Watch List notes:

Theodore Comnenus-Ducas, as emperor of Thessalonica, 1225/7-1230. Aspron Trachy (Silver, 32 mm, 3.69 g, 7 h), Thessalonica, circa 1227. AΓI/IOC/O PH/TH/CA Virgin Mary orans, nimbate, standing facing, flanked by MHP-ΘV. Rev. ΘЄΟΔΟPOC ΔЄCΠΟΤ O AΓIOC [ΔIMITRPI]OC Theodore, on the left, standing facing, wearing crown with pendilia and loros, holding akakia in his right hand, and St. Demetrius, on the right, beardless, nimbate and in military attire, standing facing on footstool, holding castle with three towers with both hands; above, manus Dei blessing Theodore. DOC IV, pl. XXXVIII, 2. Lianta 320. SB 2159. Very rare and in exceptional condition for this issue, with a bold strike and nearly full legends. Somewhat cleaned and with a minor graffito on the obverse, otherwise, good extremely fine.