Watch List notes:

IONIA, Ephesos. Phanes. Circa 625-600 BC. EL Hemihekte – Twelfth Stater (9mm, 1.15 g). Forepart of stag left, head reverted; three pellets to left / Incuse square punch with raised lines within. Weidauer 38 = Robinson, Electrum, pl. 39, 3C; Traité I 65 = Head 4 = BMC 4; Triton X, lot 286; Triton IX, lot 921. VF, toned, some die wear, graffito "X" on obverse. Rare variety with pellets.