Watch List notes:

THESSALY, Pharsalos. Late 5th-mid 4th century BC. AR Hemidrachm (15mm, 2.93 g, 6h). Helmeted head of Athena right; Θ to left / Φ-A-P-Σ (partially retrograde), head of horse right within incuse square. Lavva –; BCD Thessaly II –; cf. HGC 4, 634 (no Θ control noted). Toned, reverse graffito in right field. Near VF. Struck in high relief. Very rare with Θ on obverse.

Ex Gorny & Mosch 104 (9 October 2000), lot 304.