Watch List notes:

SICILY. Syracuse. Dionysios I, 405-367 BC. Tetradrachm (Silver, 28 mm, 17.34 g, 3 h), unsigned but either in the style of Kimon or by him, circa 405-400. Quadriga racing to left, driven by a charioteer holding the reins in his left hand and a goad with his right; above, Nike flying right to crown the driver; in exergue, dolphin leaping to left. Rev. [ΣΥΡΑΚΟΣΙΩΝ] Head of Arethusa to left, wearing a single pendant earring and a pearl necklace, her hair bound in a net and with a hair band over her forehead; swimming around her head, four dolphins: two opposed before her face, one swimming to left below the neck truncation, and one swimming downwards to left behind her head. Buceti 528, Gulbenkian 299, Gillet Plates 667 = Jameson 820a = Tudeer (Fischer-Bossert) 105 (O36/R72, this coin), Rizzo pl. XLVIII, 17 (all struck from the same dies). Rare. Toned and of very fine style. Obverse lightly struck; reverse well-struck but slightly off center, otherwise, good very fine.
Ex Elsen 70, 15 June 2002, 31, Leu Numismatics 79, 31 October 2000, 432 and from the collections of C. Gillet, R. Jameson and G. Duruflé.

It has been proposed that this coin is a sort of essay, unsigned but by Kimon, made shortly prior to his famous dekadrachms - as the one in the subsequent lot. However, others have countered that idea by pointing out that the head of Arethusa is somewhat calmer looking than those on the dekadrachms, thus suggesting that it is actually a copy based on them but by another artist.