Watch List notes:

Medals by Subject, Railways: Balkan States, George Stephenson (1781-1848), silver complimentary medal, late 19thC, bust three-quarters l., wearing frock coat, rev. PRVNI LOKOMOTIVA – 'RAKETA', the 'Rocket' steams l., 30mm. (Swan 311, 2nd item, this piece), suspension loop, very fine and toned
*ex Captain Ernest W. Swan Collection, Glendining [in conjunction with A. H. Baldwin], 17 April 1986, lot 311 (part) and Baldwin's vault.