, pp. 158-60.
20 See Lorber, 'Large Ptolemaic bronzes in third-century hoards', AJN 2000 (f
21 Newell, Five Greek Bronze Hoards , pp. 66 f.
22 J.G. Milne, 'The currency under the Ptolemies', JEA 24 (1938), pp. 205-6. M
to the same break in the hoards under consideration here, but he placed it early
and consequently related it to a currency reform sometime before 182.
hoards on the one hand, and the 'Coinex' hoa
processes that seem to have been complemen
impression is that the bronzes of c.72 and

bronzes of c.45 g continued to circulate. The
nations effected a metrological change, in th

currency system fell from c.72 to c.45 g. (2)
no countermarked coins of Ptolemy IV, whe

'Coinex' hoard were countermarked. These pa
light of the papyrological evidence for pertur
Ptolemy Philopator.23
The countermarked coins in the 'Coinex' hoard bear witness to one of the
major episodes of countermarking in the history of Ptolemaic currency. It

involved the application of a cornucopia, in an elongated incuse rectangle, to
bronze emissions of Ptolemy IV.24 The countermark has been recorded for issues
bearing the controls Al; X; IE; TE or ff1; W; none; K; and l.25 It is overwhelmingly concentrated on a single denomination, that with the diameter of
c.35-38 mm and an average weight of c.45 g.26 Countermarked examples of this
denomination are common, and their total absence from the third-century hoards
would seem to indicate that these hoards were deposited before the episode of
countermarking. Furthermore we suspect some connection between the cornucopia countermark and the curious distribution of this bronze coin in the hoards.
We hypothesize that the countermark denotes a reissue and revaluation of demonetized currency, in practice effectively limited to the denomination of c.45 g.
Bronzes larger than c.45 g disappear at this point. Not only did the Alexandria
mint cease to produce them; as far as we can tell from the hoard record, they disappeared from circulation as well. The large-horn Ammon bronzes and unmarked
23 The evidence for currency reform is explored by Lorber in Part 2.
24 H.-Chr. Noeske, 'Gegenstempel auf ptolemischen Bronzemnzen', MDAI(K) 51 (1995),

p. 203, dates the application of the cornucopia countermark to the early reign of Ptolemy VI. Weiser,
Kln , p. 86, cat. no. 140, seems to agree with this date but opens the possibility that the countermark
was applied before 180. M. Jungfleisch, 'Rflexions de practicien sur les monnaies ptolmaques en
bronze', Bulletin de l'Institut d'Egypte 30 (1949), pp. 57 f., distinguished two episodes of countermarking with the cornucopia: one with a filleted cornucopia in a deep incuse, applied c.200 bc to
coins of Ptolemy m and IV, and a lesser episode at some point in the second half of the second century, when a crude cornucopia without fillets, in a shallow incuse, was applied to coins of Ptolemy VI
and of the early reign of Ptolemy VIH.
25 AI: Svor. 1125k; X: Svor. 1145, Svor. 9947 and e; TE: Svor. 1149 and 115 la; T7E or ifE: Svor.
1 140a; fa Svor. 1 144a; ft: Svor. 1 1427. The unmarked, K, and il varieties are all unique, recorded by
Lorber from the Egyptian lot in commerce with Jonathan Kern, September 1997.
26 Noeske, 'Gegenstempel', p. 198, cites 33 published examples of this denomination with the cornucopia countermark; his Korrekturzusatz, p. 206, adds 11 more from the 'Coinex' hoard. The large
Egyptian lot examined by Lorber in September of 1997 contained 83 examples of this denomination,
52 of them countermarked. The countermarks show many small variations in form and occasional
oddities of placement, including one applied upside down, and a few applied on the eagle's right wing
and/or chest instead of in left field. More than half of the examples of the 2= and t emissions are countermarked; nearly all specimens of the TrTE, fa and ft emissions are countermarked; and the unmarked,
K, and f 1 issues are all known from unique countermarked specimens.
double eagles (cat. nos. 63-98) were similar in diameter to the

denomination and must represent a new, slightly lighter coi
equivalent.
DATE OF THE REFORM
The large volume of the earlier bronze issues of Ptolemy IV (AI,

argues that their production must have occupied a number of year
must be allotted to the scarcer control varieties TE or ff1; lAl; no
seems impossible that the episode of countermarking could have o
the midpoint of Philopator's reign, and fairly likely that it occurr
The revolt of the chora provides a terminus ad quem. Of the t
hoards whose closure coincides with the currency reform, th

documented findsites near the centre of the revolt in Upp
Ramesseum hoard ( IGCH 1699), from Thebes; the Luxor hoar
from Birabi; and the Carnarvon hoard, also from Birabi.27 The f
revolt date from 207/6 or 206/5, when rebels interrupted constructi
temple at Edfu. In the civil war that followed, a leader named H
Hurgonepher) conquered Thebes and was crowned pharao
November 205. 28 We cannot be certain how much time was requ
ment the reform, or at what point in the troubles it became impossi
to exercise authority in the south. But the older currency had clea
etized before the loss of Thebes in 205.
The new currency introduced following demonetization was the large-horn

Ammon coinage (cat. nos 63-93), with a redesigned obverse type and a reverse
type revived from the coinage of Ptolemy II. It is intriguing that the hellenized
depiction of the great god of Thebes should have been recast so close to the time
when the ancient capital of Upper Egypt repudiated Ptolemaic rule.
Barbarous imitations of Ptolemaic bronze coins may shed further light on the
reform, if we are correct in attributing them to the revolt of the chora. Virtually
all barbarous bronzes of large module imitate either the large-horn Ammon type
or large Isis head bronzes as S vor. 1491. None, to our knowledge, imitate the
types of the demonetized coinage, or combine the double eagle reverse with the
canonical depiction of Ammon. These observations suggest: (1) that the new,
reformed coinage may have had time to win acceptance in Upper Egypt before its
secession; and (2) that the Egyptian rebels favoured Amnion's new iconography.
An alternative explanation is that the native state did not need to coin money until
its supplies ran low, at which time it imitated the principal types then circulating
27 For published reference, see n. 13 above.
28 The chronology follows RW. Pestman, 'Harronophris and Chaonnophris, two indigenous
pharaohs in Ptolemaic Egypt (205-186 B.C.)', in Hundred-Gated Thebes = P. L. Bat. 27 (1995),
pp. 101-37. For the form Hurgonepher, see W. Clarysse, 'Hurgonepher and Chaonnophis, les derniers
pharaons indigenes', Chronique d'Egypte 53 (1978), p. 243.
in the Ptolemaic kingdom. But since the larg
briefly, this would imply a precise and limited t
rebel coinage.
All things considered, it seems safest to date th
revolt, c.207-206, while leaving open the possib

