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2 .5<br />
Antimachus, Agathocles, Eucratides, Demetrius, Heliocles – i.e. all the great Graeco-<br />
Bactrian kings. The bulk <strong>of</strong> the finds <strong>of</strong> Graeco-Bactrian coins (over 70 specimens)<br />
have been concentrated in this area near the Amu Darya river (for example, 27<br />
specimens were found at Tahkt-i Sangin, more than 30 at Old Termez, and another<br />
15 at Kampyrtepa). Yet another area where finds <strong>of</strong> such coins were clustered (15<br />
specimens) is in the valleys <strong>of</strong> the Surkhan Darya and Kashka Darya rivers(at<br />
Dalverzintepa, Denau, Regar, Khaitabadtepa and Shahr-i Nau). There have also been<br />
isolated finds <strong>of</strong> these coins at other sites and settlements, namely:<br />
Sogdia. A total <strong>of</strong> more than 10 individual coin finds have been recorded here, as<br />
well as two coin hoards.<br />
Kesh and Nakhshab. Three Antimachus oboli were found at Shahrisabz, a Diodotus<br />
chalkous at Sangirtepa, as well as a hoard including Eucratides oboli, drachmas and<br />
tetradrachms.<br />
Samarkand Sogdia. About 10 coins have been recorded from this area, including<br />
drachmas <strong>of</strong> Euthydemus, tetradrachms <strong>of</strong> Demetrius, Antimachus and Heliocles<br />
and oboli <strong>of</strong> Eucratides, found at Afrasiab, near Samarkand and in Penjikent.<br />
Bukhara. In the eastern part <strong>of</strong> Bukhara, a hoard <strong>of</strong> 56 tetradrachms <strong>of</strong> Diodotus,<br />
Euthydemus (about 50 specimens) and Agathocles were found at Takhmachtepa.<br />
Tetradrachms <strong>of</strong> Demetrius and Euthydemus have also been found on the outskirts<br />
<strong>of</strong> Bukhara (in Khoja and Obon).<br />
Khorezm. There is no evidence <strong>of</strong> money circulation in this area during this<br />
period. Only three finds <strong>of</strong> Graeco-Bactrian coins are known. These coins probably<br />
found their way to this area as foreign coins, as Khorezm was not a part <strong>of</strong> the Graeco-<br />
Bactrian kingdom. These finds include a Eucratides tetradrachm from Janbas-Kala, a<br />
Euthydemus tetradrachm from Khiva, and a chalkous from Yakke-Parsan.<br />
To date, no Graeco-Bactrian coins have been found in other areas <strong>of</strong> Transoxiana.<br />
This suggests that money relations existed only in the two most developed areas <strong>of</strong><br />
this region – Northern Bactria and Sogdia, which were under the jurisdiction <strong>of</strong><br />
Graeco-Bactrian kings. Further, in Sogdia (however, with the probable exception <strong>of</strong><br />
large cities such as Maracanda, Er-Kurgan and Bukhara) a bartering system would<br />
have been predominant in some areas.<br />
The fourth period (the end <strong>of</strong> the 2nd century BC to the beginning <strong>of</strong> the 1st<br />
century AD). After the collapse <strong>of</strong> the Graeco-Bactrian kingdom in the late 2nd<br />
century BC, under pressure from the Sakas and Yuezhi, the political situation in<br />
Transoxiana underwent a fundamental change. A confederative Yuezhi state emerged<br />
in Bactria, while Sogdia remained under the nominal rule <strong>of</strong> the (also confederative)<br />
Kangju state, which consisted <strong>of</strong> several relatively independent dominions ruled by<br />
Yuezhi dynasties. Meanwhile in Khorezm an ancient dynasty seems to have survived.<br />
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