An ancient hoard of Persian coins offers insights into the political landscape around the time of the Peloponnesian War.

It is the late fifth century B.C. and a mercenary soldier kneels in his modest quarters, digging a hole in the earthen floor. He places a small jug, called an olpe, in the hole for safekeeping and covers it with dirt. In the olpe are his savings — scores of gold coins, known as darics, each one equal to a month’s pay.

But something happens to the soldier — possibly something sinister — and he never retrieves his hoard, which remains undiscovered for the next 2,400 years.

That is one of several scenarios proposed by Christopher Ratté, an archaeologist at the University of Michigan, to account for the cache, which he and his research team recently unearthed from the ruins of Notion, an ancient city-state in modern-day Turkey. While digging beneath the courtyard of a house dating to the third century B.C., the excavators found the remains of an earlier dwelling. “The coins were buried in a corner of the older building,” Dr. Ratté said. “We weren’t actually looking for a pot of gold.”

Darics were chiefly used to provide payment to soldiers of fortune. Andrew Meadows, an archaeologist at the University of Oxford who was not involved in the project, said he knew of no other hoard of this type to turn up in Asia Minor. “This is a find of the highest importance,” he said. “The archaeological context for the hoard will help us fine-tune the chronology of Achaemenid gold coinage.”

The archaeological site at Notion spans 80 acres atop a promontory in western Anatolia, a borderland dividing Asia from Europe. It was one of the Greek-speaking communities that emerged in the region during the early first millennium B.C., perhaps because of migration across the Aegean Sea. The deposition and loss of the Notion hoard occurred at a time of warfare, insecurity and great power machinations in a contested frontier zone.

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