Few ancient Greek coins hold as much historical significance as the gold coins issued by Athens during the final years of the Peloponnesian War (431–404 BCE). Under siege by Spartan forces and their allies and cut off from their silver mines, Athens faced dire conditions marked by military defeat, economic collapse, famine, and disease. In a desperate attempt to sustain their war effort, the Athenians stripped gold plating from the statues of Nike on the Acropolis, converting it into coinage, including this rare diobol (one of two in private hands). This extraordinary monetary measure reflected the city's struggle to endure amidst the devastating conflict, which concluded with Athens’ surrender in 404 BCE.

This coinage was minted to fund a naval expedition to Syracuse which unfortunately ended in catastrophic failure, decimating its fleet and manpower.

The Athenian gold coinage of this period, though exceptionally well-documented, is exceedingly rare today. These coins were minted from gold stripped from seven Acropolis statues, each plated with approximately two talents of gold, allowing for the production of roughly 100,000 drachms.

Despite the large quantities minted, nearly all were melted down after the war. Evidence of their production endures in both a play by Aristophenes and an Athenian treasurer's report detailing the preservation of minting tools ("the dies and the little anvils on which they used to strike the gold coins were still preserved in a wooden box with the public seal in the roof of the Acropolis"), underscoring their importance as both a historical artifact and a testament to Athens’ desperate ingenuity during its final struggle for survival.

ATTICA. Athens. AV Diobol (1.43 gms), ca. 407/6 B.C. Svoronos-pl. 15#7. Head of Athena facing right wearing crested Attic helmet adorned with palmette and olive leaves; Reverse: Two owls standing confronted, olive branch between, ethnic in exergue. Minor scuffs, though commensurate with the assigned condition. One of only six known examples. This is one of only two examples which is not in a museum collection.

From the John Whitney Walter Collection