Top Ten Ancient Greek Coins

By Mike Markowitz for CoinWeek

In 2008, Whitman Publishing released 100 Greatest Ancient Coins by long-time Chicago coin dealer Harlan J. Berk. Now in its third edition, this large-format book has proven to be a valuable resource for classical numismatists. The choice of coins and their ranking were based on a survey of museum curators, classical scholars, dealers, and collectors. Thirty-eight of the coins were Roman; six were Byzantine; and the rest were loosely categorized as “Greek”, including some Phoenician, Carthaginian, and Judean issues. This article reviews our ten top-rated ancient Greek coins from Berk’s list.

Athens Dekadrachm

A dekadrachm is a ten-drachma piece, weighing about 43 grams. This amount of silver represented ten days’ wages for an ancient Greek laborer. Not part of the regular circulating coinage, dekadrachms were special issues commemorating significant events.

Unfortunately, we rarely know what these events were. Athens controlled one of the most productive silver mines in the ancient world, at Laurion [1] , about 50 km (31 miles) south of the city.

“Hoard finds and other research has since shown conclusively that these coins did not appear until after the Battle of Salamis [September, 480 BCE], leading other writers to suggest that the coins were minted to celebrate that victory. However, this date also seems a bit too early, as the hoard evidence seems to place the minting of the coins in the 460s BCE [2] .”

Coin dealer Bruce McNall in his autobiography describes his encounter with this coin, at the Zurich office of famous German numismatist, Leo Mildenberg (1913- 2001):

“Leo practically danced as he led us to his vault to show me some of those coins. They were all beautiful Roman and Greek specimens. In an almost reverent voice I quietly asked him which was the best. He reached for a try that held one single silver coin.
“This my good friend is the greatest coin in the world.”

Resting in the center of the velvet lined tray was a silver decadrachm of Athens [3].

About 40 examples are known, including one broken half [4] . The coin on display in the numismatic museum of Athens is mounted on a slowly rotating motorized stand so visitors can view both sides [5] .

On Berk’s list this type is rated as #2 among the 100 greatest ancient coins.

Euainetos Dekadrachm

Toward the end of fifth century BCE, the art of coin die engraving reached a peak of excellence among ancient Greek cities of Sicily that would not be matched again until the 18th century in Europe.

Cities competed to have their coins designed by famous master engravers, who sometimes signed their work in almost microscopic letters.

Euainetos was among the greatest of these artisans, and the dekadrachm of Syracuse, struck c. 405-400 BCE, is considered his masterpiece. On the obverse four galloping horses draw a chariot while Nike, the winged goddess of Victory soars overhead. The reverse bears the head of Arethusa, the nymph who presided over the city’s vital fresh water spring, surrounded by four swimming dolphins.

On Berk’s list this type is rated as #3 among the greatest ancient coins.

Naxos Tetradrachm

The town of Naxos (near modern Taormina, Sicily) was founded by colonists from the Aegean island of the same name around 734 BCE. In 476 the city was destroyed by Hieron tyrant of Syracuse, who expelled its inhabitants.

With the return of democracy to Syracuse in 460, the Naxians reclaimed their homes. This was celebrated with a coin executed by an artist known only as the “Aitna Master.”

The obverse bears the head of wine god Dionysos, identified by his signature wreath of ivy leaves. His pointed beard breaks past the coin’s dotted border, giving the composition three-dimensionality.

The reverse design is even more remarkable. The god’s companion, the satyr Silenos squats, naked, raising a wine cup to his lips, surrounded by the letters of the inscription: Ν-ΑΧΙ-ΟΝ (“of the Naxians.”) An outstanding example of this coin brought almost $670,000 (UK £550,000) in a 2023 London auction.

A cataloguer writes:

“Universally celebrated for both its composition and execution, the Naxos tetradrachm attributed to the Aitna master is perhaps unique in that critics have historically judged it not merely by comparison to other coins, but as a work of art on its own, regardless of medium. The head of Dionysos, 'a god of nature manifest' is engraved with a sophisticated, sculptural monumentality, while the squatting, drunken Silenos, is a study in bravura composition, anatomical knowledge, perspective and execution” [6]

On Berk’s list this type is rated as #4 among the greatest ancient coins.

