There are some who believe that Pharsalos was the ancient Phthia mentioned by Homer. This was the home of Peleus, who was the father of Achilles. Given this fame, it was among the leading cities of Thessaly.
For most of the 6th and 5th centuries BCE, Pharsalos allied with Athens. They then resisted Alexander of Pherae when he rose to power, but perhaps realizing how brutal he could be, they formed an alliance with him. Later, they joined Macedonia under Philip II. Most likely, a fair among of the famed cavalry Alexander the Great took to Persia hailed from Pharsalos or from its vicinity.
As is typical with many Thessalian coins, this one depicts cavalry.