Kings of Macedon, Philip III Arrhidaios, 323-315 BC, Tetradrachm ca. 323-315 BC, Pella

From the middle of the fourth century BC, the system of city-states (poleis) was questioned more and more. The idea of panhellenic unity arose. King Philip wanted to unite the Greek powers to confront the Persians. In 338–337 BC Philipp created a league of city-states to unify the Greek military forces under Macedonian leadership. The league was intended to guarantee peace in Greece and provide Philipp with military support against Persia. Philip reformed the coinage system very early on in his reign when he gained control of Mount Pangaeos, where huge silver deposits were located. He adopted the Panhellenic idea to the coinage system at an early stage.

The use of Zeus was a novelty in Macedonian coinage, but it fit perfectly with Philip's Panhellenic strategy. Olympia was one of the most important Panhellenic sanctuaries and was specifically associated with Zeus. The reverse of the coin symbolizes Philip II's victory in the horse race at the 106th Olympic Games in 356 BC. This same horse is possibly depicted here, together with the young jockey holding the victory palm branch.
The coin type is also an allusion to the name of the King of Macedon, as the name Philip means “horse lover”.

The silver and gold coins of Philip II were minted in immense quantities and the acceptance was great. This was extremely important for Philip's plans. The coin type was again minted in large quantities after the death of his son Alexander, like the present piece. This shows the great influence that the coin type retained, despite the huge flood of Alexandrian coins that followed. Alexander's new types were readily embraced by Greeks and Orientals. However, they were never really accepted by the barbarians of Europe.

If we compare this superb portrait of Zeus with the portraits found in Philip II's tomb in Verina, we might well think that this is actually a portrait of Philip II.