Watch List notes:

GERMANY, Kaiserreich. temp. Wilhelm II. 1888-1918. Cast Æ Medal (57.5mm, 58.88 g, 12h). On the Abuse of Neutral Flags (Flaggenbetrug), 1915. By Karl Goetz. Dated 1915. Skeleton, wearing Admiral's uniform, standing on small sailing boat decorated with crowned lion's head and inscribed with name EDWARD GREY, holding flags of Italy and United States; Sir Edward Grey, wearing diplomatic attire, seated on deck and clutching mast; boat flies the flags of Holland, Spain and Denmark; 1915 in exergue / MIT/NEVTRALEN/– FLAGGEN –/HOHEITSGEBIETEND/STELLT SICH ZUR WEHR/DER - EDLE BRITE - DER/WELTMEERBEHERRSCHER/NACH SEERÆVBER SITTE in eight lines; below laurel wreath flanked by K G; all within life preserver inscribed HONI • SOIT • QUI • MAL • Y • PENSE –. Kienast 165. EF.

Ex Meister & Sonntag 11 (26 May 2011), lot 1812.