ELIS. Olympia. Circa 340-330 BC. Unit (Bronze, 20 mm, 6.05 g, 6 h). Laureate head of Zeus to right. Rev. F - A Free horse trotting to right; behind, turning post; above, I. BCD Olympia 267 ( this coin ). Franke fig. 18 ( same dies ). Very rare. Probably the first bronze issue of Olympia. Dark brown patina. Very fine.

From the collection of Major Anthony F. Milavic, USMC (Ret.) and from the BCD Collection, Leu Numismatics 90, 10 May 2004, 267.

The reverse type is quite clear: a horse trotting past a turning post. But what does it mean? The turning post must indicate that this a race course and that the horse has just won his race. Is this a horse who broke free from a chariot, or could he be a race horse whose rider has fallen?