Watch List notes:

Manuel Comnenus-Ducas, despot of Thessalonica, 1230-1237. Trachy Nomisma (Billon, 30 mm, 3.46 g, 6 h), Thessalonica, 1197-1203. ΚΕ ΒΟΗ - ΘΕΙ / Δ - ? /IC - XC Draped bust of Christ facing, nimbate and beardless, holding scroll in his left hand and raising his right in blessing. Rev. ΜΑΝυΗΛ ΔΕC ΠΟΤ Ο ΚωΝCΤΑΝΤΙΝΟC (partially legible) On the left, Manuel, standing facing, wearing stemma, divitision, loros and sagion, and holding anexikakia in his left hand, being crowned by St. Constantine, on the right, standing facing, similarly dressed, holding labarum in his left hand. DOC 7. LHS 97, 176. SB 2181. Very rare. A superb example, very sharply struck from fresh dies, and with an attractive brown patina. Obverse slightly misstruck, as usual, and with two flan cracks, otherwise, good extremely fine.
The quality of this coin is quite simply outstanding! It must have been one of the first pieces minted from these dies and was, for the period, amazingly well struck. The details on both the obverse and reverse are sharp, and the reverse depictions provide an excellent view of the ceremonial costume of the time.