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Phanes 625-600 BC EL 1/12 Stater NGC XF Stag

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IONIA. EPHESOS. Phanes, ca. 625-600 BC.
Electrum EL 1/12 stater, 1.17g.
Obv. Forepast of stag right, head turned to left.
Rev. Incuse with linear designs.
NGC graded XF Strike 5/5, Surface 3/5.

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Pronounced (Phaa-niss). Top 100 Ancient.


IONIA. EPHESOS. Phanes, ca. 625-600 BC.
Electrum EL 1/12 stater, 1.17g.
Obv. Forepast of stag right, head turned to left.
Rev. Incuse with linear designs.
NGC graded XF Strike 5/5, Surface 3/5.A historical coin, this piece is a smaller denomination belonging to the series issued by Phanes, an individual otherwise unknown in the historical record. The ultra rare Electrum stater and trite are signed with Phanes’ names and are the first coins in world history to bear a legend and a personal name. The lower denominations are rare, such as this 1/12 piece. It features smaller variation from the famous full bodied stag design that is identified as the “badge” of Phanes on stater. Top 100 Ancient.


Historical Background 

The Western tradition of coinage began in Asia Minor (modern day Turkey) in the late seventh century BC. Prior to the existence of coinage, raw precious metal had been used as money, but only as odd shaped ingots, rings, wire and other forms. These had been cut up at the point of sale to make the right weight for the transaction. The great advance of coinage was to provide a form of precious metal of known weight and purity which could be commonly accepted as having a set value.In antiquity. Just as today, everyone had to trust the coins in order for this monetary system to work. People had to know their worth and who had produced them. Many of the designs that occur on early coins bear a remarkable resemblance to seals (stamps) of the Kingdom.


Apparently these markings were attempts to guarantee the quality of the metal in the coins.The inscription on this extremely rare Electrum series seems to confirm this interpretation. On the large Phanes Stater It is written right-to-left with mirror-image Greek letters, and translates 'I am the badge of Phanes'. It is not known who Phanes was but he was presumably a powerful and wealthy individual whose name conjured up trust in the community that used these coins. The appearance of the stag on the coin has led some to attribute this coin to the city of Ephesos, where there was a strong cult of Artemis, to whom the stag was sacred. If the stag is the personal badge of Phanes. The Electrum Phanes Stater when found bring $75,000-$400,000 historically.