Ptolemy I Soter Tetradrachm as Satrap

Ptolemy I Soter. Silver Tetradrachm (15.68 g, 26mm), as Satrap, 323-305 BC. Alexandria, in the name of Alexander III. Overstruck on earlier Alexander tetradrachm, 306-305 BC.
O: Diademed head of the deified Alexander right, wearing elephant's skin headdress, aegis around neck with tiny Δ in scales.
R: AΛEΞANΔPOY in left field, Athena Alkidemos advancing right, wielding javelin and holding forth shield;in right field, monogram, Corinthian helmet right above ΔI and eagle standing right on thunderbolt.
-CPE 72; Svoronos 169; Zervos Issue 31, dies 527/a; SNG Copenhagen 30; BMC 26 (same dies).

Overstruck, undertype beading visible on obverse just above elephant's ear; on the reverse, portrait of Alexander above eagles head into Athena's shield.

The earlier 17g tetradrachms were withdrawn from circulation in 306/305 BC and reissued after weight adjustment. They were trimmed to remove 1.5g of silver, heated and restruck. This must have been faster than melting them down into bullion and restriking. Some of these issues, such as this one, show the clear evidence of the edges being trimmed, although many do not.

Ptolemy was feeling the financial burden of repelling Antigonus’ invasion and supporting Rhodes through a thirteen-month siege. The government needed extra currency and Egypt produced little or no silver. The recall of the heavy issues meant 8 tetradrachms were restruck into 9 “Crisis Issues” but with no change in the appearance of the dies.