Athenian “owls,” the iconic tetradrachms from the Greek city-state of Athens, top almost every beginning collector’s list of must-have coins from the ancient world. This type is readily available in grades and price ranges to fit most budgets, and auctions offer many examples from which to choose. Another coin type also appears on most want lists—an example of Alexander III, “the Great.” Fortunately, this type is also widely available.
Recapping the life story of Alexander III is beyond the scope of this article. In brief, he was the son of Philip II, king of Macedon. When Philip was assassinated in 336 B.C., Alexander, at the tender age of 20, assumed his title and inherited his armies. He and his followers quickly succeeded in conquering a vast geographical area of disparate kingdoms and peoples. Traveling from Greece and passing through Lydia, the Middle East, Egypt, the Far East and into India, Alexander and his troops relentlessly conquered one nation after another.
Alexander III founded cities and converted cultures into Hellenistic communities. He amassed tremendous wealth from his conquests and converted existing mints or created new facilities that struck coins in tribute to him and his legacy. For the first time, much of the ancient Greek world was given a common coin design and weight standard to allow free and easy trade throughout the Macedonian Empire.
Alexander III Coinage
FIGURE 1: Lifetime issue tetradrachm of
Alexander III, Memphis mint. (Photos: Mike Gasvoda)
Alexander’s issues were minted in gold, silver and copper/bronze. Like most coins of the era, the majority were struck in silver, in the form of tetradrachms and drachms. The obverse depicts the head of Herakles wearing a lion-skin cap. On the larger tetradrachms, the lion skin tends to be more detailed and dramatic. Most tetradrachms were made in higher relief and can be quite impressive to hold. On the reverse of both denominations, Zeus is seated on a throne with his left hand raised and grasping a long scepter. His outstretched right arm holds an eagle. His name is written downward at the right on both issues. The reverse design bears seemingly endless minor variations. The throne can be backed or backless. Its legs can have many degrees of ornateness. Adjunct letters and symbols abound and are either control marks or indicate mint locations and officinae (“workshops”). Zeus’s legs can be crossed or not. The throne can be on a horizontal line or not. And so forth.
FIGURE 2: This lifetime issue tetradrachm of Alexander III
is from the Tarsos mint. (Photos: Mike Gasvoda)
Some collectors may desire a lifetime issue (Figures 1 and 2), and these are readily available. But many posthumous examples also are easily found (Figure 3). The designs of both are quite similar. Finally, imitation pieces were minted outside the territory controlled by Alexander and his successors. These copies were produced for a simple reason. Alexander’s coinage brought a large part of the civilized world under a single currency system for the first time. Quality control was excellent and the coinage was universally accepted, allowing it to be used seamlessly throughout the empire. Why not imitate it and “join” this massive trade network?
Collecting Alexander III issues is rather painless, as very large quantities exist to this day. Both drachms and tetradrachms are sold online on many websites and in most auctions. Drachms can be purchased for under $100 in Very Fine or lower conditions. Tetradrachms can be acquired for as little as a few hundred dollars. If your budget is stronger,
higher-end pieces in both denominations are also abundant.
Figure 3: This lifetime issue tetradrachm of
Alexander III is from the Tarsos mint. (Photos: Mike Gasvoda)
Engraving & Striking Quality
As a dealer, I get to look at many of these coins both in hand and on auction websites. A couple details always jump out at me when I see a special piece. First, the head of Herakles can exhibit an Alexander-like look that we in the trade call “fine style,” as seen in Figure 1. Second, the engraving quality of the seated Zeus on the reverse can vary widely. (All figures of the deity pictured in this article are of the best style.) And third, the dies used in striking were fresh or worn. Price and value will reflect these factors. But you should consider them regardless of the grade that fits your budget.
As a last comment, besides the many early posthumous issues that follow the tradition and form of the lifetime examples, liberties were taken with subsequent coins. While we can speculate that some lifetime and posthumous pieces depict Alexander himself, we know that one later coin does indeed portray the great leader. The extensive coinage of Lysimachos shows the head of Alexander with the horn of Ammon (Figure 4). While this coin isn’t an “Alexander” type directly and has different reverse symbolism, the portrait of Alexander is so powerfully rendered that it leaves no doubt you are viewing a great leader.
FIGURE 4: This Lysimachos tetradrachm of Lampsak depicts Alexander
as a distinguished and powerful leader. (Photos: Mike Gasvoda)
A Common Coinage
There is much to love about the history behind these coins. The world changed under Alexander III. For the first time, the Greeks saw that independent cities could be ruled under a single leader. They experienced the benefits of having a common coinage, which facilitated much simpler and freer trade relations. And the Greeks remained united even after no common enemy remained to threaten them.
Upon his death in 323 B.C., Alexander III’s conquered lands were divided between his leading generals. His memory and influence were so strong that each of these leaders, now independent, continued to mint coinage in the name and types of Alexander III. While the images and styles eventually changed to reflect the local leaders, the style of the coinage endured for centuries, until the upstart Roman Republic seized much of the former empire.
Alexander III was a great leader who created an empire that stretched from Greece to northwestern India. He gave collectors a coinage we can hold in our hands today and reflect on who he was, what he accomplished and the legacy he left humanity. If an ancient coin of Alexander III isn’t yet on your wish list, maybe it’s time to update that list! Happy collecting!
Alexander conquered the ancient city of Persepolis, capital of the Achaemenid Empire, in 330 B.C. The ruins, shown here, are located near present-day Shiraz, Iran. (Photo: Getty Images/JoenStock)
A version of this article appears in the December 2021 issue of The Numismatist (money.org)