230-220 BC., Carthage in Zeugitana, Tridrachm, SNG Cop. 392.

Carthage in Zeugitana, near the end of the Second Punic War, ca. 230-220 BC.,
Billon Tridrachm / 1,5 Shekel (24-25 mm / 9,43 g), silver content was decreased to as low as 10%,
Obv.: head of Tanit left, wreathed in corn, wearing single-drop ear-ring.
Rev.: horse standing right, looking back, right foreleg raised.
SNG Cop. 392 ; Alexandropoulos 81 ; Müller 230-1 ; Jenkins and Lewis pl. 27 9-10 .

256-201 BC: Billon Dishekels
After the series of Attic-weight tetradrachms ended early in the 3rd Century BC, Carthage began to produce silver coinage based on the shekel (7.6 grams) around the time of the start of the First Punic War. Dishekels and shekels minted during the second half of the war had the head of Tanit obverse with a horse standing with head turned back. The next type of dishekel used a reverse with a horse standing with a star above. Like the earlier substitution of electrum for gold, Carthage began to lower the silver content of coins towards the end of the First Punic War, eventually to billon. Probably in the period after the war, a long series of coins was started that had reverses with a horse standing in front of a palm tree. This type continued with some variation in style until the end of the Second Punic War. These coins may actually be 1½ shekels (tridrachms) because of the weight reduction to 10.5-11.5 grams and some coins similar to the earlier type with weights of 15 grams. At times, the silver content was decreased to as low as 10%. Another type introduced near the end of the Second Punic War had a reverse with a horse stepping right while looking back. During the war, it seems billon coins circulated at Carthage while silver coinage was used in Italy and Sicily. The Carthaginians' effort to maintain even a small percentage of silver in a coin of relatively standard size suggests the coins circulated locally as a fiduciary currency. After the Second Punic War, Carthage did not have the resources to maintain even a billon currency and switched to bronze coinage.