Watch List notes:

GERMANY, Weimarer Republik. 1918-1933. Cast Æ Medal (51mm, 50.64 g, 12h). On the Conferences Regarding German Reparations. Unsigned. Undated, but struck circa 1924/5. VAE (ornament) VICTIS, personification of Germany, in plaintive attitude, standing left and reaching for personification of Austria, also in plaintive attitude, seated right on rock; at side, kneeling Hungary; all on thorny canes with shields at each end depicting the respective powers; behind, skeleton in full medieval armor standing facing, holding large sword; helmet decorated with symbols of Britain and France / (ornament) VERSAILLES · SPAA · GENF · BRÜSSEL · PARIS · LONDON, DER MENSCHHEIT/WÜRDE IST IN EURE/HAND GEGEBEN/BEWAHRET SIE (quote of Schiller) in four lines; ornament above, SCHILLER below. See Gorny & Mosch 234, lot 4532 (for another example). EF.