Olynthus, the Chalcidian League.   Stater circa 432-348, AV 7.81 g. Laureate head of Apollo r. Rev. [X] -A-Λ-KIΔ-EΩN Four-stringed cithara; above [..] – AVN – [..]. Yakountchikoff, Unpublished and Rare Greek Coins, 17. SNG ANS 468 (this obverse die). For type, cf. Jameson 942. Gulbenkian 424-425.
Of the highest rarity, apparently only the second specimen known. Slightly double
struck on obverse and with minor marks on reverse otherwise very fine

Ex New York sale XXV, 2011, 24.
In 432/1 BC, the Macedonian king Perdikkas II encouraged the cities and peoples of the Chalkidian Peninsula to revolt against Athenian domination and form their own federal state. The inland city of Olynthos was chosen to serve as the capital since it was less exposed to the menace of the Athenian fleet. The members of this new state, known as the Chalkidian League, shared a common citizenship, common laws, common units of measurement, and a common coinage. This gold stater is one of the rarest examples of that shared coinage and was probably struck as an emergency issue during the grave military crises that faced the League in the mid-fourth century BC. In 364/3 BC, the city of Amphipolis which had been long-coveted by the Athenians joined the Chalkidian League and placed the League on a collision course with the might of the Second Athenian Empire and Timotheus, one of its most skilled generals. The Chalkidian League installed a strong garrison in Amphipolis and mobilized the entire federal army to face Timotheus. Amphipolis never fell, but its defense resulted in the loss of 20 other cities for the League, including Poteidaia. The Chalkidian League successfully weathered this dangerous Athenian storm and in 356 BC had Poteidaia restored by the friendly Macedonian king Philip II, who at the time was an implacable foe of the Athenians. However, Philip II’s advances in Thrace soon became a source of fear and in 352 BC, the League abandoned its relationship with the king and formed a new alliance with the Athenians against him. At this point war with Philip II was inevitable, but did not actually break out until 349 BC. Waiting until sailing conditions were such that the Athenians could send no naval support, Philip II marched into the Chalkidic Peninsula to attack, defeat, and often destroy each member city of the Chalkidian League one by one. He left Olynthos, the federal capital, for the very end so that the League leadership could take in the full horror of what was coming. Olynthos was besieged and captured. Once the city was fully in his hands Philip II ordered it to be razed to the ground thereby destroying the last vestiges of the Chalkidian League