Theodosia was founded by settlers from Miletos in roughly 600 BCE and remained a major port in the Bosporos (Crimea) until it was conquered by Leukon I of Pantikapaion in roughly 400 BCE. After that, it served as a major port for grain and there’s an inscription marking a large amount sent to Athens. Strabo mentioned that its harbor could fit one hundred ships.
This coin was minted in the period after its incorporation into the Bosporan Kingdom and indicates the city still enjoyed some form of autonomy. Kovalenko and Molchanov speculate that the “half a bull” on the coin may indicate its value, since larger coins contain a full bull.
The weights for these bronze coins seem to have varied widely and this one is a bit high for those with half a bull. Perhaps this is evidence that Kovalenko and Molchanov may be right, since the weights vary too much to be relied upon.