The nature of anepigraphic issues creates uncertainty on minting location, dating and even under whose authority a coin was struck. An insightful article by Aneurin Ellis-Evans in the NC 178 (2108), sheds some light on this particular issue. Ellis-Evans suggests that based on the lack of identifying ethnic and the shared use of Athena Ilias as a patron goddess, could imply a “civic expression of shared identity” and a way to “unify cities from all parts of the Troad”. Explaining further, this likely means that the type was an early issue, perhaps among the first with ethnic intended to support member cities of the Koinon. 

Memnon and his brother Mentor of Rhodes were Greek mercenaries and later became Satraps under Artaxerxes III of Persia. In c. 358, Mentor and Memnon were hired as military leaders under the rebel Persian Satrap Artabazus. The rose on the lower left reverse is likely a symbol linking Memnon to this coin.

The statue of Athena Ilias on the reverse further strengthens the link to Troas. The Persians sacrificed at the sanctuary as far back as Xerxes in 480 BC. Ellis-Evans describes how according to Diodorus even Alexander the Great, while visiting the sanctuary in 334 and within steps of the sanctuary noticed a toppled statue of the former Persian leader Ariobarzanes. Apparently the Illians had toppled the status in advance of Alexander’s visit. This showed the value the sanctuary had to the Persians, as well as to the people and their desire to welcome the incoming ruler.

Of note, Athena holds a distaff and spindle. This symbolizes the “thread of life” that Athena held over every mortal.