Stater - 108th Olympiad

The Sanctuary at Olympia issued staters to coincide with the Olympic Games, held every four years, making the 108th Olympiad of 348 BC the direct occasion for this coin's production. These were not civic issues — Olympia had no resident population to speak of — but rather festival currency, struck to facilitate the enormous commercial activity surrounding the games and to serve as prestige objects for dedicants at the sanctuary.

Philip II of Macedon had won the chariot race at the 106th Olympiad in 356 BC, the same year Alexander was born, and Macedonian influence over the sanctuary was already growing perceptibly by 348 BC.