Watch List notes:

GERMANY, German Empire. British Use of Neutral Flags in Shipping. Cast Æ Medal (57mm, 61.67 g, 12h). By Karl Goetz. Dated 1915. Ship named EDWARD GREY with crowned lion stern figure full sail right and flying flags of neutral nations (Netherlands, Spain, and Denmark); in ship is skeleton wearing admiral's uniform standing and waving flags of Italy and United States, while Sir Edward Grey sits, holding onto mast; 1915 in exergue / Lifebuoy inscribed HONI • SOIT • QUI • MAL • Y • PENSE – (motto of the British Order of the Garter), MIT/NEVTRALEN/– FLAGGEN –/HOHEITSGEBIETEND/STELLT SICH ZVR WEHR/DER - EDLE BRITE - DER/WELTMEERBEHERRSCHER/NACH SEERÆVBER SITTE (With neutral sovereign flags the noble British, ruler of the world's oceans, puts up a fight in the manner of a bucaneer) in eight lines; below, olive branch flanked by K G. Kienast 165. Dark brown surfaces. As made.

From the PS Collection of Medals of the Great War. Ex Goldberg 78 (28 January 2014), lot 3044.