Watch List notes:

MACEDON OR THESSALY. Uncertain. 2nd half of the 5th century BC. Obol (Silver, 11 mm, 0.52 g). Horse grazing to right; border of dots. Rev. Quadripartite incuse square. BCD Thessaly I, Nomos 4, 2011, 1437.6 (same dies). Extremely rare, the second example known. Traces of old cleaning, now toned over, otherwise, good very fine.
From the "Collection sans Pareille" of Ancient Greek Fractions.

When we published the first known example of this type in 2011 no one actually knew what it was! The use of a free horse as a type pointed both to Macedon and to Thessaly; BCD even went so far to suggest that they were minted in Macedon for use in Thessaly! In any case, here it is!