earlier.
METROLOGY AND THE PROCESS OF WEIGHT REDUCTION
The great majority of coins in the 'Coinex' hoard are relatively lar
tions, with diameters in the range of 29-38 mm. The large coins o
(cat. nos. 4-7 and 16-34), though not the largest bronzes struck by t
resent the same denomination as cat. nos. 42-62, countermarke
Ptolemy IV. The latter, followed by the large-horn Ammon type, un
eagles, and double eagles with cornucopia, were each successivel
bronze denomination of the monetary system. The following freq

illustrate that, after the episode of countermarking, the weight o
bronze denomination was repeatedly reduced. (The weights of the
specimens have been supplemented by weights of like coins record
to provide more robust data.)
Weight range Ptol. III 29 Ptol. /V30 Large-horn Unmarked Double eagle
Ammon31 double w/cornuc. w/cornuc .33
eagle 32 ( Hoard only) ( Non-hoard )

56.01-57.00 1
55.01-56.00 1
54.01-55.00 3
53.01-54.00
52.01-53.00 4 3
51.01-52.00 4 2
50.01-51.00 10 5
49.01-50.00 8 4
48.01-49.00
25
47.01-48.00 41 10
46.01-47.00 34 6 2
45.01-46.00 54 7 2
44.01-45.00 66 12 2
43.01-44.00 50 4
42.01-43.00 34 10
41.01-42.00 30 7
4
7
1
1
1
2
29 Weights from the 'Coinex' hoard

from Svoronos, Copenhagen, and An
30
and
The
Weights
from
unpublished
range
is
the
'Coinex'
weights
from
from
33.79
to
hoard
Paris
52.95
an
g.
31 Weights from the 'Coinex' hoa

recorded from the Kern lot in Sept
32 Weights from 'Coinex' hoard, Sv
33
Based
some
on
from
221
the
specimens
Kern
lot
of
from
Septemb
Weight range Ptol. IIP9 Ptol IV30 Large-horn Unmarked Double

Ammon 31 double w/cornuc. w/cornuc.33
eagle 32 ( Hoard only) (Non-hoard)

40.01-41.00
39.01-40.00
16
38.01-39.00
37.01-38.00
36.01-37.00
35.01-36.00
34.01-35.00
1
1
33.01-34.00
3
3
3
1
1
1
5
2
32.01-33.00
1
1
3
31.01-32.00
5
30.01-31.00
5
3
29.01-30.00
12
13
28.01-29.00
14
11
27.01-28.00
26.01-27.00
2
7
25.01-26.00
2
14
24.01-25.00
18
23.01-24.00
29
22.01-23.00
43
21.01-22.00
20.01-21.00
27
13
19.01-20.00
10
18.01-19.00
17.01-18.00
16.01-17.00
8
1
15.01-16.00
The
large
marked
bron
and
separated
of
C.
issues
from
to
the
counte
weight
The
large-ho
of
diam
visual
impre
mode
of
cAO
The
next
var
unmarked
do
issues
in
its
d
range
depiction
of
On
t
variety.
was
very
slig
horn
Ammon
A
second,
lar
with
a
cornu
nos.
99-161)
l
population shows a strong mode c. 23 g. T
hoard specimens might conceivably be due to
weights for the general population show a
Comparison of the 'Coinex' hoard specimens

leads us to suspect that the last column of the
lations of identical types, distinguished by t
weights. For the sake of clarity we shall refe
A and 1424-B. Svor. 1424-A, represented in
earlier, has diameters c.32-35 mm. Svor. 142

hoard and presumed later, has diameters c.28
apparent when the two modules are juxtapos
knowledge we cannot say whether these two
reduction or merely a gradual slippage. Indeed
1424-A was immediately succeeded by 1424-B
vened. A certain chronological indication is p
bronzes inscribed for Queen Cleopatra on th
diameters of 28-32 mm and an average weigh

the regency of Cleopatra I (180-176) the larg
same module as Svor. 1424-B.
THE EAGLES' LEGS AS A CHRONOLOGICAL INDICATOR
Otto M0rkholm helped to pinpoint the chronological significance of
of eagles' legs on Ptolemaic coins. Writing of Ptolemaic silver, he
third-century engravers always depicted the eagle with its legs bar
but that under Ptolemy VI the eagle's legs are feathered all the way
claws.36 M0rkholm placed the change shortly after 180 at Alexan
unmarked (and undated) tetradrachms of the type Svor. 1489.37
The bronzes of the 'Coinex' hoard attest a transitional period at

Coins of the large-horn Ammon type (cat. nos. 63-93) essentially
tional bare-legged eagles, though in some cases the ruff of bristly f
top of the legs extends halfway down to the claws. The next variety, t
double eagle (cat. nos. 94-8), displays the same range of treatm
hoard double eagle bronzes with cornucopia (cat. nos. 99-161) were
34 For such juxtapositions, see Malter 2 (1978), lot 216 (36 mm, 34.57 g) and lot
24.47 g; 29 mm, 23.20 g); and SNG Milano 333 (33 mm, 29.37 g) and 334
19.22-25.95 g).
35 Lorber has collected weights for 29 specimens from Svoronos, SNG Cop., Paris, and ANS, with
a range of 21.20-26.45 g and a mode c.22-26 g.

