Olbia, Sarmatia, Olbia. Cast AE Obol. late 5th Century BC. 142.56 g.

Head of Athena left, wearing crested Corinthian helmet; dolphin before.
Four-spoked wheel; P-A-Y-S in angles. 

Anokhin, Coins, 8; SNG BMC Black Sea -; SNG Stancomb -. 

Extremely rare.
This issue, along with the quarter-obol (SNG BM Black Sea 377-378), by mint master Paus is characterized by the depiction on the obverse of Athena as on the archaic tetradrachms of Athens, of about 480 BC.
The reverse repeats the four-spoked wheel or 'solar disk' of the 
stater issued by Eminakos ca 425 BC (cf. SNG BM Black Sea 358).

With permission of cngcoins.com, auction Triton V Sale, lot 1321, Jan. 2002.