Watch List notes:

ARKADIA, Megalopolis. Circa 80-50 BC. AR Triobol – Hemidrachm (18mm, 2.38 g, 11h). Laureate head of Zeus left / Pan seated left on rock, raising hand and holding logobolon; above knee, eagle flying left; Δ-Δ across lower field. Dengate Group III, Issue 3; BCD Peloponnesos 1564; HGC 5, 948. Toned, earthen deposits, edge splits, die break on reverse. Good VF.

Ex Alexandre Carathéodory Pasha (1833-1906) Collection (Classical Numismatic Group Electronic Auction 351, 20 May 2015), lot 224.