Watch List notes:

MACEDON, Thessalonica. Circa 187-168/7 BC. Æ (22.5mm, 8.14 g, 1h). Laureate and draped bust of Hermes right; kerykeion over shoulder / Pan standing left, raising arm and holding lagobolon and fawn skin; [monogram to left]. Touratsoglou, Macedonia 6; HGC 3, 725. VF, dark brown patina, some minor roughness. Rare.

From the Belgica Collection. Ex Classical Numismatic Group Electronic Auction 256 (25 May 2011), lot 44.