Nektanebo II, the last native Pharaoh of Egypt (360–343 BC), issued a remarkable gold stater that stands out as one of the rarest and most distinctive examples of ancient coinage. Unlike the Greek and Persian-inspired designs prevalent in the region, this coin features a uniquely Egyptian motif with hieroglyphic symbols. The obverse depicts a prancing horse, symbolizing kingship, while the reverse includes hieroglyphs for "good" (nefer) and "gold" (nebew). Struck during a turbulent period in Egyptian history, this stater reflects Nektanebo’s efforts to assert his legitimacy as a native ruler resisting Persian domination, even as he relied heavily on Greek mercenaries to maintain his reign.

The coinage of Nektanebo II arose during his struggle to preserve Egypt's independence amid renewed Persian aggression. After assuming power by overthrowing his uncle, Pharaoh Takhos, Nektanebo repelled a Persian invasion in 351/0 BC. However, in 344/3 BC, he was forced to flee to Ethiopia following a second Persian assault led by Artaxerxes III. During this period, the mint at Memphis produced a series of coins that included gold staters, silver fractions, and possibly bronze issues. The gold staters, with their purely Egyptian design and hieroglyphic inscriptions, were likely used to pay Greek mercenaries, reflecting the Pharaoh’s precarious position as a nationalist leader dependent on foreign military support.

The Nektanebo stater is particularly significant in the context of Egypt’s resistance to coinage as a medium of exchange, a tradition that only began to take root in the late 26th Dynasty (672–525 BC). While earlier coins in Egypt were often imported or imitative of foreign designs, Nektanebo’s staters stand as the only ancient coinage to employ Egyptian hieroglyphs. With only 42 known examples from three die pairs (20 of which are in private hands), these coins represent a unique convergence of art, politics, and economics during the twilight of native Egyptian rule, preceding the country’s conquest by Alexander the Great and its integration into the Macedonian and Roman empires.

EGYPT, Pharaonic Kingdom. Nektanebo II. 361-343 BC. AV Stater (17mm, 8.23 g, 12h). Horse prancing right / Hieroglyphic representation of "good gold": pectoral necklace (nebew = "gold") crossing horizontally over a windpipe and heart (nefer = "good"). FF-BD 2g (D1/R2 – this coin); SNG Berry 1459 (same obv. die); SNG Copenhagen 1 (same dies); ACGC 1064 (same dies); Adams III 2075 (same obv. die); Hunt I 106 (same obv. die); Zhuyuetang 121 (same dies)

Ex. P&P Santamaria 4-6 May 1961, Lot 146; Ex Josey Collection (Sotheby's New York, 8 December 1992), lot 67.