Watch List notes:

Leo VI, the Wise. 886-912. PB medal (30 mm, 19.44 g, 12 h). Nimbate bust of the Virgin facing, holding globus cruciger / + LЄOh/Єh ΘЄO SM/SILЄV R/OMЄOn (sic) in four lines. Cf. SB 1728 for reverse. Heavy toning and encrustations. Very fine.

From the Big Sky Collection.

Leo VI was the first to use a representation of the Virgin on his coinage. The reverse of this unusual medal closely copies the Constantinopolitan folles of Leo VI.