Watch List notes:

John III Ducas-Vatazes AR Trachy. Emperor of Nicaea. Magnesia, AD 1222/3-1254. Bust of Christ Pantokrator facing, nimbate, wearing tunic and kolobion, holding book of Gospels and scroll; barred [IC-XC] across upper fields / Emperor standing facing, wearing stemma, divitision, jewelled loros and sagion, holding labarum and globus surmounted by patriarchal cross; [IѠΔЄCΠ or similar] to left, [OΔOVKAC] to right. Sear 2086; cf. DOC 32 (electrum); Naumann 69, 521. 0.99g, 21mm, 6h.

About Very Fine; wavy flan. Extremely Rare.