Watch List notes:

IONIA, Ephesos. Circa 550-500 BC. AR Hemihekte – Twelfth Stater (4mm, 0.09 g). Persic standard. Bee / Quadripartite incuse square. Cf. Karwiese Series III (unlisted denomination); cf. SNG Kayhan 1221 (forty-eighth stater); CNG E-450, lot 145. Toned, slight granularity. VF. Extremely rare denomination.