36 O. M0rkholm,'The Ptolemaic "Coins of an Uncertain Era"', NN 1975-6, pp. 50-1.
37 Judging from the style of bronzes such as Svor. 1380-2, from the regency of Cleopatra I
(180-176) and Svor. 1383-6, probably datable to the first sole reign of Ptolemy VI (176-170),
M0rkholm's date is too early. On Cyprus the change from bare to fully feathered legs can be fixed
around the end of the coregency of Ptolemy VI and Vm, based on the dated coinages of Paphos,
Salamis, and Citium.
divided between specimens with bare legs and those with pro
On the latter the feathers are represented by wavy lines tha
from the fronts of the legs and extend down and back, somet
flowing motion. (On yet later coinages with fully feathered le
are typically represented by straight, rigidly parallel strokes
lar to the legs.) The second style of cat. nos. 99-161 - flowin
yet fully covering the eagles' legs - can also be seen on Alex
Ptolemy V, notably on unmarked tetradrachms as S vor.
M0rkholm, such tetradrachms were represented in the Syri

90), lost during the Fifth Syrian War, which thus establishe
already under production by 200.38
The treatment of the eagles' legs can be used to place the la
the 'Coinex' hoard into a rough relation with the larger

Alexander head bronzes (cat. nos. 162-3), one has a bare-le
other an eagle with flowing leg feathers, suggesting that thi
approximately contemporary with the double eagles with co

99-161). Cat. no. 164 apparently has fully feathered legs and
with its general appearance, leads us to regard it as intrusive
OVERLAP OF THE 'COINEX' HOARD WITH NECROPOLIS HOARDS
Five bronze hoards discovered during archaeological excavatio

Animal Necropolis at North Saqqra (Memphis) contained coin
overlap the later contents of the 'Coinex' hoard.39 Four of the f
small, and the circumstances suggested to Price that they were 'h
either as the ill-gotten gains of petty thieving, or poor men's sav
time of pending disaster'.40 The modest character of these Necrop
vides a contrast with the 'Coinex' hoard, despite the overlap in con
In publishing the Necropolis hoards, Price simplified his descrip
at least one error in cataloguing. We have already noted that at m
his four examples of S vor. 1423 featured the large-horn Ammon v
tion, he cited S vor. 1495 as the reference for a number of Alexan
that, from their weight and diameter, actually exemplify a larger and
Svor. 1493. Taking into account these corrections, nearly 70% of t

the Necropolis hoards (69 out of a total of 105 coins) are varietie
sented in the 'Coinex' hoard.
38 O. M0rkholm, Early Hellenistic Coinage from the Accession of Alexander to the Peace of
Apamea (336-186 bc) (Cambridge, 1991), p. Ill with n. 20.
39 Price, Sacred Animal Necropolis, Hoards B-F, pp. 158-60.
40 Price, Sacred Animal Necropolis, p. 157.
Variety 'Coinex' hoard Total Necropolis hoards Total
Large-horn Ammon Cat. nos. 63-70 8 Hoard D, 48 1

Large-horn Ammon Cat. nos. 71-93 24 Hoard C, 43 1
Unmarked double Cat. nos. 94-8 5 Hoard F, 65-6 2
eagle
Double eagle Cat. nos. 99-161 63 Hoard B, 31-40 10

with cornucopia Hoard C, 44-5 2
Hoard D, 49-55 7
Hoard E, 60 1
Hoard F, 114-28 15
Alexander/eagle Cat. nos. 162-3 2 Hoard C, 42 1

(Svor.
1493)
Hoard
E, 56-9 4
Hoard F, 73-97 25
The most common coin of the 'Coinex' hoard, the double eagle wit
(cat. nos. 99-161), is similarly the most common coin of the Necro
graded as 'fresh' by Price.41 These factors suggest that the 'Coinex'
the Necropolis hoards closed at approximately the same time.
CLOSURE OF THE NECROPOLIS AND ' COINEX ' HOARDS
Price placed the burial of the Necropolis hoards around 170 bc, attri
loss to the invasion of Antiochus IV.42 He cited as contemporary t
hoard of 1948 ( IGCH 264), which contained two examples of the d
bronze with cornucopia in left field (Svor. 1424-5) together with 32
bronzes with cornucopia in left field and the control PI between on

of these, one specimen was inscribed for Cleopatra I (Svor. 1380) an
mens named Ptolemy only (Svor. 1384), the latter probably attributable
sole reign of Ptolemy VI, 176-170. Price considered the double
with cornucopia (Svor. 1424-5) to be contemporary with these vari

c.180-170.
There are reasons to question Price's use of the Corinth hoard to date the
Necropolis hoards. Given the information available in 1981, it was natural for
him to equate the Saqqra double eagles with cornucopia and the two specimens
of Svor. 1424-5 from Corinth. But now it appears likely that the Saqqra coins
represent the heavier subvariety Svor. 1424-A (see note 41), whereas Margaret
Thompson's indecision in cataloguing the Corinth specimens as either Svor. 1424
or 1425 indicates that their modules were small and their weights relatively light.
41 Weights and diameters were published only for Necropolis Hoard F. The data are not as consistent as for the 'Coinex' hoard. Weights range from 17.41 to 28.75 g, with no clear mode. Diameters
are mostly 31-32 mm, with several larger (up to 35 mm) and one smaller at 30 mm. The lack of diameters in the 28-29 mm range suggests that these coins should be classified as Svor. 1424-A. The low
weights are typical for excavation coins.
42 Price, Sacred Animal Necropolis, p. 161.
Moreover, we are struck by the absence of Svor. 1380 and 13
This was not a problem for Price, who regarded these va

Cyprus.43 In this he followed the accepted attribution at the
But he later changed his mind. In conversation with Huston, he
ric of these bronzes as proof of an Alexandrian origin44 and

monogram need not refer to Paphos, but should instead be a
same monogram that appears on Alexandrian tetradrachms of
successors. Because Svor. 1380 and 1384 are relatively commo
common, respectively, their absence from Saqqra is signific
closure of the Necropolis hoards before 180. The argument a s
forced by a further argument from style: as demonstrated above
latest component of the 'Coinex' hoard, and presumably also

hoards, may have begun as early as 200. The closure of these
dated with confidence to the reign of Ptolemy V.
All of the Necropolis bronze hoards were discovered in the f
yard, a site at which no later Hellenistic coins were found. Ap
these hoards resulted from an event that caused the site to be abandoned.45 The
simultaneous closure of the unprovenanced Coinex' hoard may be a coincidence,

or it may point to a broader phenomenon of significance to Ptolemaic numismatic history. More hoards from this period are needed to clarify the picture.
Part 2. Currency Reform under Ptolemy IV and V

