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Molnar takes the astrological bull by the horns, and, combined with the very novel angle of first century coinage, provides a compelling and persuasive new theory of the true nature of the Matthean "star." Briefly, Molnar points to the language of the original Greek text of Matthew 2, and identifies unmistakable allusions to a star's helical rising, and to features of a planet's "retrograde" motion (he argues that the Greek for "went before" and "stood over" are clearly references to a retrograde loop and stationary point).
In a very well documented and easily readable account, Molnar traces the evidence to a helical rising and subsequent lunar occultation of Jupiter in April of 6 BC. After this event, which took place in the constellation of Aries, Jupiter proceeded to travel east, go retrograde, and resume its eastward journey over the next several months. Though the occultation would not have been observable (it happened after noon on April 17th), Molnar argues that this is inconsequential since all astrology was done via charts based on Ptolemy's tables of planetary positions anyway. Astrologers were much more interested in the significance of their charts and rarely made any effort to observe the events they portrayed. Furthermore, many significant astrological events are visually unimpressive even if they are observable.
I don't know if Molnar is right. Others take the approach that the star must have been a series of conjunctions or nova phenomenon (Kidger and Hughes). Some say the whole event is a myth (Gardner). Molnar's contribution is certainly worth reading and has gained the approval of some fine authorities (Gingerich and Trimble both wrote jacket reviews).
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