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We live in an age of striking impermanence. And yet we occasionally stumble across something that is the antithesis of the ephemeral. Sometimes an item – a very special item – speaks to us across the void of millennia, connecting us with civilizations long dead.
This is exactly how I feel about the Ptolemaic bronze coins of ancient Egypt.
The Ptolemaic dynasty was a remarkable Hellenistic empire founded by one of Alexander the Great’s finest generals, Ptolemy I. After Alexander died unexpectedly in 323 BC, Ptolemy I carved an Egyptian kingdom out of the ruins of Alexander’s rapidly disintegrating empire. By fusing Greek culture with native Egyptian customs, the Ptolemies created the most successful and enduring of Alexander’s successor states.
Ptolemy I’s empire lasted longer than any other major Hellenistic kingdom, only meeting its end in 30 BC after its infamous queen, the cunning seductress Cleopatra, was defeated at the great battle of Actium in the Ionian Sea. Rather than enduring a humiliating surrender to Rome’s first emperor, Augustus Caesar, Cleopatra instead chose to commit suicide via the poisonous bite of a deadly asp.
Ancient Ptolemaic bronze coins usually display the laureate, ram-horned head of the god Zeus-Ammon on the obverse and a noble eagle (or twin eagles) on the reverse. Zeus-Ammon was the Hellenistic synthesis of Zeus, the Greek king of the gods, and his horned Egyptian counterpart Ammon. This merger of Greek and Egyptian culture reflected Ptolemaic policies promoting themselves as the new Pharaohs of Egypt.
There are remarkably few ancient and medieval bronze coins that can be considered investment worthy. I am of the opinion that only Imperial Roman bronze coinage joins its Ptolemaic peers in meriting serious investment consideration. Being low denomination pieces, pre-modern bronze coinage was often carelessly minted via sloppy striking with crude dies. This resulted in poor quality coins that collectors tend to pass up in favor of gold or silver coins.
Fortunately, ancient Ptolemaic bronze coins were a notable exception to this rule. Dies engraved in the finest Greek style were used to meticulously strike these numismatic masterpieces in magnificently high relief. In addition, Ptolemaic bronze coins can be enormous, reaching up to 50 millimeters (2 inches) in diameter and 100 grams (3.5 ounces) in weight.
Interestingly, most examples have a small, depressed dimple on the center of both faces of the coin. This is a commonplace byproduct of the ancient manufacturing process.
When purchasing these marvelous ancient coins it is important to look for examples that are well-centered, well-struck and have a pleasing patina. Patina is a thin layer of attractive oxidation that accumulates on a bronze coin over the course of centuries. Although green or brown patinas are most commonly encountered, a myriad of other colors is also possible, including black, red and even blue!
A fine patina not only materially increases the beauty and value of a bronze coin, but also protects it against harmful corrosion as well. This is one of the reasons ancient or medieval bronze coinage should never be cleaned.
Bronze coins were the workhorse denominations of the ancient Mediterranean world, regularly used to purchase life’s necessities like bread, olive oil and wine. Consequently, surviving specimens tend to be heavily worn. Therefore, it is imperative to only consider coins with light to moderate wear.
Ancient bronze coins could also circulate for immense lengths of times, causing some pieces to be worn down to little more than smooth metal slugs. In one anecdotal story, an ancient Imperial Roman bronze coin was found counterstruck with a revaluation mark from 16th century Spain, implying that the piece circulated continuously for approximately 1500 years!
Another key attribute to consider when collecting Egyptian Ptolemaic bronze coins is size. A bronze coin’s size is expressed in conjunction the abbreviation “AE” – which stands for bronze – followed by a number that reflects the coin’s diameter in millimeters. As an example, “AE30” would be a bronze coin with a diameter of 30 millimeters.
I consider investment quality Ptolemaic bronze coinage to start at 27 or 28 millimeters in diameter, with specimens over 30 millimeters being preferable. As you can probably guess, the larger a coin is, the higher its price. This is understandable, as larger Egyptian Ptolemaic bronze coins were struck in such high relief as to border on being ancient sculpture, rather than merely coins!
An Egyptian Ptolemaic bronze coin portraying the ram-horned god Zeus-Ammon with his wild, windswept hair is the epitome of ancient Greek Hellenistic art. And yet these timeless coins are still grossly underappreciated in today’s art market. Investment grade examples start at around $100 and go up to about $500 in price. Truly magnificent, museum quality coins are uncommon, but will sometimes be offered for sale above $500.
As these coins become more widely acknowledged, prices are certain to rise. After all, a massive, high-relief bronze coin that captures the ancient cultural amalgamation of Hellenistic Greece and Pharaonic Egypt is a work of art to be coveted.
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