CATHARINE C. LORBER
Analysis of the 'Coinex' hoard in conjunction with other hoa
shows that Ptolemaic bronze currency underwent an official refor
reign of Ptolemy Philopator. This reform involved demonetization
not all older currency, the use of countermarks to revalidate some r
and the introduction of a new coinage with redesigned types, on a

standard. The loss of hoards containing demonetized currency can be
Thebes, establishing that demonetization was imposed before the s
Upper Egypt. After an interval there followed a second reduction o

43 Prie e, Sacred Animal Necropolis, p. 157.
44 The commercial lot inspected by Lorber in September of 1997 contained ov
Ptolemaic coins, including 100 identifiable specimens belonging to the series marked
W: Svor. 1380 (2), Svor. 1381 (3), Svor. 1383 (3), Svor. 1384 (81), Svor. 1385 (8), S
may also add that the R series is closely similar in style to the Isis head series Svor.
Alexandrian origin has never been questioned.
45 It is tempting to look for an explanation in the native revolts against Ptolemy V
established in Upper Egypt was finally suppressed with the capture and executi
pharaoh Chaonnophris in 186; Lower Egypt was not pacified until 184/3. On the other
of a threat to Memphis has survived in the written sources.
standard, by approximately a quarter. This se
reign of Ptolemy V, perhaps as early as 200 b

PAPYROLOGICAL EVIDENCE AND HISTORICAL INTEPRETATION
So sweeping a monetary reform must surely have left traces in fin

Students of Ptolemaic coinage are fortunate to possess very rich d
in the form of numerous papyri and ostraka recording financial t
These have survived only from the chora , and do not necessarily r
tions in the Delta. They have other limits and defects common to
sources: their survival is random; they are often undated; they co
that require textual reconstruction; and they employ monetary term
ing is uncertain, or may have changed over time. We are dependen
expertise of papyrologists for the reading of the evidence, and not

there are diverse interpretations not only of the evidence itself, bu
events it is believed to reflect.
Nevertheless, these documents clearly indicate that the reigns o
and V were a time of critical change in the use of Ptolemaic bronze
sources attest to three notable developments: (1) During the reign o

silver coinage became scarce in the countryside, with the effect t
nomic transactions, including the payment of taxes, were effected i
rency, or in kind. (2) In the same reign, the terms of exchange betw
bronze currency altered in a way that implied depreciation of bron
ation of silver. (3) The reigns of Philopator and Epiphanes were bo
inflation - sometimes severe inflation - in the prices of basic comm

were expressed increasingly in terms of bronze rather than silver. F
a century papyrologists have believed that a sudden, extreme jump

wages implied that the silver standard, with its drachms and obol
replaced by a new method of reckoning values. In English the new

ally referred to as the 'copper standard'. This term, though well e
infelicitous in at least one sense: metallurgical studies have demonst
base metal coinage of the Ptolemies used an alloy containing tin, a

it was clearly bronze, not copper.46
PAPYROLOGISTS' VIEWS ON THE INTRODUCTION OF THE SO-CALLED COPPE
From about 214, references to silver currency almost disappear from
ten in Greek, and amounts are often specified in bronze. Within a
prices of basic commodities and wages, expressed in bronze dra
roughly sixtyfold above the levels that had obtained throughout mos
century. In view of the Ptolemaic practice of official price fixing,
46 E.R. Caley, The Composition of Ancient Bronze Coins (New York, 1939), p. 97
argued that economic factors could not explain the data. They
original bronze drachm must have been replaced by a much s
unit, still called a drachm in the sources, which stood at a ratio
decessor.47 Writing in 1891, E. Rvillout dated the transition
copper standard to the early years of Ptolemy V.48 F. Heichelh
transition in the reign of Ptolemy IV, in the years 214-210.49
quent scholarship has followed Heichelheim's lead. T. Ree
introduction of the so-called copper standard could be yet mo
to 13 April-2 July 210. He also conjectured that its adopti

private initiative, citing evidence that conservative individua
tinued to reckon on the silver standard long afterward.50 K. M
sition as accomplished gradually during the years 214/3-
private initiative, and allowed the possibility of later enforcem
H. Cadell and G. Le Rider developed a contrary view, based on

prices only.52 They submitted that the documents attest to a
increase in prices in the earlier reign of Ptolemy IV, probabl
quence of the Fourth Syrian War and the recruitment of nati

introduced military pay into the chora. Documentation for th
reign is very scanty. Much higher price levels appear only from
Cadell's datings, and each can be explained as a 'moderate' step
more than tenfold) over the last recorded price, fueled probab
the civil wars roiling Egypt. Cadell and Le Rider rejected the
standard altogether and wrote instead of a rupture in the par
and silver coinage and of devaluation of the bronze currency
Ptolemy IV.
The new system of reckoning postulated by other papyrologists has been presented as a reform in accounting practices rather than a currency reform.53 Indeed,
Reekmans emphasized that 'the adoption of the copper standard did not follow
any numismatica! change', though he allowed that it led to the issue of some new
47 The ratio of 60 : 1 was calculated by EM. Heichelheim, Wirtschaftliche Schwankungen der Zeit
von Alexander bis Augustus (Jena, 1930), pp. 12-13; it is reiterated in T. Reekmans, 'Monetary history and the dating of Ptolemaic papyri', Studia Hellenistica 5 (1949), pp. 17-23; Reekmans, 'The
Ptolemaic copper inflation', Studia Hellenistica 7 (1951), pp. 69-75; R.A. Hazzard, Ptolemaic Coins :
An Introduction for Collectors (Toronto, 1995), pp. 83-4 with n. 55, pp. 95-6 n. 53; and K. Maresch,
Bronze und Silber: Papyrologische Beitrge zur Geschichte der Whrung im ptolemischen und
rmischen gypten bis zum 2. Jahrhundert n. Chr., Papyrologica Coloniensia 25 (Opladen, 1996),
pp. 1-7, 21-3.

