Æ22 - Augustus ΕΦΕ ΦΙΛΩΝ ΕΥΘΥΚΡΑΤΗΣ

Ephesus was the seat of the Roman proconsul of Asia and the most commercially active city in the province, which explains the relative frequency with which its civic bronze coinage turns up in trade contexts well beyond the Aegean. The magistrates named in the inscription — Philon and Euthykrates — held the office of grammateus, the city's chief administrative post, and their names on the coinage were a mark of civic honor rather than monetary authority.

RPC I 2576 places this issue within the early Augustan reorganization of provincial coinage, when Rome largely left Greek cities to manage their own small bronze while asserting tighter control over silver.