Watch List notes:

Theodore Comnenus-Ducas, as emperor of Thessalonica, 1225/7-1230. Trachy (Billon, 31 mm, 4.18 g, 6 h), Thessalonica, 1227-1228 (?). O / ΑΓ/ΙΟC ΔΗΜ/ΡΙΤΡ/ΙΟC St. Demetrius seated facing, holding sword across knees. Rev. [ΘΕωΔΟΡΟC ΔΕC] (ΜΗΡ) [ΘV] Half-length figures of Theodore, on left, holding cruciform scepter in right hand, and the Virgin, on right, holding between them a patriarchal cross; above emperor, manus Dei. DOC 9. SB 2167. Well struck. About extremely fine.