48 E. Rvillout, 'Un papyrus bilingue du temps de Philopator', Proc. Soc. Arch. Bibi 14 (1891),
p. 80.
49 Heichelheim, Wirtschaftliche Schwankungen , pp. 16-18.
50 Reekmans, 'Dating', pp. 19-23; Reekmans, 'Ptolemaic copper inflation', pp. 19-23, 79-80.
51 Maresch, Bronze und Silber, pp. 6 with n. 12, 21 with n. 3, 72-3.
52 H. Cadell and G. Le Rider, Prix du bl et numraire dans l'Egypte lagide de 305 175,
Papyrologica Bruxellensia 30 (Brussels, 1997), see especially pp. 74-86.

53 Reekmans, 'Ptolemaic copper inflation', p. 78; Hazzard, Ptolemaic Coins, p. 83.
denominations.54 Cadell and Le Rider, for the

of parity between bronze and silver coinage
price of grain in terms of silver, in order to pr
alternative to this rupture, they claimed, wo
excessive bronze coinage in circulation and to

They concluded that this would have been da
supply of bronze currency in fact continued t
ing to ever higher prices in the countryside w

available.55
PAPYROLOGISTS ' VIEWS ON EXCHANGE BETWEEN
Papyrologists have generally believed that the

per standard was preceded by monetary manip
century, the bronze drachm was equivalent t
replaced it, since the Ptolemies minted no sil

265; however an agio or exchange fee of 10%
to pay sums specified in silver. The first expl

exchange rate between silver and bronze curre
records a price of sixteen (bronze) drachm
('tetradrachm'). This document was dated by

of Ptolemy Philopator, or perhaps (in W. Ch
220-210, Segr c.210; while Reekmans argu
211-210 because its sums were not calculated

This critical papyrus, UPZ 1 149, also provides
reconstructing the ingredients of that bread an
uments, Cadell proposed a tentative date c.
looked for traces of inflation in earlier docum
that the price of the silver stater began to ris

ultimately reached 20 bronze drachms, perhap
VI 269. 58
What lay behind the elevated exchange rate attested by UPZ 1 149? J.G. Milne
wrote in general terms of an overvaluation of silver.59 Segr hypothesized a quadrupling in the face values of Ptolemaic bronze coins.60 Reekmans believed that
54 Reekmans, 'Ptolemaic copper inflation', p. 79 with n. 1.
55 Cadell and Le Rider, Prix du bl, pp. 80-2.
56 Heichelheim, Wirtschaftliche Schwankungen, p. 21; A. Segr, "The Ptolemaic copper inflation
c.230-140 B.C.' American Journal of Philology 63 (1942), p. 175; Reekmans, 'Ptolemaic copper
inflation', p. 63 n. 1.
58 Maresch, Bronze und Silber, pp. 70-7; on the stater price of twenty drachms, see pp. 36-7
(demotic sources), 58, 72-3, 82
59 J.G. Milne, "The currency of Egypt under the Ptolemies', JEA 24 (1938) p. 204.
60 Segr, 'Ptolemaic copper inflation', p. 178.
this fourfold devaluation of the bronze coinage in fact refl
effects of 100% inflation and a doubling in the face values o
probably in 217.61 Reekmans asserted that this devaluation 't
recall of the copper currency and a subsequent reissue of th

of their new nominal value'.62 Its purpose, in his view, was t
pay of lower-level state employees, i.e. those remunerated i

petty administrators, soldiers, and workers in the royal fac
envisioned a gradual or stepwise reduction in the purchasing
currency that rendered the official exchange rate meaningless
ket forces.64 He emphasized the degree to which silver b
whose price fluctuated according to the laws of supply and
specifying the agency behind the exchange rate in UPZ
Rider included it with their series of grain prices to support t
stepwise inflation.65 In addition, Le Rider cited it as evidence
tion of bronze currency was measured in terms of silver, and

the true yardstick of value for the Ptolemies.66
Recently, some papyrologists interpreted the exchange rat
terms of the hypothetical ratio of 1 : 60 between the old bro
new drachm of the so-called copper standard. The calculatio

('tetradrachm') price of about 1000 drachms, or 1015 drachms
and Le Rider objected that this approach is highly speculative
dation in the text itself.68
PAPYROLOGISTS' VIEWS ON THE ECONOMIC AND SOCIAL REPERCUSS
In the early years of the second century, prices and wages ac
bility. Papyrologists credit the so-called copper standard for m
of bronze devaluation, because it enabled many transactions
bronze irrespective of its value in relation to silver. The abi

bronze freed citizens from the necessity to buy silver at ex
prices that had been inflated by reference to the silver standa
of taxes levied in silver, now returned to 'normal' leve

Reekmans, the native unrest after Raphia gave way to 'm
61 Reekmans, 'Ptolemaic copper inflation', pp. 61-9. Reekmans' opinion w

by E. Lanciers, 'gyptische Brot (k0!^) in UPZ 1 149 und die wirtschaftliche
IV Philopator', ZPE 82 (1989), pp. 89-92.
62 Reekmans, 'Ptolemaic copper inflation', p. 69.

63 Reekmans, 'Ptolemaic copper inflation', pp. 67-8.
64 Maresch, Bronze und Silber, pp. 4, 27, 58-9, 70-4.
65 Cadell and Le Rider, Prix du bl , p. 74.
66 Cadell and Le Rider, Prix du bl, p. 91.
67 Hazzard, Ptolemaic Coins, p. 83; Maresch, Bronze und Silber, p. 15 wit
69 Reekmans, 'Economic and social repercussions of the Ptolemaic coppe
d'gypte 48 (1949), pp. 324 f, 333; Maresch, Bronze und Silber, p. 59.
conditions', and the secession of the Thebaid

tions rather than economic or social protest.70
Papyrologists believe that the benefits of the
a general and lasting loss of confidence in bro
even as a medium of exchange in transaction
result, credit contracted; loans involving bro
and penalties replaced interest; grain loans in
an occupation; and bronze currency was invest
culture or industry, to the detriment of econ
hoarding patterns, with hoards of large bron
silver after the reign of Ptolemy IV.72
NUMISMATIC COMMENTARY ON PAPYROLOGISTS' THEORIES
The numismatic evidence for currency reform under Ptolemy

