Watch List notes:

John III Ducas (Vatatzes). Emperor of Nicaea, 1222-1254. Æ Trachy (28mm, 3.33 g, 6h). Thessalonica mint. Armored half-length facing bust of St. Demetrius, holding sword / Half-length facing bust of emperor, holding akakia and labarum. DOC 5; SB 2127. Dark brown surfaces, misaligned double strike on reverse. VF.

From the Gasvoda Collection. Ex Künker 326 (7 October 2019), lot 1913.