Tetradrachm - Nikes

Ephesos controlled one of the wealthiest sanctuaries in the ancient world, and its mint operated with considerable autonomy even under Persian suzerainty and later Macedonian pressure. This issue falls squarely within a turbulent transitional period — Alexander's capture of Ephesos in 334 BC expelled the Persian-backed oligarchy and restored democratic governance, directly reshaping which magistrates authorized coin production and which types were permitted to continue.

The "Nikes" designation refers to a specific magistrate's control mark used to attribute die groups within this series, catalogued in SNG Tübingen at 2763.