near-universal belief of papyrologists that the sharp price inc
third and/or early second centuries reflected monetary manipu
Le Rider based their contrarian hypothesis of aggravated but na
part on the assumption that the government should have reduce
rency in circulation, but failed to do so. It is remarkable that the r
scribed, of demonetization and reissue, exactly matches t
c. 207-206 or shortly before, according to the evidence of coin h
diate effect of these measures was a shrinkage in the supply of
Countermarked coins of Ptolemy IV and selected denomination

continued to circulate; but the retirement of all bronzes large
denomination, and perhaps of all earlier issues of Ptolemy IV an
rho series of Ptolemy HI, represents a substantial net loss.
coinage - large-horn Ammon and other double eagle bronzes of

scarcer today than the withdrawn varieties. The radically high
the early second century cannot plausibly be attributed to a b
supply.
The papyrologists' notion of two separate systems of account receives further
support from a Ptolemaic bronze hoard found in Lebanon in summer of 1993.
Among the contents were large bronzes of Ptolemy IV with the cornucopia countermark, and an official bronze monetary weight now in the collection of Stephen
M. Huston.73 This object is bifacial, marked on one side with two strokes II and
on the other with the Greek letter M or I. These marks suggest that the weight was
70 Reekmans, 'Economic and social repercussions', p. 338.
71 Reekmans, 'Economic and social repercussions', pp. 326, 328-31.
72 Hazzard, Ptolemaic Coins, p. 82.
73 The weight will be published and illustrated by R.A. Hazzard and S.M. Huston, 'The surge of
prices under Ptolemy IV', Chronique gypte forthcoming. The author thanks Hazzard and Huston
for sharing information regarding the hoard provenance.
used to make conversions between two different systems of va

bronzes with which it was associated.
The numismatic evidence appears to contradict other aspects of the papyrologists' theories. The extensive use of countermarks in the course of currency
reform belies the claim of Reekmans and others that accounting practices were
altered without any outward change to the coinage. The probable date of the cur-
rency reform - c.207-206 or a little earlier - poses a challenge to the papyrologists' high chronology. Reekmans' date of 210 for introduction of the so-called
copper standard appears vulnerable to criticism, since most of his documentary
evidence can be dated only conjecturally to the reign of Philopator.74 Maresch's
extensive lists similarly fail to establish dramatically higher price levels before
the early second century.
Papyrologists may have missed one of the most dramatic consequences of

monetary manipulation. With an actual currency reform now dated c.207-206 or
a bit before, it is tempting to surmise a connection with the outbreak of revolt in
Upper Egypt in 207/6 or 206/5, and the formation of a separate kingdom there in
October/November 205. The demonetization of whole categories of bronze

coinage, as reflected in the hoard record, suggests it was moderately wealthy res-
idents of the chora who bore the major cost of reform. Conceivably the outrage
to men of some substance made the difference between the endemic but uncoor-
dinated unrest under Ptolemy IV and the ability of Harronuphris to conquer a

great city, organize a national government, and administer and defend a breakaway kingdom for two decades.
The 'Coinex' hoard, clearly a savings hoard, undermines the claim of a general
loss of confidence in bronze currency as a store of value, at least during the reign
of Ptolemy V.
CURRENCY REFORM AND FACE VALUES: TWO HYPOTHESES
HYPOTHESIS A
The great episode of countermarking in the latter reign of Ptolemy IV involv
the application of a cornucopia countermark to bronze currency. It was alm
wholly restricted to the c. 45 g denomination, but a few countermarked exam

of other denominations have been recorded. The cornucopia countermark w
applied in a particular position for each denomination. In the original designs,
cornucopia in the die also has a distinctive position for each denomination.
74 Reekmans, 'Dating', pp. 19-21; 'Ptolemaic copper inflation', pp. 69-70 and 108.
Position in die Position of countermark
c.12 g, cornucopia in 1. field c. 72 g, cornucopia in 1. fiel

c.45 g, no cornucopia in die c.45 g, cornucopia in 1. field
c. 36 g, cornucopia in 1. field c.36 g, cornucopia over eagle's shoulder76
c.24 g, cornucopia over eagle's shoulder c. 24 g, cornucopia in 1. field77
On the c.24 and c.45 g denominations, the countermark was positioned as if to

replicate the cornucopia in the die of the next larger coin in the hierarchy. The
countermarked c.36 g denomination could not reproduce the design of the contemporary c.45 g denomination, which lacked a cornucopia in the die, but instead
imitated the abundant and still circulating c.45 g bronzes struck by Ptolemy III,
with the cornucopia over the eagle's shoulder (see cat. nos. 4-7 and 16-34 of the
'Coinex' hoard). These patterns suggest that the countermarks were applied to
authorize old coins to circulate at the face value formerly attaching to the next
larger module in the hierarchy. This interpretation is consistent with the apparent
withdrawal of the largest denomination.

Evidently the plan of reissuing three of the four earlier denominations was rapidly abandoned, for only one of them was countermarked extensively and continued to circulate in the following period. Still, the correspondences suggested
by the countermarks imply that this key denomination, weighing c.45 g, was
briefly considered equivalent to the c.12 g coin. Since countermarked c.45 g coins
later passed as equivalent to the large-horn Ammon bronze, the latter may also
have had the face value of the earlier c. 72 g coin. At least one specialist has made
a case that this c.12 g coin was the bronze drachm.78
In discussing the Sacred Animal Necropolis hoards from Saqqra, Martin Price
hypothesized that the double eagle reverse type was a denomination marker.79
This type is a constant of cat. nos. 63-161 of the 'Coinex' hoard, likely signalling
that double eagles with the cornucopia (cat. nos. 99-161) had the same face value
as the large-horn Ammon bronzes (cat. nos. 63-93) despite differences in diameter and weight. Each of these varieties was, in turn, the largest bronze coin of its
time, and the shrinkage of the modules was in fact fairly subtle.
From the evidence of countermarks and of types it is now possible to propose
a fairly specific hypothesis concerning the bronze currency reforms undertaken
by Ptolemy IV and V. The first stage, initiated c.207-206 or a bit earlier, involved
75 AI series, 1 specimen (Svor. 1125 k). In this instance, the significance of the countermark is
unclear.
76 AI series, 1 specimen as Svor. 1127 (A. Philippidis coll., Hicksville, NY); IE monogram series,
1 specimen as Svor. 993 (Egyptian lot in US commerce, September 1997).
77 2E series, 2 specimens (Svor. 9947 and e); IE series, 4 specimens (Svor. 1151a, SNG Cop. 215,
Egyptian lot in US commerce in September 1997, and formerly J. Bergman collection, Lakewood,
California, last with incuse cornucopia).
78 Hazzard, Ptolemaic Coins, pp. 65-7.
79 Price, Sacred Animal Necropolis, p. 160. Specifically, Price opined that the type might mark a
double unit.
demonetization of certain categories of older bronze curre
examples of the bronze drachm and perhaps also whole series

