Like in many other cities of Ancient Greece, the images on Corinthian coins referred to the town's mythological foundation. Corinthian legend had it that the winged horse Pegasus had freed the source of Peirene by scratching the rocky ground of the rock Acrocorinth with his hoofs. The water of the new spring allowed the foundation of a town that was to become Corinth, and Pegasus became its emblem.
Pegasus was struck on Corinthian coins for centuries and also appeared on coins of numerous Corinthian colonies. The reverse shows the head of the goddess Athena wearing a Corinthian helmet to distinguish her from the Attic Athena, who embellished the coins of Athens.