Uncertain mint
Milesian stater circa 500-480, EL 14.04 g. Forepart of lion r. with dotted body truncation. Rev. Rectangular incuse punch with irregular surfaces. cf. Tkalec sale 23 October 1992, 112 (this reverse die). Leu sale 92, 2016, 197 (these dies). Hurter, Essays Hersh, 39 (these dies).
Of the highest rarity, apparently only the third specimen known. An intriguing issue
struck in high relief on a full flan. Extremely fine

Ex Leu sale 57, 1993, 105 and DNW A11, 2011, 2003 sales.
With such a variety of obverse types known for early electrum staters it is difficult to classify all such coins on those grounds alone. Often, they can be more credibly grouped by their weight standard and the characteristics of the punch-impressions on their reverse. Perhaps the most common 'reverse type' for early electrum staters is an arrangement in which a long, rectangular punch is flanked by two smaller, square punches, the fields of which sometimes are decorated. This system was ideal for raising the full design of the obverse die when using an oval planchet. The production of such coins was discussed in depth by Lisolette Weidauer in her 1975 corpus on early electrum. She notes that the early staters required several hammer blows with different dies to bring up the obverse design; to do this in a way that did not blur the obverse design required carefully directed blows. This system also had the advantage, as Weidauer points out, of allowing flexibility in striking the sub-denominations. Since she has shown that denominations smaller than the stater often were struck using obverse dies large enough for staters, it is of interest that smaller denominations required the use of only two reverse punches, and sometimes just one. Another common solution was the use of a single, square punch – sometimes quadripartite, other times not divided but with their fields roughened or engraved with simple designs. Unlike the three-punch system, this approach was well-suited to staters with round planchets. Occasionally, other punch arrangements were used, including two thin, rectangular punches side-by-side, a single, round punch, or, as in this case, a long, rectangular punch with an irregular, roughened surface. On smaller denominations the dynamics of striking were less challenging, and for them a wider variety of punches were employed. Though the rectangular punch of the kind used here is known for several issues, it is decidedly less common than the three-punch or square-punch methods already discussed. It occurs, at least, on the present coin with the forepart of a pouncing lion and on staters portraying the protome of a winged lion in the midst of attack (NAC 77, lot 64), a lactating lioness on the prowl (NAC 52, lot 152), a cow suckling its calf (NAC 114, lot 198), and on two staters illustrated by Martin Price in A Field In Western Thrace, Coin Hoards II, figs. 1.3 and 1.4; one shows the forepart of a rushing bull, the other a recumbent bull with its head reverted toward a floral ornament. It is probable that these staters – all struck to the Lydo-Milesian standard using similar incuse punches – were issued at the same mint sometime around 500 B.C.