Watch List notes:

YEMEN: Ahmad b. Yahya, 1948-1962, AR 1/8 ahmadi riyal, San'a, AH1367, Y--, Zeno-114362 (same dies), this appears to be the 2nd known specimen, with the example of Zeno the other one confirmed, clearly one of the greatest rarities of the 20th century! NGC graded AU55, RRRR. Vladimir Suchy has described this important piece on Zeno: "I can just assume, that imám Ahmad decided to re-introduce to Yemení monetary system 1/8th riyál (and introduce 1/16 th and 1/2 riyál!). Circular flan was soon abandoned, and to distinguish it better from then circulated 1/10th riyál and 1/4 riyál, the pentagonal flan was choosed. In AH1368 there was another short-lived attempt to distinguish 1/8th from 1/16th (riyál) ahmadí by introducing hexagonal flan." The hexagonal type is Y-14a, another failed attempt to override the pentagonal 1/8 riyal already commenced in AH1367.

Estimate: 1,800-2,200 USD