Watch List notes:

SICILY. Naxos. Circa 420-403 BC. Hemidrachm (Silver, 14 mm, 1.96 g, 6 h). Head of youthful Dionysos to left, wearing ivy wreath. Rev. [ΝΑΞΙ - ΟΝ] legend obscure. Bearded Silen kneeling, facing, his torso turned slightly to left and his head turned to right; holding a kantharos in his raised left hand and holding his thyrsos with his right, resting near his right knee. Cahn 128 (these dies, V78/R105). Extremely rare, possibly one of only three known, the others being in Berlin and Paris – though neither of those appear to be findable on their respective web inventories. A remarkable coin of great interest, with an expressive head of Dionysos and a particularly fine Silen. Dark patina as found. Traces of double-striking and die faults, otherwise, nearly extremely fine.

From a Swiss collection.

This elegant little silver coin is actually one of the very rarest of all the coinage of Sicilian Naxos. During the last quarter of the 5th century BC, a number of Sicilian cities issued silver fractions, of which many are the most beautiful and impressive fractions ever struck in the Greek world. This was done out of civic pride and aristocratic rivalry: the coins themselves must have served as a form of donative in the remit of the individual who financed the issue. While the expense of giving out tetradrachms would have been prohibitive for all but the most wealthy, a small coin, albeit one of superlative workmanship, would have been relatively easy to finance.