Watch List notes:

Arkadia, Pheneos, drachm, c. 360-350 BC, head of Demeter left wearing corn wreath, triple-drop earring and pearl necklace, rev., ΦΕΝΕΩΝ, Hermes, nude but for cloak, seated left on rocks, holding kerykeion in right hand and resting the left on the rock; in field to left, ΘΗΡΙ, 5.58g, die axis 10.00 (Traité III, 901, pl. CCXXV, 9, this coin; BCD 1616; BMC 14; Jameson 1255; SNG Lockett = Weber 4323, all from the same dies), dark toned, very fine and extremely rare. Provenance: Pozzi collection, Naville I, 14 March 1921, lot 1951; Bement collection, Naville VII, 23 June 1924, lot 1288; John Work Garrett collection, Bank Leu and NFA, 16 October 1984, lot 230; BCD collection (but not included in his auction sale); Adam Smith collection, Morton & Eden 66, 7 November 2013, lot 318. The rocks on which Hermes is seated have been associated with Mount Kyllini in the north east of Arcadia and the location of a sacred cave where Hermes was born. The drachms of Pheneos are rarer than the staters and all known examples are struck from a single pair of dies. J. Babelon in Traité (followed by the cataloguers of the Pozzi and Bement sales) suggested that the name ΘΗΡΙ could be the signature of the celebrated 4th century artist Therikles of Corinth (Traité III, p. 603) but this theory is no longer accepted. For the stater issued in parallel with the drachms and "signed" with a Θ see Schultz, S., Die Staterprägung von Pheneos, SNR 71, 1992, reverse die R1.
(12000-18000 GBP)