CARIA. Antiochia ad Maeandrum. Augustus (?). Hemiassarion (Orichalcum, 17 mm, 2.23 g, 12 h), Paionios, head of the synarchy. CEBACTOC Bare head of Augustus (or Tiberius?) to right. Rev. ΠAIΩNIOY CYNAPXIA TOY - ANTI/OXEΩN Athena standing front, head to left, holding transverse spear in her right hand and shield in her left. RPC I -, cf. 2834 (differing legend arrangement and Athena holding vertical spear). Apparently unpublished. Patina stripped and with a flan crack , otherwise, very fine.
Synarchy literally means 'joint rule'. Here, it refers to a committee of magistrates under the lead of Paionios, who was probably responsible for the coin production of the polis.