The first to divide the coins of Ballaios into two groups was Arthur J. Evans, who distinguished the Rhizon group and the Pharos group, and dated both in the period between 167 BC and 135 BC. Josip Brunsmid was the next to discuss the coins of Ballaios. He agreed with Evans on the late chronology of the coins, postulating that Ballaios had possessed a part of the island of Pharos with a mint. He thus doubted that Rhizon then in Roman possession could have been a royal residence and a mint. Ivan Marovic, who maintained that both types had been struck on Pharos, proposed a different division of Ballaios' coins than that of Evans. He distinguished two groups of each of the two types with and without the legal title, a group with the head of Ballaios to the right and a group with the head to the left, giving precedence to the obverse rather than the reverse. However, later excavation at Rhizon, have uncovered new coins of Ballaios, which confirmed the hypothesis that of a mint having been located in Rhizon. In June 2010 at the site of the customs house in Rhizon, 4600 coins of king Ballaios were discovered, placed in a bowl-like pot.