The Ptolemaic Kingdom was a Hellenistic kingdom based in ancient Egypt. The Kingdom’s ruling began with Ptolemy I Soter after the death of Alexander the Great in 323 BC and ended with the death of Cleopatra and the Roman conquest in 30 BC.
Coinage of the Ptolemaic Kingdom was in use during the last dynasty of Egypt and, briefly, during Roman rule of Egypt. Ptolemaic coinage was struck in Phoenician weight, also known as Ptolemaic weight (about 14,20 grams). This standard, which was not used elsewhere in the Hellenistic world, was smaller than the most common Attic weight. Consequently, Ptolemaic coins are smaller than other Hellenistic coinage. In terms of art, the coins, which were made of silver, followed the example set by contemporary Greek currencies, with dynastic figures being typically portrayed. The Ptolemaic coin making process often resulted in a central depression, similar to what can be found on Seleucid coinage.
The Ptolemaic Kingdom was the first dynasty to introduce coinage to Egypt. The first Ptolemaic mint was in Memphis and was later moved to Alexandria. The Ptolemaic Kingdom flourished largely due to their success in monetizing the Egyptian society. Before the Ptolemaic period, metals such as copper, and grain, were used as mediums of exchange. Ptolemaic rule brought, in addition to the coinage, banks and tax farming to the country.
For most of its history, the kingdom vigorously enforced a policy of a single currency, confiscating foreign coins and forcing its territories to adopt Ptolemaic coinage. Parallels between Athens and the Ptolemaic Kingdom can be drawn as Athens attempted to introduce a sole currency in its empire. In the rare cases when these territories were allowed their own currency, such as the Jewish community in Palestine, they still had to observe the Ptolemaic weight. These policies and increasing difficulty to obtain silver, caused monetary isolation of the Ptolemaic coinage.
During the reign of Ptolemy I Soter, the founder of the kingdom, diverse local currencies were allowed to exist. They may even have been encouraged. The exact date of elimination of non-Ptolemaic coinage varies by region. In Egypt and Syria, Ptolemy I discontinued local coinage, which had Alexander the Great’s image struck in them, after feeling secure in power. Such coinage with Alexander on them were very common in the successor states of the Macedonian Empire. Cypriot coinage was eliminated when the local monarchies ceased to exist. In Cyrene it took even longer to eliminate municipal coinage. In Crete the local currency was never suppressed. Uniformity of the currency was sought flexibly, yet opportunistically.
Artistically, Ptolemaic coinage closely followed contemporary Greek currencies. A commonplace symbol of the Ptolemaic dynasty was an eagle standing on a thunderbolt, first adopted by Ptolemy I Soter. The more peculiar Ptolemaic coinage included so-called “dynastic issues”. This rare coin featured Ptolemy II Philadelphus who married his sister Arsinoe II; Egyptian rulers had traditionally married their sisters to signify a connection to sacred union between the deities Osiris and Isis. A medal-like coin with one side portraying Ptolemy II and Arsinoe II, and the other side portraying Ptolemy I and Berenice I was struck after the death of Arsinoe II.
Cyprus had many important mints, and the island struck large amounts of Ptolemaic coinage from 200 BC to 80 BC. Cyprus was also richer in silver than Egypt. Most of the coinage from second century BC are easily identifiable and datable because they include abbreviations for mints and dates for both gold and silver coinage. Mints from this period include Salamis (abbr. ΣA), Kition (abbr. KI) and Paphos (abbr. Π, and later as ΠA).
After the demise of the Ptolemaic Kingdom, and annexation into the growing Roman Empire, silver coinage struck by the Ptolemies still continued to circulate. The Ptolemaic silver coinage mostly disappeared by the time of Emperor Nero. It is assumed that by that time, in the first half of the first century, the Ptolemaic silver coinage was probably recycled into a new currency, Roman tetradrachms, struck at mints managed by the Romans. Roman Egypt remained monetarily as a closed system, like it had been under Ptolemaic dynasty. Roman denarii and aurei did not circulate in provincial Egypt.