Watch List notes:

THESSALY, Pherai. 4th century BC. PB Tessera or Token (19mm, 6.89 g, 3h). Head of bearded Satyr facing, with animal ears / ΦΕ, forepart of bull right; labrys to left. Rogers 526, fig. 287; Pozzi (Boutin) 2864; BCD Thessaly II 692 (this coin); HGC 4, 573. Good Fine, tan 'lead' patina, the grey colour of lead showing through on the high relief spots.

Ex BCD Collection (Triton XV, 3 January 2012), lot 692.