Watch List notes:

Order of the Red Banner of Labor of Armenia. Type 2. Award # 21 Silver. Red, white and blue enamels. Screwback. Quality multi-piece construction. Award number is stamped on silver screw plate, as well as on reverse of the order. Here 1.11. Kuts pp 149-162. Only about 120 issued. Very rare. Choice Extremely Fine. Estimated Value $25,000

Ex "The New York Sale XIX", New York, January 10, 2008, lot 2187.