IONIA. Uncertain. Circa 650-600 BC. Stater (Electrum, 20 mm, 14.03 g), Lydo-Milesian standard. Irregular convex surface. Rev. Central rectangular incuse punch flanked by two smaller incuse squares. BMC -. Boston MFA 1747 (same die and punches). Linzalone -. Pozzi 2349 (same die and punches). Rosen -. SNG Kayhan -. SNG von Aulock -. Traité -. Weidauer 1-3 (same die and punches). Of the highest rarity and of great numismatic interest. Struck from a very worn obverse die, otherwise, very fine.

Electrum coins without motifs are typically considered the earliest form of coinage. However, this assumption warrants closer scrutiny, as some allegedly imageless obverses may in fact result from heavily worn dies. We have traced such progressive die wear in the electrum series offered in Leu 15 (2024), specifically in lots 97-105. A particularly intriguing case is presented by the current coin - an impressive early electrum stater - whose slightly convex obverse surface faintly reveals the contours of a ram's forepart, as clearly seen on Leu 15 (2024), 93. This suggests it was likely struck from the same obverse die. In contrast, the reverse has been newly cut, with three wedge-shaped punches replacing the previous four. This situation appears similar to that observed in Leu 15 (2024), 102, where a completely worn obverse die was paired with a new reverse - not for iconographic purposes, but due to practical necessity. The old reverse dies, having suffered significant wear, could no longer hold the blank securely during striking and were therefore replaced. The obverse, once showing a discernible ram, was left in its worn state, resulting in a coin that now appears devoid of imagery. Should this interpretation prove correct, it would have important implications for the study of early electrum coinage. Notably, pieces such as BMFA 1747, Pozzi 2349, and Weidauer 1-3, whose reverse punches match those of the present coin, would not be truly motif-less. Instead, they were likely struck from the same worn ram die and should be dated not earlier, but contemporaneously (or even slightly later) than coins such as Leu 15 (2024), 93, which preserves a beautifully archaic rendering of the ram.