Watch List notes:

ITALY, Modena (ducato). Ercole III d'Este. 1780-1796. AV Scudo (32mm, 9.26 g, 6h). Dated 1782. Bust left / Crowned coat-of-arms within Order of the the Golden Fleece. CNI IX 11; MIR 860/1. In NGC encapsulation graded MS 61. Toned.