Between 286 and 282 B.C., when this stater was minted, Lysimachus, one of Alexander the Great's former generals and among the most resilient of the Successors, was at the pinnacle of his power. He ruled an expansive domain encompassing Thrace, Macedon, and parts of Asia Minor. In 286 B.C., he successfully expelled Demetrius I "Poliorketes" from Macedon, establishing himself as the ruler of both Macedon and Thrace, thus consolidating authority over a significant portion of Alexander’s former empire.
However, the later years of Lysimachus’ reign were marked by internal instability, most notably the murder of his son Agathocles, reportedly orchestrated by his second wife, Arsinoe II. This event sowed discord within his court, destabilizing his rule. In 282 B.C., his weakened position was challenged by Seleucus I "Nikator," culminating in the Battle of Corupedium in 281 B.C., where Lysimachus was defeated and killed. This event marked the end of his reign and the final chapter in the power struggles among Alexander’s generals.
Lysimachus capitalized on the established mints in his newly acquired territories to issue coins on a large scale. In her study of Lysimachus’ lifetime coinage, Thompson identified twenty active mints, with the possibility of additional undiscovered ones. Initially, Lysimachus struck coins bearing the types and inscriptions of Alexander III. Over time, these evolved to feature Alexander’s types but with Lysimachus’ inscriptions. Eventually, he introduced innovative designs unique to his reign while maintaining a connection to Alexander. This rare lifetime issue stands out for its artistry, particularly the idealized portrait of Alexander.
The standard precious metal coins of Lysimachus prominently display on their obverse a portrait of the deified Alexander, adorned with a diadem and the horn of Zeus-Ammon. The reverse features Athena enthroned, holding Nike, who crowns Lysimachus’ name. While Alexander’s depiction clearly symbolized Lysimachus’ association with the great conqueror, the choice of Athena is less apparent. Price theorized that Athena and Nike were inspired by the gold staters of Alexander, which featured Athena on the obverse and a standing Nike on the reverse. Nike crowning Lysimachus’ name likely alluded to his victory at the Battle of Ipsus.

Kings of Thrace, Lysimachus 323-281 and posthumous issues
Stater, Pella circa 286-281, AV 8.54 g. Diademed head of deified Alexander III r., with horn of Ammon. Rev. ΒΑΣΙΛΕΩΣ – ΛYΣIMAKOY Athena enthroned l., holding Nike and spear and resting l. elbow on shield; in inner field l., monogram and on throne, Π. In exergue, K. Thompson, in Essays Robinson, 241 (these dies). Müller 504 var. Jameson 2464 (these dies). SNG Lockett 1247 (this coin). Money of the World 11 (this coin illustrated)

Ex Glendining’s 12 February 1958, Lockett part VI, 1164; Stack’s 29 April- 1 May 1987, 1147; Stack’s 2 December 1997, A.F. Lovejoy and H.M. Singer, 312 and Ira & Larry Goldberg 46, 2008, Millennia, 23 sales.