Syracuse Demareteion

Demarete was the wife of Gelon, who ruled Syracuse from 485 to 478 BCE. In 480 BCE Gelon defeated the Carthaginians at the battle of Himera. Demarete intervened to ensure the losers were treated humanely, and in gratitude they presented her with a massive golden crown. According to legend, proceeds from the sale of this crown financed a commemorative issue of silver dekadrachms.

The coin is known as the “Demareteion;” its engraver as the “Demareteion Master.” Unfortunately, this pleasant story doesn’t fit the chronology. Hoard evidence dates the coin to c. 470 BCE, and there is no reference to Demarete on it.

The female figure on the reverse is Arethusa, identified by the four dolphins swimming around her head.

The obverse might refer to the Syracusan chariot team’s victory at the Pythian Games of 470 BCE, or the Olympics of 468. Art historians consider this coin a masterpiece, standing at the transition between “Archaic” and “Classical” styles.

An example pedigreed to the famous Nelson Bunker Hunt collection brought $250,000 in a 2012 New York auction. Probably the finest known example resides in the British Museum (BM 1841,0726.287)

On Berk’s list this type is rated as #5 among the greatest ancient coins.

Syracuse Kimon Dekadrachm

In 415 Athens, the strongest sea-power in the Mediterranean, launched a vast expedition to conquer Syracuse. Faced with the need to hire mercenaries and man its fleet, Syracuse issued a series of superbly crafted silver dekadrachms and tetradrachms.

A cataloguer writes:

“Nothing is known about the personal life of the Syracusan master engraver Kimon, other than the approximate years he was active, circa 415-390 BC. The legacy of his art, however, is extensive and timeless. He worked in all the metals used for coinage – gold, silver and bronze – and left his distinctive signature (usually KI) on dies for denominations large and small. His unique style, the essence of cool classical beauty, and his attention to detail are apparent on all of his designs, whether a huge silver dekadrachm or a humble bronze fraction.” [7]

In a 2022 Swiss auction, a signed dekadrachm of Kimon brought 750,000 Swiss francs ($792,979) [8] .

On Berk’s list this type is rated as #6 among the greatest ancient coins.

Syracuse Kimon Facing Arethusa Tetradrachm

Dated to c. 410 BCE, following Syracuse’s decisive victory over Athens, Kimon’s masterpiece is this “Facing Head” tetradrachm. Described by a cataloguer as “the most important Greek silver coin ever sold,” it brought 1.7 million Swiss francs ($1,721,345) in a 2019 auction [9] .

A cataloguer writes:

“This masterful facing head tetradrachm, however, sets Kimon apart from all of his contemporaries. His rendition of the nymph Arethusa displays a degree of delicacy and control that set a new precedent in die engraving. The composition's beautiful three dimensional perspective is augmented by a fluid style that effectively conveys the natural motion of the nymph's hair in her liquid environment. The nymph's underwater environment is further emphasized by the placement of the dolphins, who weave themselves within her hair in a playful manner. The serenity of Arethusa’s countenance, with her full, pouting lips and other-worldly gaze from her almond-shaped eyes, conveys a sense of her place aloof from the realm of man, while the entire scene firmly secures her within our natural world.” [10]

On Berk’s list this type is rated as #7 among the greatest ancient coins.

Akragas Dekadrachm

Akragas (Agrigentum in Latin, now Agrigento, Italy) was founded around 582 BCE by Greek colonists from the nearby city of Gela on the south coast of Sicily. The most famous coin of Akragas, is the massive 42-gram decadrachm issued c.409-406 BCE, shortly before the Carthaginians destroyed the city.

Struck from just five dies (two obverse, three reverse) the coins are extremely rare, with about ten examples known, most in museums.

The chariot of the sun god, Helios, on the obverse is (uncertainly) attributed to an engraver named Myron. An eagle flying above the horses, and a crab below, locates the scene between sea and sky.

