Watch List notes:

Theodore Comnenus-Ducas, as emperor of Thessalonica, 1225/7-1230. Aspron Trachy (Silver, 29 mm, 2.55 g, 5 h), circa 1225/6. MHP - ΘY The Virgin Mary seated facing on a jewelled throne with a back, holding before her the nimbate bust of the infant Jesus; above the arms of the throne, crescents with points upwards (signal). Rev. ΘΕΟΔ ΔOYKAC On the left, standing figure of Theodore facing, wearing divination, jeweled loros and sagion and holding sheathed sword and akakia; at his right, standing figure of the nimbate Christ facing, crowning the emperor with his right hand and holding book of Gospels with his left. DOC 3 var. (unrecorded with the crescent sigla) = SB 2160. Extremely rare, if not unique with these sigla. Some striking weakness, otherwise, good very fine.
From a European collection, acquired fairly long ago but its significance was hitherto unnoticed.