Watch List notes:

IONIA, Ephesos. Phanes. Circa 625-600 BC. Fourrée Hemihekte – Twelfth Stater (8mm, 1.05 g). Forepart of stag right, head left / Incuse square with raised lines within. Fischer-Bossert, Phanes 30 var. (O19/R– [unlisted rev. die]); Weidauer 38. Much of the electrum plating worn off, exposing silver core, spots of horn silver. VF. Very rare as a fourrée.