Greek Coin of Scythia
City of Olbia

Struck circa 437-410 BC at mint of Olbia
Cast Bronze AE Medium Dolphin Unit - 29 mm - 2.62 grams
Reference: Anokhin 180–182, SNG BM Black Sea 359 ff, HGC 3.2 (Black Sea), 1879–1883
Grade: XF

Obverse and Reverse: Dolphin with large eye and central spine

Arrives with specifications page for your reference.

The cast bronze dolphin money of Olbia represents one of the most fascinating transitional forms of currency in the ancient Greek world. Unlike most Greek coinage, which was struck between engraved dies, these dolphins were individually cast in molds, giving each example slightly different characteristics in body shape, eye form, spine detail, and tail design. The prominent eye and pronounced central dorsal spine are characteristic features of this type. Smaller dolphins also exist, often only half this size, while earlier heavy cast examples can be much thicker and substantially heavier.

These dolphin pieces are particularly important because they illustrate the evolution from symbolic ritual objects into true circulating money. Many scholars believe they were connected to the cult of Apollo Delphinios (“Apollo of the Dolphin”), whose worship was important at Olbia. The dolphin itself served as both a civic and religious symbol tied to the city’s maritime identity and trade networks across the Black Sea. Rather than functioning like later standardized bronze denominations, these pieces likely circulated as fiduciary local currency or proto-monetary units, though their exact denomination remains uncertain. Their unusual form places them midway between coin, charm, and miniature bronze sculpture, making them one of the most distinctive and historically evocative forms of ancient Greek money.

Many scholars think the long thin later dolphins (like yours) reflect a move toward mass circulation and tokenized local exchange, almost like small fiduciary bronze currency before bronze coinage became standard.  
Because they were hand-cast, no two are exactly alike. Even within the same reference number, eye shape, spine length, tail flare, and body curvature vary noticeably.

Ancient writers actually mention unusual money forms at Olbia. Herodotus discusses the region and its trade culture, while later numismatic evidence confirms these dolphin objects circulated monetarily.  The dolphins were cast, not struck.  Most Greek coinage was hammered between dies, but these were poured in molds. You can often see casting seams or mold characteristics.

Olbia (Sardinian: Terranoa; Gallurese: Tarranoa) is a city and comune (municipality) in northeastern Sardinia, Italy, and together with Tempio Pausania serves as a co-capital of the Province of Gallura North-East Sardinia, within the historical region of Gallura. It has a population of approximately 61,739 inhabitants.

Called Olbia during the Roman period, Civita during the Middle Ages (Judicates period), and Terranova Pausania until the 1940s, the city officially resumed the name Olbia during the Fascist era.

Although the name is of Greek origin, reflecting Greek presence in the seventh century BC, archaeological evidence suggests the city was first settled either by the Nuragic people or by Phoenicians. The area preserves remains ranging from the Nuragic period through the Roman era, when Olbia functioned as an important port city, and into the medieval period, when it became the capital of the Giudicato of Gallura, one of Sardinia’s four independent medieval states.

During the First Punic War, the Romans fought the Carthaginians and Sardinians near Olbia, where the Carthaginian general Hanno reportedly died in battle.

From 1113, Olbia became the episcopal seat of the Diocese of Cività, succeeding the earlier Diocese of Gallura and the restored Diocese of Fausania (c. 500–750). In 1839 the diocese was renamed Diocese of Civita–Tempio before eventually being merged into the Diocese of Tempio–Ampurias, which also incorporated the Diocese of Ampurias, linked in personal union with Civita from 1506.

Porto Istana Beach and Tavolara Island