Drachm - Phraates - Kingdom of Elymais Arsacid Dynasty

Elymais, occupying the highland territory northeast of Susa, functioned as a semi-autonomous client kingdom under Parthian suzerainty for much of its history, issuing its own coinage in a tradition that grew increasingly debased as the dynasty progressed. By the time of Phraates — a name shared by several Elymaean rulers, making precise attribution within the dynasty notoriously difficult — the silver content had degraded substantially into billon, reflecting either fiscal pressure or deliberate royal policy mirroring broader monetary debasement across the Parthian sphere.

The multiple BMC references suggest ongoing scholarly uncertainty about which specific Phraates struck this type.