Watch List notes:

Manuel Comnenus-Ducas, despot of Thessalonica, 1230-1237. Aspron Trachy (Billon, 30.5 mm, 2.96 g, 6 h), Thessalonica, type B. MHP - ΘV The Virgin Mary enthroned facing, holding head of Infant Christ. Rev. MANOYHΛ ΔECΠ -X/M Manuel and the Archangel Michael standing facing, holding between them a labarum. DOC 4a. SB 2178. Extremely detailed and well-engraved for issue; very rare thus. Obverse dies overlapped, otherwise, very fine.