IONIA. Magnesia ad Maeandrum. Archepolis, circa 465-459 BC or somewhat later. Hemiobol (Silver, 9 mm, 0.41 g, 3 h). Bearded head of Archepolis to right, wearing crested Attic helmet decorated with a volute on the bowl; to left and right, AP-XE. Rev. Owl standing left, head facing; to left and right, AP-XE; all within dotted square within incuse square. Nollé & Wenninger A 3a = Von Mosch 21 (same dies). Extremely rare and by far the finest known example of this tremendously important issue. Boldly struck in high relief and with an incredibly detailed portrait. Good extremely fine.

The coinage of the Lykomidai in Magnesia ad Maeandrum has attracted significant attention since its initial publication by Nollé and Wenninger in 1998/9. The ostracism of the great Persian War hero Themistokles, his life and career as an Achaemenid vassal in Ionian exile, and the unique representation of rule of this 'democratic champion of liberty' all carry a tragic undertone of rise and fall - an element that has captivated both scholars and collectors alike. Von Mosch's recently published and highly important study has led to a new interpretation of the portraits on the coins of Themistokles and his son Archepolis (possibly co-ruler and certainly successor). This reinterpretation, building on a suggestion made by this author in Leu 10 (2021), 2149, argues that the portraits should not be viewed as depictions of gods or heroes, but as representations of the Lykomidai themselves - an extraordinary discovery of immense significance to art and cultural history. Whether these coins represent the earliest numismatic portraits of mortals, as has been posited, is a question that need not be addressed here. However, it is crucial to view the innovative coinage of Themistokles and his son within a broader historical context rather than in isolation. The rule of the Lykomidai continued the tradition of earlier petty dynasts in Asia Minor, and their coinage, in turn, influenced that of later rulers of Persian, Greek, and Lycian origin. Moreover, the stark opposition between democracy and tyranny, often emphasized in ancient sources and modern historiography, fails to fully capture the historical reality. While the overthrow of the Peisistratids undeniably marked a turning point in Athenian history, the transition from tyranny to democracy was likely less radical than commonly portrayed. In reality, the political shift mainly signified the removal of a single aristocratic family, with other powerful noble houses, such as the Philaids and the Lykomidai, stepping in. The most famous member of the latter would be Themistokles, whose genius enabled the defense of his now democratic hometown (and the rest of the Greek mainland) against the Persian invasion, yet he remained a quintessential representative of the old Athenian aristocracy. There are several precedents for the rule of Athenian aristocrats over overseas, extraterritorial territories, including the Miltiads in the Thracian Chersonese and, notably, Hippias, the last Athenian tyrant, in Sigeion - where, as evidenced by the remarkable obol offered in our Auction 16 (2024), 74, he signed coins with his own name as early as the turn of the 6th to the 5th century BC. Our coin is therefore an exceptionally important numismatic artifact. It not only reflects the shifting fortunes of one of Athens' most prominent aristocratic families amid the tensions between tyranny, democracy, and the geopolitical forces of the Persian World Empire and local and regional powers, but it may also represent one of the earliest depictions of mortal rulers on coinage - an aspect of immense artistic and cultural-historical significance. Its outstanding state of preservation and magnificent style render it, despite (or perhaps because of) its small size, a masterpiece of Early Classical Greek die engraving. Through it, the ambitions of the proud, exiled Athenian Lykomidai become tangible - their determined efforts to establish themselves securely in their new homeland under the protective shadow of the great oriental empire, while retaining a distinct Greek aristocratic iconography