Watch List notes:

CRUSADERS, Knights of Rhodes (Knights Hospitaller). Antony Fluviano. 1421-1437. AV Ducato (22mm, 3.52 g, 9h). •/S/•/M/•/V/Є/И/Є/(horizontal T)/(horizontal I) down left, D/V/X • F • AИTO' • FLVI • down right, St. Mark standing right, presenting banner to kneeling Grandmaster; • m • to right / SIT • T • XPЄ • DΛ • Q • TV RЄGIS • ISTЄ • DVCΛT •, Christ standing facing, raising hand in benediction and holding Gospels, surrounded by mandorla containing nine stars; pellet between feet. Schlumberger pp. 255 and pl. X, 15 var. (legends; no m); Metcalf, Crusades –; Slocum –; CCS 33 var. (same). Toning in devices, minor deposits, some die rust, a few areas of weak strike. Near EF. Very rare.

This coin was part of a first issue of gold ducats struck by Antony Fluviano. The earliest was a direct copy of the Venetian trade ducat, with at least two obverse legends (see Triton XVIII, lot 1460 for the more usual obverse legend). When Venice strongly protested this issue, Fluviano was soon required to modify the design. Retaining the general Venetian type, Fluviano simply replaced the name of Saint Mark with that of St. John the Baptist, the patron of the Knights of Rhodes (see Gorny and Mosch 217, lot 4044 for an example of the second type). While both varieties are considered very rare, the earlier variety is considered to be more so with less than seven appearing at auction in the past decade