The question of the identity of the issuer of the so-called “Heraios”coinage is analysed, and it is proposed that these series be ascribed to Kujula Kadphises, as already suggested by some scholars. In this regard, the circulation of these coins and the connections established by their imagery are focused upon. Some possible inferences on the original location of Kujula Kadphises are discussed in the concluding part, hypothesizing a southern context different from the northern one commonly ascribed to the founder of the Kushan dynasty.