Watch List notes:

IRAN: Muhammad Ali Shah, 1907-1909, AR award medal (14.00g), AH1327, Rabino-; Azmon-, bust of sultan facing slightly left, wearing cap with aigrette // lion holding sword, sun left, unpublished by Rabino di Borgomale, lightly gilt, loop for suspension attached, lovely EF, RRR. Another example of the same type was sold in our Auction 36, Lot 1624 (correctly dated 1327, not 1328 as it appears in the description).

Estimate: 550-700 USD