IV. Countermarks were then used to retariff selected coins, mo
g denomination, which was revalued as a drachm. In essen
reduced the weight of the bronze drachm from c.72 to c.45 g, a
imately one third. Subsequently a new coinage was introduced

drachm of c. 40 g, a weight reduction by about one ninth. After
reduction was effected without such conspicuous outward sig
reform, bringing the weight of the bronze drachm to c.29 g, a
a quarter. Cumulatively, these three metrological adjustments r

to 40% of its original weight within a matter of years.
The Huston monetary weight affords further - albeit incon

for the face values of Ptolemaic bronzes in this period. The o
80.14 g, a figure that accords remarkably well with the c.40 g w
horn Ammon bronze, confirming their contemporaneity and
monetary weight was equivalent to two of these coins. If the G
as I (= 200), it implies a weight of 0.4 g for the drachm on th
reckoning.80 The large-horn Ammon bronze would then have f
worth 100 of the new drachms. If it was also equivalent to a dr
standard, the ratio between the new and old bronze drachms
100:1.
HYPOTHESIS B
Hazzard has proposed another interpretation of the marks on the Huston mo

tary weight.81 The two strokes, read horizontally, are a scribal abbreviation for
diobol. If the monetary weight is assumed to have the same vertical die axi
Ptolemaic coins, the numeral on the obverse is M (= 40). It follows that one
was equivalent to 20 of the new drachms, and thus to the deben, a standard
etary unit of demotic texts. Since six obols equalled a drachm on the silver s
dard, the ratio of new to old bronze drachms would be 120: 1. Although Hazz
himself did not make this extrapolation, his hypothesis implies that the largeAmmon coin was valued as an obol on the silver standard, 20 drachms on the
system of reckoning (the so-called copper standard), and a deben in demotic r

oning.
RAMIFICATIONS OF THE TWO HYPOTHESES CONCERNING
FACE VALUES
It is to be hoped that papyrologists will test these two hypothe

against documentary evidence that is unambiguously contempor
80 This interpretation was originally offered by Hazzard, Ptolemaic Coins , p. 6
81 See n. 30 above.
coinage considered here. The hypotheses s
explanatory power and historical probability

implications of each hypothesis.
Hypothesis A assumes considerable continui

stepwise changes effected through weight r
perhaps explain the elevated exchange rate o
tively dated by Cadell c. 208-206, making it v
rency reform. By retariffing existing bronz
slightly lower weight standard, the state eff
drachm from c.72 to c.45 g and then to c.40 g
than a third and ultimately reaching 44%. We
have had the effect of doubling the weight of
for silver. In combination with two- to three-f
reductions could conceivably have quadrupled
required in exchange for a silver stater. This

rate of UPZ 1 149 was a response to the curre
Hypothesis B implies a dramatic increase in
C.12 g under Ptolemy III.82 If the 'Coinex' hoa
the C.45 g coins, which circulated as tetrobols
retariffed as obols, a 4: 1 reduction in face va
the retariffing. Assuming it followed the el

UPZ 1 149, the retariffing would have restore
tary system, in which four drachms (on the

one stater. But the same quantity of bronze c
been required to purchase a silver stater, so
metals as commodities were not affected,
remained as unlikely as before to get possession
for foreign trade. A secondary but elegant asp
of convenient exchange between three metho

dard, the new 'copper standard', and the dem
Hypothesis A assumes that countermarked

face value in terms of the silver standard, s
received at least partial compensation fo
Hypothesis B does not address the effect of c

drastic harm to people holding bronze curre
then through a quartering of the face values
system of reckoning would have mitigated th
subsistence level, while offering cold comfort
and threatening debtors with ruin. Cleruchs,
fered negative consequences, and this is an ex

hypothesis B.
82 Hazzard, Ptolemaic Coins , pp. 65-6.
Cadell and Le Rider argued convincingly that the Crown's p
ending the parity between bronze and silver coinage was to st
in terms of silver, so as to protect its income from exports. E
grain prices are attested almost exclusively by documents from
wheat prices for the 190s ranged from 150 to 180 drachms per
to hypothesis A, these prices mean that an artaba of wheat s

double eagle bronzes; if these coins were in fact equivalent to
bronze or silver drachm, the prices ranged from 1 drachm,
drachm, 5 obols on the silver standard - well within the range
wheat prices, and in fact somewhat on the low side.84 Accordi
these transactions would have involved 7.5 to 9 double eag
greater sum in terms of weight, but actually only 1.25-1.5 dr

standard. Cadell and Le Rider used the price of a gold mnaiai
to calculate a ratio of 72: 1 between the value of bronze and silver drachms for
the period 193/2-1 88/7.85 Their ratio makes these early second century wheat
prices equivalent to 2 silver drachms, half the penalty price of the mid-third century and thus approximately the mean price for the period.86 The traditional papy-
rologists' ratio of 60: 1 yields wheat prices of 2.5 to 3 silver drachms, equalling
the highest prices recorded in the chora for the baseline period.
The different face values implied by hypotheses A and B will produce starkly
contrasting results in most other analyses. According to hypothesis A, the known
portion of the 'Coinex' hoard would have been worth 14,900 drachms (more than
two talents) on the new system of reckoning, or 149 original bronze drachms.
This puts it in the same general range as some large third-century hoards, notably
the (intact) Anubieion hoard (CH 5, 37 = CH 8, 310) and the (incomplete) Getty
hoard (CH 6, 30), whose contents have been estimated at 134 and 115 drachms
respectively.87 RW. Pestman has calculated that an adult could survive on ten
artabai of wheat a year.88 Using the high wheat price of 180 drachms per artaba,
we see that a bare subsistence required 1800 drachms per year. Even if that figure is doubled to allow for other foods, housing, and some comforts, hypothesis
A leads to the conclusion that the 'Coinex' hoarder had set aside a sum that could
sustain a single adult for four years.
Hypothesis B greatly reduces the value of the known portion of the 'Coinex'
hoard, to only 2980 of the new drachms, or 24 drachms 5 obols on the silver stan-
dard.This is still a respectable figure when compared against subsistence needs.

