IONIA. Ephesos. Phanes, circa 625-600 BC. Hemihekte – 1/12 Stater (Subaeratus, 8 mm, 0.93 g), a contemporary plated imitation. Forepart of a stag to right, head turned back to left. Rev. Abstract geometric pattern within incuse square punch. Cf. Fischer-Bossert, Phanes, 31b (same obverse die) adn Weidauer 36 (for prototype). Very rare. About extremely fine.


The history of coinage is also a history of forgeries, and this coin is among the earliest recorded examples of a plated forgery, where a thin outer layer of precious metal covers a base metal core. The deception in this case is well-hidden, however, and mainly detectable due to the low weight.