Archaic and Classical periods The Greek colony was highly important commercially and endured for a millennium. The first evidence of Greek settlement at the site comes from
Berezan Island where pottery has been found dating from the late 7th century. The name in Greek means "happy" or "rich". It is possible that it had been the site of an earlier native settlement and may even have been a peninsula rather than an island in antiquity. It produced distinctive cast bronze money during the 5th century BCE in both the form of circular tokens with
Gorgon heads and unique coins in the shape of leaping
dolphins. These are unusual considering the struck, round coins common in the
Greek world. This form of money is said to have originated from sacrificial tokens used in the Temple of
Apollo Delphinios.
M. L. West speculated that early
Greek religion, especially the
Orphic Mysteries, was heavily influenced by Central Asian
shamanistic practices. A significant amount of Orphic graffiti unearthed in Olbia seems to testify that the colony was one major point of contact.
Hellenistic and Roman periods After the town adopted a democratic constitution in the 4th century BCE, its relations with
Miletus were regulated by a treaty, which allowed both states to coordinate their operations against
Alexander the Great's general
Zopyrion in the 4th century BCE. By the end of the 3rd century, the town declined economically and accepted the overlordship of King
Skilurus of
Scythia. It flourished under
Mithridates Eupator but was sacked by the
Getae under
Burebista, a catastrophe which brought Olbia's economic prominence to an abrupt end. Having lost two-thirds of its settled area, Olbia was restored by the Romans, albeit on a small scale and probably with a largely barbarian population.
Dio of Prusa visited the town and described it in his
Borysthenic Discourse (the town was often called
Borysthenes, after the river). The settlement, incorporated into the Roman province of Lower
Moesia, was eventually abandoned in the 4th century CE, when it was burnt at least twice in the course of the
Gothic Wars. == Excavation ==