Drachm - Phraates - Kingdom of Elymais Arsacid Dynasty

Elymais, the semi-independent kingdom occupying the mountainous region northeast of the Persian Gulf roughly corresponding to modern Khuzestan, maintained its Arsacid-style coinage well into the second century even as Parthian central authority fluctuated. By this period the dynasty had long since lost meaningful political weight, and these billon issues — increasingly debased from earlier silver — reflect a local economy operating largely in isolation from the broader Parthian monetary system. GICV 5900 sits in a cluster of late Elymaean types where die workmanship degraded sharply, likely owing to the loss of skilled celators rather than any single political rupture.