The paper is a preliminary publication of a big hoard of 4th–1st centuries BC coins found in 2007 in southeast Phanagoria by the Phanagorian Mission of the RAS Archaeological Institute. The hoard consists of 7902 copper coins and one silver coin. The greatest part of the coins are of Panticapaean and Phanagorian coinages. The hoard is of special interest for the study of economic links between Phanagoria and some Minor Asia centres and Aegaean islands in the Hellenistic period. It includes coins from the following centres: Heraclea Pontica (1 piece), Lampsacus (1), Mytilene (3), Colophon (1), Ephesus (1), Iasos (1), Knidos (3), Myndus (1), Cos (3), Rhodes (2), Xanthos of the Lycian League (1), Arycanda or Bargylia (1) and a coin from an uncertain Asia Minor mint issued by Ptolemy I Soter. The presence of these coins in the complex refl ects a certain development of trade exchange between the Bosporus and Asia Minor cities from the 3rd century BC. This tendency seems to have been one of the main factors which prepared ground for inclusion of the Bosporus into Mithridates VI Eupator’s power. One may suppose that the hoard was preserved in a sanctuary near Phanagoria. It was hidden in the 1st century BC, most probably just before the I Mithridatic War (88–85 BC).