Watch List notes:

Belgium, Hainaut, Philip II (1555-1598), 1/2 Ecu des Etats 1577 (Mons mint) (Silver, 15.00 gr, 37 mm) VGH 246-10b, VH 375-MO (R2), Decroly H20-502-02. Extremely Fine.
Extremely rare variety with king's arm lowered.