Watch List notes:

IONIA. Uncertain. Circa 600-550 BC. Tetartemorion or 1/48 Stater (Electrum, 5.5 mm, 0.26 g), Lydo-Milesian standard. Lion's head with open jaws to left. Rev. Irregular incuse square divided by heavy lines. Unpublished, but see Pecunem 12, 2014, 267 (same dies, albeit with the obverse illustrated upside-down) and CNG 100, 2015, 1477 for a similar example, with a more developed obverse die, but struck from the same reverse punch. Very rare, and with remarkably well-made dies for such a tiny coin. It is particularly interesting that the reverse punch was used with two different obverses. Extremely fine.