Cyzicus was one of the great cities of the ancient world. It was said to have been founded by Pelasgians from Thessaly, according to tradition at the coming of the Argonauts; later, allegedly in 756 B.C., it received many colonists from Miletus. Owing to its advantageous position it speedily acquired commercial importance, and the gold staters of Cyzicus were a staple currency in the ancient world till they were superseded by those of Philip of Macedon. During the Peloponnesian War (431-404 B.C.) Cyzicus was subject to the Athenians and Lacedaemonians alternately. In the naval Battle of Cyzicus in 410, an Athenian fleet completely destroyed a Spartan fleet. At the peace of Antalcidas in 387, like the other Greek cities in Asia, it was made over to Persia. Alexander the Great captured it from the Persians in 334 B.C. In 74 B.C. allied with Rome, it withstood a siege by 300,000 men led by King Mithridates VI of Pontus. Rome rewarded this loyalty with territory and with municipal independence which lasted until the reign of Tiberius. When it was incorporated into the Empire, Cyzicus was made the capital of Mysia, and afterward of Hellespontus. Gallienus opened an imperial mint at Cyzicus, which continued to strike coins well into the Byzantine era. The site of Cyzicus, located on the Erdek and Bandirma roads, is protected by Turkey's Ministry of Culture.