KINGS OF ARMENIA. Erato, sole reign, circa 13-15. Octachalkon (Bronze, 24 mm, 12.18 g, 1 h), Artaxata, RY 3. BA - ЄPAT Diademed and draped bust of Erato to right. Rev. Є - Γ Aerial view of the city walls of Artaxata, in the shape of an octagon with six tall round defense towers and two gateways. Kovacs 187. Extremely rare and of great historical important, and with an exceptional rendering of the city walls of Artaxata. The obverse somewhat smoothed and strengthened, otherwise, very fine.


This fascinating coin was struck during the brief sole reign of Queen Erato, the last monarch of the Orontid dynasty to rule Armenia. It remains unclear whether the third regnal year inscribed on the reverse refers to her earlier joint reign with her half-brother and husband, Tigranes IV, between 2 BC and 1 AD. As a result, we cannot determine whether Erato ruled independently for at least three years or less than one. Regardless, her reign marked a significant departure in Armenian history, as it was unprecedented for a queen to rule alone. Equally novel was the depiction of Artaxata's city walls on a coin. It is likely that, as a female ruler, Erato felt a particular need to project military strength in her royal imagery, prompting her to dramatically shift the established numismatic iconography during a time of mounting Parthian pressure.

The coin featuring the cityscape of Artaxata ranks among the greatest rarities in Armenian coinage. While several examples have appeared in auctions in recent years, with the exception of three pieces offered by us in Leu Web Auction 4 (2018), lot 392, Leu 4 (2019), lot 345, Leu Web Auction 32 (2024), 701 and Leu Web Auction 34 (2025), 797, all others have been heavily reworked and tooled.