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Lot 30
Aegina. Aegina, c. 480-457 BC. AR Stater (12.51 g). Top view of T-back sea turtle. Reverse: Large skew pattern incuse with five segments. Milbank pl I, 15; Dewing 1674; SNG Cop. 507; SNG Delepierre 1522-1526, 1758-1773. Sharply struck, and perfectly centered, with light toning. A handsome, problem free example. Rare thus. NGC graded About Uncirculated.
The island of Aegina, about 25 miles southeast of Athens, is a rocky and mountainous outcrop, with limited arable land. Thus from an early period the sea had to serve as the livelihood for the inhabitants. The Aeginetans ranged far and wide over the Mediterranean, becoming exceptional merchants and carriers. In the early 6th century BC. they had a near monopoly on the transshipping of grain out from the Back Sea region to the Peloponnesos. Within fifty years they were holding significant grain concessions at the Egyptian port of Naukratis. During this heyday period the Aeginetans held an enviable reputation as general traders and transporters.
In their travels, the Aeginetan merchants encountered the early forms of money developing in Asia Minor. The concept was obviously seen as advantageous in terms of commerce and trade. Another incentive could very well be that proposed by Kraay, in Archaic and Classical Greek Coins: that the Aeginetans quickly realized that surplus wealth, which their commercial ventures were producing at the time, could also be stored indefinitely in the form of silver coin. And so the island began coining money sometime near the mid-6th century BC. Of thick, chunky fabric for the larger staters, all denominations bear the image of a sea turtle in high relief, with compartmented incuse on the reverse. The choice of turtle (chelones) no doubt alluded to their marine interests. Traditionally these are placed as being the first coins struck in Europe -- and nothing to date has emerged to challenge this view.
The coins of the earliest period, struck up to about 480 BC, are found in hoards of circulated coins dating well into the 4th century BC; this extreme length of use of the coin suggests a remarkable abundance, and thus evidence for a prolific output by her mint. Also, well-worn specimens have been found included among hoard coinage in such diverse spots as Egypt, Tarentum in southern Italy, at Persepolis in Iran, and as far east as Kabul, in Afghanistan. Interestingly, however, in hoards where the dominant coin is that of Aegina, the find spots suggest that her immediate monetary influence was more limited -- the area of the Cyclades islands and Crete was where the bulk of the island's monies were utilized.
Aside from silver and bullion accumulated in trade, Aegina's primary source of silver for her earliest coins seems to have been the mines on the island of Syphnos. Again, hoard evidence suggests how huge the output was for this early trade coin, and likewise indicates that these mines were at the peak of their production in the 6th century. After 480 BC, production of Aegina's "turtles" began decreasing over the next twenty years -- thus either mining activities on Syphnos declined seriously or ceased altogether.
Another hindering factor to the island's coinage during this period would be the rise and dominance of Athens as Mistress of the Aegean. Attic influence went beyond mere commerce, her empire-building included political meddling and the securing of resources. In fact, Athens conquered Aegina in 457 BC and stripped her of her maritime powers. This loss of Aegina's sea-borne livelihood may well have been the reason for the change of design on her coin's obverse. The sea turtle then became a land tortoise, as seen by the pronounced segmented pattern on the creature's shell-covered back. Athens again showed her might by expelling the Aeginetans from their island in 431 BC. It was only after the conclusion of the Peloponnesian War in 404 BC, with Athens' power broken, thatthe island's inhabitants returned home to resume their activities and their coinage. The final phase of the venerable "turtles" saw them become a reduced coinage, increasingly for local use only. The tortoise motif disappears some time during the 3rd century BC. And by the 2nd century BC, what had been Europe's first and most important precious metal trade coinage was now only small, inconsequential coppers.
Estimated Value $3,500 - 4,000.
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