Watch List notes:

COMMEMORATIVE MEDALS, WORLD MEDALS, Iran (Persia), Qajar, Ahmad Shah (1327-1344h), Silver Medal for Valour, 1337h, facing bust wearing plumed fez, within wreath, date below, rev lion and sun, 31mm (cf Rabino 78 for gold). Extremely fine, scarce.
A similar silver medal sold at Baldwin's Auction 98, 10 May 2016, lot 2440

Estimate: £350-400