Watch List notes:

GREEK COINS
Asia Minor, uncertain mint

Phocaic stater sixth century BC, EL 16.67 g. Donkey advancing l. within raised disk. Rev. Three incuse punches with irregular surfaces.
Apparently unique and unrecorded. An enigmatic issue of great interest and
fascination. Struck on a narrow flan, otherwise extremely fine


From an English private collection.
Like the Phocaic stater with the archaic panther or lioness in this sale, the obverse type of the donkey advancing left upon a raised disk must have been the personal badge of the issuer. The type does not play a role in subsequent coinage from the region and therefore does not indicate its use here as a civic badge.
While at 16.67 grams this coin is quite clearly struck to the Phokaic standard, the pattern of the reverse punches deviates from the Phokaic norm: instead of two square punches of unequal size side by side, here we have a large central square punch between two smaller square punches. Additionally, the smaller squares are struck by the same punch. This is akin to what is found on early Lydo-Milesian staters which exhibit a long rectangular punch between two smaller square punches, although on Lydo-Milesian coins the punches normally include either designs of animals or a combination of pellets and irregular strokes (see, for instance, the superb Lydo-Milesian stater with the butting bull in this sale).