This interesting depiction of Hermes may be explained by this passage from Pausanias when he visited Phigalia (VIII 39.6):
And in the gymnasium there is a statue of Hermes represented wearing a cloak and the statue does not end in legs, but as a square pillar.
Today, the location of the gymnasium may possibly be inferred from Pausanias’ description, but it has not been uncovered. Many of the remains of the city have yet to be excavated.
Arkadia, Phigaleia
Caracalla 198-217 CE
Ae 20.18mm 3.96g
Obv: Bare-headed and draped bust to right.
Rev: ΦIΛAEΩN. Hermes, clad in himation and holding caduceus in right hand; end of garment wrapped around left arm.
NCP p.106 No. 2