Watch List notes:

KINGS OF SOPHENE. Mithradates I, 2nd half of 2nd century BC. Chalkous (Bronze, 12 mm, 1.85 g, 4 h), Arkathiokerta (?). R - P Diademed head of Mithradates I to left, wearing bashlyk. Rev. Draped and veiled female bust to left Bashlyk. ACV -. CAA -. Kovacs 30. Very rare. In 2016 Kovacs was only aware of a single example; this is now the finest of the four known examples. Very fine.
From the collection of Yerets' Kariatin, Switzerland.

Exactly what the letters on the obverse stand for is uncertain. Interestingly enough, aside from the Kovacs example, the other two known pieces were both illustrated with their obverses and reverses transposed: it seems their rarity confused their cataloguers.