Hemidrachm

Olbia's silver coinage of this period emerged from a city navigating the competing pressures of Macedonian expansion and the steppe confederacies pressing from the north. Following Alexander's campaigns and the subsequent fragmentation of his empire, Black Sea emporia like Olbia operated with unusual monetary independence, striking their own fractional silver to service local trade rather than relying on Macedonian royal issues flooding neighboring markets.

The hemidrachm denomination was practical for the grain and fish trade that sustained the city's economy — transactions too small for a full drachm, too large for bronze.