Watch List notes:

BITHYNIA. Herakleia Pontika. Satyros, tyrant, circa 352-346/5 BC. Stater (Silver, 21 mm, 7.17 g, 12 h), struck the magistrate Si.... Head of Herakles, very lightly bearded, facing three-quarters to right, wearing lion skin headdress knotted under his chin. Rev. HPAKΛEIA Nike, bare to the waist and wearing a simple necklace with a circular pendant, kneeling to left on a club with its head to left, raising her right hand to inscribe the city's name; below club, ΣΙ. Cf. Kraay - Hirmer 726 and SNG von Aulock 356 (but both lack the letters under the club). Extremely rare, an iconographically magnificent coin struck from dies cut by a master engraver. Struck in high relief from fresh dies, lightly toned and exceptional in every way. Extremely fine.
From a German collection, acquired in Munich in the 1990s.

Not only is this a very rare coin - apparently only three other pieces bearing this type are known, struck from two pairs of dies - this piece, with the extra letters on the reverse, is quite probably unique. The artist responsible for the dies was supremely talented: the nearly facing head of the youthful Herakles is beautifully detailed and emotionally powerful, especially with his wide open, staring eyes. As for Nike, she is soberly elegant and rendered in the best Classical style. But now to the letters under the club: ΣΙ. Could they possibly refer to Satyros; or are they more likely are initials of a magistrate?