Seleukid Kingdom. Seleukos I Nikator. Silver Drachm (3.83 g), 312-281 BC. Susa, ca. 305/4-295 BC. Head of hero (Alexander or Seleukos?) right, wearing helmet covered with panther's skin and adorned with ear and horns of a bull. Reverse: BAΣIΛEΩΣ ΣEΛEYKOY, Nike standing right, crowning trophy with wreath; below left wing, EP monogram (off flan); in field between Nike and trophy, ΔI. SC 174.4; HGC 9, 34. Rare. Rough surfaces. Cleaned and untoned. Extremely Fine. Estimated Value $750 - UP
It is readily apparent that the reverse design of this coin showing Nike placing a wreath upon a trophy she has erected commemorates Seleukos' recent victories in the Upper Satrapies and his assumption of the royal title in 305 BC. What is less certain is the identification of the head on the obverse. Hadley argues for an assimilation of Alexander the Great with Dionysos, while Hoover sees a portrait of Seleukos himself, with the divine attributes of Dionysos. For full discussion, see R. A. Hadley, "Seleucus, Dionysus, or Alexander?" NC 1974, pp. 9-13, and Oliver D. Hoover, "The identity of the helmeted head on the 'Victory' coinage of Susa," SNR 81, 2002, pp. 51-60.