The superb pair of eagles on the reverse is thought to be the work of an engraver named Polyainos. An example of this coin from the famous Hunt collection drew a bid of almost $2.5 million in a 2012 Swiss auction; at the time a record for an ancient Greek coin

On Berk’s list this type is rated as #8 among the greatest ancient coins.

Kroisos Gold Stater

Kroisos or “Croesus” was king of Lydia in the western part of what is now Türkiye, from 585 BCE until his defeat by Persian king Cyrus the Great in 546 or 547. Renowned for his wealth, the saying “as rich as Croesus,” became proverbialHis great innovation was the replacement of early electrum alloy coinage with a series of new denominations in pure gold and pure silver, struck at his capital of Sardis.

A cataloguer writes:

“Kroisos’ gold staters represent the largest denomination in the world’s first gold coinage. They come in two series, the earlier heavy and the somewhat later light standard. Our beautiful example belongs to the later, boasting a very sharply struck rendering of the famous lion and bull type, which forms one of the most recognizable types in all of ancient coinage” [11] .

On Berk’s list this type is rated as #9 among the greatest ancient coins.

Athens Tetradrachm

Beginning around 515 BCE, Athens issued silver tetradrachms bearing the helmeted head of the goddess Athena on the obverse, and her bird companion, the owl, on the reverse with a sprig of olive leaves, a small crescent moon and bold letters AΘE abbreviating Athenaion (“of the Athenians”).

Because of their pure metal and consistent weight (about 17.28 g,) these coins were gladly accepted in trade across the ancient world, and widely imitated. Millions were minted for over two centuries, and tens of thousands survive today.

The coins were struck on irregular blanks that were often too small for the dies, so perfectly centered examples showing a full crest on Athena’s helmet command strong prices from collectors.

On Berk’s list this type is rated as #10 among the greatest ancient coins.

Aegina Sea Turtle Stater

Located just 27 km (17 miles) from Athens, the island of Aegina was a bitter rival of the Athenians for centuries. Aegina was the first Greek city to mint silver coins, beginning about 550 BCE 12 .

These staters of about 12.2 g. bore a sea turtle, the city’s emblem. The reverse was a simple punch-mark. Most surviving examples of this coin are heavily worn, and many bear “banker’s marks” — punches applied by money changers to certify them as good silver.

Following the conquest of Aegina by Athens in 457 BCE the island lost its fleet, and the sea turtle was replaced on the coinage by a land tortoise.

On Berk’s list this type is rated as #16 among the greatest ancient coins.

References:

Berk, Harlan J. 100 Greatest Ancient Coins. Pelham, AL (2008)

Kimball Art Museum. Wealth of the Ancient World: The Nelson Bunker Hunt and

William Herbert Hunt Collections. Fort Worth, TX (1983)

McNall, Bruce. Fun While It Lasted: My Rise and Fall in the Land of Fame and
Fortune. New York (2003)

Sayles, Wayne G. Ancient Coin Collecting II: Numismatic Art of the Greek World.
Iola, WI (1997)

Citations

1 https://en.wikipedia.org/wiki/Mines_of_Laurion
2 https://coinweek.com/the-dekadrachm-athens-greatest-coin/
3 McNall (2003) page 24
4 https://harvardartmuseums.org/collections/object/331242
5 https://www.youtube.com/shorts/MBhPZxIxhk8
6 Morton and Eden, Auction 124, Sept 26, 2023, Lot 112, realized £550,000 ($669,263)
7 https://cngcoins.com/Coin.aspx?CoinID=388411
8 Numismatica Genevensis, Auction 16, November 14, 2022, Lot 13.
9 Numismatica Genevensis, Auction 11, November 18, 2019, Lot 1
10 https://www.cngcoins.com/Coin.aspx?CoinID=300230
11 Leu Web Auction 28, December 9, 2023, Lot 41, realized CHF 28,000 ($31,829)
12 https://coinweek.com/first-ancient-coins-aeginas-sea-turtle/

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