Watch List notes:

ARMENIA, Cilician Armenia. Royal. Levon I, 1198-1219. Tram (Silver, 21 mm, 3.09 g, 3 h), coronation issue, Sis. ԼԵԻՈՆ ԹԱԳԱԻՈՐ ՀԱՅՈ ('Levon King of the Armenians' in Armenian) The Virgin, nimbate and orans, standing facing, receiving Levon I kneeling to left, head facing; above, ray emanating from curve (sphere of heaven) toward his head. Rev. ԿԱՐՈՂՈԻԹԲՆ ԱՍՏ ('by the will of God' in Armenian) Man-headed lion walking right, crowned head facing; above, patriarchal cross. AC 257. CCA 78. Rare and in exceptional condition for the issue. Very minor area of weakness on the reverse, otherwise, extremely fine.