ARKADIA. Pheneos. Circa 370-340 BC. Obol (Silver, 12 mm, 0.66 g, 9 h). Bust of youthful Hermes to right, his cloak tied around his neck and with his petasos hanging behind, suspended by a cord. Rev. ΦΕ Ram standing to right; in exergue, AP. BCD Peloponnesos 1604-5. Pierced, otherwise, nearly very fine.

The main 4th century silver coinage of Pheneos consisted of very rare staters and drachms and very scarce hemidrachms, all bearing heads of Demeter on their obverses and either a standing or seated figure of Hermes or a bull on their reverses. Most of these coins were probably used for trade or mercenary pay. For local use the city also issued bronzes and a relatively small and rare group of obols, as this, bearing a head of Hermes and a ram.