Watch List notes:

IONIA, Ephesos. Circa 405-390 BC. AR Obol (6.5mm, 0.47 g, 12h). Bee with curved wings; E-Φ flanking head; all within dotted circle / Forepart of a stag right, head left, within incuse square. Numismatik Naumann 60, lot 162; Numismatik Naumann 14, lot 289; otherwise, unpublished in the standard references. Toned, earthen deposits. Near VF. Very rare.