Watch List notes:

SASANIAN KINGS. Kavād (Kavādh) I. Second reign, AD 499-531. AR Drachm (28mm, 4.18 g, 4h). ŠY (Shirajān) mint. Dated RY 40 (AD 527). Crowned bust right / Fire altar with ribbons and attendants; star and crescent flanking flames; RY date on left, mint signature on right. SNS type Ic/1a; Göbl type III/1. Near EF, lightly toned, scratch on obverse.

Ex Pegasi BBS 141 (21 February 2012), lot 178.