The greek letters Ε ϕ (phi) with the Bee on this silver coin indicates. Rome AntiqueArt AntiqueAncient Greek Honey Bee on Ancient Coins - What's That Bug? A number of other Greek cities adopted the bee as an image on their coins, perhaps because they had economic ties to Ephesus or hosted a. Greek, Tetradrachm of Ephesos, BC (source). Russian silver egg adorned with cabochon garnets. The bee, stag, and palm are all emblems of Ephesos, a Greek city on the west coast of Turkey. Even when the Ephesian Artemis appears in her stiff hieratic Anatolian form, two deer can stand like heraldic symbols on either side, looking up at her The story went that the Greek bee coin were lead to the spot of their future city by muses of the goddess Artemis, who took the form of bees. Couple these attributes with greek bee coin silver composition and you have a truly valuable coin. Framed by the characters: E F - abbreviated Greek for Ephesus. The deer is an animal sacred to Artemis, and Artemis was Ephesus' patron goddess just as Greek bee coin held this role at Athens.