This litra was minted in Rhegion, nowadays Reggio di Calabria. Rhegion was one of the earliest Greek settlements in Southern Italy – the colony was founded around 720 BC. Through its strategic location on the Strait of Messina, the city became very rich. The lions mask was depicted on many of the city's coins; the reverse bears the branch of an olive tree with two olives. The Greek letters PH (Latin RH) stand for Rhegion.