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2 .5<br />
<strong>of</strong> Shahri-Munk (Northern Bactria) and a Seleucus I dichalkous coin was found at<br />
Afrasiab. A large number <strong>of</strong> coins (47 specimens <strong>of</strong> Seleucus I tetradrachms and<br />
drachmas) made up part <strong>of</strong> the Amu Darya hoard.<br />
Under the reign <strong>of</strong> Antiochus I, commodity-money relations expanded and<br />
developed more intensively in Northern Bactria and Sogdia. Antiochus I coins have<br />
been found at Takht-i Sangin, including six chalkoi (weighing between 0.72 and 3.12<br />
grams), three drachmas and one chalkous at Old Termez, two chalkoi at Kampyrtepa,<br />
one chalkous at Denau (Northern Bactria), chalkoi at Samarkand and one obolus at<br />
Kurgantepa (Sogdia).<br />
The prevalence <strong>of</strong> chalkoi among these finds indicates a sufficiently well-developed<br />
money-based economy and, in particular, the existence <strong>of</strong> small-scale retail trade. It<br />
should also be noted that Seleucid coins from Seleucus I to Antiochus II were found<br />
in an area immediately adjacent to Transoxiana, at Ai-Khanum. This find included<br />
67 specimens, among them 62 Antiochus I coins, one specimen <strong>of</strong> Seleucus I coins,<br />
three specimens <strong>of</strong> joint-issue Seleucus I and Antiochus I coins, and one specimen <strong>of</strong><br />
Antiochus II (261–246 BC) coins.<br />
The most important event <strong>of</strong> this period was the emergence <strong>of</strong> the Bactrian<br />
coinage <strong>of</strong> the Seleucids under Seleucus I and Antiochus I. Under Seleucus I, silver<br />
coins <strong>of</strong> high value (tetradrachms, drachmas, hemidrachms) were minted at Bactra<br />
with the head <strong>of</strong> Zeus on the obverse and the image <strong>of</strong> Athena in a chariot pulled<br />
by two elephants or four horses on the reverse. They were struck according to Attic<br />
weight standards (whereby a drachma was equivalent to 4.27 grams).<br />
An exception is one series bearing the name <strong>of</strong> Seleucus and Antiochus, struck<br />
according to the ancient Indian karshapana weight standard, which in practical terms<br />
is 3 grams. Under Antiochus I, Bactrian coinage became even more versatile: gold<br />
staters and silver tetradrachms and drachmas were produced, also struck to the Attic<br />
standard, with the bust <strong>of</strong> Antiochus shown on the obverse and the head <strong>of</strong> a horned<br />
horse on the reverse. Copper chalkoi were probably also issued for use in retail trade.<br />
It is quite possible that drachmas <strong>of</strong> Antiochus I were also minted in Sogdia, as can<br />
be seen, in particular, by the issue at the end <strong>of</strong> the 3rd and during the 2nd century BC<br />
<strong>of</strong> Sogdian imitations <strong>of</strong> Antiochus I drachmas depicting a horned horse head.<br />
During this period, the first coins in the name <strong>of</strong> a local Bactrian ruler rather<br />
than in the name <strong>of</strong> a Greek Bactrian king were also issued. These are coins <strong>of</strong> the<br />
ruler Vakhshuvar, as can be seen in the legend in Aramaic on the obverse: there are<br />
specimens <strong>of</strong> gold staters (depicting the bust <strong>of</strong> a man wearing a κυρβᾰσίᾱ (a type <strong>of</strong><br />
headdress) on the obverse and a man on a quadriga facing right on the reverse); and<br />
there are also double staters (depicting the head <strong>of</strong> Alexander in an elephant helmet<br />
on the obverse and a standing figure <strong>of</strong> Nike facing left on the reverse).<br />
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