Watch List notes:

Romania, Kingdom. Carol II Gilt Bronze Æ Pattern 12 Ducats. 1940. Engraved by E. W. Becker. The bust of Roman Emperor Trajan to right, wearing laurel wreath, supporting the steel crown of Romania and holding sword with entwined oak wreath across shoulder; wheat field background, 8 IUNIE 1930 / 8 IUNIE 1940 in exergue / CAROL II REGELE ROMANILOR, king on horseback riding to left, wearing royal guard uniform and the cloak of Michael the Brave's Order, holding marshal baton; two branches, above them inscription 10 ANI meaning "10 YEARS" in exergue, small E.W. BECKER to lower right. Erwin Schäffer, 'Romania - Designs, Pattern Coins and Catalogue of Issued Coins' (2015), 182.1.2.

PCGS graded SP62 (specimen strike, #17237200). Extremely Rare.

From the Collection of GK, Ukrainian Emigrant;
Ex Chaponnière & Firmenich SA, Auction 6, 26 November 2014, lot 938.