Graeco Bactrians, Diodotus I as Satrap, Gold Stater, 8.26g, First Diodotid Mint, probably Ai Khanoum (or nearby), struck around c. 255-246 BC, Obv: Diademed head of Diodotus I facing right, Rev: Zeus, nude, seen from behind, advancing left, brandishing thunderbolt in raised right hand, aegis draped over outstretched left arm, Greek legend “BASILEOS ANTIOKhOU” on either side. N above eagle standing left in inner left field (Kovalenko Series VIII, 55). Exceedingly rare, particularly so without a test cut. A magnificent piece, surely among the finest known specimens of this type.
Until about 2001, only one indisputably genuine satrapal gold stater of Diodotus I was known to exist. More recently, more have come to light, reportedly found in Vaishali, Bihar in a large hoard. However, most are marred by test cuts. The present specimen is free of test cuts or any other defects, making it both rare and highly desirable. As these pieces demonstrate, the tradition of excellence in Bactrian coin portraiture started with the very first reign.
The death of Seleucid king Antiochus II, in 246 BC triggered the Third Syrian War, in which the Seleucids suffered a massive defeat to Ptolemaic Egypt. Ambitious Greek satraps in the East saw their chance to throw off Seleucid domination. Diodotos was probably appointed satrap of Bactria in the mid-250s BC, and due to the far-flung nature of his province, was able to exert a certain level of independence, which included striking coins such as this piece with his own portrait but the name of Antiochus. Diodotus' coinage later abandoned the name of the now-dead Seleucid king Antiochus II in Favour of his own.