BAKTRIA, Greco-Baktrian Kingdom. Eukratides I, circa 170-145 BC. Tetradrachm (Silver, 29 mm, 17.00 g, 12 h), dynastic pedigree issue (?). Baktra, circa 162-145. HΛIOΚΛΕOYΣ / KAI ΛAOΔIKHΣ Jugate busts of Heliokles, bare-headed and draped, and Laodike, diademed and draped, to right; in field to left, monogram. Rev. BAΣIΛEYΣ MEΓAΣ / EΥKΡATIΔHΣ Diademed and draped bust of Eukratides to right, wearing Macedonian helmet adorned with bull's horn and ear. Bopearachchi Série 15A. HGC 12, 133. MIG Type 182a. SNG ANS 526-7. Rare. Nicely toned and with excellent portraits struck in high relief, a very attractive example in outstanding condition for the issue. A few very light marks, otherwise, good extremely fine.

The extraordinary tetradrachms of Eukratides I, featuring the double portrait of Heliokles and Laodike, remain one of the great enigmas of Baktrian numismatics. They are remarkable in several ways. Most strikingly, the king’s name appears in the nominative - an exception in Greek coinage - meaning he is not explicitly identified as the issuer. Furthermore, his portrait is placed not on the obverse, as tradition dictates, but on the reverse. The obverse instead features the portraits of Heliokles and Laodike, whose names appear in the genitive - a grammatical form typically reserved for the coin’s authority. Adding to the puzzle, the monogram behind their heads would normally be expected on a reverse, not an obverse. Finally, an intriguing detail stands out: while Laodike wears a diadem, Heliokles does not, suggesting that she held royal status, whereas he did not. This iconography is highly unusual and difficult to interpret. Who was the true issuer of the coin? What was the relationship between Eukratides, Heliokles, and Laodike? Traditionally, scholars have assumed that Eukratides I minted this coin in honor of his parents, though no clear evidence supports this. Another theory suggests that Heliokles and Laodike issued it in honor of a deceased Eukratides, a reading supported by the genitive case of their names. Yet, no hoard finds or historical sources provide evidence for a joint reign of Heliokles and Laodike after Eukratides’ demise. As a result, most scholars lean toward the view that Eukratides himself commissioned the issue, albeit as an exceptionally unorthodox commemorative piece. But who were Heliokles and Laodike? Given Laodike’s (barely visible) diadem and her dynastic name, some have suggested she was a Seleukid princess, possibly married into the Baktrian aristocracy by Antiochos III during his anabasis into the Upper Satrapies. This would align with accounts of the siege of Baktra (208-206 BC), which mention Antiochos arranging the marriage of an unnamed daughter to Demetrios I (see Lot 337 above). However, this theory faces significant obstacles: our sources mention only one daughter and clearly state that she was married to the royal prince Demetrios. Even more crucially, Heliokles lacks a diadem, marking him as non-royal. It seems unlikely that Antiochos III would have married his daughter to a non-royal Baktrian, no matter how influential he may have been - especially given the king’s carefully orchestrated dynastic marriage policies. In the end, these magnificent tetradrachms - undoubtedly among the finest portrait coins of the Hellenistic world - remain an enigma. They serve as a striking reminder of how little we truly know about the rulers of Baktrian and the Indo-Greek kingdoms.