Æ32 - Philip I L Ε

Philip I's fifth regnal year (marked by the Ε) coincided almost exactly with Rome's millennial celebrations of 248 AD — the ludi saeculares — an event Philip leveraged heavily for imperial propaganda across the coinage of both Rome and the provinces. Alexandria's bronze output for this year was substantial, feeding a Egyptian economy where bronze remained the primary transactional medium well below the level at which billon tetradrachms circulated.