Watch List notes:

DYNASTS of LYCIA. Kherei. Circa 410-390 BC. AR Stater (18mm, 8.55 g, 12h). Telmessos mint. Helmeted head of Athena right; TE (in Lycian) between neck guard and crest / Bearded head of Herakles right, wearing lion skin; KHERÊI (in Lycian) before, [TE]LEBEHIHE (in Lycian) behind; all within incuse square. Mørkholm & Zahle II 52 var. = SNG Copenhagen Supp. 451 var. (letters on obv.); Müseler VI, 62 (same dies); Falghera –; Reuter –; SNG von Aulock 4198 var. (same); Sunrise 79 (same dies). Iridescent tone. Near EF. Struck from an early die state on the obverse, rare in this condition.

From the North River Collection. Ex Triton XVIII (6 January 2015), lot 683.