Watch List notes:

EGYPT: Farouk, 1936-1952, gilt silver medal (48.03g), 1937, 50mm; ROYAUME D'EGYPTE above Egyptia // CONFERENCE / DE MONTREUX / ABOLITION DES / CAPITULATIONS / AVRIL MAI 1937, mountains below, hallmarks at bottom; in original box (somewhat worn), labeled Huguenin Frères & Co, Le Locle (Suisse), EF-AU, R. The Montreux Convention Regarding the Abolition of the Capitulations in Egypt was an international convention which concluded 8 May 1937, and led to the abolition of the extraterritorial legal system for foreigners in Egypt, and its replacement by a new system that went into effect 15 October 1937.

Estimate: 300-350 USD