Watch List notes:

IONIA, Ephesos. Circa 405-390 BC. AR Tetradrachm (21.5mm, 15.11 g, 12h). Arialthes, magistrate. Bee with curved wings / Forepart of stag right, head left; palm tree to left, APIAΛΘHΣ to right. Hecatomnus p. 103, 27 (O9/R21); BMC 26 (same dies); Boston MFA 1823 (same obv. die). Toned, traces of find patina, slightly off center on obverse. VF. Very rare with this magistrate, only ten recorded by Kinns in Hecatomnus.

From the Colin E. Pitchfork Collection. Ex Fowler Collection (Spink 1118, 23 May 1995), lot 197 (part of).