The engraver of the obverse die sought to convey the dynamism of the scene. The chlamys flies behind the rider’s back and partially covers the whip, which points towards the rear of the horse because of the position of the rider’s left hand as he dismounts.

A similar flying chlamys is depicted in an equestrian scene on an amphora probably originating from Kamiros on Rhodes, c. 525–500 BC (The British Museum, 1867,0506.44), although the rider on the amphora also wears a short chiton. Some horsemen on the Parthenon frieze likewise wear only a chlamys and are otherwise nude; others wear only a chiton or both garments, sometimes together with a cuirass.

This coin differs from KEL-AR-05 above in the way the rider’s chlamys is depicted. Its clasp is shown on the rider’s chest near his right shoulder; the chlamys is draped over his shoulders and flutters backwards away from the viewer, so it does not overlap the object in his left hand. This object need not be a whip. Because it lacks a strap and is relatively wide and slightly curved, it may be a cutlass (makhaira), similar to the one on the coins of Type 1 from a Pseudo-Kelenderis mint.

The lower part of this coin’s obverse, however, is similar to that of KEL-AR-05. It is unclear whether the two obverses represent reworked states of the same die. Note that the horse’s right foreleg is anatomically inaccurate on this coin.

The decorative collar around the horse’s neck may have been intended to ward off the evil eye (Anderson, p. 85). A similar ornamental collar appears on Kastor’s horse on an Attic black-figure amphora signed by Exekias and dating to c. 540–530 BC (Gregorian Etruscan Museum, 16757; illustrated in Anderson, pl. 20).

Another type of collar, probably serving the same purpose, is mentioned in epigram 6.246 of the Greek Anthology, attributed either to Philodemos of Gadara (1st century BC) or to Marcus Argentarius (1st century AD). Two translations of the epigram follow:

Charmus from his Isthmian victory dedicates in thy porch, Poseidon, his spurs that urge the horse on its way, the muzzle that fits on its nose, its necklace of teeth, and his willow wand, also the comb that drags the horse’s hair, the whip for its flanks, rough mother of smacking blows. Accept these gifts, god of the steel-blue locks, and crown the son of Lycinus in the great Olympian contest too.

Transl. by William Roger Paton (The Greek Anthology, Vol. I, 1916)

Course-chasing spurs, nostril-hugging muzzle, tooth-bearing breastpiece, and willow wand(?) —these Charmos has dedicated in your porch, Poseidon, because of his Isthmian victory— and the horses’ curry comb and whip for their rumps, bold mother of whirring sound. So then, O dark-haired one, receive these, and crown the son of Lukinos also for a great Olympian contest.

Transl. by Stuart G. P. Small (Sider 1997, p. 191 ff.)

Kraay 1962, pp. 2–6, divides the Kelenderis staters in the so-called Kelenderis Hoard (probably discovered in 1957 or shortly before) into four series:

1. horseman left, A on the obverse; goat left
2. horseman left, Γ on the obverse; goat left
3. horseman left, no letter on the obverse; goat left or right
4. horseman right; goat right

The numbering of these series reflects their chronological order (ibid., p. 6), and the hoard was probably deposited around 401 BC (ibid., p. 15).

This coin belongs to Series III (dies O11/R7B), but its obverse die is also linked to Series I and II through other reverse dies (ibid., dies R2B and R7B). Moreover, this obverse die was also paired with reverse dies depicting a goat oriented to the right (ibid., dies R10, R11, and R12), a characteristic of Series IV. The artistic rendering of the horseman also marks a transition from earlier 5th-century issues to the later Classical style. The coin thus represents the transition from the style of the 2nd half of the 5th century BC to the Classical style used from the late 5th century until the last quarter of the 4th century BC.