Watch List notes:

Italian States: Milan. Lodovico XII of France (1500-1512). Silver Teston, undated. Bust right, wearing ornamented biretta; + LVDOVICVS. D. G. FRANCORVM. REX. Rev. St. Ambrose on horseback right, holding whip and reins; crowned coat-of-arms below, M EDI OLA NI DVX, 9.69g (MIR 236/1; Ciani 997). Minor spots of verdigris on reverse. Sharply struck example with original old tone. Rare. Choice About Uncirculated. Estimated Value $3,500 - UP
Ex The Century Collection.