Watch List notes:

KHWARIZM: Anonymous, ca. 800-840, AE unit (2.5g), Vainberg-G14, cf. Zeno-275250, horse right, whirling circle above; tamgha in center, traces of Khwarizmian legend around, lovely patination, Fine to VF, RR. The same horse & circle design was adopted for the Tahirid fals dated AH228 (842/843 AD), which was struck just four years after the first Islamic coins at Khwarizm.

Estimate: 120-160 USD