Watch List notes:

SOUTH AFRICA: Republic, AV 1 ounce, 1996, KM-204, Natura Gold Monarchs of Africa series with male elephant's head facing // herd of four elephants drinking at river, with original case of issue, numbered 130 with COA, mintage of only 4,472 pieces, Proof, S, ex Jerry D. Williams Collection.

Estimate: 1,400-1,500 USD