Watch List notes:

ANCIENT COINS. GREEK. Sicily, Naxos (c.461-430 B.C.), Silver Drachm, 4.35g, 9h. Struck c.450 B.C. Head of Dionysos facing right, wearing an ivy-wreath in his hair. Rev. N A XI ON, naked and bearded Silenos squatting, facing, inclined slightly to the left, and turning is head towards the drinking-vessel which he holds in his right hand, meanwhile he is supporting himself by his left hand resting on the ground, his animal tail curls behind him and beneath him to the left (Cahn 56, 3 (V41/R47) = Rizzo, pl. XXVIII, 14 (this coin); Boston 306 (these dies); SNG Lloyd 1152 (these dies); Jameson 676 (these dies)). Of superb early Classical style, the usual die-flaw in its early stages on the obverse, the reverse particularly exceptional, wonderful old cabinet tone, about extremely fine. Rare and with a distinguished old pedigree. A masterpiece of mid 5th Century B.C. die engraving.
Ex Walcher von Molthein collection, Rollin & Feuardent 1895, lot 487 (= Cahn, 25 February – 2 March 1901)
Ex Theodor Prowe collection, Egger, 28 November 1904, lot 217
Ex Franz Merkens collection, Hirsch XIV, 27 November 1905, lot 191
Ex Carlo Stiavelli collection, P & P Santamaria, 6 April 1908, lot 178
Ex Merzbacher XI, 15 November 1910, lot 241
Ex Walter Niggeler collection, Bank Leu / Münzen und Medaillen, 3-4 December 1965, lot 127
Ex Monnaies et Medailles, 26 October 1978, lot 107

Estimate: $25,000