Watch List notes:

GERMANY, German Empire. Wilson's Ultimatum Regarding Unrestricted Submarine Warfare. Cast FE Medal (57mm, 58.78 g, 12h). By Karl Goetz. Dually dated 20 April and 5 May 1916. ENTWEDER – ODER – (either – or –), armored half-length bust of President Woodrow Wilson facing slightly left, holding his ultimatum for a cease to unrestricted submarine warfare; to right, wall calendar marked 20/April/1916 and figure of Justice / DEVTSCHE · ANTWORT AN AMERIKA (German response to America), armored hands holding document bearing imperial seal; 5 · MAI/1916 below; KG · to left. Kienast 176. Brown black surfaces, hint of rust on reverse. As made.

From the PS Collection of Medals of the Great War. Ex Goldberg 78 (28 January 2014), lot 3053.