Watch List notes:

COMMEMORATIVE MEDALS BY SUBJECT, Sport, Olympic Games, Intermediary Olympic Games, Athens 1906, Gilt-bronze Participant's Medal, by N Lytras and Wilhelm Pittner, Victory seated with rising phoenix, the Acropolis beyond, rev legend within olive wreath, dated in tablet, 50mm (Gad 56, 2). Nearly extremely fine.
The medal adapted from the 1896 participant's medal, the original date replaced by the new date within a tablet.

Estimate: £250-350