This five shekel (or decadrachm) showcases the engraver's remarkable skill and creative vision in designing the dies. In a classic case of "thinking outside the lines", they transformed the border of dots into a necklace for the goddess. The engraver's talent is evident in this specimen, as the flan is exceptionally large and intact, allowing the border of dots to seamlessly double as the goddess's necklace. Notably, it is rare to find such complete examples where the entire neck and the full border of dots are visible, making this piece a subtle yet ingenious demonstration of meticulous artistry.

It was minted at the onset of the First Punic War (264–241 BCE) by the Carthaginians in Sicily. Unlike earlier locally issued coins adhering to the Greek Attic standard, this coin followed the Punic weight standard. Its design diverged from traditional Punic iconography, featuring a flying Pegasus on the reverse inspired by Corinthian staters, and a portrait of Tanit-Persephone on the obverse, resembling the style of Arethusa coins from Syracuse under Agathocles (317–289 BCE). Despite its stylistic similarities to Greek coinage, the coin's lower relief, thin planchets, and abstract artistry mark it as uniquely Carthaginian. These attributes reflect a conscious effort by Carthage to assert its territorial claims in Sicily against Rome, a point supported by the coin's Punic inscription.

The coin emerged during a transformative period in Mediterranean geopolitics, as Carthage and Rome engaged in their first direct military conflict. Prior to this, the two powers had coexisted through treaties ensuring mutual non-interference. However, Rome's expansion in central and southern Italy, coupled with partisan strife in Sicily, disrupted this balance. The immediate catalyst for the First Punic War was the occupation of Messana by Mamertine mercenaries, who allied with Rome. This provoked a response from Carthage, allied with Syracuse's King Hieron II. The conflict quickly escalated, resulting in prolonged battles across Sicily, North Africa, and southern Italy, showcasing the evolving strategies and ambitions of both powers.

By 241 BCE, Rome emerged victorious after a series of costly engagements, including the decisive naval battle at the Aegates Insulae. Carthage, weakened by military defeats and internal strife, conceded Sicily and its adjacent islands to Rome, along with a significant indemnity. This loss marked the decline of Carthage's influence in the western Mediterranean, forcing it to seek expansion in Spain, which ultimately set the stage for the Second Punic War. The First Punic War, marked by its unprecedented scale and intensity, symbolized the transition from Carthaginian dominance to the rise of Rome as a Mediterranean superpower. The Five Shekel coin serves as a tangible artifact of this pivotal era, encapsulating Carthage's resilience, cultural distinctiveness, and its fleeting control over Sicily.

The Carthaginians in Sicily and North Africa.
Decadrachm, Carthage circa 260, AR 38.04 g. Head of Tanit (Kore-Persephone) l., wearing barley wreath and earring. Rev. Pegasus flying r.; below, b'rst (in the land) in Punic characters. Kraay-Hirmer 211. SNG Fitzwilliam 1512 (this obverse die). SNG Lloyd 1665 (this obverse die). Jenkins, Punic Sicily IV, series 6, 446 (this coin). Giacosa, Uomo e cavallo, pl. lxxxvii (this reverse illustrated).

Ex NAC 9, 1996, 290; Leu 83, 2002, 129 and NAC 114, 2019, 109 sales. From the Athos and Dina Moretti collection and the Collection of an Aesthete