Watch List notes:

ITALY, Milano (Duchi). Lodovico Sforza. 1494-1499. AR Testone (26mm, 9.63 g, 4h). Armored bust right / Coat-of-arms; above, crown containing crown containing palm frond and olive branch; branding irons with buckets to left and right. MIR 229/1; Crippa 2; MEC 12, 764/673 (same obv./rev. dies). Iridescent cabinet toning, obverse die shift. VF.

From the Peter J. Merani Collection, purchased from Pegasi Numismatics, March 1998.