The article is devoted to the analysis of the text of Chapter 11 of the “Epistle to the Philippians” by Polycarp of Smyrna, which mentions a presbyter Valens’ certain sin, which was connected with avarice. This passage is considered in the context of the history of Christianity in Philippi (the local community was founded by the Apostle Paul), and the general development of the Christian movement in the first two centuries. This “sin” is not a waste of community funds or a refusal to support the poor and widows, but a renouncing from Christianity, which was caused by fear of possible problems and a desire to preserve established social and economic ties with the pagan environment. Such behavior of wealthy Christians is reported by Herma’s “Shepherd” and other sources, but if Herma called for a complete renunciation of wealth, Polycarp was more restrained and said about the need to overcome the love of money. Valens’ act did not lead to a final break with the community, Polycarp calls for forgiveness, which indicates that Valens did not blaspheme Christ or betray Christians to the Roman authorities. The author of the “Epistle” instructed the Philippians to abstain from avarice, idolatry and all evil.