Watch List notes:

Macedon, Thessalonika Æ16. Pseudo-autonomous issue, time of Hadrian(?), circa AD 117-138. Pan, naked but for mantle over left arm, standing left, extending right arm, holding pedum with left; C over Π in lower left field / ΘЄCCAΛΟΝΙΚЄΩΝ in four lines within laurel wreath. Touratsoglou p. 323, Emission III, 1-4; PRC III 628; AMNG III, p. 123, 29; cf. SNG ANS 811. 3.46g, 15mm, 6h.

Good Very Fine. Extremely Rare; RPC cites only four examples.

From a private German collection;
Ex Gitbud & Naumann, Auction 14, 2 March 2014, lot 432.