Watch List notes:

MACEDON, Pella. Gordian III. AD 238-244. Æ (25mm, 7.71 g, 12h). Laureate, draped, and cuirassed bust right / Pan seated left on rocks, resting arm on head and leaning on syrinx set on rocks. Varbanov 3754 (same obv. die as illustration). VF, brown and green patina, light roughness on obverse.

From the Belgica Collection. Ex Classical Numismatic Group Electronic Auction 151 (1 November 2006), lot 111 (where it hammered $260 on a $100 estimate).