The coinage of Phocis appeared in the archaic time period. This particular coin is likely struck sometime early in the 5th century as it maintains an archaic head of Athena on the reverse. It was struck on the Aeginatic standard. According to Historia Numorum, there were 22 confederate Phocian towns and periodically they held meetings at the town of Daulis. It is believed that the federal mint was located there and that coins were struck on the occasions of those meetings. Here people from the confederation would gather and were able to buy and exchange goods at the markets set up.