Watch List notes:

FRANCE, Royal (Restored). Louis XVIII. 1814-1824. Æ Medal (50mm, 68.59 g, 12h). Restoration of the Spanish Throne. By Gayrard. Struck 1823. LVDOVICVS XVIII FRANC ET NAV REX, bare head right / ARMIS VALLIAE VIRTUTE DUCIS, French soldier in Roman dress standing right, holding sword and shield, driving off enemy holding torch, with toga covering face; to left, coat-of-arms and Hispania seated right, holding two infants; in exergue, A FURORE REBELLIONIS/ HISPANIA LIBERATA. Collignon 388. EF, light cleaning marks.

From the J. Eric Engstrom Collection. Ex J. Henri Ripstra Collection (William O. Coats Auction, 14 February 1975), lot 1375.