NAC Summer Sale Highlights

The NAC Summer Sale is coming up in just a few days, and I’d like to highlight a few stellar lots to keep an eye on.  Of course, every coin in an NAC auction is worth discussing—they’re the best in the business after all—but these are a few of my favorites.

Samos Tetradrachm

First we have this early-4th-century BC Samos tetradrachm featuring a lion skin and an ox.

Despite its proximity to Turkey—only separated by the narrow Mycale Strait—Samos is part of modern-day Greece, along with the rest of the North Aegean.  This region is a point of tension between the two countries.

In antiquity, Samos was famous for its Archaic-era temple to Hera and for being the supposed birthplace of Pythagoras.  Samos was not strong enough to defend itself against the Classical-era Mediterranean superpowers and not close enough to any one to receive consistent protection, so it spent the 5th and 4th centuries BC ping-ponging between empires.  At the time this coin was struck, in 394 or 393 BC, the Spartans, who besieged Athenian-allied Samos following the Peloponnesian War, were withdrawing from the island, allowing it to briefly return to independence until it was reconquered by the Persians in 387 BC.

I especially love this coin because its flaws present a value opportunity.  When compared to a similar coin (shown second), we can see that the reverse is worn and that the lion’s jaws have fallen off the flan.  However, I find the eye appeal of the obverse to be strikingly superior to the comparison coin and, in fact, superior to all coins of this and similar types which I could find online.  Despite the obverse’s eye appeal, this coin has historically sold at a discount relative to our comparison coin.  This coin last hammered for 4800 GBP (about $6500) in Morton & Eden 51 in 2011, whereas our comparison coin hammered three times in the early 2010s for between $9500 and $11500.  It should be noted that the comparison coin also boasts a 110-year pedigree vs this coin’s 40 years, which of course affects the price, but these are the tradeoffs which can get you a stunning coin for a good price.  It all comes down to what you personally value in a coin.  Keep in mind, prices have gone up since 2011, and this coin is rare, so the market is far from stable; I wouldn’t be surprised if this coin hammers above 8000 CHF (about $10000).

Syracuse Litra

Our second coin is a 405 BC Syracuse litra featuring the nymph Arethusa and an octopus.

Syracuse was the seat of Greek power in Sicily throughout the Archaic, Classical, and Hellenistic periods.  Clashes with the Carthaginians—who controlled the western parts of the island—were common.  Syracusan strongmen used the need for Greek unity against the Carthaginians to dominate the other Greek cities on the island, such as Akragas.  At the time this coin was struck (405 BC), Syracuse, with the help of Sparta, had recently successfully defended Sicily against Athens in the Peloponnesian War.

Syracuse is only in contest with Athens for the title of most iconic Classical-era coin minter.  Athens achieved this feat through its mass production of beautiful but simple tetradrachms (shown first), while Syracuse did so through its legendary masterpiece tetradrachms and decadrachms by master die engravers such as Kimon and Euainetos (shown second).

This coin illustrates the remarkable stylistic change which occurred in 5th-century BC in Syracusan coinage.  The comparison coin (shown second) exhibits a transitionary style between rigid Archaic art and natural idealized Classical art.  The first coin shows a blossoming of Classical style, especially in the depiction of Arethusa on the obverse.  It is a miniature, simplified version of the depiction of Arethusa on the Euainetos decadrachm shown earlier.  And unlike Euainetos’ masterpiece, it doesn’t cost half a million dollars.  This coin last hammered in 2011 for 850 EUR (about $1100).

Perseus Tetradrachm

Our third and final coin is a 2nd century BC Macedonian (Pella or Amphipolis) tetradrachm featuring the Macedonian king Perseus and an eagle.

Macedon famously conquered the Mediterranean world under Philip II and his son Alexander III (the Great).  The Hellenistic period which followed was the high point of Greek power and influence; however, Hellenistic rule was splintered, violent, and often unstable.  Ultimately, they would be no match for the Roman machine spreading from the Italian peninsula.  Although the Hellenistic period lasted until the fall of Ptolemaic Egypt when Cleopatra died in 32 BC, the decline of Greek power began long before.  Perseus was the last king of Macedon:  Rome dissolved the kingdom in 168 BC after winning the Third Macedonian War.

This coin is among the finest I’ve seen for the type and is a perfect example of Hellenistic art on coinage.  The obverse is a beautiful but realistic portrait of the king himself.  It does not show idealized perfection like the depictions of gods in Classical art; instead, it focuses on technical exactness and instilling beauty in a realistic portrait.  To me, Hellenistic coins show a great balance between Classical era idealism and early Roman Imperial realism.  I think they are the greatest portraits ever put to coin, and this piece is a fantastic example.  I cannot find the last hammer price of this coin (which last sold in 1984), but one in similar condition hammered for 7000 CHF (about $8000) last year in NAC Auction 149.

Conclusion

NAC auctions exhibit the epitome of ancient coin collecting and give us a glimpse at high end coins most of us will never hold.  Despite not being one of their featured auctions, the Summer Sale still includes some of the finest, rarest, and most interesting coins of any auction since the last NAC sale back in May.  It’s always fun to dive a little deeper to learn about the history and context of these stunning coins.