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Olbia, the Greek colony at the mouth of the Hypanis river on the Black Sea's northern shore, had an unusually long and independent civic coinage tradition — remarkable for a city that endured repeated Scythian pressure and, by the mid-second century BC, was operating under conditions of significant political stress. This small bronze belongs to a phase when Olbia's autonomous output was contracting, likely a consequence of demographic and economic strain following the destructive raid attributed to the Galatian king Brennus's successors and ongoing steppe incursions.

Frolova and Abramzon's 2019 corpus remains the authoritative reference for this series, having substantially reorganized die groupings previously scattered across Anokhin and Sear.