But financial documents often specified sums in bronze talents and drachms; for
83 See Cadell and Le Rider, Prix du bl , p. 31.

85 Cadell and Le Rider, Prix du bl, p. 62, citing BGU VII 1532, lines 13-14.
87 Lorber, 'Large Ptolemaic bronzes in third-century hoards', AJN 2000 (forthcoming). CH VI, 30
was on the market before it entered the J. Paul Getty Museum.
88 Pestman, Archive of the Theban Choachytes, pp. 347-9.
example, BGU VII 1505, dated to 189 by Cade
1 talent, 4305 drachms, 3 obols. Under hy
bronze would have been necessary to effect f
PLATE 2
HUSTON AND LORBER, CH 8, 413 (1)
PLATE 3
PLATE 4
PLATE 5
HUSTON AND LORBER, CT 8, 413 (4)
PLATE 6
PLATE 7
PLATE 8
PLATE 9
PLATE 10
PLATE 11
PLATE 12
PLATE 13
PLATE 14

A Hoard of Ptolemaic Bronze Coins in Commerce, October 1992 (CH 8, 413) / Stephen M. Huston and Catharine C. Lorber

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A Hoard of Ptolemaic Bronze Coins in Commerce, October 1992 (CH 8, 413) / Stephen M. Huston and Catharine C. Lorber

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The Numismatic

THE ROYAL NUMISMATIC SOCIETY

The Royal Numismatic Society 2001

c/o Department of Coins and Medals, Ashmolean Museum,

London WC1B 3DG nick.mayhew@ashmus.ox.ac.uk

Dr SHADLENDRA BHANDARE Dr ROGER BLAND Mr JOSEPH CRIBB

Typeset by Columns Design Ltd, Reading

Athena Itonia at Koroneia (Boiotia) and in Cilicia, by CONSTANTINE

New Evidence for Dating the Reign of

The Denarii of Septimius Severus and the

evidence by D.M. metcalf 111

The Coinage of Lothar I (840-855) by SIMON COUPLAND 157

centuries by A.R. VARDANIAN 199

The early Period of Minting of Deniers Tournois in

Athens by JULIAN BAKER and MATTHEW PONTING 207

Centaurs, Satyrs and Nymphs on the Early Silver Coins of Thasos a

Tribes of Mount Pangaion by JOHN G.F. HIND 279

Necropolis at Pichvnari by A. KAKHIDZE, I. IASHVILI, and M. VICKERS 28

Two Notes on the Coinage of Carausius by MALCOLM lyne 291

Elsewhere by B .J. COOK 302

Chemical Compositions of Some of the J

Headquarters, 1 924 by OTTO CHUN-CHEUNG LAM 3 1 7

COIN HOARDS 2001

MEDIEVAL AND MODERN HOARDS 349

RM. FRASER and E. MATTHEWS (eds), A Lexicon of Greek Personal N

IIIA and HIB (A.R.Meadows) 361

Macedonia /, Alexander I-Perseus (R. Ashton) 362

WILLIAM STANCOMB, SNG XI, The William Stancomb Collection of Co

of the Black Sea Region (M. Mielczarek) 363

JOHANNES NOLL, SNG Deutschland, Pflzer Privatsammlung

Amasya (Ancient Amaseia), Turkey (C.S. Lightfoot) 370

Life under the Empire (C.E.A. Cheesman) 374

J.-B. GIARD, Monnaies de VEmpire romain III (R. Abdy) 376

the Renaissance (W. Stenhouse) 380

(N.J. Mayhew) 382

THE PRESIDENT'S ADDRESS

Coin Hoards and History by Harold B. Mattingly 385

THE ROYAL NUMISMATIC SOCIETY 2001-2002 i

RESEARCH GRANTS AND FUNDS V

GUIDANCE FOR CONTRIBUTORS xiii

A Hoard of Ptolemaic Bronze Coins in

Commerce, October 1992 ( CH 8, 413)

In autumn 1992 a hoard of Ptolemaic bronze coins appeared on the numismatic

12 S. M. HUSTON AND C.C. LORBER

Lower Egypt hoard ( IGCH 1691).4 It complem

*1. 36 mm 46.01g Recorded by Price.

4. 39 mm 44.94 g Recorded by Price.

*6. 37 mm 44.08 g Recorded by Price.

A HOARD OF PTOLEMAIC BRONZE COINS IN COMMERCE 13

13. 27 mm 14.02 g Recorded by Price. CH 8, 413, pl. 45, 7.

*28. 39 mm 41.95 g Recorded by Price.

legs. Svor. 975; SNG Cop. 234.

27 mm 15.09 g Recorded by Price.

27 mm 13.59 g Recorded by Price.

28 mm 15.68 g Recorded by Price.

14 S. M. HUSTON AND C.C. LORBER

EARLY TO MIDDLE ISSUES OF PTOLEMY IV

c.35-38 mm, c.45 g. Horned Ammon head r., wearing taenia w

Countermark (1. field): cornucopia in incuse rectangle

43. 36 mm 44.76 g Recorded by Price. CH 8, pl. 45, 1 (control possibly

44. 36 mm 39.31 g Recorded by Price. CH 8, pl. 45, 2 (control possibly

mm 50.96 g Recorded by Price. CH 8, pl. 45, 3. Countermarked.

49. 36.5 mm 47.7 g Huston collection, Union City, California.