Israel's Antiquities Authority said the Byzantine-period hoard was found in the ruins of a building where a striking 2,000-year-old gold earring from the Roman era was dug up last month.
The site is located in a parking lot alongside the ancient city's southern wall.
The coins bear the image of the Byzantine emperor Heraclius, who ruled between 610 and 641 A.D. He is depicted wearing military dress and holding a cross in his right hand.
A statement Monday said the coins had likely been hidden in a niche in one of the building's walls.
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