Watch List notes:

The M.L. Collection of Coins of Magna Graecia and Sicily
Syracuse

Tetradrachm circa 420-415, AR 17.70 g. Slow quadriga driven r. by charioteer, holding reins and kentron; above, Nike flying r. to crown horses; in exergue, grasshopper. Rev. ΣΥPAKOΣΙ – ON Head of Arethusa r., hair caught up at nape of neck by small saccos, wearing earring and necklace. Around, four dolphins swimming clockwise. Rizzo pl. XL, 16 (these dies) and reverse enlarged on pl. XLI, 7. Jameson 782 (these dies). SNG ANS 246 (these dies). Kunstfreund 112 (this coin). Kraay-Hirmer 31, 95 (this reverse die). Boehringer 726.
Very rare and a superb specimen of this elegant and desirable issue. Struck on a
very broad flan and with a lovely old cabinet tone, extremely fine
Ex M&M-Leu sale 28 May 1974, Kunstfreund, 112.If portraiture on Syracusan coinage is any measure, when this issue was struck near the close of the 5th Century B.C. the saccus had become fashionable at Syracuse. On some issues of just a few years prior Arethusa is shown with her hair gathered in a saccus made of fabric that enveloped the nymph's hair partially or completely. Often it is supported by a band decorated with a maeander pattern that passes over the forehead.