Watch List notes:

IONIA: Ephesos, Phanes, EL myshemihekte (1/24th stater) (0.56g), ca. 625-600 BC, SNG Kayhan-1219, forepart of stag left, head right, three pellets to left, without the name // striations within incuse square, Choice Fine to VF. The name Phanes () appears on a number of electrum coins of Ephesos struck during the late 7th century BC, and they are the earliest known inscribed coins of antiquity. The full stater bears the phrase "I am the badge of Phanes", and the trite (1/3 stater) simply bears the name Phanes; the other smaller denominations are anepigraphic, but all display the stag of Artemis. It is uncertain whether Phanes refers to the moneyer or a deity.

Estimate: 500-700 USD