Watch List notes:

Croatia, Fascist State, Pattern Gold 25-Banica, 1941, by Ivo Kerdic and Teodor Krivak, Zagreb, 4.65g, sprig dividing date, rev. en médaille, 25 in inner circle, banica in legend below, leaves above (KM Pn12), a hint of cabinet friction in otherwise brilliant fields, good extremely fine, rare.

Estimate: £1,200 - £1,500