Watch List notes:

WORLD HISTORICAL MEDALS, SOUTH AFRICA, The British Empire Medal, 1901, a silver medal by F. Bowcher, bust of Edward VII left, flanked by standing Justice and Industry, rev. Lord Roberts on horseback before troops, Fame and Victory above, 105mm (BHM 3735; CM ZAR 66; cf. St James's 9, 935). Good extremely fine, very rare; in original top-hinged brown leather case [this a little damaged] £1,500-1,800

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No. 2 of only 50 struck in silver