Watch List notes:

TROAS, Ilion. Circa 185-50 BC. AR Tetradrachm (37.5mm, 15.43 g, 12h). Antiphanes, president of the aonothetai. Helmeted head of Athena right / The Palladion: Athena Ilias standing right, holding distaff and filleted spear; to inner right, owl standing left, head facing. Ellis-Evans dies O2/R– (unlisted rev. die); Bellinger T37 (same obv. die as illustration); SNG Ashmolean 1159 = SNG Lockett 2738 = Pozzi 2275 (same obv. die); Gulbenkian 962 = Jameson 2231 (same obv. die). Toned, light roughness, numerous scratches. Near VF. Very rare, only three examples of this issue noted by Ellis-Evans, all in museum collections; one in CoinArchives.