Classical Numismatic Group, LLC
Electronic Auction 442 17 Apr 2019
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EGYPT, Alexandria. Gallienus. AD 253-268. Æ Drachm (29.5mm, 13.39 g, 12h). Dated RY 12 (AD 264/5). AVT K Π ΛIK ΓAΛΛIHNOC CεB, laureate and cuirassed bust right / Eagle standing left, head right with wreath in its beak, wings closed; L IB (date) to right, palm frond to left. Köln 2926; Dattari (Savio) 5294-6; K&G 90.83; Emmett 3842.12 (R2). Near VF, dark green and brown patina with touches of red, roughness.
Ex Numismatica Ars Classica E (4 April 1995), lot 3156.
By the middle of the third century AD the vast majority of the provincial coinage of Alexandria comprised tetradrachms (4-drachm pieces). This denomination was nominally struck in billon (base silver), and in earlier times such coins had a silvery appearance and were larger than their later counterparts. By the accession of Valerian I and Gallienus, however, the proportion of silver in the alloy had declined to the extent that the coins appeared to be of bronze, although some at least seem to have been given a silver wash before they entered circulation (see lots 827, 828, 832, and 835). One-drachm coins seem to have been struck on only one occasion during this period. These had always been of copper alloy, and in earlier times must have been clearly of lower intrinsic value than the billon tetradrachms. By the mid third century, however, these larger coins must have had a greater intrinsic value than the tetradrachms circulating at four times their tariff. This presumably accounts for the virtual elimination of the drachms from the coinage. Those that were struck all bear the date letters LIB, for year 12 (AD 264-5), and they must presumably have been produced only to mark a particular occasion. Thus they may perhaps be regarded more as medallions than coins. The five examples in this collection are catalogued before the sequence of tetradrachms.
Ex Numismatica Ars Classica E (4 April 1995), lot 3156.
By the middle of the third century AD the vast majority of the provincial coinage of Alexandria comprised tetradrachms (4-drachm pieces). This denomination was nominally struck in billon (base silver), and in earlier times such coins had a silvery appearance and were larger than their later counterparts. By the accession of Valerian I and Gallienus, however, the proportion of silver in the alloy had declined to the extent that the coins appeared to be of bronze, although some at least seem to have been given a silver wash before they entered circulation (see lots 827, 828, 832, and 835). One-drachm coins seem to have been struck on only one occasion during this period. These had always been of copper alloy, and in earlier times must have been clearly of lower intrinsic value than the billon tetradrachms. By the mid third century, however, these larger coins must have had a greater intrinsic value than the tetradrachms circulating at four times their tariff. This presumably accounts for the virtual elimination of the drachms from the coinage. Those that were struck all bear the date letters LIB, for year 12 (AD 264-5), and they must presumably have been produced only to mark a particular occasion. Thus they may perhaps be regarded more as medallions than coins. The five examples in this collection are catalogued before the sequence of tetradrachms.