Watch List notes:

ARMENIA, Cilician Armenia. Royal. Hetoum I, 1226-1270. Tram (Silver, 26 mm, 2.94 g, 4 h), bilingual issue, acknowleding the Seljuk Sultan Kay Khusraw II, Sis, 1239/40. Hetoum on horseback riding right, head facing, holding lis-tipped scepter and reins; in field to left, cross; in field to right, star; in upper right field, crescent; around, 'Hethum King of the Armenians' in Armenian. Rev. 'The Supreme Sultan, Helper of the World and the Faith, Kaykhusraw ibn Kayqubad' in three lines in Arabic; around, date and mint. Broome 1105. Izmirlier 429. A beautiful example of this difficult issue. Light deposits and with some doubling, otherwise, extremely fine.