Aegina, an island in the Saronic Gulf just 27 kilometers from Athens, was a long-time rival of the iconic Greek city state. A great sea power of the mid-first millennium BCE, it was eventually brought down by its stance during the war with Persia and its reliance on slave labour for its economy. One thing Aegina has left us, however, is a truly iconic set of coin designs from what is generally considered to be the first mint established by a European city state, in this case by Pheidon of Argos.

As the first issuer of coins, there’s an obvious importance to the output, so it’s certainly helped that interest to have a design so iconic. The Aeginetic Stater, that originated around 700BC, is a stamped coin featuring a very high relief sea turtle, an animal sacred to Aphrodite. The Aeginetic weight standard of around 12.3 grams was widely adopted in the Greek world and continued to be struck for hundreds of years.

At the end of the 5th century BCE, after the conclusion of the Peloponnesian War, the sea turtle was replaced by the land tortoise Over the centuries, the design and quality of the depictions on the stater varied tremendously. A design which dates from around 380 BCEappears to be the inspiration for CIT’s coin.

We’re all aware of just how important the influence of Athens has been on the development of Western civilisation, but much of the history of this ground-breaking city state is less well known. The city is old, continuously occupied for at least five millennia, and a powerhouse in ancient times. With military and political power comes financial influence, and Athens has a rich history of iconic coins, none more so than the Owl Tetradrachm. In circulation from around 510 until 38 BCE, although mostly produced in the latter half of the Fifth century BCE, the Tetradrachm was named after its value – four drachma – and become one of the most widely distributed and numerous coins of the ancient world. It’s even said to be the coin used to pay off Judas for betraying Jesus.

Literally millions of these were produced over a few centuries, so it’s of little surprise that they remain readily available today. Some may have been used to pay for weapons used in the Peloponnesian War, the fight against Persia, or to finance the construction of the Parthenon itself. It was a common trade coin in the ancient world for centuries. History in the hand.

The design varied in detail, but consisted mainly of a stylised owl, the ‘Owl of Athena’ and the symbol of the city. In the background was a sprig of olive (to symbolise the gift of an olive tree Athena gave to the city) and a crescent moon. The inscribed ‘ΑΘΕ’ is Alpha, Theta, Epsilon, the abbreviated name of the city, but this has been replaced by CI on the coin, recognising its issue for the Cook Islands. The obverse carried an effigy of Athena in a crested helmet adorned with olive leaves, but that has not made the transition to this coin.

Pegasus was usually associated with the Greek hero, Bellerophon, who was born in the city state of Corinth, an important harbour in the region. So it’s of little surprise that Pegasus would be a prominent feature on the city’s coinage. It seems to be around the mid-6th century BCE that the winged horse first appeared in numbers.

The obverse started with a simple incuse pattern of four indents in a roughly square shape, but changed around 400 BCE to a portrait of Athena. The portrait gradually improved in definition and quality, becoming a very desirable numismatic to modern collectors. Coins of this design, and similar, were struck for centuries, becoming a major feature of trade in the Mediterranean.

Arethusa, a nymph and companion to the moon goddess Artemis, was depicted in several variants in antiquity, this one taken from a classic decadrachm from around 400 BCE, surrounded by dolphins. While this looks like a modern depiction, it’s actually very close to the 2,400-year-old original, a reminder that the coin effigy is nothing new.

Sadly, the original’s stunning quadriga chariot obverse hasn’t made the jump, but that’s hardly surprising given the sheer level of the high-relief here for what is only a one-ounce coin. Widely considered one of the most beautiful coins in the ancient world, they regularly achieve big returns at auction. This new interpretation is quite exquisite.