The Carthaginian state was reduced to dire straits following the conclusion of the First Punic War in 241 BC. As part of the peace settlement Carthage was required to give up "all islands lying between Sicily and Italy", immediately pay Rome a sum of 1,000 talents of gold, and pay a further 2,000 talents over a period of 10 years. After meeting the Roman demands, a destitute Carthage now found itself having to find additional funds to pay the wages of its defeated but still enormous mercenary army. Negotiations between the mercenaries and the Carthaginian state quickly broke down, and despite the Carthaginian officials capitulating to the mercenary demands, open rebellion ensued based on speculation that Carthage would be unable to pay. The Libyan population, discontent under Carthaginian rule (and perhaps justifiably so, for their soldiers were conscripted and not paid as mercenaries) joined the rebels.

E.S.G. Robinson, in "A Hoard of Coins of the Libyans" in NC 1953, confirms the attribution of these coins to the Libyan revolt (also known as the Mercenary War or the Truceless War, on account of it exceeding all other conflicts in cruelty, ending only with the total annihilation of one of the opponents), and supports the appearance of the Punic 'M' appearing on these (and regular Carthaginian coins) as being an abbreviation of 'machanat' - camp. The appearance of a Greek alpha on some of the issues, the use of Greek types (heads of Zeus and Herakles), and of course a Greek legend on the reverse (see Roma XXII, lot 162) furthermore confirm that these issues were struck by the rebels, rather than for them. We may reasonably assume that all of the coins produced by the rebels were overstruck on the state issues of Carthage; in the increasing debasement seen throughout the series we are offered a glimpse of the desperate position of the Carthaginian finances. Although ultimately the rebellion was put down by Hamilcar Barca with a combined army of existing loyal mercenaries and newly hired ones together with citizen soldiers, culminating at the Battle of 'The Saw' with some 50,000 rebels killed or executed, Carthage was left effectively penniless, internally weakened and externally virtually defenceless against a still belligerent Roman Republic.