Watch List notes:

TROAS, Kebren. Late 6th-early 5th centuries BC. EL Forty-eighth Stater (5.5mm, 0.42 g). Phokaic standard. Head of ram left / Incuse square. Cf. SNG von Aulock 7775 (hekte; uncertain Ionia); cf. SNG Kayhan 1565 (myshemihekte; uncertain Ionia); cf. CNG 105, lot 225 (hemihekte). Compact flan. Good VF. Extremely rare as a forty-eighth stater.

Although there are a few electrum Phokaic standard hektai known with a ram's head (particularly from Mytilene and Phokaia, as well as an uncertain mint in Ionia [see Weidauer 50]), all are distinctly different in style from this coin. At the same time, the style of the ram's head here is a perfect match to the type found on the early silver issues at Kebren (cf. SNG Ashmolean 1076–7).